Hess Midstream Partners (HESM) began trading on the NYSE on 5 April 2017

Hess Midstream Partners LP is a fee-based, growth-oriented traditional master limited partnership that owns, operates and develops midstream infrastructure assets.
Hess Midstream Partners LP, an MLP formed by Hess and GIP to own gathering/processing assets in the Bakken, raised $340 million by offering 14.8 million shares at $23, above the range of $19 to $21. The company had originally planned to sell 12.5 million shares before upsizing the deal.

• Headquarters: Houston, TX
• Founded: January 17, 2014
• Div/yield 0.31/5.82
• hessmidstream.com

Description

Hess Midstream Partners LP is a fee-based, traditional master limited partnership formed to own, operate, develop and acquire a set of midstream assets to provide services to Hess and third-party crude oil and natural gas producers. The Company's assets are primarily located in the Bakken and Three Forks shale plays in the Williston Basin area of North Dakota (collectively referred as the Bakken). It operates its business through three segments: gathering; processing and storage; and terminaling and export. The Company’s gathering business consisted of its 20% controlling economic interest in Gathering Opco, which owns North Dakota natural gas, natural gas liquids and crude oil gathering systems. The Company’s processing and storage business consisted of its 20% controlling economic interest in the Tioga Gas Plant and its 100% interest in the Mentor Storage Terminal. The Company’s terminaling and export business consisted of its 20% controlling economic interest in Logistics Opco.

Key stats and ratios

	Q3 (Sep '17)	2016
Net profit margin	52.15%	40.47%
Operating margin	52.42%	40.47%
EBITD margin	-	60.02%
Return on average assets	11.73%	8.37%
Return on average equity	11.60%	9.52%
Employees	186

CNX Coal Resources (CNXC) began trading on the NYSE on 1 July 2015

• CNX Coal Resources (CNXC) raised $75 million by offering 5 million shares at its expected price of 15, and was up more than 1%. 
• The company is a master limited partnership recently formed by Consol Energy (CNX) to manage and develop thermal coal operations in Pennsylvania.
• Div/yield 0.51/13.67

• Charts 25 March 2017 (1 year 9 months after IPO)

Green Plains Partners LP (GPP) began trading on the NASDAQ on 26 June 2015

Green Plains Partners (NASDAQ:GPP), a master limited partnership that owns and operates ethanol transportation and storage assets.

Green Plains Partners LP owns, operates, develops and acquires ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. The Company operates through four segments: production of ethanol and distillers grains (ethanol production); corn oil production; grain handling and storage and cattle feedlot operations (agribusiness), and marketing, merchant trading and logistics services for self-produced and third-party ethanol, distillers grains, corn oil and other commodities (marketing and distribution). The Company's parent company is Green Plains Inc. The Company owns and operates approximately 27 ethanol storage tanks. Its ethanol storage assets are engaged in storing and loading the ethanol that its parent produces at its ethanol production plants. It provides terminal services and logistics solutions through its fuel terminal facilities. Its transportation assets include a leased railcar fleet of approximately 2,200 railcars.

Address

450 Regency Pkwy Ste 400
OMAHA, NE 68114-3701
United States

Tallgrass Energy (TEGP) began trading on the NYSE on 7 May 2015

• Tallgrass is a dividend-yielding limited partnership formed by Tallgrass Energy Partners (TEP), which has interests in natural gas transportation and storage.
• Tallgrass Energy (TEGP) makes the notable list for being the largest IPO of the quarter. It raised $1.2 billion, selling 41.5 million shares at 29, above its expected range of 24 to 27.
• website: http://tallgrassenergylp.com

Address

4200 W 115th St Ste 350
LEAWOOD, KS 66211-2733
United States

Key stats and ratios

	Q4 (Dec '16)	2016
Net profit margin	37.98%	40.16%
Operating margin	43.77%	42.00%
EBITD margin	-	57.49%
Return on average assets	7.00%	7.41%
Return on average equity	16.69%	7.96%

Shell Midstream Partners LP (SHLX) began trading on the NYSE on Wed 29 Oct 2014

(Reuters) - Shell Midstream Partners LP SHLX), a master limited partnership formed by Royal Dutch Shell Plc , priced its enlarged initial public offering of 40 million units at $23 per unit, above its expected price range of $19-$21 per unit.

The company’s IPO raised about $920 million, valuing the company at up to $1.56 billion. It had planned to sell 37.5 million units.

Shell Midstream owns stakes in four onshore and offshore pipelines in Texas and Louisiana.

This includes a 43 percent stake in a crude oil pipeline connecting Houston to Houma, a 28.6 percent stake in a pipeline to the offshore Mars field in the Gulf of Mexico, and a 49 percent stake in a refined products pipeline linked to four Louisiana refineries.

The MLP structure allows companies to raise money in the stock market while having income taxed only at the unit holder level, avoiding corporate income taxes.

MLPs that hold midstream assets such as pipelines and storage facilities have found favor with investors since they distribute most of their earnings to shareholders.

