Upstream MLP Legacy Reserves (LGCY), which is involved in crude oil, natural gas, and NGL (natural gas liquid) production, was the strongest MLP in H1 2018. LGCY stock rose by a massive 329% due to the company’s EBITDA rising 76% YoY (year-over-year) in Q1 2018 and improved financial position, strong crude oil prices, and analysts upgrading their ratings. For a review of the MLP’s fundamentals and technicals, read Legacy Reserves Has Risen ~45% from the Lows in May.
Viper Energy Partners
Royalty and mineral interest owner Viper Energy Partners (VNOM) was the second-strongest MLP in the first half of this year, rising 43%. Like LGCY, VNOM benefited from crude oil prices rising and its strong Permian exposure. VNOM’s EBITDA grew 90.1% YoY in Q1 2018.
CVR Refining (CVRR), involved in crude oil refining, was the third-strongest MLP in H1 2018, rising 37% due to higher-than-expected earnings growth. For a quick update on CVRR’s performance, CVR Refining Reported Strong 1Q18 Results, Stock Rose 4%.
Other strong MLPs
Crestwood Equity Partners (CEQP), Cheniere Energy Partners (CPLP), Enable Midstream Partners (ENBL), CNX Midstream Partners (CNXM), Plains All American Pipeline (PAA), Cheniere Energy Partners LP Holdings (CQH), and Teekay Offshore Partners (TOO) were other strong MLPs during H1 2018.