and some LLC's
Master Limited Partnerships have the same liquid trading characteristics of common stocks---yet they are
very different from common stocks, The most obvious difference to you, the investor, is that they 'pass
through' their income. They are called 'pass through securities' because they are NOT taxed at the corporate
level, but instead pass the income on to the unitholders where taxes are paid by the unitholder. Because of
the pass though nature of the security the more normal 'double taxation' of income is avoided (normally the
corporation pays taxes on the net income and they pay you, the investor, dividends and you are taxed again)
meaning there is more income available for dividends
MLP's mainly operate in oil and gas related businesses. This would include propane distribution and
retailing. They may also operate in the fuel storage or distribution (pipeline) business.
The balance of the MLP's available operate in timber, minerals, real estate or other miscellaneous
businesses (for instance Cedar Fair -- Amusement Parks).
Researching Master Limited Partnerships is done the same as with any stock. You can start from our
website by choosing a security from our list and clicking on the ticker symbol--this will take you to the limited
partnership website where you can find most of your research materials.
Below the table you can find thumbnail descriptions of the companies from the company websites.
These are NOT recommended purchases, but are just informational. You must do additional due diligence
to find investments suitable to your needs and style.
|Dividend Yield shown is current quarterly declared payments
extrapolated to 4 quarters--these are subject to rapid change. We
update these Monthly
Clicking on the ticker symbol takes you to the company website
AllianceBernstein is a asset management firm who offers a comprehensive range of services across different asset classes, styles
and regions, as well as along the risk-and-return spectrum.
Alliance Holdings GP
Alliance Holdings GP, L.P. (AHGP) is a limited partnership formed to own and control Alliance Resource Management GP, LLC,
the managing general partner of Alliance Resource Partners, L.P. (ARLP).
Alliance Resource Partners is a diversified producer and marketer of coal to major United States utilities and industrial users.
ARLP's predecessor company began mining operations in and has since grown through acquisitions and internal development to
become the fourth-largest coal producer in the Eastern United States.
Alliance Resource Partners
Alliance Resource Partners, L.P. is engaged in the production of coal for utilities and industrial users in the United States. It offers
low, medium, and high-sulfur coal. The company also leases land and operates a coal loading terminal on the Ohio River at Mt.
Vernon, Indiana; and purchases and resells coal. As of December 31, 2009, Alliance Resource had approximately 647.2 million
tons of coal reserves in Illinois, Indiana, Kentucky, Maryland, Pennsylvania, and West Virginia. Alliance Resource Management
GP, LLC is the general partner of Alliance Resource Partners, L.P.
American Midstream Partners
American Midstream Partners, LP is a growth-oriented company engaged in the business of gathering, treating, processing and
transporting natural gas. We own and operate nine gathering systems, three processing facilities, two interstate pipelines and six
Our primary assets, which are strategically located in Alabama, Louisiana, Mississippi, Tennessee and Texas, provide critical
infrastructure that links producers and suppliers of natural gas to diverse natural gas markets, including various interstate and
intrastate pipelines, as well as utility, industrial and other commercial customers. We operate approximately 1,400 miles of
pipelines that gather and transport over 500 Mmcf/d of natural gas.
With AmeriGas, you get more than just a propane supplier - you get a propane expert and partner. Since 1959, our mission
continues to provide you with the most reliable, safest, and responsive propane service in the nation.
Over 1.3 million customers just like you use AmeriGas propane services in nearly 50 states. That has made AmeriGas the largest
marketer of propane. We use the size of our organization to your advantage every day, retaining our focus on friendliness and
personal attention found only in a “corner store”.
AmeriGas is publicly held as AmeriGas Partners, L.P. (APU) (a Master Limited Partnership) on the NY Stock Exchange.
Atlas Pipeline Holdings
Atlas Pipeline Holdings, L.P., is a midstream energy service company. The company engages in the transmission, gathering, and
processing of natural gas in the Mid-Continent and Appalachia regions. As of December 31, 2009, the company owned and
operated 8 natural gas processing plants with aggregate capacity of approximately 900 million cubic feet per day (MMCFD); and 1
treating facility with a capacity of approximately 200 MMCFD. The company also operated 9,100 miles of active natural gas
gathering systems located in Oklahoma, Kansas, and Texas, which gathers gas from wells and central delivery points to company
s natural gas processing and treating plants, as well as third-party pipelines. In addition, it owned and operated approximately
1,800 miles of natural gas gathering systems in the Appalachian Basin; and approximately 80 miles of active natural gas gathering
pipelines located in northeastern Tennessee.
