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MLPs’ Strong Earnings Growth Continued in 4Q17


Nov. 20 2020, Updated 11:14 a.m. ET

4Q17 earnings

After a solid 3Q17, MLPs’ strong earnings performances continued in 4Q17. Of the top 20 limited partnerships by market cap, 17 reported YoY (year-over-year) rises in their quarterly revenues in the quarter, while 19 reported growth in their quarterly EBITDAs (earnings before interest, tax, depreciation, and amortization).

Seventeen of these limited partnerships reported quarter-over-quarter revenue rises, while 19 reported quarter-over-quarter rises in adjusted EBITDA. Cheniere Energy Partners (CQP) reported the highest YoY EBITDA growth among the selected MLPs. These 20 MLPs saw YoY median EBITDA growths of 13.2% in 4Q17.

In this series, we’ll do a quick earnings wrap-up for a few mid- to large-cap limited partnerships. Before that, let’s summarize the 4Q17 performances of four large-cap MLPs.

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Enterprise Products Partners

Enterprise Products Partners (EPD), the largest US MLP by market cap, posted a 30.1% YoY revenue rise and 13.8% YoY EBITDA growth in its most recent quarter. However, EPD’s quarterly EBITDA margin contracted by 262 bps (basis points) YoY to 18.3%. For a post-earnings review of EPD, read Why Enterprise Products Partners’ 4Q17 Earnings Rose 14%.

Williams Partners

Williams Partners (WPZ), the MLP subsidiary of Williams Companies (WMB), reported 1.5% and 3.3% YoY revenue and EBITDA rises, respectively, in 4Q17. To learn more about WPZ’s 4Q17 performance drivers, read Analyzing Williams Companies and Williams Partners’ 4Q17 Results.

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MPLX LP (MPLX) saw huge 27.9% YoY and 45.5% YoY revenue and EBITDA rises, respectively, in 4Q17. Moreover, MPLX’s EBITDA margin expanded 633 bps in the quarter. For a post-earnings analysis of MPLX’s 4Q17 earnings, read MPLX Had Strong 4Q17 Results: Earnings Rose 46%.

Energy Transfer Partners

Energy Transfer Partners (ETP), the MLP subsidiary of Energy Transfer Equity (ETE), posted strong 4Q17 earnings. The Texas-based partnership reported 31.9% YoY and 30.5% YoY revenue and EBITDA rises, respectively, in 4Q17. For more details on ETP’s 4Q17 performance, read How ETE and ETP Fared in 4Q17.

For a post-earnings analysis of Plains All American Pipeline (PAA) and Magellan Midstream Partners (MMP), read Plains All American’s 4Q17 Distributable Cash Flow Rose 15% and Behind Magellan Midstream Partners’ Strong 4Q17 Results.


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