Barclays and Citigroup are among the lead underwriters for the IPO.

Phillips 66 Partners (PSXP) began trading on the NYSE on 23 July 2013

Just over 16.4 million common units in the partnership were released in the IPO. The public will collectively hold a nearly 23% limited partner interest in the enterprise, or as much as 26% if the offering's underwriters fully exercise their option to purchase 2.46 million additional units.

The company is a limited partnership created earlier this year by downstream oil concern Phillips 66 (NYSE: PSX) . In the words of its parent, Partners was formed to "own, operate, develop, and acquire primarily fee-based crude oil, refined petroleum product, and natural gas liquids pipelines and terminals and other transportation and midstream assets." Partners is a spinoff of a spinoff; Phillips 66 was carved out of energy major ConocoPhillips (NYSE: COP) and made its market debut in 2012.

Description

Phillips 66 Partners LP owns, operates, develops and acquires primarily fee-based crude oil, refined petroleum product and natural gas liquids (NGL) pipelines and terminals and other transportation and midstream assets. The Company’s initial assets consist of the three systems, which include Clifton Ridge crude system, Sweeny to Pasadena products system and Hartford Connector products system. A refined petroleum product pipeline, terminal and storage system extending from Phillips 66’s Sweeny refinery in Old Ocean, Texas, to its refined petroleum product terminal in Pasadena, Texas, and ultimately connecting to the Explorer and Colonial refined petroleum product pipeline systems and other third-party pipeline and terminal systems.

The company was founded in 2013 and is headquartered in Houston, Texas.

Address

3010 Briarpark Drive
HOUSTON, TX 77042
United States

Website 

http://www.phillips66partners.com

Plains GP Holdings (PAGP) began trading on the NYSE on 18 October 2013

Description

Plains GP Holdings, L.P has direct and indirect partnership interests in Plains All American Pipeline, L.P. (PAA). PAA is a limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, and refined products. Through its 50% ownership in PAA/Vulcan Gas Storage LLC, which it refers to as PAA/Vulcan, PAA is involved in the development and operation of natural gas storage facilities. The Company has no separate operating activities apart from those conducted by PAA. PAA manages its operations through three operating segments: transportation; facilities, and Supply and Logistics.

Address

Suite 1600, 333 Clay Street
HOUSTON, TX 77002-4101
United States 

Key stats and ratios

	Q2 (Jun '13)	2012
Net profit margin	2.90%	2.96%
Operating margin	3.72%	3.77%
EBITD margin	-	4.62%
Return on average assets	6.19%	6.45%
Return on average equity	-	-
Employees	2,900

Midcoast Energy Partners (MEP) began trading on the NYSE on 7 November 2013

Midcoast Energy Partners (NYSE: MEP) is an Enbridge Energy Partners (NYSE: EEP)-backed LP that went public on Nov. 7. The partnership is a pure-play US natural gas and NGL midstream business with a 39 percent controlling interest in Midcoast Operating, a limited partnership that owns a network of natural gas and NGL gathering and transportation systems, natural gas processing and treating facilities and NGL fractionation facilities primarily located in Texas and Oklahoma. Midcoast Operating also owns and operates natural gas, condensate and NGL logistics and marketing assets that support its gathering, processing and transportation business.

The business primarily consists of gathering unprocessed and untreated natural gas from wellhead locations and other receipt points, processing the natural gas to remove NGLs and impurities at processing and treating facilities and transporting the processed natural gas and NGLs to intrastate and interstate pipelines for transportation to customers and market outlets. The partnership also markets natural gas and NGLs to wholesale customers.

The IPO raised $333 million by offering 18.5 million shares at $18. This was below the expected range of $19 to $21. MEP’s partnership agreement provides for a minimum quarterly distribution of $0.3125 per unit for each whole quarter, or $1.25 per unit on an annualized basis. At the recent closing price of $17.83 this equates to an annual yield of 7.0 percent.

Arc Logistics Partners (ARCX) began trading on the NYSE on 6 November 2013

Arc Logistics Partners (NYSE: ARCX) opened for trading on Nov. 6. This midstream partnership was formed by Lightfoot Capital to own, operate, develop and acquire a diversified portfolio of complementary energy logistics assets. The partnership is engaged in the terminalling, storage, throughput and transloading of crude oil and petroleum products. It intends to grow the business through the optimization, organic development and acquisition of terminalling, storage, rail, pipeline and other energy logistics assets that generate stable cash flows.

The 6 million common unit IPO opened flat at $19. ARCX plans to pay a minimum quarterly distribution of $0.3875 per unit each quarter, or $1.55 on an annualized basis. At the recent closing price of $19.04, this translates into an annual yield of 8.1 percent.