Atlas Pipeline Partners
Atlas Pipeline Partners, L.P., through its subsidiaries, engages in gathering and processing natural gas. It provides natural gas
gathering services in the Anadarko and Permian Basins located in the southwestern and mid-continent United States; and the
Appalachian Basin in the eastern United States. The company owns and operates 8 natural gas processing plants with an
aggregate capacity of approximately 900 million cubic feet per day and 1 treating facility with a capacity of approximately 200
million cubic feet per day. The company has approximately 9,100 miles of active natural gas gathering systems located in
Oklahoma, Kansas, and Texas, which gather gas from wells and central delivery points to the companys natural gas processing
and treating plants, as well as third-party pipelines. In addition, it owns and operates approximately 1,800 miles of natural gas
gathering systems in the Appalachian Basin located in the northeastern United States, as well as approximately 80 miles of active
natural gas gathering pipelines located in northeastern Tennessee
Boardwalk Pipeline Partners
Boardwalk Pipeline Partners, MLP, through its subsidiaries, engages in the interstate transportation and storage of natural gas in
the United States. The company owns and operates three natural gas pipeline systems to transport and store natural gas for
marketers, local distribution companies, producers, electric power generators, interstate and intrastate pipelines, and direct
industrial users. As of December 31, 2009, the company owned and operated approximately 14,200 miles of pipeline directly
serving customers in 12 states and indirectly serving customers in the northeastern and southeastern United States; and owned
11 underground storage fields in 4 states with working gas capacity of approximately 163.0 billion cubic feet. Boardwalk GP, LP
serves as the general partner of the company. The company is headquartered in Houston, Texas.
Breitburn Energy Partners
BreitBurn Energy Partners L.P. (NASDAQ: BBEP) is an independent oil and gas limited partnership, focused on the acquisition,
exploitation and development of oil and gas properties for the purpose of generating cash flow to make distributions to our
unitholders. Our assets consist primarily of producing and non-producing crude oil and natural gas reserves located in the Los
Angeles Basin in California, the Wind River and Big Horn Basins in central Wyoming, the Sunniland Trend in Florida, the Antrim
Shale in Michigan and the New Albany Shale in Indiana and Kentucky.
Brookfield Infrastructure Partners
Brookfield Infrastructure Partners L.P. operates high quality, long-life assets that generate stable cash flows, require relatively
minimal maintenance capital expenditures and, by virtue of barriers to entry and other characteristics, tend to appreciate in value
Our current business consists of the ownership and operation of premier utilities, transport and energy, and timber assets in North
and South America, Australasia, and Europe. Brookfield Infrastructure also seeks acquisition opportunities in other infrastructure
sectors with similar attributes.
Buckeye owns and operates one of the nation’s largest independent petroleum products common carrier pipeline networks
providing refiners, wholesalers, marketers, airlines, railroads and other commercial end-users with dependable, all-weather
transportation of refined petroleum products. The Partnership transports refined products by pipeline principally in the
Northeastern and upper Midwestern states. Buckeye also operates and maintains pipelines that it does not own, primarily in the
Gulf Coast region, under contracts with major oil and petrochemical companies. The combination of experienced and responsive
professional staff, technical expertise and modern transportation facilities has earned the Partnership a reputation for providing
high-quality, safe, reliable and efficient pipeline transportation services.
In addition to pipeline transportation services, Buckeye provides terminalling, storage and refined product distribution services.
The Partnership owns 67 refined petroleum products terminals with an aggregate storage capacity of approximately 24 million
barrels, and owns and operates major natural gas storage facilities in California. Our Buckeye Energy Services subsidiary is one
of the leading independent fuel distributors in the Mid-Atlantic region. In addition, the Partnership is the largest stockholder of
West Shore Pipe Line Company, owns a 20 percent interest in West Texas LPG Pipeline, Master Limited Partnership and a 75
percent interest in WesPac Pipelines-Memphis LLC.
Cedar Fair LP
Cedar Fair, MLP. owns and operates amusement and water parks in the United States and Canada. The company owns 11
amusement parks, including Cedar Point located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Kings Island
near Cincinnati, Ohio; Canadas Wonderland near Toronto, Canada; Dorney Park & Wildwater Kingdom located near Allentown in
South Whitehall Township, Pennsylvania; Valleyfair located near Minneapolis/St. Paul in Shakopee, Minnesota; Michigans
Adventure located near Muskegon, Michigan; Kings Dominion near Richmond, Virginia; Carowinds in Charlotte, North Carolina;
Worlds of Fun located in Kansas City, Missouri; Knotts Berry Farm located near Los Angeles in Buena Park, California; and
Californias Great America located in Santa Clara, California. It also owns and operates the Castaway Bay Indoor Waterpark
Resort in Sandusky, Ohio; six separate-gated outdoor water parks in Missouri, Ohio, and California; and five hotels. Cedar Fair
Management, Inc. serves as the general partner of the company.
