Global X MLP ETF
Latest Global X MLP ETF News and Updates
An Overview of Genesis Energy’s Offshore Pipeline Segment
Until recently, Genesis Energy’s Offshore Pipeline segment owned interest in ~1200 miles of offshore pipelines spread across five pipeline systems.
Overview: How Suburban measures up among its competitors
Over the past 12 months the group has had mixed results.
Overview: ONEOK Partners and its 3 operating segments
ONEOK Partners (OKS) is a master limited partnership (or MLP) engaged in gathering, processing, storing, and transporting natural gas and natural gas liquids (or NGLs) in the U.S.
Pipeline Segment Will Drive NuStar Energy’s 4Q15 Performance
The pipeline segment is NuStar’s largest business segment in terms of the EBITDA. It accounted for 50% of the total segment EBITDA in the first nine months of 2015.
Must-know: Suburban Propane’s 1Q14 earnings
SPH noted that weather during this period in its service territories was normal and 9% colder than the prior year.
How a Fall in Fractionation Spread Affected MLPs Last Week
The Henry Hub-Mont Belvieu fractionation spread fell to $10.1 per barrel for the week ended October 16, 2015.
Must-know: Atlas Pipeline’s first quarter earnings analysis
Atlas Pipeline Partners (APL) released its financial information for 1Q14 on May 5, 2014.
How Last Week’s Rise in Natural Gas Prices Impacted MLPs
Natural gas prices rose to close at $2.5 per MMBtu on October 9. Natural gas prices had hit a three-year low of $2.45 per MMBtu on October 2.
Must-know: The BPL segments that source from liquid-rich areas
Traditionally, the Merchant Services segment provides wholesale distributor service of refined petroleum products in the U.S. and the Caribbean.
Overview: ONEOK Partners’ natural gas pipelines segment
ONEOK Partners’ (OKS) natural gas pipelines segment owns and operates regulated interstate and intrastate natural gas pipelines and natural gas storage facilities.
A brief overview on Atlas Pipeline Partners
The company provides natural gas gathering and processing services in the Eagle Ford Shale play in Texas, as well as in the Anadarko, Arkoma, and Permian basins.
Winter’s cold end supports propane demand and stocks like AmeriGas
Last week saw slightly colder-than-normal weather, a positive for propane companies such as AmeriGas Partners (APU), Ferrellgas Partners (FGP), and Suburban Propane Partners (SPH).
Why lower crude oil price estimates impact the midstream industry
A falling inventory indicates that WTI crude oil is moving out of the inland U.S. towards end refining markets with help from new infrastructure coming online.
Ferrellgas Partners (FGP): An investor’s must-know overview
Ferrellgas Partners, L.P. (FGP), a master limited partnership (MLP), is the second largest retail propane distributor in the U.S. serving all 50 states, the District of Columbia and Puerto Rico, as measured by the volume of retail sales in fiscal 2013, and the largest national provider of propane by portable tank exchange.
Commodity Prices Impact Midcoast Energy’s Operations
Midcoast Energy Partners’ (MEP) natural gas throughput volumes fell in 2Q15 compared to 1Q15 and 2Q14. The decrease was primarily due to the low commodity price environment for natural gas and NGLs.
Where Does DCP Midstream Stand Compared to Its Peers?
DCP Midstream Partners (DPM) has an enterprise value of $2.7 billion.
Why continuous cold winter helps propane distributors like FGP
Propane distributors like FGP will benefit from the season’s cold weather so far.
NuStar Energy’s 1Q14 earnings’ analysis: Higher revenues recorded
NuStar Energy recorded total revenues of $849.2 million, or 8.1% higher than $785.3 million the company recorded in 4Q13.
Why the MLPJ ETF shows tracking error versus its benchmark index
The effect of sampling—the difference in the holdings between MLPJ and its benchmark index—is another cause of the tracking error.
Is preferred equity a trend for master limited partnerships?
Recently, two master limited partnerships issued preferred equity, which is a relatively rare avenue of financing for MLPs.
