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Master Limited Partnerships - Alphabetical

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We have what we believe to be a complete list of Master Limited Partnerships (MLPs) below.  Master Limited Partnerships are primarily involved with the energy arena--pipelines, crude oil storage, refined product storage, exploration and production of oil or gas, coal production -- but may be involved in diverse areas such as Cemeteries, Investment Firms,  Amusement Parks and Sand Mining.

Master Limited Partnerships have the same liquid trading characteristics as common stock, yet they are very different from common stocks.  The most obvious difference is that MLP's are 'pass through' investment vehicles--they pass through the income to you the investor.  The Partnership pays no taxes at the company level--instead passing the income to you (and of course you likely pay taxes on the income).  Thus one level of taxation is removed allowing the investor to receive a larger distribution.

It is a popular misconception that Master Limited Partnerships (MLPs) must pay out a certain level (percentage) of net income in distributions.  This is not true - they do not have a set level of distributions that they must make.  The contract between the general partners and limited partners spells out distributions.

MLP's must derive 90% of their revenues from natural resources activities (this includes real estate related activities). Of course the definition of natural resources seems to always move around.

It should be recognized that most MLP's pay out most of their cash as distributions and this means they will likely be in the mode of issuing more units (shares) or debt most of the time.  If they are to grow they have no choice.

Be aware that MLPs are typically more difficult to deal with at tax time than regular income issues.   At tax time you will receive a K-1 which deals with your portion of income, losses and deductions--unlike just plain old interest or dividends this can get more complex.  If you use a CPA for your taxes this will be no big deal, but if you do your own taxes expect to spend some extra time dealing with K-1's.

It should be noted that if you hold MLPs it is generally best to hold them in a taxable account if you have a large number of shares as it is possible that if you have over $1000 annually in distributions you could well owe taxes (even if earned in a tax sheltered account)

During 2013 there have been many IPOs of MLPs.  In general we believe that buying new MLPs has more risk then sifting through the more 'seasoned' issues with proven track records.

NOTE THAT MOST MLP'S ARE ENERGY RELATED AND WHEN ENERGY PRICES MOVES IN BIG UP AND DOWN MOVES THESE ISSUES WILL MOVE WITH ENERGY PRICES

FOR A QUICK SCAN ON ISSUES FALLING MORE THAN 3% JUST LOOK FOR BLUE IN THE '% CHANGE' COLUMN

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Clicking on the ticker symbol below will take you to the company website where further due diligence.

Distributions Updated 10/12/2014

Spreadsheet link for sharing OR if you can't see the sheet below click here

Company Recaps

Access Midstream (ticker:ACMP)

Access Midstream is a growth oriented midstream natural gas master limited partnership.  They provide gather, processing and compression services to producers under long term fee based contracts.  They operate in 12 states and have over 6,000 miles of gathering pipelines.

AllianceBernstein (ticker:AB)

AllianceBernstein is a asset management company .  The company has a private client group, mutual funds covering global and local investment services.

Alliance Holdings GP LP (ticker:AGHP)

Alliance Holdings GP LP is a master limited partnership that controls Alliance Resource Management which is the managing partner of Alliance Resource Partners LP, a limited partnership engaged in the production and marketing of coal.

Alliance Resource Partners (ticker:ARLP)

Alliance Resource Partners is a master limited partnership with coal operations primarily in the eastern United States.

Alon Partners LP (ticker:ALDW)

Alon is a refinery Master Limited Partnership with one 70,000 BPD refinery which is a crude oil refinery

American Midstream Partners (ticker:AMID)

American Midstream Partners is in the business of gathering, treating, processing and transporting natural gas and natural gas liquids.  They own 12 gathering systems and 4 treatment plants.

Amerigas Partners (ticker:APU)

Amerigas Partners is the largest propane company in the U.S. serving over 2 million customers (residential, commercial, industrial and agricultural) from 1200 locations in all 50 states.