Compressco Partners is a provider of wellhead compression-based production enhancement services to a broad base of natural
gas and oil exploration and production companies operating throughout most of the onshore producing regions of the United
States, and has significant operations in Canada and Mexico and a growing presence in certain countries in South America,
Eastern Europe and the Asia-Pacific region. Compressco Partners is managed by Compressco Partners GP Inc., which is an
indirect, wholly owned subsidiary of TETRA Technologies, Inc. (NYSE: TTI).
Crosstex Energy LP
Crosstex Energy, MLP., through its subsidiary, Crosstex Energy Services, L.P. operates as an independent midstream energy
company. It engages in the gathering, transmission, processing, and marketing of natural gas and natural gas liquids in the north
Texas Barnett shale area and Louisiana. As of March 2, 2010, the company operated approximately 3,300 miles of pipeline, 9
processing plants, and 3 fractionators. Crosstex Energy GP, L.P. serves as the general partner of the Crosstex Energy, L.P. The
company was founded in 1992
DCP Midstream LP
DCP Midstream Partners, MLP engages in gathering, compressing, treating, processing, transporting, and selling natural gas. It
also involves in producing, transporting, storing, and selling propane; and transporting and selling natural gas liquids (NGLs) and
condensate. The companys Natural Gas Services segment operates the Northern Louisiana natural gas gathering, processing,
and transportation system; and Southern Oklahoma system. This segment also operates Colorado and Wyoming gathering,
processing and compression assets, In addition, it owns interests in a 600 MMcf/d cryogenic natural gas processing plant, a
natural gas liquids fractionator plant, and an approximately 280-mile natural gas pipeline; and a 780 MMcf/d natural gas
processing complex, a natural gas liquids fractionator, and an approximately 900-mile gathering system. The companys
Wholesale Propane Logistics segment owns and operates five rail terminals in the Midwest and northeastern United States; one
leased marine terminal located in Providence, Rhode Island; and one pipeline terminal in Midland, Pennsylvania, as well as has
access to various open-access pipeline terminals. Its NGL Logistics segment operates the Seabreeze and Wilbreeze NGL
transportation pipelines in Texas, and owns a non-operated 45% equity interest in the Black Lake interstate NGL pipeline in
Louisiana and Texas. DCP Midstream GP, LP serves as a general partner for the company. DCP Midstream Partners is based in
Dorchester Minerals, L.P. engages in the acquisition, ownership, and administration of producing and non-producing natural gas
and crude oil royalty, net profits, and leasehold interests in the United States. The companys net profits interests represent net
profits overriding royalty interests in various properties owned by the operating partnership; and royalty properties consist of
producing and nonproducing mineral, royalty, overriding royalty, net profits, and leasehold interests located in 574 counties and
parishes in 25 states.
El Paso Pipeline Partners
We are a growth-oriented Delaware limited partnership formed by El Paso Corporation to own and operate natural gas
transportation pipelines, storage and other midstream assets. Our assets consist of four wholly owned entities, Southern Natural
Gas Company, L.L.C. (SNG), an interstate natural gas company located in the southeastern United States, Wyoming Interstate
Company, L.L.C. (WIC), an interstate pipeline transportation business primarily located in Wyoming and Colorado, Southern LNG
Company, L.L.C. (SLNG), which owns an LNG storage and regasification terminal near Savannah, Georgia, and Elba Express
Company, L.L.C. (Elba Express), an interstate pipeline company which is located in Georgia and South Carolina. We also own an
86 percent interest in Colorado Interstate Gas Company, L.L.C. (CIG), an interstate pipeline company which is located in the
Enbridge Energy Partners
Enbridge Energy Partners, L.P. owns and operates crude oil and liquid petroleum transportation and storage assets, as well as
natural gas gathering, treating, processing, transmission, and marketing assets in the United States. The company operates in
three segments: Liquids, Natural Gas, and Marketing. The Liquids segment includes Lakehead system that consists of crude oil
and liquid petroleum pipeline, and terminal assets spanning a distance of approximately 1,900 miles and consisting of
approximately 4,700 miles of pipes; Mid-Continent system comprising approximately 480 miles of crude oil pipelines and 15.9
million barrels of crude oil storage capacity; and North Dakota system consisting of approximately 240 miles of crude oil gathering
lines and storage capacity of approximately 810,000 barrels. The Natural Gas segment includes East Texas system that consists
of approximately 3,400 miles of natural gas gathering and transportation pipelines, 9 natural gas treating plants, and 7 natural
gas processing plants, including 3 hydrocarbon dewpoint control facilities plants; Anadarko system comprising approximately
1,800 miles of natural gas gathering and transportation pipelines and 6 natural gas processing plants; and North Texas system
that includes approximately 4,500 miles of natural gas gathering pipelines and 9 natural gas processing plants. Its customers
include power plants, industrial facilities, local distribution companies, large consumers seeking an alternative to their local
distribution company, and shippers of natural gas, such as natural gas producers and marketers. The Marketing segment
provides natural gas supply, transportation, balancing, storage, and sales services to industrial, utility, and power plant end use
customers primarily in Texas and Oklahoma.
