Classification Standard

The Energy MLP Classification Standard (EMCSSM) is the first framework designed to standardize the sector classifications of energy Master Limited Partnerships (MLPs). MLPs are categorized by their primary business activity, with an additional delineation by product or customer made for certain activities to account for structural differences in business risk.

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Pipeline Transportation

Petroleum, Natural Gas

Transportation via large-diameter pipeline of crude oil, refined petroleum products, natural gas, and natural gas liquids.

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Gathering & Processing

Petroleum, Natural Gas

Transportation from the wellhead to processing plants, which separate methane from NGLs, which are themselves separated at fractionation plants.

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Liquids, Gas

Storage of crude oil, refined petroleum products, natural gas, and natural gas liquids in aboveground tanks, depleted gas reservoirs, aquifers, and salt caverns.

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Production & Mining

Hydrocarbons, Coal, Frac Sand

Production of crude oil, natural gas, and natural gas liquids from wells; and the extraction of coal and frac sand from mines.

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Retail, Wholesale

Retail distribution of heating fuels (propane and heating oil) and wholesale distribution of motor fuels (gasoline and diesel).

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Marine Transportation

Petroleum, LNG

Transportation via tankers and carriers of crude oil, refined petroleum products, and liquefied natural gas over bodies of water.

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Midstream, Upstream

Provision of field services to the midstream and upstream sectors, including compression, offshore drilling, and saltwater disposal.

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Catalytic Conversion


Conversion of a feedstock over a catalyst to produce nitrogen fertilizers (UAN and ammonia), petrochemical feedstocks (ethylene and methanol), and coke.

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Mineral Interest


Ownership of mineral and royalty interests leased to third parties that develop, mine, and sell the reserves in exchange for payments.

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Processing of crude oil into refined petroleum products, including gasoline, diesel, jet fuel, petrochemicals, and liquefied petroleum gases.

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Conversion of natural gas from a liquefied state to a gaseous state via floating storage and regasification units acting as import terminals.

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Liquefaction, Rail Terminaling

Other activities in which only one partnership is primarily engaged, including the liquefaction of natural gas and rail terminaling.

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