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How Mid-Cap and Large-Cap MLPs Performed in 2Q17

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How Mid-Cap and Large-Cap MLPs Performed in 2Q17 PART 1 OF 10

How Large-Cap MLPs Fared in 2Q17

2Q17 earnings

The week ending August 4, 2017, was busy for MLPs, as a large number of these publicly traded partnerships reported their 2Q17 earnings results during the week. Most of the large-cap MLPs including Enterprise Product Partners (EPD), Williams Partners (WPZ), Plains All American Pipelines (PAA), and Magellan Midstream Partners (MMP) reported their 2Q17 results last week. Energy Transfer Partners (ETP) and its GP (general partners), Energy Transfer Equity (ETE), reported on August 8. We’ll do a post earnings analysis of ETP and ETE in a separate series.

How Large-Cap MLPs Fared in 2Q17

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In this series, we’ll do a quick earnings wrap-up for a few of the mid-sized and large-sized MLPs. But before that, let’s look at the 2Q17 performance of four large MLPs.

Enterprise Product Partners

Enterprise Product Partners, the largest MLP by market capitalization, reported its Q2 results on August 3. EPD posted a 17.6% YoY revenue increase and a 1.7% YoY EBITDA increase for the quarter. EPD missed its 2Q17 EBITDA estimates by 2.3%. Moreover, its EBITDA margin fell by 300 basis points YoY. For detailed post earnings analysis of EPD, read Enterprise Products Partners’ Earnings Rose Marginally in 2Q17.

Williams Partners

Williams Partners and its C corporation GP, Williams Companies (WMB), reported their 2Q17 earnings on August 2. The partnership, which owns the majority of assets in the Williams franchise, posted revenue and EBITDA growth of 10.3% and 3.7%, respectively, in 2Q17. However, WPZ missed its 2Q17 EBITDA estimate by a marginal 0.8%. For a post-earnings review of WPZ and WMB, read Analyzing 2Q17 Results: Williams Companies and Williams Partners.

Plains All American Pipelines

Plains All American Pipelines and its GP, Plains GP Holdings (PAGP), reported 2Q17 earnings on August 7. PAA reported weak 2Q17 earnings mainly due to weakness in its Supply & Logistics segments. Moreover, PAA lowered its guidance and announced its intentions of a second distribution cut. PAA’s and PAGP’s shares tanked following the announcement, driving the Alerian MLP ETF (AMLP) lower. PAA forms 6.9% of AMLP. For more details on PAA’s 2Q17 earnings, read Why Plains All American Is Expecting Another Distribution Cut.  

Magellan Midstream Partners

Magellan Midstream Partners, which is one of the US’s largest transporters of refined products, reported its 2Q17 earnings on August 2, 2017. MMP’s 2Q17 revenue and EBITDA rose 19.4% YoY and 15.0% YoY, respectively. However, it missed its 2Q17 EBITDA estimate by 1.2% and its EBITDA margin contracted by 200 basis points. For a post-earnings analysis of MMP’s 2Q17 results, read Magellan Midstream Reported Strong 2Q17 Results.

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