Energy Transfer Partners
Energy Transfer Partners, L.P. (NYSE:ETP) is a publicly traded partnership owning and operating a diversified portfolio of energy
assets. ETP has pipeline operations in Arizona, Colorado, Louisiana, New Mexico, and Utah, and owns the largest intrastate
pipeline system in Texas. ETP currently has natural gas operations that include more than 17,500 miles of gathering and
transportation pipelines, treating and processing assets, and three storage facilities located in Texas. ETP also is one of the three
largest retail marketers of propane in the United States, serving more than one million customers across the country.
Enterprise Products Partners
Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, NGLs, crude
oil, refined products, and petrochemicals in North America. The companys assets include approximately 50,200 miles of onshore
and offshore pipelines; 192 million barrels of storage capacity for NGLs, refined products, and crude oil; and 27 billion cubic feet
of natural gas storage capacity. Its services include natural gas transportation, gathering, processing, and storage; NGL
fractionation, transportation, storage, and import and export terminaling; crude oil and refined products storage, transportation,
and terminaling; offshore production platform; petrochemical transportation and storage; and a marine transportation business
that operates primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico.
EV Energy Partners was conceived in 2006 by EnerVest, one of the nation’s largest operators of onshore oil and gas assets.
Being a separate entity allows us to focus exclusively on the acquisition and long-term operation of lower-risk, long life properties
Exterran offers customers a world of energy solutions through a comprehensive products and services portfolio with operations
worldwide. Exterran focuses on delivering a Total Solution for oil and gas production and processing facilities in every major
hydrocarbon region around the globe
Ferrellgas was founded in 1939 in Atchison, Kansas. Growth through acquisitions and an unwavering dedication to Customer
service and safety have made Ferrellgas the industry leader.
Now headquartered in Overland Park, Kansas, Ferrellgas has become the premier propane provider in the United States,
including the largest provider of propane by branded propane tank exchange through its Blue Rhino brand. It serves
approximately 1 million Customers in all 50 states, the District of Columbia, and Puerto Rico.
Ferrellgas Partners, L.P. trades on the New York Stock Exchange under the symbol FGP. Ferrellgas Employees indirectly own
more than 20 million units of the partnership through an Employee Stock Ownership Plan.
Genesis Energy Partners
Genesis Energy Partners are a growth-oriented limited partnership focused on the midstream segment of the oil and gas industry
in the Gulf Coast region of the United States, primarily Texas, Louisiana, Arkansas, Mississippi, Alabama and Florida. We have a
diverse portfolio of customers, operations and assets, including refinery-related plants, pipelines, storage tanks and terminals,
and trucks and truck terminals. We provide services to refinery owners; oil, natural gas and CO2, producers; industrial and
commercial enterprises that use CO2 and other industrial gases; and individuals and companies that use our dry-goods trucking
services. Substantially all of our revenues are derived from providing services to integrated oil companies, large independent oil
and gas or refinery companies, and large industrial and commercial enterprises.
For more than 50 years, Global Partners LP, its subsidiaries and their predecessors, have served the energy and fuel
requirements of a broad spectrum of commercial, industrial and government operations throughout the Northeast and various
other U.S. locations. Our customers are as diverse in size as they are in scope of activity, including local independent heating oil,
gasoline and diesel fuel distributors, state and municipal agencies, power and public utility companies and other commercial end
Customers benefit from our vast experience in energy markets and our dedication to meeting their needs. Global has a proven
record of supplying product under difficult market conditions. Our expertise in traditional and emerging fuel markets enables us to
be at the forefront of competitive, reliable energy supply.
