Bye, Bye, Bye (MLPs) Revisited: MLP Consolidation Entering Late Innings
Since we last discussed MLP consolidation, significant headway has been made in terms of transaction announcements. We provide an update to the three parts of our series from this summer – who’s...
Crude Spreads Here, There, and Everywhere – What it Means for Midstream
With widened crude spreads across North America, it’s easy to make a case for the need for more pipeline infrastructure. But if crude spreads narrow in places like the Permian as pipelines start up,...
Bye, Bye, Bye (MLPs) Part 2: Who Could Be Saying Bye?
In part 2, we look at those MLPs that are potential candidates for reorganization. Specifically, we discuss MLPs that have made comments about simplification, structure, or addressing incentive...
Is Self-Funding an MLP Pipe Dream?
Self-funding has become a buzzword in the MLP space, but is it really translating to MLPs’ capital plans? In today’s post, we discuss the reasons MLPs are shifting towards self-funding and examples of...
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...