Memorial Production Partners LP
Why Gathering and Processing MLPs Outperformed in 1Q17
Gathering and processing MLPs were the best performing MLPs in the first quarter of 2017. The subgroup rose 14.7%.
Why Gathering & Processing MLPs Outperformed Others in February
Gathering and processing MLPs In this article, we’ll analyze the performance of MLP subgroups in February 2017. Among these subgroups, the gathering and processing subgroup, which includes Williams Partners (WPZ), ONEOK Partners (OKS), and MPLX LP (MPLX), benefited from a slight recovery in drilling activity. Gathering and processing MLPs’ throughput volumes are directly linked to […]
Vanguard Natural Resources Can’t Make It, Files for Bankruptcy
Vanguard Natural Resources (VNR) has been suffering from a liquidity crisis and high leverage. On February 2, it filed for relief under Chapter 11 of the United States Bankruptcy Code.
Which MLP Stocks Were the Biggest Losers of 2016?
Memorial Production Partners (MEMP), an upstream MLP, was the top MLP loser in 2016. The partnership is set to announce bankruptcy very soon.
What Led to Memorial Production Partners’ Bankruptcy?
MEMP’s earnings improved in the recent quarter, but prior shortfalls were high and couldn’t be covered without a restructuring under Chapter 11 bankruptcy.
Memorial Production Partners to File Bankruptcy: Key Highlights
Memorial Production Partners (MEMP), an upstream MLP that was suffering from liquidity crisis and high leverage, has filed for bankruptcy protection.
Inside Vanguard Natural’s Deficiency Payment Plan
VNR’s liquidity position deteriorated in the second half of 2016 after it completed its second borrowing base redetermination on November 3, 2016.
Vanguard Natural: A Strong Natural Gas Story
Vanguard Natural Resources’ (VNR) production mix was 16% crude oil, 14% NGLs (natural gas liquids), and 70% natural gas in 3Q16.
Vanguard Natural Is Soaring on Latest OPEC Output Deal
Vanguard Natural Resources (VNR), an upstream MLP involved in crude oil, natural gas, and NGL production, has gained over 100.0% in recent trading sessions.
Why Midstream Companies Continue to Dominate the MLP Sector
The fixed-fee-based revenue generated under long-term contracts protects MLPs from volatility in commodity prices, resulting in stable cash flow.
Which Upstream MLP Could Announce Bankruptcy Next?
Memorial Production Partners’ (MEMP) liquidity position was better compared to its peers. It doesn’t have significant debt maturity until 2018.
Legacy Reserves Has Announced a $300 Million Term Loan
Legacy Reserves’ (LGCY) shares rallied 27.2% on Wednesday, following its announcement that it has executed a second lien term loan credit agreement with GSO Capital Partners.
Why Vanguard Natural Continues to Underperform the Sector ETF
Vanguard Natural Resources (VNR) has lost 37.6% of its market value since the beginning of 2016.
Key Factors behind Vanguard Natural’s Improved Hedge Position
A slight recovery in natural gas and crude oil prices is expected to improve Vanguard Natural’s average realized price for the second quarter.
What Drove Vanguard Natural Resources’ 2Q16 Earnings?
Vanguard Natural Resources (VNR) is scheduled to release its 2Q16 earnings on July 27, 2016.
Why Did a 2.3% Fall in Crude Oil Production Impact MLPs?
According to data released on July 7, 2016, US crude oil production fell by 2.3% in the week ended July 1. Crude oil production has continued to decline in recent months.
WTI-Brent Spread Widened Last Week: Which Rose More?
NYMEX near-month WTI (West Texas Intermediate) crude oil futures prices rose 2.8% in the week ending July 1, 2016.
US Natural Gas Supplies Fell due to Drop in Imports from Canada
PointLogic reported that natural gas supplies fell by 1.1% to 79.3 Bcf (billion cubic feet) per day for the week ending June 29, 2016, compared to the previous week.
Will Weather Impact Hedge Funds’ Net Short Positions?
The CFTC (U.S. Commodity Futures Trading Commission) reported in its weekly “Commitments of Traders” that hedge funds decreased their net short positions by 13,202 contracts to 43,152 contracts for the week ending June 14.
