MLP Protocol 080213

Key Adjustments:

  • Adjusted CVRR for additional detail provided in 8-K on July 29. (8-K Filing).
  • Adjusted UAN for lowered distribution guidance of $1.80 to $2.00, down from $2.10 to $2.45. (8-K Filing).
  • Adjusted WPZ for a 21.5 million common unit offering at $49 on August 1 (6% discount to prior close).
  • Adjusted SEP for drop down of 50% of the Express-Platte Pipeline system from its GP / Sponsor Spectra Energy Corp. (Press Release)
  • Adjusted NGL for its acquisition of Oilfield Water Lines LP and increased guidance (additional info below).
  • Adjusted variable distribution refining MLPs (ALDW, CVRR, NTI) to now use projected four quarter estimates beginning with 3Q13 (instead of 2Q13).
  • Please note the various changes in the MLPs on the DCR Watchlist (Subscriber Version).

News Items:

  • On July 31, CenterPoint Energy, Inc. (CNP) and OGE Energy Corp. (NYSE: OGE) named the senior operations leadership team of the natural gas midstream partnership that includes CenterPoint Energy’s interstate pipelines and field services businesses and OGE Energy Corp.’s  midstream business Enogex LLC.   In addition, the companies announced the new name and logo of the partnership, which closed on May 1 and is managed by a general partner whose governance is shared by CenterPoint Energy and OGE on a 50/50 basis. In addition to announcing operations leadership, McClanahan and Delaney also revealed that the partnership’s new name is Enable Midstream Partners™, LP.  (Press Release)
  • On August 2, NGL Energy Partners, L.P. (NGL) announced the acquisition of the water disposal and hauling business of Oilfield Water Lines LP (“OWL”) for 2,463,287 common units and $168 million in cash, plus net working capital. NGL also increased its Fiscal 2014 Adjusted EBITDA guidance from $240-$245 million to $255-$260 million as the additional assets are integrated and contribute Adjusted EBITDA for eight months in Fiscal 2014. For the full twelve months ending March 31, 2015 NGL anticipates Adjusted EBITDA from this transaction to exceed $35 million. (Press Release)
  • Two new MLP IPO roadshow kicked off yesterday, QEP Midstream Partners, LP (QEPM) and World Point Terminals, LP (WPT). The current calendar has both of them pricing on the night of Thursday August 8. I’ll grab the roadshow slides and post them early next week.

The MLP Protocol Monthly Analytics Report for August is now available, the September 2013 report will be available the weekend of August 30.

MLP Protocol Weekly Snapshot report: (click to open) MLPP 080213 Snapshot vFree

About Philip Trinder

President of MLP Protocol, investor, trader, and proponent of Master Limited Partnerships.
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2 Responses to MLP Protocol 080213

  1. ronnypearson says:

    Oh no– that was Aug 2012 I’m loosing it Ron

  2. ronnypearson says:

    Ops : So sorry-I just found it my my getting old is no fun Ron

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