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MLP Protocol MLP
1 MLP Protocol
Contact Information / Table of Contents
PHILIP TRINDER PRESIDENT MLP Protocol
EMAIL: [email protected]
TWITTER: @MLP_Protocol
DISCLAIMER
M L P P R O T O C O L . C O M
RESOURCES • COMPANY PRESENTATIONS • LINKS • DEFINITIONS • BACKGROUND • SEEKING ALPHA
MLP Protocol (“MLPP”) is not registered as an Investment Advisor or Broker/Dealer with the SEC or in any state or lawful jurisdiction. MLPP relies upon the “publisher’s” exemption
from the definition of “investment adviser” as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. To the extent any of the
content published on this website, including e-mail transmissions, faxes, recorded voice messages, and any other associated messages/media (hereinafter collectively referred to as
“Information”) may be deemed investment advice, such Information is impersonal and not tailored to the investment needs or objectives of any specific person. The Information contained
within this Web site is provided for informational and educational purposes only, and should be construed as opinion only and not as investment/trading advice and is not meant to be a
solicitation regarding any securities mentioned.
Opinions expressed herein are MLPP’s present opinions only. Any Information is based upon information that MLPP considers reliable, but MLPP does not represent, guarantee, or
warrant, expressly or implicitly, that the Information is accurate, complete, or suitable for any particular purpose, and it should not be relied upon as such. MLPP is not obliged to update or
periodically review the Information. MLPP accepts no liability with respect to, or arising directly or indirectly out of, the Information.
In addition, there can be no guarantee that any projection, forecast or opinion in this presentation will be realized. Opinions expressed herein are subject to change without notice. You
are strongly advised to make an independent review and reach your own conclusions regarding the economic risks and benefits of any investment and the legal, credit, tax, accounting and
other aspects of such investment in relation to your particular circumstances.
We may from time to time have long or short positions in such securities or in options, futures, or other derivative instruments based thereon and all positions are subject to change
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service marks, and logos herein are the property of their respective owners who retain all proprietary rights over their use. No part of this website or Information may be reproduced in any
manner without written permission. © 2011-2015 All rights reserved.
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Alternatively, if your firm does not have access to GLG I can be available for direct discussions. If interested, please feel free to email me with any
specific requests and I can respond as to whether or not I may be able to add any value in a discussion. My billing rate is $300 per hour.
TABLE OF CONTENTS
I MARKETS AND LEVELS 4
II GROUP DATA 13
III SEGMENT YIELD DATA 22
IV SELECTED REGIONAL DATA 27
2 MLP Protocol
MLP Protocol Sprint Portfolio
The MLP Protocol Sprint Portfolio’s strategy pursues a higher risk, higher
potential total return using Master Limited Partnerships (“MLPs”).
MLP PROTOCOL
SPRINT P O R T F O L I O
Disclaimer │ Covestor: Additional Important Information
Exclusively at
Gross Performance Detail*
*Covestor website shows performance net of fees, subscription fee 0.50% effective January 1, 2014 was 1.50% during the prior periods.
