Figures and Tables

The charts and graphs below are some of our most requested and frequently cited. We are happy to make them available for general use by the investing community, whether for personal use in making an investment decision, presenting to clients interested in energy infrastructure or MLPs, or speaking at a conference. We are thrilled you’ve chosen us as your energy infrastructure and MLP information provider and respectfully request that Alerian is cited whenever these charts are used. If there is another chart, graph, or statistic that would be helpful and it’s not listed below, please contact us at [email protected], and we’ll do our best to provide you with the information. Please click on the images below to see a larger version that is available for download.

  • Slide1
    In any given year, the number of MLP IPOs launched depends on the broader market, investor sentiment, energy fundamentals, and new businesses eligible for the MLP structure.
  • During the late 1990s and early 2000s, names that are now large-cap core midstream holdings in most MLP investors’ portfolios went public. These names paved the way for MLP market cap to grow fivefold to $50 billion in 2004. When commodity prices improved in the early/mid-2000s, several E&P and marine transportation MLPs went public. With expanded private letter ruling (PLR) interpretations of qualifying income from the IRS and the passage of the JOBS Act in 2012, many non-traditional businesses monetized their assets into the MLP structure in the 2011- 2014 timeframe, including frac sand, fertilizer, and mineral interest companies. In 2018, multiple MLPs have been consolidated by their general partners, reducing the number of energy MLPs.

  • Slide3

    The North American midstream energy infrastructure universe has evolved over time. For investors, it is informative to understand the breakdown of the midstream energy infrastructure universe among MLPs, US corporations, and Canadian corporations.

  • Annual-Distribution-Slide
    While the majority of MLPs have continued to grow their distributions on a quarterly basis, it may not feel that way for investors and their bank accounts. In order to address that disconnect, we created this chart depicting normalized total distributions paid by the AMZ Index. For an explanation of the method used to calculate normalized total distributions, please click here.
  • Slide4
    Quarterly weighted distribution growth is calculated by examining the individual distribution growth rates for each index constituent on a quarterly basis. Those constituent-level growth rates are then multiplied by each constituent’s weight in the index. Those weighted values are then combined to give the overall weighted quarterly distribution growth rate for the index. When Alerian calculates the distribution growth rate for 4Q17, we use the distributions announced and paid in 1Q18 related to 4Q17 performance.
  • Slide6

    This chart shows the yield spread between MLPs and the 10-year Treasury over the last three years. In the past, the yield spread has been as high as 1205 bps and as low as 27 bps. However, as the MLP space evolves, the factors affecting the yield spread are also changing, including distribution growth rates.

  • Prior to 2007, the only available way to invest in MLPs on an exchange (other than directly) was through a closed-end fund. These funds were the first pooled products to compile K-1s and return a Form 1099 to investors. Since then, mutual funds, ETNs, and ETFs have launched, offering investors different objectives and preferences. For additional information, please see our white paper on the evolution of MLP and energy infrastructure products.

  • As Alerian continually reiterates, for a US taxable investor who is comfortable building a portfolio as well as filing K-1s and state taxes, a direct investment in individual MLPs will always be the most tax-efficient way to access the space. When considering an access product, investors are urged to consider fees, tracking, liquidity, leverage, credit risk of the issuer, and tax treatment, among other issues.

  • With a diversity of options available, choosing an MLP investment product can be a difficult process. Please see our Applied MLPs section for further information on the various types of MLP investment products available.

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The accuracy and/or completeness of any Alerian index, any data included therein, or any data from which it is based is not guaranteed by Alerian, and it shall have no liability for any errors, omissions, or interruptions therein. Alerian makes no warranties, express or implied, as to results to be obtained from use of information provided by Alerian and used in this service, and Alerian expressly disclaims all warranties of suitability with respect thereto.

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