Atlas Energy LP (ticker:ATLS)

Atlas Energy LP is a master limited partnership focused on the production, transportation and processing of natural gas and oil.

Atlas Pipeline Partners LP (ticker:APL)

Atlas Pipeline Partners LP is a Midstream master limited partnership providing gas gathering, compression, processing and treatment services to its customers.  They own and operate approximately 11,200 miles of natural gas gathering systems located in Oklahoma, Kansas and Texas.

Atlas Resource Partners LP

Atlas Resource Partners is a E&P master limited partnership active in the Barnett Shale, the Appalachian Basin, the Raton Basin and the Black Warrior Basin.  The partnership has over 14,000 producing wells.

BlueKnight Energy Partners LP

Blueknight Energy Partners is a MLP which is dedicated to the gathering, terminalling and storage of crude oil and asphalt 

Boardwalk Pipeline Partners (ticker:BWP)

Boardwalk is a midstream Master Limited Partnership dedicated to the transportation, storage, gathering and processing of natural gas and liquids for customers

Breitburn Energy Partners (ticker:BBEP)

Breitburn is an independant oil and gas Master Limited Partnership focused on the acqusition, exploration and development of oil and gas properties.

Brookfield Infrastructure Partners (ticker:BIP)

Brookfield is a Canadian based master limited partnership that is an owner of utilites, transportation and energy assets in North and South America, Australia, Asia and Europe.

Buckye Partners LP (ticker:BPL)

Buckeye Partners LP (a master limited partnership) owns and operates one of the largest pipelines networks carrying petroleum products.  Additionally they have pipelines transporting refined products in the northeast U.S.

Calumet Specialty Products Partners LP

Calumet Specialty Products Partners is a master limited partnership that produces a full line of naphthenic and parraffinic oils as well aliphatic solvents and paraffin and microcrystalline waxes.

Capital Products Partners LP (ticker:CPLP)

Capital Products Partners LP is a master limited partnership that is an leading international shipping company of various cargoes including oil, refined products and chemicals

Cedar Fair Partners LP (ticker:FAIR)

Cedar Fair is a publicly traded partnership that is Headquartered in Ohio and is one of the largest regional operator of amusement parks in the world.  Cedar Fair operates 11 amusement parks, 3 water parks and 1 indoor water park.  Cedar Fair is the only master limited partnership that is a amusement park company.

Cheniere Energy Partners LP (ticker:CQP)

Cheniere Energy Partners is a master limited partnership involved with Liquidfied Natural Gas (LNG) related businesses.  These are primarily LNG terminals and pipelines.

Compressco Partners LP (ticker:GSJK)

Compressco Partners is a master limited partnership dedicated to manufacturing equipment used to maximize production from low pressure (or marginal pressure wells) natural gas wells.

Crestwood Midstream Partners LP (ticker:CMLP)

Crestwood Midstream Partners was formed by the merger of Crestwood Midstream and Inergy Partners LP.  The master limited partnership is engaged in natural gas gathering and processing as well as storage.

Crosstex Energy Partners (ticker:CTEX)

Crosstex Energy Partners is a  master limited partnership that is engaged in natural gas gathering and processing as well as storage.  Additionally they provide rail, barge and truck loading or crude oil to producers.

CVR Partners LP (ticker:UAN)

CVR Partners is a master limited partnership dedicated to the production of nitrogen fertilizers.

CVR Refining LP (ticker:CVRR)

CVR Refining is a master limited partnership devoted to refining crude oil into gasoline, jet fuel and diesel.

DCP Midstream LP (ticker:DPM)

DCP is a master limited partnership that is engaged in all stages of the midstream business for both natural gas and natural gas liquids.  This includes storage, pipelines, terminals and fractionator plants.

Delek Logistics Partners (ticker:DKL)

Delek Logistics is a Crude Oil Midstream master limited partnership involved with oil gathering, pipelines and storage.