An introduction to TransCanada Corp.
TransCanada Corp. (TRP) is an energy infrastructure company. It owns a network of natural gas and crude pipelines across North America. TransCanada also provides natural gas storage.
An overview of the Targa Resources and Atlas Pipeline deal
The combined company will create a midstream enterprise with more than 22,500 miles of crude oil and natural gas pipelines across the U.S. The $7.7 billion deal is expected to close in the first quarter of 2015.
TC PipeLines—TransCanada’s important subsidiary
TC PipeLines LP (TCP) is a master limited partnership (or MLP) that owns or has ownership in six interstate natural gas pipelines. TransCanada Corp. (TRP) owns ~28.9% equity interest in TCP.
An Analysis of Energy Transfer Equity’s EBITDA Growth
Energy Transfer Equity’s adjusted EBITDA has continued to grow over the recent quarters. For 2Q15, its adjusted EBITDA grew by 15% YoY compared to 2Q14.
Must-know: Why higher propane prices could hurt some MLPs
Propane prices increased last week, which could cut into the sales volumes of distributors such as AmeriGas and Ferrellgas.
Tesoro Logistics overview: A master limited partnership analysis
Tesoro Logistics LP is a master limited partnership (or MLP) which was formed by Tesoro Corporation in 2011.
Overview: Regency Energy Partners
Regency Energy Partners L.P. (RGP) is a midstream operator of natural gas pipelines, gathering systems, and processing facilities.
Higher oil prices are a potential double whammy for propane sales
Propane distributors such as Amerigas Partners (APU), Ferrellgas (FGP), and Suburban Propane (SPH) sell propane and related equipment to a variety of end markets. Find out what trends could hurt propane names this winter.
Why this winter has been positive for propane distributor MLPs
Cold winter weather is one of the major drivers of propane distributors’ earnings, as the fuel is used for home heating in many areas in the U.S.
Atlas Pipeline Partners taps preferred equity for over $100 million
Earlier in March, Atlas Pipeline Partners (APL)—a gathering and processing master limited partnership (or MLP)—announced an offering of preferred equity.
Must-know: Why ONEOK restructured its business, creating ONE Gas
Earlier this year, ONEOK (OKE) created a new stand-alone publicly traded company called ONE Gas (OGS), separating its natural gas distribution business into a separate dedicated company. The company believes that by having two separate companies, each of the companies will have a greater focus on its individual strategy, financial strength, and growth potential.
Overview: Regency’s growth projects in 2014
For the full year of 2014, Regency announced growth capex expenditures of $1.2 billion.
Overview: Kinder Morgan’s acquisition of El Paso Pipeline Partners
El Paso Pipeline Partners (EPB) is a master limited partnership (or MLP) that owns and operates natural gas transportation pipelines, storage, and other midstream assets.
Must-know: Correlation between weather and propane demand
Heating degree days measure the difference between the outside temperature and room temperature to help calculate the demand for energy needed to heat a given area.
Energy outlook: Weather forecasts also affect propane prices
Propane is a natural gas liquid (or NGLs). NGLs are hydrocarbons—in the same family of molecules as natural gas and crude oil. Other NGLs include Ethane, butane, and pentane.
Part 2 of Targa Resources’ acquisition deal with Atlas
After spinning off its non-midstream assets, ATLS’ assets will include its general partner and incentive distribution rights in APL, as well as 5.8 million APL units.
Recommendation: Compare YMLI versus the ETF’s benchmark index
The Yorkville High Income Infrastructure MLP ETF (YMLI) tracks the Solactive High Income Infrastructure MLP.
NuStar’s Fuels Marketing segment benefits from asphalt sale-off
Following the sale of the remaining 50% ownership interest in asphalt JV to Lindsay Goldberg in February 2014, NuStar is on course to improve its margin from the Fuels Marketing segment.
