MLP Protocol 110113

Key Adjustments:

  • Enhanced Top 20 tables and other ranking tables to automatically color code tickers red if they have ever cut their distributions and orange if they are Variable rate MLPs (so no need to look it up anymore on the Risk Ratings page). (Subscriber Version)
  • Added a Top 30 ranking of projected distribution growth page with charts showing 3 Year Projected Distribution Growth vs. Current Yield and 3 Year Forward Yield After Tax. (Subscriber Version, included a free preview in the Free Version)
  • All numbers will be very fluid until all the 3Q13 financial information has been updated.

News Items:

  • On October 28, Rentech Nitrogen Partners (RNF) provided an update on its outlook for 2013 and 2014 lowering its guidance and announced plans to start paying distributions 60 days after quarter end instead of the current 45 days. (Press Release)
  • On October 30, Natural Resource Partners (NRP) announced that it has entered into a definitive agreement to purchase non-operated working interests in oil and gas properties located in the Williston Basin of North Dakota and currently producing from the Bakken/Three Forks play, from Sundance Energy, Inc. for approximately $35.5 million, subject to customary purchase price adjustments.  The acquisition will have an effective date of September 1, 2013 and is expected to close in December of this year.  (Press Release)
  • On October 31, Navios Maritime Partners (NMM) announced a $275 million acquisition of five container vessels with 10 year charters and guided to flat distributions through 2014 and that they will be “positioned to increase distributions in the medium term as the dry bulk market improves.” (Press Release)
  • On November 1, Energy Transfer Partners (ETP) and Regency Energy Partners (RGP) announced that Lone Star NGL LLC (“Lone Star”), a joint venture between ETP and RGP, has placed in service the second natural gas liquids (NGL) fractionator at Lone Star’s facility in Mont Belvieu, Texas. Lone Star Frac II is a 100,000 barrel-per-day fractionator that brings Lone Star’s total fractionation capacity at Mont Belvieu to 200,000 barrels per day. (Press Release)
  • On November 1, PetroLogistics (PDH) announced that it has completed work associated with its first triennial turnaround and has restarted propylene production at its facility. (Press Release)

IPO Filings:

  • Arc Logistics Partners (ARCX) has commenced its roadshow and it looking to raise $120 million at an indicated mid-point yield of 7.75%, pricing Tuesday 11/5. (S-1 filing, Roadshow)
  • Midcoast Energy Partners (MEP) has commenced its roadshow and is looking to raise $370 million at an indicated mid-point yield of 6.25%,  pricing Wednesday 11/6 (S-1 filing, Roadshow). MEP is a spin out from Enbridge Energy Partners (EEP).

The MLP Protocol Monthly Analytics Report for November is now available, the December 2013 report will be available the weekend of November 29.

MLP Protocol Weekly Snapshot report: (click to open) MLPP 110113 Snapshot vFree

About Philip Trinder

President of MLP Protocol, investor, trader, and proponent of Master Limited Partnerships.
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