Global Partners LP is a publicly traded master limited partnership. Our New York Stock Exchange symbol is “GLP.” Our operating
companies are Global Companies LLC and Global Montello Group Corp.
Holly Energy Partners
Holly Energy Partners is a Delaware limited partnership formed in early 2004 by Holly Corporation. We hold a particularly strategic
position within the industry for several reasons: Our pipelines and terminals serve our customers' marketing operations in the
Southwest, Rocky Mountain and Mid-West regions of the U.S.
Operating a system of petroleum product and crude gathering pipelines in Texas, New Mexico, Oklahoma and Utah, distribution
terminals in Texas, New Mexico, Arizona, Utah, Idaho, Oklahoma and Washington and refinery tankage in New Mexico and Utah
Inergy, L.P. engages in the retail marketing, sale, and distribution of propane to residential, commercial, industrial, and
agricultural customers in the United States. The company owns and operates five natural gas storage facilities comprising
Stagecoach, Thomas Corners, Steuben, Seneca Lake, and Tres Palacios; a natural gas liquids business; midstream storage and
transportation business; and solution-mining and salt production company. As of October 31, 2011, it served retail customers in
33 states from approximately 338 customer service centers, which have an aggregate of approximately 34.6 million gallons of
above-ground propane storage. The company is headquartered in Kansas City, Missouri.
Inergy Midstream Partners
Inergy Midstream, L.P., headquartered in Kansas City, Missouri, is a master limited partnership engaged in the development and
operation of natural gas and NGL storage and transportation assets. Our assets are located in the Northeast region of the United
KKR and Company
KKR & CO. L.P. (KKR) is a leading global investment firm with deep roots in private equity, diversified capabilities, and an
impressive track record. When you partner with KKR, you benefit from decades of financial and operational experience, broad
industry knowledge, and a powerful network of global relationships. Through an integrated approach, we work closely with
companies and investment partners around the world to deliver flexible capital solutions.
Kinder Morgan Energy Partners
Kinder Morgan is one of the largest pipeline transportation and energy storage companies in North America with approximately
37,000 miles of pipelines and 180 terminals. We transport, store and handle energy products like natural gas, refined petroleum
products, crude oil, ethanol, coal and carbon dioxide (CO2).
Legacy Reserves LP
Legacy Reserves LP (NASDAQ – LGCY) is an independent oil and natural gas limited partnership headquartered in Midland,
Texas, and is focused on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin,
Mid-Continent and Rocky Mountain regions of the United States. We were formed in October 2005 to own and operate the oil and
natural gas properties that we acquired from our founding investors and three charitable foundations in connection with the
closing of our private equity offering on March 15, 2006. On January 18, 2007, we completed our initial public offering.
LRR Energy is a publicly traded limited partnership focused on operating, acquiring, exploiting and developing producing oil and
natural gas properties with long-lived, predictable production profiles. While we began operations in 2011 in connection with our
IPO, our management team has been operating most of our assets for the past several years through predecessor entities
managed by our affiliate, Lime Rock Resources.
Magellan Midstream Partners
Magellan Midstream Partners, L.P. is a publicly traded partnership formed to own, operate and acquire a diversified portfolio of
energy assets. Our primary business is the transportation, storage and distribution of refined petroleum products.
MarkWest Energy Partners, L.P., together with its subsidiaries, engages in the gathering, processing, and transportation of
natural gas in the United States. The company also transports, fractionates, storages, and markets natural gas liquids; and
gathers and transports crude oil. It conducts its operations in the Southwest, the Northeast, Liberty, and the Gulf Coast. MarkWest
Energy GP, L.L.C. serves as the general partner of the company. MarkWest Energy Partners, L.P. was founded in 1988 and is
based in Denver, Colorado.
Mid-Con Energy Partners
Mid-Con Energy is a Delaware limited partnership formed in July 2011 to own, operate, acquire, exploit and develop producing oil
and natural gas properties in North America, with a focus on the Mid-Continent region of the United States. Mid-Con Energy's core
areas of operation are located in Southern Oklahoma, Northeastern Oklahoma and parts of Oklahoma and Colorado within the
Natural Resource Partners
Natural Resource Partners L.P., through its subsidiaries, engages in the ownership and management of coal properties in
Appalachia, the Illinois Basin, and the Northern Powder River Basin regions of the United States. The company leases its
properties to coal mine operators in exchange for royalty payments. It also owns preparation plants, coal handling facilities, and
transportation infrastructure, as well as owns and manages aggregate reserves in Washington, Texas, Arizona, and West Virginia.
