EV Energy Partners
EV Energy Partners (EVEP) was the worst-performing MLP last week, which ended on August 11, 2017. It fell a massive 20.9% due to its weak 2Q17 earnings results. It saw a 19.0% and 38.0% YoY (year-over-year) fall in adjusted EBITDAX (earnings before interest, tax, depreciation, amortization, and accretion expense) and distributable cash flow, respectively. The YoY fall in earnings despite higher average natural gas and crude oil prices was due to lower production. EVEP’s production fell 15.0% YoY in 2Q17 mainly due to lower drilling activity and divestitures.
EVEP has fallen 78.5% since the beginning of this year. The survival of EVEP and the remaining upstream MLPs, including Legacy Reserves (LGCY), remains uncertain amid the prolonged weakness in energy prices and their weak liquidity positions. LGCY was also among the top MLP losers last week with a week-over-weak fall of 10.3%.
Plains All American Pipeline
Shares of Plains All American Pipeline (PAA) and its general partner Plains GP Holdings (PAGP) were battered last week following their 2Q17 earnings results, lowered guidance, and the announcement of plans for a second distribution cut. PAA and PAGP fell a huge 20.4% and 19.5%, respectively, last week. For more details, read Why Plains All American Is Expecting Another Distribution Cut.
Southcross Energy Partners
Southcross Energy Partners (SXE) was the fourth-highest MLP loser last week, which ended August 11. It fell 15.0% last week due to weak 2Q17 earnings. The partnership’s net loss widened to $15.9 million in 2Q17 compared to $7.4 million in the prior year.
Other top MLP losers
CVR Refining (CVRR), Hi-Crush Partners (HCLP), SunCoke Energy Partners (SXCP), Cypress Energy Partners (CELP), Navios Maritime Midstream Partners (NAP), Alon USA Partners (ALDW), USD Partners (USDP), Genesis Energy (GEL), and DCP Midstream Partners (DCP) were among the MLPs that fell more than 7.0% last week. The above table shows last week’s top ten MLP losers.