Dorchester Minerals LP (ticker:DMLP)

Dorchester Minerals LP is a publicly traded master limited partnership that has ownership of producing and non producing crude oil and natural gas, mineral, royalty, net profits and leasehold interests.

Eagle Rock Energy Partners (ticker:EROC)

Eagle Rock Energy Partners is a master limted partnership devoted to two segment of the energy patch.  1st is has a natural gas midstream business--mainly gas gathering and processing and 2ndly they have a crude oil, natural gas and natural gas liquids production business.

Enbridge Energy Partners LP (ticker:EEP)

Enbridge Energy Partners is best known for being a crude oil pipeline master limited partnership.  Increasingly they are also a natural gas pipeline company and they are the largest natural gas distributor in Canada.

Energy Transfer Partners LP (ticker:ETP)

Energy Transfer Partners is a master limited partnership with over 43,000 miles of natural gas, natural gas liquids and crude oil pipelines.  Additionally they have interest in other midstream gas assets, such as storage. 

Energy Transfer Equity Partners (ticker:ETE)

 Energy Transfer Equity Partners is the master limited partnership that is the general partner of Energy Transfer Partners thus the description is the same as ETP above.

Enterprise Products Partners LP (ticker:EPD)

Enterprise Products Partners is a master limited partnership with huge numbers of pipelines for energy products of all types.  Additionally they have large amounts of salt dome storage for natural gas liquids.  Additionally they have natural gas processing plants as well as barges.

EQT Midstream Partners LP (ticker:EQM)

EQT Midstream is a master limited partnership which is primarily dedicated to the gathering, storage and transmission of natural gas.

EV Energy Partners LP (ticker:EVEP)

EV Energy Partners is a master limited partnership conceived by EnerVest and is an upstream partnership specilizing in the acquisition and operation of onshore oil and gas properties.

Exterran Partners LP (ticker:EXLP)

Exterran Partners LP is a master limited partnership that provides services to the natural gas industry--specifically they manufacture equipment for the treatment and processing of gas as well as compressor equipment for pipeline compression.

Ferrellgas LP (ticker:FGP)

Ferrellgas LP is one of a number of master limited partnerships dedicated to propane distribution--primarily in the midwest, in more rural areas.

Genesis Energy Partners LP (ticker:GEL)

Genesis is a midstream master limited partnership involved with refinery related assets, pipelines, storage and trucking operations.

Global Partners LP

Global Partners is a master limited partnership primarily operates terminals for distribution of refined products to gasoline stations.  Recently (2013) they have acquired a portfolio of convenience stores.

Hi-Crush Partners LP (ticker:HCLP)

Hi Crush is the only master limited partnership that deals with the mining and distribution of frac sand for the oil and gas industry.

Holly Energy Partners (ticker:HEP)

Holly Energy Partners is a large master limited partnership involved in the ownership of crude oil and refined product pipelines and distribution terminals.

Icahn Enterprises LP

Icahn Enterprises is a diversified master limited partnership that is primarily involved with automotive, energy, investment, gaming, railcars and real estate. Carl Icahn is the Chairman.

Kinder Morgan Energy Partners LP (ticker:KNOP)

Kinder Morgan Energy Partners is a huge master limited partnership with over 46,000 miles of gas and oil pipelines as well as 180 terminals.  They are one of the very largest MLP's.

KKR and Company LP

KKR and Company is a master limited partnership dedicated the management of assets which includes, energy and infrastructure, real estate, growth equity investments and a range of debt and equity investments.

Knot Offshore Partners LP (ticker:KNOP)

Knot Offshore partners is  a master limited partnership involved with odwning and operating shuttle tankers in the offshore oil production areas of the North Shore and Brazil.

Legacy Reserves LP (ticker:LGCY)

Legacy Reserves is a master limited partnership focused on the acquisition and development of oil and natural gas properties.

