MLP Week Thoughts

A quick update from on what happened in the MLP space last week is below.   I've been at a loss for words the last week or so, on account of (a) the NAPTP conference and (b) my household of 7 (in-laws included) moving cross country from Boston to Austin...we moved near enough to Lake Austin that I am still adjusting to (1) middle-aged men walking around

Week Thoughts: MLPs Drubbed, Last Week Dubbed

Remember when people used to use cassette tapes? Remember how boomboxes had two cassette slots that would allow you to record one tape's contents onto another tape?  Remember how each tape copy was worse quality than the original, even when your boom box had fancy words strung together like "high speed dubbing"?  This week's MLP price action felt like a

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

MLP Week Thoughts: Graped

All around ugly week for the MLP sector... As they used to say at the syndicate desk when an offering was trading poorly, lots of market headwinds.  Risk off week, with oil, gold and stocks all down.  Natural gas was up a bit, but is still 40% cheaper than a year ago.  Also, the MLP ETF AMLP had its ex-date Monday, which added to the sector

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 Week Thoughts: Falling Tide…

There was a movie released back in 1998 that (when combined with the Internet) launched a nationwide phenomenon that revolved around a 100 year old card game.  The movie was Rounders and the game was Texas Hold 'em poker.   Almost immediately after seeing Rounders, my buddies and I started playing poker on the weekends. Poker was an excuse to

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

Incentive Distribution Rights Data

I have had several questions lately regarding incentive distribution rights, so here is some data on IDRs free of charge, just remember you get what you pay for... An article will come out soon in Midstream Business Magazine on the subject of IDRs that will feature several quotes from me and some data I pulled together for the article.  The original

MLP Index: Worst April Since 2006 Still Pretty Good

The Alerian MLP Index was up 1.7% in April (price change only, not including distributions), compared with -0.7% for the S&P 500.   A significant percentage of that 1.7% price change came with yesterday's 0.6% change.  April's 1.7% was actually the worst April price change since 2006's +0.97%.  MLP Index has been range bound since its big rally in