WTI-Brent Spread Narrowed, Brent Fell More than WTI Last Week
Brent crude oil’s higher fall compared to WTI in the week ended June 17, 2016, resulted in the narrowing of the WTI-Brent spread.
WTI-Brent Spread Widened, Brent Rose More Than WTI Last Week
The higher increase in Brent crude oil futures prices versus WTI crude oil futures prices resulted in the widening of the WTI-Brent spread last week.
WTI Fell while Brent Rose Last Week
NYMEX near-month WTI (West Texas Intermediate) crude oil futures prices fell by 1.4% in the week ending June 3, 2016.
Where Do VNR, MEMP, EVEP, and LGCY Stand in Terms of Liquidity?
MLPs are going through a liquidity crisis due to a decline in earnings driven by a fall in commodity prices.
Why Legacy Reserves Has the Highest Insolvency Risk
Legacy Reserves has the most “sell” ratings among the selected peer group. 37.5% of analysts rate LGCY a “sell” and the remaining 62.5% rate it a “hold.”
Will More Upstream MLPs Succumb to Bankruptcy?
In this series, we’ll analyze the current liquidity and leverage positions for Vanguard Natural Resources (VNR), EV Energy Partners (EVEP), Memorial Production Partners (MEMP), and Legacy Reserves (LGCY).
What Led to Breitburn Energy’s Bankruptcy?
Breitburn Energy Partners’ (BBEP) earnings, like those of other upstream producers (XOP), are related to commodity prices.
Will Breitburn Energy Partners Follow Linn Energy?
Breitburn Energy Partners is going through a liquidity crisis. It expects the borrowing base under its credit facility to be redetermined in late May 2016.
Why Did Linn Energy File for Bankruptcy Protection?
Linn Energy (LINE) and LinnCo LLC (LNCO) filed for protection under Chapter 11 of the Bankruptcy Code on Wednesday, May 11.
What Were MRD’s Management’s Strategies in 1Q16?
For 1Q16, Memorial Resource Development (MRD) reported total production of 420 million cubic feet equivalent per day, a rise of ~52% compared to 1Q15.
How Do El-Niño and La-Nina Impact Natural Gas Prices?
When El-Niño occurs, it keeps the sea surfaces warmer. This causes milder-than-normal cold temperatures across the sea and some parts of the US.
What Are Analysts’ Thoughts on Vanguard Natural Resources?
Considering its high leverage and unhedged volumes, Vanguard Natural Resources’ short-term outlook seems bleak.
What Does Vanguard Natural’s Valuation Mean for Investors?
Vanguard Natural Resources is currently trading at a price-to-distributable cash flow of 1.5x.
Why Did a 0.9% Fall in Crude Oil Inventories Impact MLPs?
According to data released on April 7, 2016, US crude oil (USO) inventories fell 0.9% in the week ending April 1, 2016.
Natural Gas Prices Fell from a 7-Week High Due to Profit-Booking
US natural gas prices tested the intraday high of $2.03 per MMBtu on Thursday, March 31, 2016. This is the highest level since February 2016.
Why a 0.3% Rise in Crude Oil Inventories Impacted MLPs
According to data released on March 16, 2016, US crude oil inventories rose 0.3% in the week ending March 11, 2016.
Linn Energy One Step Away from Chapter 11 Bankruptcy Filing
Linn Energy (LINE) is among several upstream producers plagued by the extended low commodity price environment and high leverage. LINE has a huge outstanding debt of ~$10 billion sitting on its balance sheet.
Why Did 2.0% Rise in Crude Oil Inventories Affect MLPs?
According to data released on March 3, 2016, US crude oil inventories rose 2.0% in the week ended February 26, 2016. US crude oil inventories have risen significantly since mid-2014.
Upstream Companies’ Leverage: Why It’s a Concern
Many of the smaller upstream companies (XOP) have become highly leveraged. This increases the possibility of a default or bankruptcy.
What Drove Breitburn Energy’s 4Q15 EBITDA?
Breitburn Energy reported its 4Q15 earnings on February 26, 2016. Its 4Q15 EBITDA rose to $169.0 million from $127.4 million in 4Q14—a YoY increase of 32.7%.