2.05%
56.6%
12.7%
58.2%
0%
20%
40%
60%
80%
100%
120%
140%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15
10YR UST Yield 10YR UST Current Level Sprint (Before Fees)
Sprint Current Level Alerian MLP Index Total Return AMZX Current Level
S&P 500 Total Return SPX Current Level
Performance Inception Date June 27, 2012
as of August 21, 2015Best
Performer
Manager*
(Net of Fees)
Alerian
MLP*
S&P
500*
Past 30 days Alerian MLP (7.8%) (5.4%) (6.6%)
Past 90 days S&P 500 (21.2%) (21.5%) (6.8%)
Past 365 days S&P 500 (30.8%) (31.2%) 1.0%
Since Inception (Annualized) S&P 500 14.2% 3.9% 15.7%
2015 (YTD) S&P 500 (13.6%) (21.7%) (3.0%)
2014 S&P 500 1.0% 4.8% 13.7%
2013 Manager 41.0% 27.6% 32.4%
3.2 Years Since Inception BEFORE FEES AMZX S&P TR
Since Inception (Total Return) S&P 500 56.6% 12.7% 58.2%
Risk Metrics Last 365 Days
as of August 21, 2015Best
Performer
Manager*
(Net of Fees)
Alerian
MLP*
S&P
500*
Best 30 days Manager 10.8% 9.7% 9.7%
Worst 30 days S&P 500 (16.4%) (16.1%) (6.7%)
Volatility S&P 500 19.1% 23.6% 12.7%
Sharpe Ratio S&P 500 (1.61) (1.32) 0.08
Sortino Ratio S&P 500 (2.13) (1.69) 0.11
Maximum Drawdown S&P 500 (31.3%) (32.4%) (7.3%)
Value-at-Risk (95%, 1 wk) S&P 500 (4.4%) (5.5%) (3.0%)
vs. Alerian MLP*vs. S&P
500*
Information Ratio 0.03 (1.78)
Alpha (14.4%) (35.9%)
Beta 0.59 0.65
R-Squared 0.53 0.19
*Total return data shown
Bold and yellow highlighting indicate close at a new all-time high since Inception.
MLP Protocol
MARKETS AND LEVELS
SECTION I
4 MLP Protocol
MA
RK
ET
S A
ND
LE
VE
LS
Markets and Levels / Forward Yields / MLP IPO Scorecard
Source: www.alerian.com, www.bakerhughes.com, www.treasury.gov, www.eia.gov. Historical commodity prices are spot prices at the futures contract delivery locations as per the EIA, there is a small lag in the
EIA reporting, so there will always be a slight discrepancy in the most recent price data.
Highest Estimated Forward Yield by Segment Price Performance Since IPO
Note: The NYMEX 3:2:1 Crack Spread is calculated using 3 barrels of crude at the WTI Crude Oil price, 2 barrels of gasoline at the NY Harbor Gasoline price and 1 barrel of heating oil at the NY Harbor Heating
Oil price. This is an indicative estimate only and individual refiners will have materially different effective crack spreads for their operations due to varying crude input mixes, varying product slate outputs and cash
price basis differentials for every single input and output at their various locations.
RED tickers indicate a past distribution cut. ORANGE tickers indicate VARIABLE distributions.
SH
LX
67
%
DM
60
%
EQ
GP
15
%
GP
P (
0%
)
TE
GP
(3
%)
CN
XC
(4
%)
RM
P (
5%
)
PT
XP
(9
%)
NA
P (
12
%)
AM
(1
3%
)
CP
PL
(1
4%
)
LM
RK
(2
0%
)
BS
M (
26
%)
EV
A (3
0%
)
US
DP
(3
5%
)
CN
NX
(4
7%
)
JP
EP
(6
1%
)
(80%)
(60%)
(40%)
(20%)
0%
20%
40%
60%
80%
10
.2%
8.9
%
17
.5%
13
.0%
17
.1%
10
.8%
25
.4%
23
.5%
11
.5% 16
