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Last Week’s Worst-Performing MLPs

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Upstream MLPs

Upstream MLPs including EV Energy Partners (EVEP), Mid-Con Energy Partners (MCEP), and Legacy Reserves (LGCY) were among the top MLP losers last week. EVEP, MCEP, and LGCY fell 15.8%, 10.9%, and 9.9%, respectively. Upstream MLPs’ fall could be due to the correction in crude oil prices. They’ve fallen 67.3%, 59.2%, and 26.9% since the beginning of this year. The survival of these upstream MLP remains uncertain, considering their weak liquidity positions amid the challenging energy price environment.

Hi-Crush Partners

Hi-Crush Partners (HCLP) was the third-biggest MLP loser last week. HCLP, which is among the MLPs that have a high correlation with crude oil, fell 10.0% during the week. 2017 hasn’t been great for the frac-sand producer. It’s fallen 52.0% since the beginning of the year, perhaps due to the uncertainty in US drilling activity resulting from volatility in commodity prices. For details on HCLP’s operating and market performance, see Hi-Crush Partners’ Earnings Continued to Rise in 3Q17.

Sanchez Midstream Partners

Sanchez Midstream Partners (SNMP), a midstream MLP mainly involved in natural gas gathering, processing, and transportation, was the fourth-biggest MLP loser last week. SNMP fell 9.9%, eroding all its YTD (year-to-date) gains. The partnership has fallen 3.8% since the beginning of this year. For details on SNMP’s recent market performance, see What’s Driving Sanchez Midstream Partners in 2017.

Other big MLP losers

Archrock Partners (APLP), NuStar Energy (NS), Calumet Specialty Products Partners (CLMT), Delek Logistics Partners (DKL), and Energy Transfer Equity (ETE) were among the top ten MLPs losers last week with week-over-week falls of 9.4%, 8.3%, 7.3%, 7.0%, and 6.6%, respectively. In the next part of this series, we’ll look into last week’s top MLP Gainers.

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