EV Energy Partners
EV Energy Partners (EVEP) and Mid-Con Energy Partners (MCEP) were the top two MLP losers last week. EVEP and LGCY fell 11.8% and 7.8% during the week, respectively. The upstream MLPs fell due to the weakness in crude oil prices last week. Legacy Resources (LGCY), another upstream MLP, was also among the top ten MLP losers. It fell 2.0%. EVEP, MCEP, and LGCY have lost 73.2%, 59.2%, and 29.7% YTD (year-to-date), respectively.
USD Partners (USDP), the MLP involved in crude oil movement by rail from Canada to the US and within the US, was the second highest MLP loser last week. USDP fell 4.5% during the week. USDP fell after the EIA (Energy Information Administration) released a bearish report on US movements of crude oil by rail. According to the EIA, total receipts of crude oil from Canada by rail fell to 2.7 million barrels in July of this year compared to 3.3 million barrels in the previous month. However, the figure was still higher compared to levels (1.5 million barrels) during July of last year.
USDP has lost 33.5% YTD (year-to-date) owing to its weak earnings resulting from underutilization of terminal capacity and lower volumes.
EnLink Midstream LLC (ENLC), the GP (general partner) of EnLink Midstream Partners (ENLK), was the fourth highest MLP loser last week. ENLC fell 3.2% last week. ENLC’s decline last week could be mainly attributed to the decline in crude oil prices. ENLK has a strong correlation with crude oil due to its natural gas processing business. ENLC has lost 11.6% YTD (year-to-date).
Other top MLP losers
Hi-Crush Partners (HCLP), Star Gas Partners (SGU), Black Stone Minerals (BSM), Tallgrass Energy GP (TEGP), and Delek Logistics Partners (DKL) were among the top ten MLP losers last week with week-over-week declines of 3.2%, 3.1%, 1.9%, 1.9%, and 1.8%, respectively.
In the next article, we’ll look into last week’s ratings update.