LeHigh Gas Partners (ticker:LGP)

Lehigh Gas Partners LP is a master limited partnership dedicated to the distribution of motor fuels to almost 800 locations (as of 12/31/2013)

LRR Energy LP (ticker:LRE)

LRR Energy is a master limited partnership focused on acquiring and developing producing oil and natural gas properties

Magellan Midstream Partners LP  (ticker:MMP)

Magellan Midstream Partners is a publically traded partnership that transports, stores and distributes petroleum products. Magellan owns the longest refined product pipeline system in the United States. 

Markwest Energy Partners LP (ticker:MWE)

Markwest Energy Partners LP is a public master limited partnership engaged in the gathering, processing and transportation of natural gas.  Additionally Markwest transports and fractionation, storage and marketing of natural gas liquids.  They also gather and transport crude oil.

Marlin Midstream Partners LP (ticker:FISH)

Marlin Midstream is a small master limited partnership (MLP) that gather, processes and transports natural gas.  Additionally they provide natural gas liquids (NGL's) transportation services and crude oil transloading.

Martin Midstream Partners LP (ticker:MMLP)

Martin Midstream Partners LP is a master limited partnership involved in the storage, transportation and distribution of petroleum products.  This includes asphalt.

Memorial Production Partners (ticker:MEMP)

Memorial Production Partners is a master limited partnership focused on the acquisition, exploration and production of oil and natural gas.  Most of Memorials properties are mature properties with stable production.

Mid-Con Energy Partners (ticker:MCEP)

Mid-Con Energy is a master limited partnership formed in 2011 to own and operate producing oil and gas properties in North America.  Their properties are almost all in Oklahoma.

Information on Master Limited Partnerships

 

What is a Master Limited Partnership?

MLP's are simply publicly traded partnerships that are listed on a national securities exchange (i.e. the New York Stock Exchange or NASDAQ).  MLP's are known as 'pass-through' in that they do not pay taxes--instead passing income on to the partners who pay taxes. 

What is the reason to have a Master Limited Partnership?

MLP's were born to provide a small investor a way to own a piece of a business that provides a stable or growing cash flow (in the form of distributions) in a tax efficient manner.

What is meant by 'tax efficient manner'?

MLP's do not pay income taxes which enhances the cash available to the owner/investor.

How is a MLP formed?

A MLP is formed by a 'sponsor'.  The sponsor is typically a corporation.  The sponsor forms a partnership which is typically divided into 2 ownership groups. 1st is the investing public which buys the Master Limited Partnership units--they are limited partners.  This group will own a percentage of the MLP determined by the sponsor.  2ndly the sponsor retains the ownership of the balance of the MLP as well as a 2% general partner interest.  Typically the sponsor will also have a special item which is called the Incentive Distribution Rights (or IDR's).

How is the value of a MLP determined?

The value of a master limited partnership is typically determined by multiples of cash flow.  While typical corporations may be valued by price/earnings (pe ratio) MLP's are concerned with cash flow--this is the reason for their being.  The MLP distributes 'available cash' to the unitholders which provides a relatively high yield to the holders.

Are MLP's required to distribute all of their cash---or 90%?

REIT's and Business Development Companies (BDC's) are required to distribute 90% of taxable income, but master limited partnerships have no set requirement by law.  Distribution requirements are typically laid out at the time the partnership is formed as part of the partnership agreement.  This is generally published in the registration statement filed with the SEC when the partnership is registered to go public.

What are Incentive Distributions Rights (IDR's)?

IDR's are cash distributions paid to the General Partner (GP) as targeted distribution levels to the limited partners (the investing public) are reached.  As payments to the limited partners rise the the IDR payment to the General Partner rises. These payments are to incentivize the General Partner to grow distributions.  Additionally since GP's usually hold subordinated units the IDR's help compensate them for holding subordinated units.

It is to be debated whether IDR's are good for the business long term or if they promote short term risk taking for short term gains.

What are Subordinated Units?  

When will I receive my K-1?

Our experience shows that K-1's trickle in over the course of months.  Typically you will receive them in February and March, but it would not be unusual to have them arrive as late as April.