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MLP Weekly: Higher Oil Higher MLPs

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Units gained some lost ground this past week as crude closed above $50 for the week as OPEC members suggested cuts would be extended past the current June deadline.  Moderate fund flows and stable short interest reflects the positive, but cautious, sentiment as investors await higher volumes for the back half of 2017.  Market conditions continue to be good enough for new issues as two new IPO's are expected, one set to begin trading this coming week.  







Unit News


Antero Resources Midstream Management LLC, the entity which indirectly owns the Incentive Distribution Rights for Antero Midstream Partners, filed a preliminary registration for IPO issuance.  The proposed entity will be structured as a C-Corp, expanding the potential investor base once public.


Hess Midstream Partners is expected to price next Wednesday, offering investors a chance to gain direct midstream exposure to potentially increasing Bakken production volumes.  


Sunoco LP issued $300MM of Series A Perpetual Preferred shares in a private placement to Energy Transfer Equity, with a 10% cumulative dividend.  The proceeds with be used to lower debt and address leverage concerns.   The issuance compares favorably to Sunoco's fully loaded equity cost of capital of 16.15%




Midstream Distribution Growth Leaders


Midstream LP units with the highest Quarter Over Quarter Distribution Growth have outperformed the benchmark index and large cap units Year to Date





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