.9%
15
.2%
13
.4%
0%
5%
10%
15%
20%
25%
30%
OKS EEP CMLP MMLP MEMP NGL NMM FELP CEQP OCIP NTI EMES
Nat Gas &NGL
Pipes
Crude &Ref Prod
Pipes
G & P T & S Upstream Propane& NGL
Logist ics
Marin e Coal General
Partners (“GP”)
Variable D & M Other
Ticker Risk Rating
OKS Risky
EEP DCR < 1.0x
CMLP Extremely Risky
MMLP Extremely Risky
MEMP Extremely Risky
NGL Very Risky
NMM Extremely Risky
FELP Extremely Risky
CEQP Extremely Risky
OCIP Extremely Risky
NTI Extremely Risky
EMES Extremely Risky
52 Weeks Ago FYE 2013 4 Weeks Ago Week Ago Current Change
Indices 8/22/14 12/31/13 7/24/15 8/14/15 8/21/15 1 Year YTD 1 Month 1 Week
MLP Index (AMZ) 527.5 463.8 371.7 361.8 343.1 (35.0%) (26.0%) (7.7%) (5.2%)
MLP Total Return Index (AMZX) 1,852.7 1,562.2 1,365.1 1,351.3 1,281.4 (30.8%) (18.0%) (6.1%) (5.2%)
S&P 500 1,989.1 1,848.4 2,079.7 2,091.5 1,970.9 (0.9%) 6.6% (5.2%) (5.8%)
Yields
MLP Index Yield (AMZ Yield) 5.26% 5.82% 6.96% 7.03% 7.41% 215 bps 159 bps 45 bps 38 bps
10 Year Treasury Yield 2.40% 3.04% 2.27% 2.20% 2.05% (35 bps) (99 bps) (22 bps) (15 bps)
20 Year Treasury Yield 2.90% 3.72% 2.67% 2.54% 2.44% (46 bps) (128 bps) (23 bps) (10 bps)
Yield Curve Steepness (20 Year - 3 Month) 287 bps 365 bps 263 bps 245 bps 241 bps (46 bps) (124 bps) (22 bps) (4 bps)
AMZ Yield Spread to 10 Year UST 286 bps 278 bps 469 bps 483 bps 536 bps 250 bps 258 bps 67 bps 53 bps
AMZ Yield Spread to 20 Year UST 236 bps 210 bps 429 bps 449 bps 497 bps 261 bps 287 bps 68 bps 48 bps
Rigs and Commodity Prices
U.S. Total Rig Count 1,896 1,757 876 884 885 (53.3%) (49.6%) 1.0% 0.1%
Natural Gas $3.85 $4.32 $2.81 $2.83 $2.70 (29.9%) (37.5%) (3.9%) (4.6%)
Mont Belvieu Propane ($ / Gallon) $1.02 $1.26 $0.42 $0.37 $0.37 (63.7%) (70.7%) (11.9%) (1.1%)
WTI Crude Oil ($ / Bbl) $94.95 $99.15 $49.21 $43.20 $40.45 (57.4%) (59.2%) (17.8%) (6.4%)
Brent Crude Oil ($ / Bbl) $99.88 $111.72 $55.75 $47.94 $43.84 (56.1%) (60.8%) (21.4%) (8.6%)
Brent / WTI Differential ($ / Bbl) $4.93 $12.57 $6.54 $4.74 $3.39 (31.2%) (73.0%) (48.2%) (28.5%)
NYMEX 3:2:1 Crack Spread ($ / Bbl) $18.91 $23.17 $23.18 $25.02 $22.69 20.0% (2.1%) (2.1%) (9.3%)
5 MLP Protocol
674
211
0%
25%
50%
75%
100%
0
500
1,000
1,500
2,000
12/31/99 12/31/02 12/31/05 12/31/08 12/31/11 12/31/14
U.S. Oil Rig Count Current Oil Rig Count U.S. Natural Gas Rig CountCurrent Nat Gas Rig Count % Oil
(1%)
0%
1%
2%
3%
4%
5%
6%
7%
8%
20 Year - 3 Month U.S. 20 Year Treasury U.S. 10 Year Treasury
0
210
420
630
840
1,050
1,260
1,470
1,680
1,890
2,100
2,310
0
70
140
210
280
350
420
490
560
630
700
770
AMZ S&P 500
0%
200%
400%
600%
800%
1000%
1200%
1400%
1600%
12/3
1/99
12/3
1/00
12/3
1/01
12/3
1/02
12/3
1/03
12/3
1/04
12/3
1/05
12/3
1/06
12/3
1/07
12/3
1/08
12/3
1/09
12/3
1/10
12/3
1/11
12/3
1/12
12/3
1/13
12/3
1/14
AMZX AMZ S&P 500
U.S. Rig Count Treasury Yields
MA
RK
ET
S A
ND
LE
VE
LS
Indices / Rig Counts / Yields
Alerian MLP Index vs. S&P 500
