Key Adjustments:

• Adjusted Boardwalk Pipeline Partners (BWP) for its distribution cut for 4Q13 lowering its distribution from $0.5325 down to $0.10 (81% reduction) based on its outlook for lower operating performance and need to lower its leverage.

• Adjusted Navios Maritime Partners (NMM) for its 5.5 million common unit offering at $17.30 (4.6% discount to prior close) on February 10.

• Adjusted StoneMor Partners (STON) for its 2 million common unit offering (upsized 11% from the originally announced 1.8 million unit deal size) at $24.45 (3.7% discount to prior close) on February 10.

• Added data to the DCR Watchlist to show the last time any MLP on the list announced a reduction in its distribution and the percentage amount of the reduction. (Subscriber Version)

News Items:

• February 10 – S&P lowered its corporate credit rating Boardwalk Pipeline Partners L.P. (BWP) and its operating subsidiaries Gulf South Pipeline Co. L.P. and Texas Gas Transmission LLC, to ‘BBB-‘ from ‘BBB’. They also lowered the issue-rating on Boardwalk Pipelines L.P.’s structurally subordinated debt to ‘BB+’ from ‘BBB-‘. In addition, they lowered the issue-level ratings on Gulf South Pipeline and Texas Gas Transmission to ‘BBB-‘ from ‘BBB’. The outlook is negative.

• February 11 – Midcoast Holdings (GP of MEP) Announces Changes to Its Board of Directors

• February 11 – Delek Logistics Partners Completes Purchase of El Dorado Storage Tanks and Product Terminal

• February 12 – Sprague Resources LP Announces Organizational Changes

• February 13 – The Norfolk Southern(NSC) train that derailed in Pennsylvania on Thursday was carrying heavy Canadian bitumen en route to NuStar Asphalt’s 70,000 barrel-per-day Paulsboro, New Jersey, refinery, a NuStar spokeswoman said.

• February 13 – NuStar Completes Construction of Marine Loading Dock in Corpus Christi Several Months Ahead of Schedule

• February 13 – Gas Pipeline Blast In Kentucky Burns Houses, Leaves Huge Crater

• February 13 – Phillips 66 Partners Announces First Asset Acquisition

• February 14 – Atlas Resource Partners, L.P. to Acquire Long-Lived, Shallow Decline Natural Gas Production in West Virginia for $107 Million

Recent IPO Filings:

• Antero Midstream Partners (AM) S-1 Filing

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 021414 Snapshot vFree