MLP Winners & Losers: Early Fireworks

MLPs were up big this week, helped by beaten down prices from last week, success of EQT Midstream's IPO (see here), natural gas price strength, a massive MLP closed end fund launch, and the general market and oil price euphoria on Friday.  The Alerian MLP Index was up 1.9% on Friday, lagging the S&P 500 which was up 2.5%.  Front month crude futures

Did You Know? MLP IPO Edition

EQT Midstream Partners (EQM), the first IPO to launch domestically since Facebook, started trading yesterday after pricing at the high end of the pricing range ($21.00 per unit) and raising $262.5mm in gross proceeds.  EQM opened at $23.00, ran up to as high as $24.00, before closing at $23.75.  That's a 13.1% IPO pop. In homage to back when I used to

Week Thoughts: Yield Hunger Trumps Oil Price Drop, MLPs Uptick

MLPs outperformed most things, on average, this week, even with lower oil prices (as discussed here in my Winners & Losers post).  If I had to attribute the outperformance to anything, it would be the reminder we got from the Fed that they are doing everything they can to keep rates as low as possible for the next few years.  The Fed did not release

Winners & Losers: Oil Slide Punishes E&P MLPs

MLPs did ok overall this week, E&P and gathering & processing MLPs were mostly down, while the rest of the MLP universe was mostly up, if only slightly.  The overall market was lukewarm, down 0.5%, caught between more credit rating cuts of European Banks and slightly more monetary stimulus from the U.S. Fed with the rest of Operation Twist

MLP Week Thoughts: No News

MLPs were down in an up week for stocks and for commodities.  Natural gas and NGLs were up sharply, while oil languished, down 0.5% for the week. The equity overhang I discussed last week continues to build for MLPs.  With the exception of the KMP and KMI bought / block trade deals a few weeks ago, its been a month since there's been a marketed equity

MLP Week Thoughts: Overhang Building

Alerian MLP Index was up 1.9% this week, good to see, but MLPs underperformed the S&P 500, which was up 3.8%.  Still struggling oil and gas prices may have weighed on MLPs.  Crude oil didn’t bounce too much, only up 1.4% this week and still under $85 per barrel, and natural gas was slightly lower on the week, and still well below $2.50 per mcf.  

Chesapeake: When 100x Cash Flow is a Fire Sale

Chesapeake (CHK) sold out of its interests in Chesapeake Midstream Partners (CHKM) this week, in case you didn’t hear (see press release, Forbes blog, FuelFix for more info).  It happened a bit earlier than was probably originally planned, to its partner Global Infrastructure Partners (GIP) for $2.0 billion.  GIP also purchased other midstream assets in

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

MLP Week Thoughts: Worst. May. Ever.

There are some weeks when having a bunch of screens with stock price numbers flashing is fun...this was not one of them. A couple of times during the week, I was reminded of the TV show 30 Rock, which did a fake movie making fun of the movie "Precious".  That movie's full title that was read at the Academy Awards is "Precious: Based on the Novel Push by