As of December 31, 2009, the company owned or controlled approximately 2.1 billion tons of proven and probable coal reserves.
Its coal and aggregate reserves were subject to 214 leases with 76 lessees. NRP (GP) LP operates as the general partner of
Natural Resource Partners L.P. The company was founded in 2002 and is based in Houston, Texas.
NGL Energy Partners LP
Welcome to NGL Energy Partners LP (NYSE: NGL), a Delaware master limited partnership formed by combining two successful
energy companies: Hicksgas and NGL Supply, and recently strengthened through the contribution of E. Osterman Propane and
SemStream natural gas liquids operational assets. Our asset base throughout the Northeast, Midwest, Great Lakes and Western
United States establishes us as a vertically integrated North American partnership occupying a unique niche in the gas liquids
Niska Gas Storage
Niska Gas Storage Partners LLC owns and operates natural gas storage assets in North America. It owns or contracts for
approximately 185.5 billion cubic feet of total gas storage capacity. The company owns and operates gas storage facilities in
Alberta, Canada, as well as in northern California and Oklahoma, the United States. Its gas storage customers include financial
institutions, producers, marketers, power generators, pipelines, and municipalities. The company was founded in 2006.
NuStar Energy Partners
NuStar Energy L.P. engages in the terminalling, storage, and transportation of petroleum products primarily in the United
States, Canada, the Netherlands, St. Eustatius in the Caribbean, the United Kingdom, and Mexico. The company
operates in three segments: Storage, Transportation, and Asphalt and Fuels Marketing. The Storage segment operates
terminal and storage facilities for petroleum products, specialty chemicals, crude oil, and other liquids; and crude oil
storage tanks. Its terminals also offer pilotage, tug assistance, line handling, launch, emergency response, and other
ship services. The Transportation segment transports refined petroleum products, crude oil, and anhydrous ammonia.
This segment operates refined product pipelines in Texas, Oklahoma, Colorado, New Mexico, Kansas, Nebraska, Iowa,
South Dakota, North Dakota, and Minnesota; and owns anhydrous ammonia pipelines located in Louisiana, Arkansas,
Missouri, Illinois, Indiana, Iowa, and Nebraska. The Asphalt and Fuels Marketing segment refines crude oil to produce
asphalt and other refined products. This segment also purchases gasoline and other refined petroleum products for
ONEOK, Inc., a diversified energy company, operates as a natural gas distributor primarily in the United States. It
operates through three segments: ONEOK Partners; Distribution; and Energy Services. The ONEOK Partners segment
engages in gathering, processing, storing, and transporting natural gas and natural gas liquids in the Mid-Continent and
Rocky Mountain regions, which include Oklahoma, Kansas, Montana, North Dakota, and Wyoming. This segment offers
its services to petrochemical manufacturers, heating-fuel users, refineries, and propane distributors. The Distribution
segment provides natural gas distribution services to residential, commercial, industrial, and transportation customers, as
well as public authority customers, including cities, governmental agencies, and schools. The Energy Services segment
delivers physical natural gas products and risk-management services through its network of contracted natural gas
transportation and storage capacity, and natural gas supply
Oxford Resource Partners
We market our coal primarily to large utilities with coal-fired, base-load scrubbed power plants under long-term coal sales
contracts. During 2010, we produced 7.4 million tons of coal. Our reserves and operations are strategically located in Northern
Appalachia and the Illinois Basin to serve our primary market area of Illinois, Indiana, Kentucky, Ohio, Pennsylvania and West
Virginia. As of December 31, 2010, we controlled 93.5 million tons of proven and probable coal reserves. Our operations also
include two river terminals strategically located in eastern Ohio and western Kentucky that further enhance our ability to supply
coal to our customers with river access from multiple mines.
PAA Natural Gas Storage LP
PNG is a publicly traded master limited partnership engaged in the development, acquisition, operation and commercial
management of natural gas storage facilities. The Partnership currently owns and operates two natural gas storage facilities
located in Louisiana and Michigan. The Partnership’s general partner, as well as the majority of the Partnership’s limited partner
interests, is owned by Plains All American Pipeline, L.P. The Partnership is headquartered in Houston, TX.
Pioneer Southwest Energy Partners
Pioneer Southwest Energy is a Delaware limited partnership formed by Pioneer Natural Resources Company to own producing oil
and gas properties in the Spraberry field in the Permian Basin of West Texas and to acquire producing oil and gas properties in
its area of operations. This area includes onshore Texas and eight counties in the southeast region of New Mexico.
