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Master Limited Partnerships

Natural Gas: Lower for Longer, But Pockets of Opportunity Exist

By Elliott H. Gue on Feb. 29, 2016
US natural-gas prices recently tumbled to an all-time low and will likely slip even further in coming months, thanks to elevated storage levels and an unusually warm winter. But these ultra-depressed prices will accelerate decline rates in mature basins, creating opportunities longer-term opportunities for volumetric growth in areas with low production costs.

What We Have Here is a Failure to Differentiate

By Roger S. Conrad on Oct. 3, 2015
A few bad apples don’t spoil the bunch. Some midstream names will find themselves under pressure from declining oil output in the US onshore market, as the effects of energy producers’ reduced drilling activity start to manifest themselves. But indiscriminate selling creates opportunities for discriminating buyers.

Are Midstream MLPs Still Safe for Conservative Investors?

By Roger S. Conrad on Aug. 20, 2015
Some investors worry that the MLP structure itself has a fatal flaw, a concern that reflects the market’s tendency to view the group as a whole during times of panic. Examining the factors at play in the recent correction can help to identify the pockets of risk and the best-positioned names for when the market returns to its senses and focuses on individual stories.

One for Growth, One for Income

By Roger S. Conrad on Sep. 23, 2013

The past five years have been a golden age for energy-focused master limited partnerships (MLP). Fueled by access to inexpensive capital, elevated oil prices and rising demand for infrastructure to support the US energy renaissance, MLPs have posted impressive distribution growth and delivered huge returns since the bull-market rally began in spring 2009. However, past performance isn't predictive of future results. And with many MLPs trading at sky-high valuations, investors will need to be selective and avoid value traps.