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Classification Standard

The Energy MLP Classification Standard is a framework for standardizing the sector classifications of midstream energy infrastructure companies. 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.


Pipeline Transportation


Transportation via large-diameter pipeline of crude oil and refined petroleum products.

Pipeline Transportation

Natural Gas

Transportation via large-diameter pipeline of natural gas and natural gas liquids.

Gathering & Processing

Transportation of hydrocarbons from the wellhead to processing plants, fractionation facilities, and aggregation points for large-diameter pipelines.


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


Provision of natural gas compression services.


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


Super-cooling natural gas and transforming it from a gaseous state into a liquid, which can be shipped overseas.

Rail Terminaling

Loading and unloading of liquid hydrocarbons from railcars.