Overview: ONEOK Partners’ natural gas liquids segment
ONEOK Partners’ (OKS) natural gas liquids segment provides natural gas liquid gathering, fractionation, transportation, marketing, and storage services to its producers.
Must-know : A brief overview of natural gas storage contracts
High volatilities in prices increase the extrinsic value of storage assets because it creates more opportunities for profitable storage optimization.
Overview: Plains All American Pipeline’s gas storage services
PAA’s storage facility falls under its supply and logistics segment, which is primarily a margin based segment, which makes it more volatile.
Overview: Suburban Propane Partners
Suburban Energy Finance Corp., is a 100%-owned finance subsidiaries of Suburban Propane Partners.
Must-know: Suburban Propane Partners’ company trends
Prior to the Inergy deal, SPH had an average earnings before interest, taxes, depreciation, and amortization (or EBITDA) in the range of $185 million.
High contract volume: A steady cash flow for Natural Gas Pipeline
The operating income for the Natural Gas Pipeline segment for 1Q14 was $55.1 million versus an operating income of $48.7 million in 4Q13, an increase of ~13%.
Why the BORCO terminal acts as booster to Global Marine segment
BPL acquired the BORCO terminal facility in the Bahamas in 2011.
Overview: Magellan Midstream Partners L.P.
Magellan Midstream Partners L.P. (MMP), is a master limited partnership (or MLP) that owns and operates a diversified portfolio of energy infrastructure assets.
NuStar Energy’s new trends: A track refocused on core competence
Since 2012, NuStar has chartered on a track refocus on its core, fee-based businesses of storage and pipelines and to reduce earnings volatility.
A guide to preferred equity and 2 MLPs that recently issued it
Preferred equity (also called “preferred stock”) is a class of security that has features of both common equity and debt. Preferred equity acts like stock.
Vanguard Natural Resources raises $169 million in preferred equity
Earlier in March, Vanguard Natural Resources (VNR) raised money through the issuance of preferred equity. VNR issued 7 million 7.625% cumulative redeemable perpetual preferred units.
Why winter weather could affect some MLP names in your portfolio
Propane distributors benefit from cold weather, which spurs increased propane demand for home heating.
How soaring propane exports affect prices
Propane exports have increased significantly through 2013, and have spiked recently. Increased propane exports are a positive for domestic propane prices.
An investor’s guide to YMLI and its holdings, like Targa Resources
The Yorkville High Income Infrastructure MLP ETF (YMLI) launched in February 2013. Major constituents of YMLI include Sunoco Logistics Partners LP (SXL) and Western Gas Equity Partners LP (WGP).
Top MLP Funds Recorded Net Inflows in October
The top MLP funds saw net inflows in October. The Alerian MLP ETF (AMLP) had net inflows of $105.7 million for the month.
Why tracking errors in MLPA make the ETF underperform its index
The tracking error of MLPA is 3.96%. This means the standard deviation for excess average weekly returns for the benchmark index over MLPA for the past year is 3.96.
An investor’s must-know guide to tracking error for MLP ETFs
Tracking error measures how closely a portfolio follows the index it’s benchmarked to—that is, how well a fund manager replicates the performance of a specific index.
What Do the Fund Flows into Top MLP ETFs Indicate?
So far in 2019, AMLP, AMZA, and EMLP have seen net outflows of $184 million, $5 million, and $53 million, respectively.
What Do the MLP Funds Flows Indicate?
AMLP has seen a net outflow of $467.8 million over the past one-month period ended March 16, 2018.
How Flows into Top MLP ETFs Are Trending
The total net fund flow into the top five MLP ETFs by asset under management in February 2018 was -$466 million.
MLPs Were Stable Last Week despite Fall in Crude Oil Prices
The Alerian MLP Index, the benchmark index for energy MLPs, rose 0.2% in the week ended July 7, 2017.
Take a Look at Fund Flows in MLP ETFs Last Week
After three weeks of negative flows, the Alerian MLP ETF (AMLP) witnessed a net inflow of $5.6 million for the week ended June 23, 2017.
