MLP Structural Simplifications: Part 2 – IDR Eliminations
In recent years, we’ve seen MLPs move to eliminate IDRs, as several management teams have acknowledged that IDR structures become unsustainable over time. In today’s post, we look at how IDR...
Is the US Over-Piped? Part 1: MLP Re-Contracting Risk
Investors often ask us if the US is over-piped. The question points to both concerns around re-contracting risk and whether there is still an opportunity for growth through pipeline additions. In...
How to Evaluate an MLP Joint Venture
As MLPs exit the energy downturn, JVs have become a popular method not just of self-preservation, but also of securing otherwise-impossible growth opportunities. Here’s what to consider when an MLP...
US Energy Demand Provides a Stable Foundation for MLPs
In a demand-pull world, who wins and loses? Also, how today’s energy infrastructure mirrors the outlook during peak oil.
Investment Grade On the Edge
Many MLPs still maintain their investment grade rating, but not as solidly as before. Here’s how the current environment is putting pressure on individual names, how they’re protecting themselves, and...
What Happened in May? Think Horses Not Zebras
Two data points don’t make a trend. If you look around at other transactions, the use of the MLP structure is alive, well, and thriving.