Which form of sponsor support is the best for the MLP?

  • Waivers of incentive distribution rights (ETP) (48%)
  • Drop-down at a cheap multiple, funded with equity issued to sponsor (drop-down MLPs) (39%)
  • Commiting to re-investing capital into new units, with no IDR waivers (WPZ) (11%)
  • Bridge loan and vague commitment of equity support for large acquisition (EEP) (1%)

Total Voters: 147

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Week Thoughts: Dealer Bust, MLPs Winning

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MLPs outperformed in a flat week for stocks, finishing up 0.8% with distributions.  The Alerian MLP Total Return Index is now down less than 5% year over year.  MLPs have treaded water for the last month or so, but comparables vs. last year continue to improve.  Oil prices rebounded this week, up more than 6%.  Natural gas and light NGLs didn’t fare

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In a week crowded with earnings, strategic announcements and macro, MLPs continued their recent slide.  The MLP Index was down 0.4% including distributions.  Oil prices were volatile, but crossed back above $40 definitively after Wednesday’s inventory report.  Friday’s strong jobs report pushed interest rates higher and pressured utilities.  MLPs
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