WTI Crude Oil Prices Fall 8.1%, WTI-Brent Spread Increases
NYMEX near-month WTI (West Texas Intermediate) crude oil futures prices fell 8.1% in the week ending February 5, 2016.
WTI Fell 3%, Closing Below Brent: The Impact on MLPs
NYMEX near-month WTI crude oil futures prices fell 2.8% in the week ended January 1, 2016. WTI crude oil prices closed at $37.04 per barrel on January 1.
WTI Closed Higher than Brent Last Week
NYMEX near-month WTI (West Texas Intermediate) crude oil futures prices rose 9.7% in the week ending December 25.
EV Energy Partners: The Biggest Upstream MLP Loser on November 5
The biggest upstream MLP losers of the day include EV Energy Partners (EVEP), Atlas Resource Partners (ARP), Legacy Reserves (LGCY), and Memorial Production Partners (MEMP).
Memorial Production Partners: Top Upstream MLP Loser on November 4
The top upstream MLP losers include Memorial Production Partners, Vanguard Natural Resources, Mid-Con Energy Partners, and Legacy Reserves.
Alerian MLP ETF Falls on Negative Investor Sentiments
The Alerian MLP ETF, which comprises 23 midstream energy MLPs, fell 2.4% on October 22, 2015, along with the entire midstream sector.
Legacy Reserves: Top Upstream MLP Loser on October 21
The top upstream MLP losers include Legacy Reserves (LGCY), Linn Energy (LINE), Memorial Production Partners (MEMP), and EV Energy Partners (EVEP).
Vanguard Natural Resources: Top Upstream MLP Loser on October 15
The top upstream MLP losers include Vanguard Natural Resources (VNR), Linn Energy (LINE), Memorial Production Partners (MEMP), and Legacy Reserves (LGCY).
Vanguard Natural Resources: Top Upstream Loser on September 21
The top upstream MLP losers include Vanguard Natural Resources (VNR), Mid-Con Energy Partners, Memorial Production Partners, and EV Energy Partners.
Memorial Production Partners: Top Upstream Gainer on September 17
The top upstream MLP gainers include Memorial Production Partners (MEMP), Eagle Rock Energy Partners, Mid-Con Energy Partners, and Legacy Reserves.
Why Linn Energy and Memorial Production Fell on Friday
Linn Energy (LINE) and Memorial Production Partners (MEMP) lost 12.80% and 11.14% of their equity value in a single trading session on Friday.
EV Energy Partners: Top Upstream MLP Loser on September 4
Top upstream MLP losers include EV Energy Partners (EVEP), Memorial Production Partners (MEMP), Vanguard Natural Resources (VNR), and Legacy Reserves (LGCY).
EV Energy Partners in 2Q15: Disappointing Operating Results
EV Energy Partners (EVEP) saw its 2Q15 revenues more than halved YoY (year-over-year). Its revenues fell to $44.4 million, down from $89.36 million in 2Q14.
Vanguard Natural Resources: 2Q15 Operating Results in Detail
Vanguard Natural’s adjusted EBITDA decreased 7% year-over-year in 2Q15, from $97.7 million to $90.6 million. The adjusted EBITDA excludes $733.3 million in impairment charges.
Linn Energy’s Operating Results Disappointed in 2Q15
Linn Energy lost $191.2 million on oil and gas derivatives in 2Q15. In 2Q14, the company lost $408.8 million on those derivatives.
Vanguard Natural Resources: Top Upstream MLP Gainer on August 25
Top upstream MLP losers include Vanguard Natural Resources (VNR), Legacy Reserves, BreitBurn Energy Partners, and Memorial Production Partners.
Linn Energy: Top Upstream MLP Loser on Tuesday, August 11
Upstream companies’ earnings are significantly tied to crude oil and natural gas prices. UNG tracks daily movements in natural gas futures. It rose 0.44% yesterday.
Introducing the UBS ETRACS Alerian MLP Index ETN
The UBS ETRACS Alerian MLP Index ETN (AMU) tracks the Alerian MLP Index (AMZ), which lists 50 large- and mid-cap energy-related master limited partnerships.