Acquisitions Continue to Play a Role in PAA’s Expansion Plans
In August 2016, PAA announced a 2Q16 quarterly cash distribution of $0.70 per limited partner unit, which was unchanged from its 1Q16 per-unit distribution.
Analyzing NuStar Energy’s 1Q16 EBITDA Estimates
NuStar Energy is expected to release its 1Q16 earnings on April 27. Wall Street analysts’ 1Q16 consensus EBITDA estimate for NuStar Energy is $144.3 million.
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.
Ethane Prices Fall 3%: Impact on MLPs
Mont Belvieu ethane prices fell 3% to $0.15 per gallon in the week ending February 5, 2016. Ethane prices had risen 5% to $0.16 per gallon in the previous week.
Plains All American Trades at a Much Higher Forward Yield than Its Historical Average
Plains All American Pipeline currently trades at a forward distribution yield of about 14%—more than double of its five-year average of 6.6%.
Analysis of Buckeye Partners’ Cash Flow Measures
Buckeye Partners’ capital expenditures for the first nine months of 2015 were ~$433.1 million. This is 43.9% higher than what it spent during the first nine months of 2014.
Key Analysis of Buckeye Partners’ Leverage Situation
Buckeye Partners borrowed ~$1.1 billion under its credit facility in the first nine months of 2015. It repaid ~$0.84 billion under the same facility.
How Did the Rise in Crude Oil Prices Impact MLPs?
US crude oil prices impact energy MLPs differently. Upstream companies are affected directly by fluctuations in crude oil prices.
Fractionation Spread Rose after Falling for 3 Weeks in a Row
The Henry Hub-Mont Belvieu fractionation spread rose to $11.2 per barrel in the week ending November 27. It was $10.3 per barrel in the previous week.
Natural Gas Prices Rose and Impacted MLPs
NYMEX near-month Henry Hub natural gas futures contracts rose last week. Natural gas prices closed at $2.21 per MMBtu on November 27.
Falling Natural Gas Prices Continue to Impact Energy MLPs
Natural gas prices closed at $2.14 per MMBtu (British thermal units in millions) on November 20 after closing the previous week at $2.36 per MMBtu.
WTI and Brent Prices Rose Last Week, Affecting Energy MLPs
Brent first-line futures prices rose 3.3% to $49.6 per barrel last week from $48.0 at the end of the previous week.
Fractionation Spread Rose Last Week, Impacting Energy MLPs
The Henry Hub-Mont Belvieu fractionation spread rose to $11.5 per barrel for the week ending October 30, 2015. The spread was $10.5 per barrel in the previous week.
Natural Gas Prices Rose Last Week: Impact on Energy MLPs
Natural gas prices closed at $2.32 per MMBtu (British thermal units in millions) on October 30 after closing the previous week at $2.29 per MMBtu.
Can Enbridge Energy Partners Match Its 3Q15 Earnings Estimates?
Analysts expect that Enbridge Energy Partners’ 3Q15 EBITDA will be more than triple the 2Q15 EBITDA and 18% higher than its 3Q14 EBITDA.
Will ONEOK Partners Miss 3Q15 Consensus Revenue Estimates Again?
The consensus revenue estimate for ONEOK Partners (OKS) for the third quarter of 2015 is $2.6 billion. OKS missed revenue estimates by 23% in the second quarter of 2015.
Enbridge Energy Partners’ Returns in 2015 Lag MLP Sector Returns
Enbridge Energy Partners will report its third quarter 2015 results on November 2, 2015. It generated a total return of -27.3% since the start of 2015.
Will Williams Partners’ Distributions Stay Flat in 2015?
According to Williams Partners’ (WPZ) management, distributions are expected to stay flat for the rest of 2015.
Why Have Analysts Increased Williams Partners’ EBITDA Estimate?
Wall Street analysts have increased WPZ’s 3Q15 EBITDA estimates despite the company’s significant misses in recent quarters.
How Will KMI’s Commodity Price Exposure Affect 3Q15 Performance?
