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MLP Weekly: Rigged Up

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Units advanced this week on renewed optimism of an OPEC deal at the end of the month and the addition of 19 more rigs placed into service, 11 of which deployed in the Permian.  The benchmark index rose 2.10% with all but Enterprise Products gaining more than 3% for the week.   




According to the latest EIA reports, Production decline rates have been slowing in the Bakken and Eagle Ford, while the Permian continues to moderately increase production, up 1% from the previous year..  





Unit News


Cone Midstream will acquire the remaining  25% stake in the Anchor System midstream assets owned by their divorcing Sponsors, Noble Energy and Consol Energy, for $248MM.  The transaction has been financed by the issuance of 5.2MM units to their sponsors along and the balance funded by their revolver.  


Plains All American completed their Simplification transaction, which eliminated the future Incentive Distribution Rights in exchange for the assumption of all of their debt and the issuance of 245M units.  Plains GP is now exclusively a C-Corp vehicle which holds Plains All American units, offering investors an alternative for investing in the MLP structure.  


Energy Transfer announced they are pursuing legal actions to force the Army Corps of Engineers to approve the easement, which has been delayed again.  According to reports, Kelcy Warren, CEO of Energy Transfer, proclaimed on Friday that they would not re-route the pipeline.



Fund Flows


Positive flows continued for the 7th time in the last 8 weeks, cumulatively nearing $4.1.B in new capital over the trailing twelve months.  




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