US M&A - the rise of the MLPs
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Table of contents
- Executive summary
- What is an MLP?
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MLPs in the energy industry
- Which MLPs are active in upstream M&A?
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The Upstream MLP business model
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Favourable market conditions have enabled growth
- Higher yields underpin investor interest in MLPs
- Low cost of capital helps to fund acquisitions
- What types of assets are MLPs targeting?
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What does this mean for C-Corps?
- Supporting liquidity and valuations
- Restructuring opportunity?
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What might halt the rise of the MLPs?
- Tightening monetary policy could raise the cost of capital
- Falling commodity prices would (eventually) hit distributions
- Incentive Distribution Rights could cap growth
- Limited Institutional Investment
- Change in tax code
- SEC investigation into LINN Energy
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Appendix 1: Recent asset trends in Upstream MLP deals
- Permian region
- Mid-Continent region
- Gulf Coast region
- Rocky Mountains region
- West Coast region
- Unconventional strategy case study - Atlas Resource Partners
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Favourable market conditions have enabled growth
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Appendix 2: MLP basics
- Laws and Tax codes governing MLPs
- Appendix 3: List of Upstream MLPs
Tables and charts
This report includes the following images and tables:
- Upstream MLP spending in the onshore US Lower 48
- US M&A - the rise of the MLPs: Image 3
- US M&A - the rise of the MLPs: Table 1
- US M&A - the rise of the MLPs: Image 2
- Enterprise value and capital structure of US Upstream MLPs
- Upstream MLP acquisition spend by primary resource
- MLP acquisition spend by asset status (2010-2013)
- Acquisition costs ($/boe, proved) - MLPs vs. market
- MLP acquisition spend by seller Peer Group
- US M&A - the rise of the MLPs: Image 9
- C-Corp USL48 onshore portfolio analysis: near-term unit capex vs. reserves life, by company, by play
What's included
This report contains:
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