| Master Limited Partnerships (MLP's) Page 2 Back to Page 1 |
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) Listed below is our Master List of MLP's. |
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| Kinder Morgan Energy Financials for Period Ending 12/31/2009 Kinder Morgan Energy Partners, L.P. owns and manages energy transportation and storage assets in North America. It operates in five segments: Products Pipelines, Natural Gas Pipelines, CO2, Terminals, and Trans Mountain. The Products Pipelines segment delivers gasoline, diesel fuel, jet fuel, and natural gas liquids to various markets through approximately 8,300 miles of refined petroleum products pipelines, and 60 associated product terminals and petroleum pipeline transmix processing facilities. The Natural Gas Pipelines segment gathers, transports, stores, treats, processes, and sells natural gas through approximately 14,700 miles of natural gas transmission pipelines and gathering lines, as well as natural gas storage, treating, and processing Yield as of 4/23/2010 6.27% |
| Magellan Midstream Holdings Dissolved 9/30/2009 Magellan Midstream Holdings, L.P. engages in the transportation, storage, and distribution of refined petroleum products. As of December 31, 2007, the company operated approximately 8,500-mile petroleum products pipeline system, including 47 petroleum products terminals serving the mid-continent region of the United States; 7 marine terminal facilities located along the United States Gulf and East Coasts, and 27 petroleum products terminals located in the southeastern United States; and approximately 1,100-mile ammonia pipeline system serving the mid-continent region of the United States. Its marine terminals have an aggregate storage capacity of approximately 23.0 million barrels, which provide distribution, storage, blending, inventory management, and additive injection services for refiners and other end-users of petroleum products. The company ships petroleum products for various customers, including independent and integrated oil companies, wholesalers, retail gasoline stations, truck stops, railroads, airlines, and regional farm cooperatives. Magellan Midstream Holdings GP, LLC serves as the general partner of the company. Magellan Midstream Holdings was founded in 2003 and is based in Tulsa, Oklahoma. Key Statistics Dissolved |
| Magellan Midstream Partners Latest Financials for Period Ending 12/31/2009 Magellan Midstream Partners, L.P., together with its subsidiaries, engages in the transportation, storage, and distribution of refined petroleum products in the United States. Its pipeline system transports petroleum products and liquefied petroleum gases from the Gulf Coast refining region of Texas through the Midwest to Colorado, North Dakota, Minnesota, Wisconsin, and Illinois. The company owns and operates marine terminals, which are storage and distribution facilities that handle refined petroleum products, blendstocks, ethanol, heavy oils, feedstocks, crude oils, and condensates, as well as inland terminals that consist of multiple storage tanks connected to third-party pipeline systems to deliver refined petroleum products transported on common carrier interstate pipelines. Its ammonia pipeline system transports ammonia from production facilities in Texas and Oklahoma to terminals in the Midwest. As of December 31, 2007, the company operated approximately 8,500-mile petroleum products pipeline system, including 47 petroleum products terminals; 7 petroleum products terminal facilities located along the United States Gulf and East Coasts; 27 petroleum products terminals located principally in the southeastern United States; and an approximately 1,100-mile ammonia pipeline system serving the mid-continent region of the United States. It also provides ancillary services, such as heating, blending, and mixing of stored products and additive injection services. The company�s customers include independent and integrated oil companies, wholesalers, retailers, railroads, airlines, and regional farm co-operatives. It serves markets, such as retail gasoline stations, truck stops, farm co-operatives, railroad, fueling depots, and military and commercial jet fuel users. Magellan GP, LLC serves as the general partner of the company. The company was founded in 2000 and is based in Tulsa, Oklahoma. Yield as of 4/22/2010 6.01% |
| Natural Resource Partners Financials for Period Ending 9/30/2009 Natural Resource Partners L.P. through its subsidiaries, engages in the ownership and management of coal properties in Appalachia, the Illinois Basin, and the Powder River Basin regions in the United States. The company leases its properties to coal mine operators in exchange for royalty payments. It also engages in coal infrastructure business and the ownership of aggregate reserves that are leased to operators. As of December 31, 2007, Natural Resource Partners owned and controlled approximately 2.1 billion tons of proven and probable coal reserves. The company was founded in 2002 and is headquartered in Huntington, West Virginia. Yield as of 4/22/2010 8.58% |
