EV Energy Partners
EV Energy Partners (EVEP), an upstream MLP, was the biggest MLP loser last week, which ended on November 10, 2017. EVEP fell 25.5%, which could be mainly attributed to the slight correction in crude oil prices and the partnership’s weak 3Q17 earnings.
EVEP reported adjusted EBITDAX (earnings before interest, tax, depreciation, depletion, amortization, and exploration expenses) of $17 million for 3Q17, which represents a 35% fall compared to 3Q16 and a 22% fall compared to 2Q17. The partnership’s liquidity position tightened during the third quarter due to another reduction of the borrowing base. Some believe the survival of EVEP is uncertain considering its weak earnings, weak liquidity position, and the challenging energy price environment. Overall, EVEP has fallen 61.1% since the beginning of this year.
Navios Maritime Midstream Partners
Navios Maritime Midstream Partners (NAP), a midstream MLP involved in the marine transportation of crude oil, refined products, and NGLs (natural gas liquids), was the second biggest MLP loser last week, falling 13.1%. Overall, NAP has fallen 23.4% in 2017 to date. NAP’s weak year-to-date performance could be mainly attributed to weak earnings. It reported a 7.5% fall in EBITDA (earnings before interest, tax, depreciation, and amortization) during 3Q17.
KNOT Offshore Partners (KNOP), which is also involved in marine transportation, was among the top MLP losers last week, falling 9.9%. That indicates a general weakness in the US tanker industry. For a recent update on the US crude oil tanker industry, read Week 44: Weekly Crude Tanker Industry Update.
Other top MLP losers
Martin Midstream Partners (MMLP), Alliance Holdings GP (AHGP), Crestwood Equity Partners (CEQP), Calumet Specialty Products Partners (CLMT), CNX Coal Resources (CNXC), CVR Partners (UAN), and Energy Transfer Partners (ETP) were among the top ten MLP losers last week. In the next part, we’ll look at last week’s top MLP gainers.