MLP Equity, Debt and M&A Update

Capital markets remain wide open to MLPs.  Equity raised through June 30th totalled $9.5 billion.  Thus far in July, there have been 3 follow on equity offerings and 1 IPO for a total of $702 million.  If equity issuance continues at this pace, 2011 will be the biggest year ever for total MLP equity issuance (in total dollar terms, but probably not as a

Week Thoughts: Propane Tank’s Empty

MLPs as a whole were fairly range bound this week, with the index oscillating between 372 and 375 all week.  $KMP came out with earnings that were muted, but management indicated that the year was going better than expected in their original budget, which would allow them to raise distributions at a faster rate than originally planned.  As a result of

Two MLP Links of Note

The Fuelfix blog on the Houston Chronicle website ( is always an interesting read on relevant topics in the energy industry.  Today, that blog has two stories of note related to MLPs.  The first is posted by Bloomberg and discusses the lobbying effort of private equity firms to extend what qualifies to go into an MLP to include renewable energy

MLP Week Thoughts: I’m Still Unemployed

I’ve been unemployed for exactly 4 years today! I guess I’ve become fixated on dates and anniversaries this week.  That probably continues until my 30th birthday in a few weeks.  Anyway, I haven’t had any W-2 income in exactly 4 years.  So, I guess I am included in that big U-6 number of 16.2% below.  I get paid in distributions from the

This Day in MLP History

July 13th is significant for the MLP space.  On this date in 2007, the MLP index closed at 342 and a yield of 5.37%.  At the time, 342 was the all-time high for the index, and the yield was the all-time low.  What started almost immediately after July 13, 2007 was the longest and deepest drawdown in the index’s history (dating back to 1996). The MLP

MLP Week Thoughts: Summer Streaking!

5 consecutive positive days for the S&P 500, 5 consecutive days of rising interest rates, and 10 consecutive positive days for the MLP Index, which was up 2.7% this week and 5.6% over the 10 day winning streak. If the MLP Index closes up for Tuesday, making the streak 11 days, this current streak would enter a very small club.  Streaks of more

MLP Initial Public Offering Update

With two MLPs filing to go public last week, it seems like a good time to provide an update on the recent initial public offering market for MLPs.  Thus far in 2011, there has been a flurry of MLP IPOs, at least by 2009 standards (when there were no MLP IPOs at all).  So far in 2011, there have been 5 MLP IPOs priced, 1 GP IPO (in a corporate structure -

Week Thoughts: WMB Makes it Rain

Mid-week Bernank comments, followed by weak unemployment claims figures, plus the ongoing Greek issues the stock market down hard towards the end of the week.  Signs of weakening economy and the release of strategic petroleum reserves pushed crude oil prices, and therefore most energy companies down.  One of the few bright spots was the MLP sector, which

Week Thoughts: Lows of 2011

Down week overall for the index at 2.8%, compared with flat broader markets and stable interest rates.  The MLP Index closed at 353.5, a fresh low for 2011, but still 16% higher than a year ago (not counting distributions). There was some rallying towards the end of the session in EPB, BWP, NRGY and a few others, on strong volume.  See the