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US M&A - the rise of the MLPs

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Report summary

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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    US M&A - the rise of the MLPs

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Tables and charts

This report includes 11 images and tables including:

Images

  • 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: 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

Tables

  • US M&A - the rise of the MLPs: Table 1

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