Distribution Checks

It’s been a while since we published a whitepaper on MLPs, which I chalk up to having had little additional insight to offer beyond reporting weekly ups and downs of the sector as it continues its bumpy transition towards a better business model. NEW WHITEPAPER AT CBRECLARION.COM But recently, I’ve become increasingly fascinated by distribution

MLP Distribution Update

MLP distribution announcement season is almost over, and it has bled into earnings season, which is in full swing this week even amidst the breaking storm clouds around the northeast (Austin sunny and warm, FYI).  But with the vast majority of MLPs having announced distributions for the quarter, it’s a good time to review some of the distribution

MLP Conference Hacks

Life today is all about finding hacks.  There are “life hack” themed blogs out there that are very popular, most offering tips on how to improve productivity and cut through information overload we all face.  Lifehacker and Lifehack are examples.  Most hacks are dedicated to finding a better or cheaper way to get the same results of a traditional and

Oil Value Chain in Pictures

This week I went on a field trip as a guest of R.W. Baird to one of the oldest and prolific oil areas in the country: the Permian Basin.   The trip included meetings with several MLPs with Permian operations, and a site visit from the one MLP that is actually based in Midland: Legacy Reserves (LGCY).  Legacy showed us a well being drilled, then showed us

Column: What to Expect When Expecting…An MLP Equity Offering

If you or your spouse are currently pregnant or have birthed a child in the last 20 years or so, you’ve probably leafed through the book What to Expect When Expecting.  The book was published nearly 30 years ago (1984) and has sold around 20mm copies, putting in a league with The Hunger Games (23mm copies) and Who Moved my Cheese? (26mm), which despite

Column on Variable Distribution MLPs

My latest column is out at  This one provides some basics on variable distribution MLP universe, which is now 5 deep, and I believe will grow to 10 by the end of 2013.  Thanks to those readers who contributed their thoughts over the phone yesterday, let me know if you prefer to be listed by name as a source.  The charts didn't come out very

Column: MLPs Hitting the ATM

I wrote a post over at that gives a brief rundown on an emerging MLP equity trend: at-the-market (ATM) equity offerings.  since the beginning of 2009, MLPs have raised $5.6 billion in equity using ATMs.  Only 10 MLP issuers have used this method to issue equity, and by my count there have been only 17 deals, but the pace and size of the deals

Winners and Losers: Copano Soup for You

Distribution ex-dates, oil and stock market prices being down, and at least $1.5 billion in new equity issued conspired to take down MLPs this week.  GPs did very well, closing virtually flat on the week.  Variable distribution MLP were the big losers, TNH, UAN and RNF in particular were hit hard, each was down more than 14%, with RNF's 18.6% price drop

MLP CEO Compensation Review: The Anti-Aubrey

Bad news gets all the press.  With the wild details that continue to emerge around compensation and activities of Chesapeake's Aubrey McClendon, sometimes its good to highlight CEOs that are focused on their businesses and don't need huge pay or sweetheart investment deals to incentivize them to get focused.  To that end, I've released my annual look at