Sprague Resources (SRLP) began trading on the NYSE on 25 October 2013

Sprague Resources is engaged in the purchase, storage, distribution and sale of refined petroleum products. The partnership also provides storage and handling services for a broad range of materials. Sprague is one of the largest independent wholesale distributors of refined products in the Northeast US, owning and/or operating a network of 15 terminals located throughout the Northeast. These have a combined storage capacity of 9.1 million barrels for refined products and other liquid materials, and 1.5 million square feet of materials handling capacity.

In the IPO, Sprague sold 8.5 million common units initially priced at $18, but the price has slipped since. The partnership forecasts a minimum quarterly distribution of $0.4125 per unit, or $1.65 per unit annually. As the most recent closing price of $17.60, that translates into a minimum annual yield of 9.4 percent.

Western Refining Logistics LP (WNRL) began trading on the NYSE on 10 October 2013

Description

Western Refining Logistics, LP owns, operates, develops, and acquires terminals, storage tanks, pipelines, and other logistics assets. As of December 31, 2012, the Company’s assets includes pipeline and gathering assets and terminalling, transportation, and storage assets in the Southwestern portion of the United States, which included approximately 300 miles of pipelines and approximately 7.9 million barrels of active storage capacity, as well as other assets. The Company's assets are integral to the operations of Western’s refineries located in El Paso, Texas, and near Gallup, New Mexico .As of December 31, 2012, the Company owns and operates two refineries, in El Paso, Texas and Gallup, New Mexico, with a total crude oil throughput capacity of 153,000 barrels per day (bpd). The Company does not take ownership of the hydrocarbons or products (other than certain additives) that it handles or engages in the trading of any commodities.

Address

SUITE 101, 123 W. Mills Avenue
EL PASO, TX 79901
United States

Website: 

www.wnrl.com

Key stats and ratios

	Q2 (Jun '13)	2012
Net profit margin	-1634.87%	-1846.35%
Operating margin	-1635.18%	-1846.66%
EBITD margin	-	-1535.73%
Return on average assets	-53.30%	-55.52%
Return on average equity	-54.42%	-57.32%

2013 a record year for MLP IPOs

There were 14 MLP IPOs in 2007. Until this year, that was the record, but so far in 2013 there have been 15 MLP IPOs with perhaps more to come before year end. One of the more recent IPOs was Sprague Resources (NYSE: SRLP), which debuted on Oct. 25.

CVR Refining (CVRR) started trading on the NYSE on 17 Jan 2013

• CVR Refining is 2013's first IPO to notch first-day gains
• Refinery owner's units promise yield of nearly 19%
• MLP IPOs have been popular among investors looking for dividends

The Sugar Land, Texas, company is the second of three expected IPOs from master-limited partnerships in the energy sector this week. The company said it plans to pay $4.72 a common unit, or an annual yield of nearly 19% based on the offer price. That yield towers over the average of about 6.5% for the Alerian MLP Index, the industry benchmark that tracks the performance of 50 prominent MLPs.

The company owns petroleum-refining assets, including two refineries--one in Coffeyville, Kan., and another in Wynnewood, Okla. It also owns roughly 350 miles of pipeline. The company said in a prospectus filed with the Securities and Exchange Commission the close proximity of its two refineries to the Cushing, Okla., crude-storage hub helps its refineries operate with low costs and high profit margins.

It generated $6.5 billion in sales in the first nine months of 2012, up 76% from the year-earlier period. Net income rose to $541 million, up 34% from $403 million.

Demand has been strong for issuers of MLPs, which typically offer higher yields than blue-chip stocks. Low interest rates have prompted investors to search for new streams of income. Fourteen MLP issuers stepped into the market last year, with 13 of those in a row rising in their trading debuts.

But earlier this week, USA Compression Partners LP (USAC) became the first MLP since May to drop on its first day. Friday, SunCoke Energy Partners LP is on the docket to raise as much as $284 million. Its common units are set to hit the NYSE under the symbol SXCP.

CVR Refining is an offshoot of independent refiner CVR Energy Inc. (CVI), which is set to own roughly 84% of CVR Refining's units after the offering. Investor Carl Icahn took control of CVR Energy last year, and his Icahn Enterprises LP (IEP), run by Mr. Icahn, said it would buy four million CVR Refining units at the offer price.

CVR Refining plans to use the proceeds raised in the offering to pay down debt and bankroll maintenance and other expenses.

Credit Suisse Group AG (CS, CSGN.VX) and Citigroup Inc. (C) were CVR Refining's lead underwriters.

***********

The New Year is out of the blocks and off to a strong start for the Master Limited Partnership (MLP) space with fourth quarter distribution announcements coming in slightly ahead of my expectations and with three MLP IPOs being completed in January: USA Compression Partners, L.P. (USAC), CVR Refining, L.P. (CVRR) and SunCoke Energy Partners, L.P. (SXCP).

Seadrill Partners (SDLP) began trading on the NYSE on 16 Oct 2012

• 9Seadrill Partners LLC (NYSE:SDLP) is an MLP formed by the Norwegian offshore oil and gas drilling Seadrill Limited (SDRL)
• Initial public offering of 8,750,000 common units at a price of $22.00 per unit