| Energy Transfer Partners Financials for Period Ending 12/31/2009 Energy Transfer Partners, L.P., through its subsidiaries, engages in the natural gas midstream, and intrastate transportation and storage businesses in the United States. Its midstream operations focus on the gathering, compression, treating, blending, processing, and marketing of natural gas in the Austin Chalk trend of southeast Texas, the Permian Basin of west Texas, the Barnett Shale in north Texas, the Bossier Sands in east Texas, and the Uinta and Piceance Basins in Utah and Colorado. The company's intrastate transportation and storage operations focus on transporting natural gas from various natural gas producing areas through connections with other pipeline systems. Its interstate transportation operations transports natural gas to the California border; and delivers natural gas from the east end of its system to Texas intrastate and Midwest markets. In addition, Energy Transfer Partners sells propane and propane-related products and services to residential, commercial, industrial, and agricultural customers. As of August 31, 2007, the company owned and operated approximately 14,100 miles of in service natural gas gathering and intrastate transportation pipelines, 3 natural gas processing plants, 12 natural gas treating facilities, 10 natural gas conditioning facilities, and 3 natural gas storage facilities located in Texas. Energy Transfer Partners GP, L.P. serves as its general partner. The company was founded in 2002 and is based in Dallas, Texas. Yield as of 4/22/2010 7.3% |
| Ferrellgas Partners Financials for Year Ending 1/31/2010 Ferrellgas Partners, L.P., through its subsidiary, Ferrellgas, L.P., distributes propane and related equipment and supplies primarily in the United States. It transports propane purchased from third parties to propane distribution locations and then to tanks on customers' premises, or to portable propane tanks delivered to nationwide and local retailers. It conducts its portable tank exchange operations through a network of independent and partnership-owned distribution outlets. The company's propane is used for various applications, including space heating, water heating, and cooking in the residential and industrial/commercial markets; for outdoor cooking using gas grills in the portable tank exchange market; and for crop drying, space heating, irrigation, and weed control in the agricultural market. Ferrellgas Partners also engages in providing common carrier services; wholesale propane marketing and distribution; wholesale marketing of propane appliances; and the sale of carbon dioxide and refined fuels. The company serves approximately one million residential, industrial/commercial, portable tank exchange, agricultural, and other customers in 50 states, the District of Columbia, and Puerto Rico. As of July 31, 2007, it had 886 propane distribution locations in the United States. Ferrellgas, Inc. serves as the general partner of the company. Ferrellgas Partners was founded in 1939 and is based in Overland Park, Kansas. Yield as of 4/23/2010 8.58% |
| Genesis Energy Financials for Period Ending 12/31/2009 Genesis Energy, L.P., through its subsidiaries, engages in the pipeline transportation of crude oil, natural gas, and carbon dioxide (Co2); gathering and marketing of crude oil; wholesale marketing of Co2; and processing of syngas through a joint venture in the United States Gulf Coast area. It operates in four segments: Pipeline Transportation, Refinery Services, Supply and Logistics, and Industrial Gases. The Pipeline Transportation segment owns and operates crude oil, CO2, and natural gas pipelines. As of December 31, 2007, it operated 235-mile Mississippi System to provide shippers of crude oil to refineries, pipelines, storage, terminaling, and crude oil in Mississippi; 100-mile Jay System to deliver crude oil to a terminal near Mobile, Alabama; and 90-mile Texas System to transport crude oil from West Columbia to Webster, Webster to Texas City, and Webster to Houston. The Refinery Services segment provide services to eight refining operations in Texas, Louisiana, and Arkansas, which processes high sulfur natural gas streams that are separated from hydrocarbon streams to remove the sulfur. The Supply and Logistics segment provides terminaling, blending, storing, marketing, gathering and truck transporting, and supply and logistics services for crude oil and petroleum products, primarily fuel oil to third parties, as well as to support the company's other businesses. The Industrial Gases segment supplies CO2 to industrial customers; manufactures syngas, a combination of carbon monoxide and hydrogen; and processes raw CO2 for sale to other customers for completing oil and natural gas producing wells, and food processing uses. Denbury Resources, Inc. serves as a general partner of Genesis Energy, L.P. The company was founded in 1996 and is based in Houston, Texas. Yield as of 4/23/2010 7.17% |
