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Investing Topics: US Energy Renaissance

Memorial Resource Development Corp: Half a General Partner

Besides its exploration and production operations, Memorial Resource Development Corp also owns a 50 percent interest in Memorial Production Partners LP’s incentive distribution rights, a management fee that a MLP pays to its general partner.

Viper Energy Partners LP: Mineral Rights Gain Momentum

Viper Energy Partners owns mineral rights that entitle the MLP to an average 21.4 percent royalty interest in 14,804 gross acres in the northwest portion of Midland County, an area that’s prospective for multiple oil-bearing payzones that occur at various depths. 

Four Takeaways from the Year’s Biggest Acquisition in the Energy Patch

On June 16, 2014, Williams Companies announced an agreement to acquire Global Infrastructure Partners’ 50 percent general-partner interest and 27 percent equity interest in Access Midstream Partners LP for $5.995 billion. We examine four key takeaways from this deal for MLP investors. 

Mighty Marcellus Shale Overwhelms Takeaway Capacity

The Marcellus Shale is a prolific, gas-producing formation in Pennsylvania and West Virginia, where robust drilling activity has driven huge production growth. But rising output has started to overwhelm local demand, pressuring smaller operators and increasing demand for new takeaway capacity.

V-MLPs: A Refined View

Three of the 10 publicly traded partnerships that pay variable distributions own and operate small refineries and related assets. Although these stocks were hot commodities when they first went public, investors’ interest cooled after crack spreads narrowed and distributions shrank rapidly. But there’s opportunity in this space for investors with a nose for value and special situations.

The Art of Bottom Fishing

With an eye toward value and capital preservation, we prefer to focus on potential turnaround stories where distribution growth has slowed or stalled, but the payout doesn’t appear to be under threat. At the same time, management must have a credible plan to restore the MLP’s fortunes and exceed the market’s low expectations. 

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      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor

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      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor

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      Managing Editor: Capitalist Times and Energy & Income Advisor