6 MLP Protocol
2.65%
2.43%
4.97% 343.12
0
70
140
210
280
350
420
490
560
0%
1%
2%
3%
4%
5%
6%
7%
8%
Jan-
96
Jan-
97
Jan-
98
Jan-
99
Jan-
00
Jan-
01
Jan-
02
Jan-
03
Jan-
04
Jan-
05
Jan-
06
Jan-
07
Jan-
08
Jan-
09
Jan-
10
Jan-
11
Jan-
12
Jan-
13
Jan-
14
Jan-
15
AM
Z In
de
x
AMZ Yield STT (20 YR UST) Average STT Median STT Current STT 20 YR Yld AMZ Current AMZ
MA
RK
ET
S A
ND
LE
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Spread to Treasury
AMZ Yield Spread to 20 Year U.S. Treasury (“STT”)
Source: www.alerian.com, www.treasury.gov
STT Relative Value Concern
STT Relative Value Warning
STT Seriously Consider Selling Some MLPs
7 MLP Protocol
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
$0
$20
$40
$60
$80
$100
$120
$140
$160
WTI Crude Brent Crude
$0
$2
$4
$6
$8
$10
$12
$14
$16
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
Mont Belvieu Propane NYMEX 3:2:1 Crack Spread
MA
RK
ET
S A
ND
LE
VE
LS
Commodities
Crude Oil Natural Gas
Source: www.alerian.com, www.treasury.gov, www.eia.gov. Historical commodity prices are spot prices at the futures contract delivery locations as per the EIA, there is a small lag in the EIA reporting, so there will
always be a slight discrepancy in the most recent price data.
8 MLP Protocol
$- $5
$10 $15 $20 $25 $30 $35
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
NYMEX 3:2:1 Crack Gulf Coast 3:2:1 CrackNYMEX 2:1:1 Crack Gulf Coast 2:1:1 Crack
$-
$40
$80
$120
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
WTI Crude Brent Crude
$-
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
NY Harbor Gasoline Gulf Coast Gasoline
$-
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
NY Harbor Heating Oil Gulf Coast Diesel
MA
RK
ET
S A
ND
LE
VE
LS
Quarterly Average Crude Value Chain Prices
Source: U.S. Energy Information Administration, www.eia.gov
Crude Oil Gasoline
Heating Oil / Diesel Crack Spreads
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
WTI Crude 103.05$ 93.41$ 92.16$ 88.20$ 94.36$ 94.04$ 105.85$ 97.51$ 98.60$ 103.53$ 98.21$ 74.43$ 48.83$ 57.43$ 47.11$
Brent Crude 118.55$ 108.48$ 109.53$ 110.14$ 112.47$ 102.56$ 110.28$ 109.24$ 108.26$ 109.97$ 102.35$ 77.67$ 53.99$ 61.35$ 52.01$
Natural Gas 2.51$ 2.35$ 2.89$ 3.55$ 3.51$ 3.97$ 3.53$ 3.84$ 4.86$ 4.56$ 3.91$ 3.74$ 2.82$ 2.71$ 2.80$
NY Harbor Gasoline 3.01$ 2.89$ 3.00$ 2.85$ 2.94$ 2.73$ 2.89$ 2.70$ 2.74$ 2.90$ 2.75$ 2.12$ 1.54$ 1.90$ 1.77$
Gulf Coast Gasoline 2.98$ 2.80$ 2.88$ 2.60$ 2.82$ 2.69$ 2.78$ 2.49$ 2.65$ 2.81$ 2.66$ 1.89$ 1.50$ 1.85$ 1.75$
NY Harbor Heating Oil 3.16$ 2.89$ 2.99$ 3.05$ 3.06$ 2.74$ 2.93$ 2.96$ 3.02$ 2.88$ 2.74$ 2.21$ 1.71$ 1.76$ 1.47$
Gulf Coast Diesel 3.16$ 2.94$ 3.07$ 3.04$ 3.08$ 2.86$ 3.01$ 2.92$ 2.94$ 2.92$ 2.80$ 2.23$ 1.68$ 1.82$ 1.54$
Mont Belvieu Propane 1.26$ 0.97$ 0.89$ 0.89$ 0.87$ 0.91$ 1.03$ 1.19$ 1.30$ 1.06$ 1.04$ 0.78$ 0.53$ 0.46$ 0.39$
