On March 28, 2014, Energy Transfer Partners LP (ETP) announced that it entered into a definitive merger agreement to acquire 100% of Susser Holdings Corporation (SUSS).
On April 24, 2014, NuStar Energy, a master limited partnership operating in the midstream energy space, presented its earnings for the first quarter of 2014.
APU competes with Suburban Propane (SPH) and Ferrellgas Partners (FGP). APU is the country’s largest retail propane marketer, serving 2 million customers in all 50 states.
In late December 2013, Eagle Rock entered into an agreement with Regency Energy Partners (RGP), announcing that it will sell its midstream business to RGP for $1.3 billion.
APU reported 1Q14 adjusted EBITDA for the three months ended December 31, 2013, as $230 million, compared to consensus EBITDA of $202 million and compared to $193 million for the same period last year.
Colder-than-normal temperatures caused strong propane demand over this winter heating season and caused propane prices to spike at points.
On the week of April 18, natural gas spot prices traded 2% lower, finishing at $4.50 per MMBtu compared to $4.59 per MMBtu the previous week.
Weather conditions have a significant impact on demand for propane, as the volume of propane used is affected by the severity of the winter weather, which may vary substantially.
Propane is typically extracted from natural gas or separated during crude oil refining. Residential and commercial customers use propane primarily for heating and cooking purposes.
Prior to the Heritage deal, APU had an average EBITDA in the range of $340 million. For fiscal 2013 (ended September 30), the company delivered an EBITDA of $628 million.
AmeriGas Partners LP (APU) is a master limited partnership and the nation’s largest retail propane marketer, serving customers in all 50 states from approximately 2,500 distribution locations.
Kinder Morgan expects to increase cash distributions per unit by 5% 2013 level. The company also expects to exceed its distributable cash flow per unit target.
Kinder Morgan operates a vast, diversified portfolio mainly consisting of fee-based energy assets across North America that have traditionally generated considerable cash flow in almost all types of market conditions.
Kinder Morgan has positioned its growth portfolio to capitalize on drilling hotspots and major discoveries like Marcellus and Utica Shale and a trans-Canada pipeline that will become revenue earners over the next five years.
Subject to appropriate board approvals, Kinder Morgan expects to drop down its 50% interest in Ruby Pipeline, its 50% interest in Gulf LNG, and its 47.5% interest in Young Gas Storage to El Paso during 2014.
Kinder Morgan’s business model is primarily based on volume increase. It has experienced higher throughput over the years in almost all segments of operation.
On April 16, 2014, Kinder Morgan Energy Partners, L.P. increased its quarterly cash distribution per common unit to $1.38 ($5.52 annualized)
In 2013, Tesoro Logistics (TLLP) spent $65 million in growth capex and $7 million in maintenance capex. TLLP has given guidance for growth capital expenditures of $100 million in 2014.
On April 16, 2014, El Paso declared its results for the first quarter of 2014. EPB announced its quarterly cash distribution per common unit of $0.65 ($2.60 annualized) payable on May 15, 2014, to unitholders.
The Yorkville High Income Infrastructure MLP ETF (YMLI) tracks the Solactive High Income Infrastructure MLP.