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MLP IPO Class of 2014, Part 4

By Elliott H. Gue on Nov. 19, 2014

sector with a ready source of low-cost capital at a time weakening oil prices could crunch balance sheets.

In this environment, upstream operators and private-equity funds will continue to churn out MLPs in an effort to raise capital and monetize earlier investments.

Many of these offerings will offer a visible pathway to distribution growth, usually through structured drop-down transactions; however, the best bets will have a viable long-term game plan to grow cash flow, build franchise value and diversify their asset and customer bases.

However, as the total returns generated by this year’s debutants attests, selectivity remains the key to outperformance.

In this issue, we review the latest batch of MLPs to go public and three-quarters of the prospective publicly traded partnerships that have filed their initial registration statements with the SEC:

  • Navios Maritime Midstream Partners LP (NYSE: NAP)
  • USD Partners LP (NYSE: USDP)
  • Columbia Pipeline Partners LP (NYSE: CPPL)
  • Hess Midstream Partners LP (NYSE: HESM)
  • PennTex Midstream Partners LP’s (NYSE: PTXP)
  • PES Logistics Partners LP (NYSE: PESL)
  • Exmar Energy Partners LP (NYSE: XMLP)
  • Ocean Rig Partners LP (NSDQ: ORLP)
  • Mammoth Energy Partners LP (NSDQ: TUSK)

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