NYMEX 3:2:1 Crack 25.46$ 28.12$ 33.85$ 34.19$ 30.78$ 20.78$ 16.12$ 19.46$ 20.42$ 17.91$ 17.06$ 15.86$ 18.06$ 20.52$ 23.03$
Gulf Coast 3:2:1 Crack 24.72$ 26.13$ 31.37$ 27.22$ 27.76$ 21.41$ 14.17$ 12.93$ 16.60$ 16.05$ 15.38$ 9.70$ 16.74$ 19.89$ 23.59$
NYMEX 2:1:1 Crack 26.47$ 28.11$ 33.77$ 35.64$ 31.65$ 20.89$ 16.44$ 21.34$ 22.34$ 17.78$ 16.99$ 16.44$ 19.26$ 19.52$ 20.94$
Gulf Coast 2:1:1 Crack 25.98$ 27.13$ 32.68$ 30.33$ 29.56$ 22.58$ 15.80$ 15.95$ 18.63$ 16.85$ 16.38$ 12.10$ 18.04$ 19.67$ 22.12$
9 MLP Protocol
ANNUAL MONTHLY PEAK ANALYSIS
Last Year Annual Current 4 Wks Ago Monthly Current Peak Current Peak Days
8/22/14 Change 8/21/15 7/24/15 Change 8/21/15 Count vs. Peak Date Since
Oil Rig Count 1,564 (890) 674 659 15 674 1,609 (58.1%) 10/10/14 315
% of Total 82.6% 76.2% 75.3% 76.2%
Annual/Monthly Change % (56.9%) 2.3%
Natural Gas Rig Count 330 (119) 211 216 (5) 211 1,606 (86.9%) 9/12/08 2,534
% of Total 17.4% 23.8% 24.7% 23.8%
Annual/Monthly Change % (36.1%) (2.3%)
Total Rig Count 1,894 (1,009) 885 875 10 885 2,031 (56.4%) 9/12/08 2,534
Annual/Monthly Change % (53.3%) 1.1%
MA
RK
ET
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Rig Count
U.S. Oil and Natural Gas Drilling Rig Count
Oil Rig Count vs. WTI Crude Prices Natural Gas Rig Count vs. Natural Gas Prices
Source: www.bakerhughes.com, www.eia.gov
674
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
D-9
9
D-0
0
D-0
1
D-0
2
D-0
3
D-0
4
D-0
5
D-0
6
D-0
7
D-0
8
D-0
9
D-1
0
D-1
1
D-1
2
D-1
3
D-1
4
U.S. Oil Rig Count Current Oil Rig Count WTI Crude Oil
211
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
D-9
9
D-0
0
D-0
1
D-0
2
D-0
3
D-0
4
D-0
5
D-0
6
D-0
7
D-0
8
D-0
9
D-1
0
D-1
1
D-1
2
D-1
3
D-1
4
U.S. Natural Gas Rig Count Current Nat Gas Rig Count Natural Gas
10 MLP Protocol
0
2
4
6
8
10
12
0
2
4
6
8
10
12
J-00
J-01
J-02
J-03
J-04
J-05
J-06
J-07
J-08
J-09
J-10
J-11
J-12
J-13
J-14
J-15
Ref
ined
Pro
du
cts
Exp
ort
s
Cru
de
Im
po
rts
Mill
ion B
bls
/ D
ay
4 Week Avg Daily U.S. Refined Products Exports 4 Week Avg Daily U.S. Crude Oil Imports
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
J-00
J-01
J-02
J-03
J-04
J-05
J-06
J-07
J-08
J-09
J-10
J-11
J-12
J-13
J-14
J-15
Mill
ion B
bls
/ D
ay
4 Week Avg Daily U.S. Refined Products Exports
MA
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Rig Count vs. Production / Imports Exports
Oil Rig Count vs. Crude Production Natural Gas Rig Count vs. Natural Gas Production
Source: www.bakerhughes.com, www.eia.gov, EIA production data lags by roughly 3 months
Crude Oil Imports vs. Refined Products Exports Refined Products Exports
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
-
1
2
3
4
5
6
7
8
9
10
Jan-88 Jan-92 Jan-96 Jan-00 Jan-04 Jan-08 Jan-12
Millio
n B
bls
/ D
ay
Oil Production Oil Rig Count
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
10
20
30
40
50
60
70
80
90
100
J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 J-15