| Global Partners Financials for Period Ending 12/31/2009 Global Partners LP, a master limited partnership, through its subsidiaries, engages in the wholesale and commercial distribution of refined petroleum products and provides ancillary services in the United States and internationally. It operates in two segments, Wholesale and Commercial. The Wholesale segment sells gasoline, home heating oil, diesel, kerosene, and residual oil to unbranded retail gasoline stations and other resellers of transportations fuels, home heating oil retailers, and wholesale distributors. The Commercial segment sells unbranded gasoline, home heating oil, diesel, kerosene, and residual oil to customers in the public sector and to commercial and industrial customers. This segment also purchases, custom blends, sells, and delivers bunker fuel and diesel to cruise ships, bulk carriers, and fishing fleets generally by barges. Its customers primarily include federal and state agencies, municipalities, and industrial companies; autonomous authorities, such as transportation authorities and water resource authorities; colleges and universities; and small utilities. As of December 31, 2007, the company owned, leased, or maintained storage facilities at 20 refined petroleum product bulk terminals. Global GP LLC serves as the general partner of the company. Global Partners LP was founded in 2005 and is based in Waltham, Massachusetts. Yield as of 4/23/2010 8.52% |
| Hiland Partners MERGED 12/2009 Hiland Partners, LP engages in gathering, compressing, dehydrating, treating, processing, and marketing natural gas, as well as fractionating or separating natural gas liquids (NGLs). It operates in two segments, Midstream and Compression. The Midstream segments operations consist of gathering and compressing natural gas to facilitate its transportation to its processing plants, third party pipelines, utilities, and other consumers; dehydrating natural gas to remove water from the natural gas stream to meet pipeline quality specifications; treating natural gas to remove or reduce impurities, such as carbon dioxide, nitrogen, hydrogen sulfide, and other contaminants; processing natural gas to extract NGLs and selling the resulting residue natural gas; and fractionating a portion of its NGLs into a mix of NGL products, including ethane, propane, and a mixture of butane and natural gasoline, as well as selling these NGL products to third parties. The Compression segment provides air and water compression services to Continental Resources, Inc. for use in its oil and gas secondary recovery operations under fixed-fee contract. As of December 31, 2007, it had 14 natural gas gathering systems with approximately 2,024 miles of gas gathering pipelines, 5 natural gas processing plants, 7 natural gas treating facilities, and 3 NGL fractionation facilities, 2 air compression facilities, and a water injection plant. Hiland Partners GP, LLC serves as the general partner of Hiland Partners, LP. The company was founded in 1990 and is based in Enid, Oklahoma. |
| Holly Energy Partners Latest Financials for Period Ending 12/31/2009 Holly Energy Partners, L.P. operates a system of refined product pipelines and distribution terminals in the United States. It engages in the transportation of petroleum products through its pipelines; terminalling refined products and other hydrocarbons; and the provision of storage and other services. As of December 31, 2007, the company had approximately 780 miles of refined product pipelines, including 340 miles of leased pipelines, which transport gasoline, diesel, and jet fuel principally from Holly Corporation's (Holly) Navajo Refinery in New Mexico to its customers in the metropolitan and rural areas of Texas, New Mexico, Arizona, Colorado, Utah, and northern Mexico; 510 miles of refined product pipelines that transport refined products from Alon's (Alon USA, Inc.) Big Spring Refinery in Texas to customers in Texas and Oklahoma; two parallel 65-mile pipelines that transport intermediate feedstocks and crude oil from Holly's Lovington, New Mexico refinery facilities to Holly's Artesia, New Mexico refinery facilities; and a 70% interest in Rio Grande, a joint venture that owns a 249-mile refined product pipeline that transports liquid petroleum gases from west Texas to the Texas/Mexico border near El Paso for further transport into northern Mexico. The company also owned interests in ten refined product terminals located in Texas, New Mexico, Arizona, Idaho, and Washington, as well as two refined product truck loading racks. The company was founded in 2004 and is based in Dallas, Texas Yield as of 4/23/2010 7.03% |
| Markwest Energy Latest Financials for Period Ending 12/31/2009 MarkWest Energy Partners, L.P. and subsidiaries engage in the gathering, transportation, and processing of natural gas in the United States. It also transports, fractionates, and stores natural gas liquids, as well as engages in the gathering and transportation of crude oil. MarkWest Energy GP, L.L.C. serves as the general partner of the company. The company was founded in 1988 and is headquartered in Denver, Colorado. Yield as of 4/22/2010 8.06% |
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