Plains All American Pipeline
.Plains All American Pipeline, L.P. engages in the transportation, storage, terminalling, and marketing of crude oil, refined
products, and liquefied petroleum gas and other natural gas-related petroleum products (LPG) in the United States and Canada.
It operates in three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment involves in
transporting crude oil and refined products on pipelines, gathering systems, trucks, and barges. As of December 31, 2010, this
segment had 16,000 miles of active crude oil and refined products pipelines and gathering systems; 25 million barrels of above-
ground tank capacity used primarily to facilitate pipeline throughput; The facilities segment provides storage, terminaling, and
throughput services for crude oil, refined products, and LPG and natural gas, as well as offers LPG fractionation and
isomerization services. The Supply and Logistics segment purchases crude oil at the wellhead, and pipeline and terminal facilities;
foreign cargoes at their load port and various other locations in transit; and refined products and LPG from producers, refiners,
and other marketers. This segment also resells or exchanges crude oil, refined products, and LPG at various points along the
distribution chain to refiners or other resellers; and transports crude oil, refined products, and LPG on trucks, barges, railcars,
pipelines, and ocean-going vessels. It had 522 trucks and 630 trailers; and 1,473 railcars. The company also develops and
operates natural gas storage facilities. Plains All American Pipeline, L.P. was founded in 1998 and is based in Houston, Texas.
Pope Resources engages in the management of timber resources. It operates in three segments: Fee Timber, Timberland
Management & Consulting, and Real Estate. The Fee Timber segment involves in growing, harvesting, and marketing timber to
domestic and the Pacific Rim markets from its 175,000 acres of tree farms. The Timberland Management & Consulting segment
provides investment management, disposition, and technical forestry services to the timberland owners. The Real Estate segment
engages in securing permits, entitlements, and installing infrastructure for raw land development; and selling the land to buyers,
who sell it to home buyers, operators, or lessors of commercial property. This segment also engages in the rental of residential
and commercial properties in Port Gamble and Kingston, Washington. Pope Resources sells its logs to lumber mills and other
wood fiber processors located in western Washington and northwest Oregon. As of December 31, 2010, it owned 114,000 acres
of timberland in western Washington; 61,000 acres of timberland for the funds in Washington and Oregon; and 2,800 acres of
real estate held for sale or development. Pope MGP, Inc. and Pope EGP, Inc. operate as the general partners of the company.
Regency Energy Partners LP
Regency Energy Partners LP (NYSE: RGP) is a midstream natural gas services provider committed to enhancing and building
America’s energy infrastructure. Regency is a growth-oriented Master Limited Partnership that specializes in the gathering and
processing, contract compression, treating, transportation, fractionation and storage of natural gas and natural gas liquids.
Regency focuses on servicing the prolific natural gas producing regions in the United States.
Regency’s general partner is owned by Energy Transfer Equity, L.P. (NYSE: ETE).
Spectra Energy Partners
Spectra Energy Partners, LP (NYSE:SEP), one of North America’s premier master limited partnerships, owns and operates fee-
based natural gas pipeline and storage businesses. Spectra Energy Partners is headquartered in Houston, Texas.
Spectra Energy Partners owns 100% of East Tennessee Natural Gas, Ozark Gas Transmission, the Big Sandy Pipeline, and
Saltville Gas Storage Company. The company also has significant ownership interests in Market Hub Partners (50%) and
Gulfstream Natural Gas System (49%).
Star Gas Partners
Star Gas Partners, L.P., through its subsidiaries, operates as a home heating oil distributor and services provider in the United
States. It provides its services to residential and commercial customers to heat their homes and buildings. As of March 31, 2011,
the company served approximately 408,000 full-service residential and commercial home heating oil, and propane customers. It
also sold home heating oil, gasoline, and diesel fuel to approximately 40,000 customers. In addition, Star Gas Partners installed,
maintained, and repaired heating and air conditioning equipment, as well as provided ancillary home services, including home
security and plumbing to approximately 11,000 customers. Star Gas Partners, L.P. was founded in 1995 and is headquartered in
StoneMor Partners L.P., together with its subsidiaries, engages in the ownership and operation of cemeteries in the United States.