Bcf
/ D
ay
Nat Gas Production Nat Gas Rig Count
11 MLP Protocol
0
200
400
600
800
1,000
1,200
1,400
1,600
$-
$2
$4
$6
$8
$10
$12
$14
$16
J-05
J-06
J-07
J-08
J-09
J-10
J-11
J-12
J-13
J-14
J-15
Henry Hub Nat Gas Price Nat Gas Rig Count
MA
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U.S. Rig Count vs. Production vs. Price
Rig Count vs. Production Price vs. Production
Source: www.bakerhughes.com, www.eia.gov, EIA production data lags by roughly 3 months
Natu
ral G
as
Rig Count vs. Price
Cru
de O
il
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
-
1
2
3
4
5
6
7
8
9
10
J-05
J-06
J-07
J-08
J-09
J-10
J-11
J-12
J-13
J-14
J-15
Mil
lio
n B
bls
/ D
ay
Oil Production Oil Rig Count
$-
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
-
1
2
3
4
5
6
7
8
9
10
J-05
J-06
J-07
J-08
J-09
J-10
J-11
J-12
J-13
J-14
J-15
Mill
ion
Bb
ls /
Day
Oil Production WTI Crude Oil Price
-
200
400
600
800
1,000
1,200
1,400
1,600
$0
$20
$40
$60
$80
$100
$120
$140
$160
J-05
J-06
J-07
J-08
J-09
J-10
J-11
J-12
J-13
J-14
J-15
WTI Crude Oil Price Oil Rig Count
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
10
20
30
40
50
60
70
80
90
100
J-05
J-06
J-07
J-08
J-09
J-10
J-11
J-12
J-13
J-14
J-15
Bcf
/ D
ay
Nat Gas Production Nat Gas Rig Count
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
0
10
20
30
40
50
60
70
80
90
100
J-05
J-06
J-07
J-08
J-09
J-10
J-11
J-12
J-13
J-14
J-15
Bcf
/ D
ay
Nat Gas Production
Negative for Oilfield Service
Positive for Midstream Positive for Midstream
Negative for Upstream
Crude Oil Rig Count
peaked in October
MLP Protocol
GROUP DATA
SECTION II
13 MLP Protocol
7%
93%
21%79%5%
95%
4%
96%
4%
96%
7%
93%
320
360
400
440
480
520
560
0%
1000%
2000%
3000%
4000%
5000%
6000%
3/1/
12
6/1/
12
9/1/
12
12/1
/12
3/1/
13
6/1/
13
9/1/
13
12/1
/13
3/1/
14
6/1/
14
9/1/
14
12/1
/14
3/1/
15
6/1/
15
Total Moving Average Heat Index AMZ
-
100
200
300
400
500
600
0%
1000%
2000%
3000%
4000%
5000%
6000%
3/1/
12
6/1/
12
9/1/
12
12/1
/12
3/1/
13
6/1/
13
9/1/
13
12/1
/13
3/1/
14
6/1/
14
9/1/
14
12/1
/14
3/1/
15
6/1/
15
Total Moving Average Heat Index AMZ
Downstream & Marketing 175%
Variable / Plants 80%
Coal 71%
Propane & NGL Logistics 60%
Gathering & Processing 52%
Other 50%
Natural Gas & NGL Pipelines 44%
Terminal & Storage 44%
Crude & Refined Products Pipelines 27%
Marine 17%
General Partners 8%
Upstream 7%
Total 636%
Current Price vs.
20 Day Moving Average1
Current Price vs.
50 Day Moving Average1
Current Price vs.
200 Day Moving Average1
20 Day Moving Average /
200 Day Moving Average1
50 Day Moving Average /
200 Day Moving Average2
20 Day Moving Average /
50 Day Moving Average1
GR
OU
P D
AT
A
Moving Averages
Key: % Above % Below
Moving Average Heat Index
NOT SCALE ADJUSTED AMZ SCALE ADJUSTED
(1) Included in the Moving Average Heat Index calculation, by segment. (2) NOT included in the Moving Average Heat Index calculations.
