Key Adjustments:

• Adjusted OCI Partners (OCIP) distribution estimates to be modeled based upon projected methanol, ammonia and natural gas prices.

• Adjusted Regency Energy Partners (RGP) for the February 3 closing of its Hoover Energy acquisition. (News Releases)

• Adjusted NuStar Energy (NS) and NuStar GP Holdings (NSH) distribution growth rates to flat / 0% from prior negative growth rates based on 4Q13 earnings release updates and outlook for a Distribution Coverage Ratio of at least 1.00x for the second half and full year 2014. (Press Release)

News Items:

• February 3 – USA Compression Partners (USAC) filed a mixed shelf registration that included registering ~33.3 million common units for various possible Selling Unitholders (~7.4 million of the units related to the S&R Compression acquisition) and may pressure USAC’s units price until any sales are finalized.   (Filing)

• February 3 – American Midstream Closes Acquisition of Eagle Ford Natural Gas Gathering System

• February 4 – S&P Rates Seadrill Partners Prelim ‘BB-‘; Outlook Stable

• February 4 – Calumet Specialty Products Partners, L.P. Announces Multi-Yr Agreement To Lease Oklahoma-Based Asphalt Terminal

• February 4 – S&P Rates Regency Energy Partners Senior Unsecured Notes ‘BB’

• February 4 – Regency Energy Partners LP Announces Pricing of Upsized Public Offering of $900 Million of Senior Notes

• February 5 – Spectra Energy To Expand Pipeline Systems In New England

• February 5 – S&P Rates Enterprise Products Operating Senior Unsecured Notes ‘BBB+’

• February 6 – Crosstex Energy Announces Permian Pipeline Extension Project

• February 6 – Kinder Morgan Sued by Investor Over Pipeline Distributions

• February 7 – MarkWest Energy Partners Expands Operations in Granite Wash with Commencement of Buffalo Creek Processing Facility

The MLP Protocol Monthly Analytics Report for February 2014 is now available (based on January 31, 2014 closing prices), the March 2014 report will be available the weekend of February 28.

The MLP Protocol Sprint Portfolio Position Report for February 2014 is now available (based on February 7, 2014 closing prices), the March 2014 report will be available the weekend of March 8.

MLP Protocol Weekly Snapshot report: (click to open) MLPP 020714 Snapshot vFree

Note: BWP cut its distribution this morning (2/10/14) so its forward yield is now substantially lower. BWP has been on the DCR Watchlist since last fall, as in On Watch for a possible distribution cut.