Its Cemetery Operations segment sells interment rights, caskets, burial vaults, cremation niches, markers, and other cemetery
related merchandise in the southeast, northeast, and west regions of the United States. This segment also offers opening and
closing, which is the digging and refilling of burial spaces to install the vault and place the casket into the vault; and various other
services, including the installation of other cemetery merchandise and the perpetual care related to interment rights. The
companys Funeral Homes segment provides a range of funeral-related services, such as family consultation, the removal of and
preparation of remains, and the use of funeral home facilities for visitation. As of October 11, 2011, it owned and operated 272
cemeteries and 69 funeral homes in 26 states and in Puerto Rico. StoneMor GP LLC serves as the general partner of the
Suburban Propane Partners
Suburban Propane Partners (NYSE: SPH) has been in the customer service business since 1928. A Master Limited Partnership
since 1996, Suburban is a value-oriented company managed for long-term, consistent performance.
Headquartered in Whippany, New Jersey, Suburban is a nationwide marketer and distributor of a diverse array of products to
meet the energy needs of our customers, specializing in propane, fuel oil and refined fuels, as well as the marketing of natural gas
and electricity in deregulated markets. With nearly 2,600 full-time employees, Suburban maintains business operations in 30
states, providing prompt, reliable service to approximately 750,000 residential, commercial, industrial and agricultural customers
through more than 300 locations.
Sunoco Logistics Partners L.P. is a publicly traded master limited partnership formed in 2002 to acquire, own and operate a
diverse mix of crude oil and refined products pipelines and terminaling and storage facilities, as well as crude oil acquisition and
Susser Petroleum Partners
Houston-based Susser Petroleum Partners LP is a master limited partnership formed by Susser Holdings Corporation to engage
in the primarily fee-based wholesale distribution of motor fuels to Susser Holdings and third parties. Susser Petroleum Partners
distributes over 1.4 billion gallons of motor fuel annually from major oil companies and independent refiners to Susser Holdings'
Stripes® convenience stores, independently operated consignment locations, convenience stores and retail fuel outlets operated
by independent operators and other commercial customers in Texas, New Mexico, Oklahoma and Louisiana.
Targa Resource Partners LP
Targa Resources Partners is a Delaware limited partnership engaged in the business of gathering, compressing, treating,
processing and selling natural gas and storing, fractionating, treating, transporting and selling natural gas liquids, or NGLs, and
NGL products. The Partnership owns an extensive network of integrated gathering pipelines and gas processing plants and
currently operates along the Louisiana Gulf Coast, accessing the Coastal and offshore region of Louisiana, the Permian Basin in
West Texas and Southeast New Mexico and the Fort Worth Basin in North Texas
TeeKay LNG Partners
Teekay LNG Partners generates stable cash flows from long-term, fixed-rate contracts with major oil and utility companies around
the world which require liquefied natural gas (LNG), liquefied petroleum gas (LPG) and crude oil marine transportation services.
The Partnership is a publicly traded master limited partnership formed by Teekay Corporation (NYSE: TK), one of the world’s
largest independent owners/operators of LNG carriers, the largest owner/operator of medium-sized crude oil tankers and a leader
in offshore shuttle tanker, floating production (FPSO) and floating storage (FSO) solutions.
Tesoro Logistics LP
Tesoro Logistics LP, headquartered in San Antonio, Texas, is a fee-based, growth-oriented publicly traded master limited
partnership formed by Tesoro Corporation in 2011 to own, operate, develop and acquire crude oil and refined products logistics
TC PipeLines, LP is a United States limited partnership with a long history of stable and growing cash distributions which has
delivered value to its investors while maintaining a solid cash distribution coverage ratio. TC PipeLines, LP was formed by
TransCanada PipeLines Limited to acquire, own and actively participate in the management of United States based natural gas
pipelines and related assets.
TransMontaigne Partners L.P. is a terminaling and transportation company with operations along the Gulf Coast, in the Midwest,
in Brownsville, Texas, along the Mississippi and Ohio Rivers, and in the Southeastern United States. We provide integrated
terminaling, storage, transportation and related services for customers engaged in the distribution and marketing of light refined
petroleum products, heavy refined petroleum products, crude oil, chemicals, fertilizers and other liquid products. Light refined
products include gasolines, diesel fuels, heating oil and jet fuels.
Western Gas Partners
Western Gas Partners is a growth-oriented Delaware limited partnership formed by Anadarko Petroleum Corporation to
own, operate, acquire and develop midstream energy assets.
Williams Partners L.P. (NYSE: WPZ) is a leading diversified master limited partnership focused on natural gas transportation;
gathering, treating, and processing; storage; natural gas liquid (NGL) fractionation; and oil transportation.
One of the largest publicly traded MLPs with investment-grade credit, Williams Partners owns interests in three major interstate
natural gas pipelines as well as large-scale natural gas gathering and processing assets in the U.S. Rocky Mountains and both
onshore and offshore along the Gulf of Mexico.
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