14 MLP Protocol
TE
P 11.5
%
SH
LX
8.6
%
ETE
8.2
%
PS
XP
8.1
%
SU
N 7
.5%
M
PL
X 7
.3%
D
M 7
.1%
W
GP
6.2
%
PB
FX
5.7
%
AM
5.6
%
TR
GP
5
.4%
V
LP
5.4
%
WN
RL
5.0
%
EQ
M 4.9
%
SX
L 4
.5%
T
LL
P 4
.0%
D
KL
3.8
%
AR
CX
3
.7%
V
TTI
3.5
%
CN
NX
3.5
%
WE
S 3
.4%
L
MR
K 3
.4%
S
RL
P 3
.2%
M
MP
3.1
%
WL
KP
2.9
%
FE
LP
2.7
%
FG
P 2
.5%
G
EL
2.5
%
AH
GP
2.4
%
RR
MS
2.4
%
EE
P 2
.3%
P
AG
P
2.3
%
GL
P 2
.2%
B
KE
P 2
.2%
K
MI
2.1
%
SE
P 2
.1%
E
NL
C 2
.0%
E
TP
2.0
%
US
AC
1.9
%
SX
CP
1.9
%
AR
LP
1
.9%
R
MP
1.6
%
ST
ON
1
.6%
P
AA
1.5
%
ME
P 1.4
%
HE
P 1
.4%
E
PD
1.3
%
EN
LK
1.3
%
OC
IR 1
.2%
N
GL
1.2
%
EN
BL
1.1
%
MW
E 1
.1%
B
PL
1.1
%
CC
LP
1.0
%
EX
LP
0.9
%
SM
LP
0.9
%
US
DP
0.9
%
CP
LP
0.9
%
CL
MT
0
.7%
N
GL
S 0
.6%
A
MID
0.0
%
AP
U 0.0
%
AR
P 0.0
%
AZ
UR
0
.0%
A
ZU
R 0
.0%
B
BE
P 0
.0%
B
IP 0
.0%
B
WP
0.0
%
CAP
L 0.0
%
CE
LP
0.0
%
CE
QP
0.0
%
CM
LP
0.0
%
CQ
P 0
.0%
D
LN
G 0
.0%
D
PM
0.0
%
ER
OC
0.0
%
EV
EP
0.0
%
EX
H 0
.0%
F
UN
0.0
%
GL
OP
0.0
%
GM
LP
0
.0%
H
ML
P 0
.0%
JP
EP
0.0
%
KN
OP
0.0
%
LG
CY
0.0
%
LIN
E 0
.0%
L
NC
O 0
.0%
L
RE
0.0
%
MC
EP
0
.0%
M
EM
P 0.0
%
MM
LP
0.0
%
NAP
0.0
%
NM
M 0.0
%
NR
P 0
.0%
N
S 0
.0%
N
SH
0.0
%
OK
S 0
.0%
R
IGP
0.0
%
SD
LP
0.0
%
SG
U 0
.0%
S
PH
0.0
%
SX
E 0
.0%
T
CP
0.0
%
TG
P 0
.0%
TL
P 0
.0%
TO
O 0.0
%
VN
R 0
.0%
W
ML
P 0
.0%
W
PT
0.0
%
WP
Z 0
.0%
H
CL
P (2
9.6
%)
NS
LP
(1
00.0
%)
RN
O (100.0
%)
(120%)
(100%)
(80%)
(60%)
(40%)
(20%)
0%
20%
RN
F 1
77.8
%
AL
DW
46.5
%
CV
RR
28.9
%
VN
OM
15.8
%
TN
H 1
3.5
%
NTI
10.2
%
UAN
(13.3
%)
EM
ES
(33.0
%)
DM
LP
(45.4
%)
(100%)
(50%)
0%
50%
100%
150%
200%
TE
P 5
2.6
%
ET
E 39.5
%
WG
P 3
4.1
%
SU
N 3
3.4
%
PS
XP
32.6
%
VL
P 3
1.5
%
MP
LX
28.5
%
TR
GP
26.8
%
PA
GP
23.8
%