Kinder Morgan (KMI) operates like a toll road or a fee-based business with limited commodity price exposure.
Which Segment Will Drive Kinder Morgan’s 3Q15 Performance?
Natural Gas Pipelines is Kinder Morgan’s largest business segment in terms of EBDA. In 2Q15, the segment alone accounted for 54% of the company’s total EBDA.
Genesis Energy’s Refinery Services Have High Commodity Exposure
Genesis Energy’s Refinery Services segment owns terminals and facilities in the Midwest, the Gulf Coast, Montana, Utah, British Columbia, and South America.
What Drove Energy Transfer Equity’s Distributable Cash Flow?
Energy Transfer Equity’s (ETE) 2Q15 distributable cash flow rose to $335 million from $218 million in 2Q14. This is a YoY (year-over-year) increase of 53.60%.
Midcoast Energy’s Distributable Cash Flows Are Growing
Midcoast Energy Partners’ (MEP) distributable cash flows increased in 2Q15 compared to 1Q15 and 2Q14. Its distributable cash flows have shown a rising trend since listing.
What Are Energy Transfer Equity’s Capital Expenditure Forecasts?
Energy Transfer Equity’s (ETE) major subsidiaries include Energy Transfer Partners (ETP), Sunoco Logistics (SXL), and Sunoco LP (SUN).
How Did a Rise in Natural Gas Prices Impact Energy MLPs Last Week?
NYMEX near-month Henry Hub natural gas futures contracts rose last week compared to the previous week. Natural gas prices closed at $2.69 per MMBtu on September 11.
How Last Week’s Rise in the Fractionation Spread Affects MLPs
The Henry Hub–Mont Belvieu fractionation spread rose to $7.54 per barrel for the week ending August 21, 2015.
Holly Energy Partners: Best Midstream MLP Performer on August 24
Holly Energy Partners (HEP) was the best performer among midstream MLPs at the end of trading on Monday, August 24. It rose 1.77% yesterday.
ONEOK Partners in 2Q15: Volumes Benefit Operating Performance
ONEOK Partners forms 4.5% of the Global X MLP ETF (MLPA). The firm has missed EBITDA estimates for all of the last ten quarters.
Must-know: Plains All American Pipeline’s segment-wise earnings
This article discusses Plains All American Pipeline, L.P.’s (PAA) profits by segment—transportation, facilities, and supply and logistics. For the transportation segment, adjusted segment profit was $229 million—~37% higher YoY (or year-over-year)—and approximately $24 million above the midpoint of PAA’s guidance.
Overview: Plains All American Pipeline’s gas storage facilities
Currently, there are three major publicly traded independent storage firms, Plains All American Pipeline’s (PAA) natural gas storage subsidiary (PAA Natural Gas Storage), Niska Gas Storage Partners (NKA), and Crestwood Equity Partners (CEQP). PAA is part of the Alerian MLP (or master limited partnership) ETF (AMLP), while CEQP is part of the Global X MLP ETF (MLPA).
PAA’s 1Q14 earnings analysis: Why reported segment profits beat estimates
Plains All American Pipeline (PAA) released its 1Q14 earnings analysis on May 7, 2014.
Must-know: An introduction to Plains All American Pipeline
Plains All American Pipeline L.P. (PAA) is a master limited partnership that operates in the midstream energy business.
An investor’s guide to MLPA and its holdings, like Magellan
The Global X MLP ETF (MLPA) tracks the Solactive MLP Composite Index. The index tracks the overall performance of the United States master limited partnerships (or MLP) asset class.
Why higher propane prices this winter could hurt some MLP names
Last week, propane prices (as priced at Mont Belvieu) increased 9%. Higher propane prices this winter could negatively affect propane companies’ earnings.
Why a warm winter could sap propane demand
Propane distributors such as Amerigas Partners (APU), Ferrellgas (FGP), and Suburban Propane (SPH) sell propane and related equipment to a variety of end markets.