Master Limited Partnerships, or MLPs, have become major players in the US upstream M&A market. In 2013 ytd, MLPs account for 36% of acquisition spend onshore US Lower 48. The pending US$4.3 billion takeover of Berry Petroleum by LINN Energy is the largest upstream deal of the year, globally. MLPs are publicly-listed entities which do not pay corporation tax, but pay a high proportion of cash earnings out in the form of regular, dividend-like ‘distributions'. Maximising distributions is...
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Insight | Aug 2013
US M&A - the rise of the MLPs
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