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The Lay of the Land in the MLP Space

By Roger S. Conrad on Jun. 5, 2015

The National Association of Publicly Traded Partnerships’ (NAPTP) investor conference featured roughly the same number of attendees as the prior year, but the uncertainty facing the energy sector made this edition one of the most important in recent history.

With the exception of Enterprise Products Partners LP’s (NYSE: EPD) in-depth macro outlook, the majority of midstream master limited partnerships (MLP) that presented at the conference avoided discussing energy prices, focusing instead on their growth projects and outlook for distribution increases.

Management teams also leaned heavily on their favorite buzzwords, emphasizing their companies’ long-term, fee-based contracts and assets located in the core of various unconventional basins.

Nevertheless, uncertainty created by the severe downdraft in energy prices and planned reductions in upstream capital expenditures has started to show up in the form of tighter distribution coverage for many midstream outfits, project delays and cancellations, and a diminished outlook for future growth.

In this issue, we update our MLP investment strategy, highlighting the pockets of opportunity and areas of higher risk. We also explain the rationale behind the latest additions to our MLP Portfolios and update our take on our current holdings in light of their first-quarter results and our conversations with their management teams.

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In October 2012, renowned energy expert Elliott Gue launched the Energy & Income Advisor, a twice-monthly investment advisory that's dedicated to unearthing the most profitable opportunities in the sector, from growth stocks to high-yielding utilities, royalty trusts and master limited partnerships.

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    • Roger S. Conrad

      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