Teekay Offshore Partners
Teekay Offshore Partners (TOO), the MLP involved in marine transportation of crude oil and refined products, was the top MLP loser last week, which ended September 1, 2017. It fell 6.3%. The partnership has fallen 55.5% since the beginning of this year. TOO’s huge YTD (year-to-date) fall could be attributed to its weak recent earnings. It reported a total cash flow from vessel operations of $134.6 million during 2Q17 compared to $144.2 million in 2Q16, a YoY (year-over-year) fall of 6.7%. At the same time, it reported a 40.6% YoY fall in distributable cash flow.
Seadrill Partners (SDLP) was the second-highest MLP loser last week. It was among the top MLP gainers in the prior two weeks but saw some profit booking last week. It fell 6.2% during the week. SDLP has fallen 20.2% in 2017 to date. For recent performance drivers for SDLP and its GP (general partner), Seadrill (SDRL), read Seadrill Posts Solid Revenue, but Bankruptcy Concerns Still Hover.
NGL Energy Partners
NGL Energy Partners (NGL), the MLP involved in crude oil, refined products, and NGL (natural gas liquids) transportation, storage, and marketing, was among the top MLP losers last week, which ended September 1, 2017, falling 3.8%. The partnership has fallen 57.4% since the beginning of this year. That could be attributed to its high commodity price exposure, weak earnings, and distribution cut.