PB
FX
23.3
%
EQ
M 23.1
%
RR
MS
21.5
%
SX
L 2
0.0
%
WN
RL
18
.7%
TL
LP
17.5
%
KN
OP
17.2
%
GL
OP
15
.9%
D
KL
15.8
%
DL
NG
15.8
%
MM
P 1
5.6
%
WE
S 1
5.4
%
SR
LP
14.0
%
KM
I 14.0
%
EN
LC
13
.6%
S
XC
P 1
3.1
%
FE
LP
11.3
%
GE
L 1
0.6
%
CC
LP
10
.5%
B
IP 1
0.4
%
AH
GP
10.3
%
SM
LP
9
.6%
G
LP
9.0
%
OC
IR 8
.9%
S
GU
8.6
%
ME
P 8
.5%
S
EP
8.4
%
ETP
8.4
%
AR
LP
8.0
%
PA
A
7.8
%
BK
EP
7.5
%
NG
L 7
.4%
F
UN
7.1
%
EN
BL
7.1
%
ST
ON
6.6
%
AR
CX
6
.3%
H
EP
5.8
%
NG
LS
5.8
%
EP
D 5
.6%
E
NL
K 5
.5%
G
ML
P 5.5
%
EE
P 5
.0%
U
SAC
5.0
%
CAP
L 4.8
%
EX
LP
4.6
%
SD
LP
4.6
%
AP
U 4.5
%
MW
E 4
.5%
B
PL
4.5
%
OK
S 3
.9%
D
PM
3.0
%
AZ
UR
2.8
%
AZ
UR
2.8
%
MM
LP
2
.5%
F
GP
2.5
%
CE
LP
2.4
%
AM
ID 2
.2%
C
PL
P 1
.7%
S
PH
1.4
%
TG
P 1.2
%
CL
MT
0
.7%
B
WP
0.0
%
CE
QP
0.0
%
CM
LP
0.0
%
CQ
P 0
.0%
E
RO
C 0
.0%
E
XH
0.0
%
ME
MP
0
.0%
N
MM
0.0
%
NS
0.0
%
NS
H 0
.0%
S
XE
0.0
%
TC
P 0
.0%
TL
P 0
.0%
TO
O 0.0
%
WP
T 0
.0%
W
PZ
(7
.3%
)H
CL
P (17.4
%)
EV
EP
(35.3
%)
LG
CY (4
2.6
%)
VN
R (44.0
%)
AR
P (4
4.9
%)
LIN
E (
56
.9%
)L
NC
O (5
6.9
%)
LR
E (62.1
%)
NR
P (74.3
%)
BB
EP
(75.1
%)
MC
EP
(7
5.7
%)
AT
LS
(1
00
.0%
)N
KA
(1
00
.0%
)R
NO
(100.0
%)
(120%)
(100%)
(80%)
(60%)
(40%)
(20%)
0%
20%
40%
60%
80%
GR
OU
P D
AT
A
2Q15 Distributions
Quarter over Quarter
Year over Year
VARIABLE MLPs
AL
DW
700.0
%
RN
F 6
69.2
%
NTI
124.5
%
UAN
18.2
%
CV
RR
2.1
%
TN
H (
24.1
%)
EM
ES
(42.7
%)
DM
LP
(65.9
%)
OC
IP (100.0
%)
(200%)
(100%)
0%
100%
200%
300%
400%
500%
600%
700%
800%
VARIABLE MLPs
15 MLP Protocol
BIP
(6%
)E
TP
(6%
)S
PY
(6%
)T
CP
(6%
)P
BF
X (
6%
)B
WP
(6%
)K
MI
(6%
)G
LO
P (
6%
)T
NH
(7%
)V
NO
M (
7%
)D
ML
P (
7%
)S
RL
P (
7%
)F
EL
P (
7%
)S
PH
(7%
)E
VA
(7%
)S
GU
(7%
)G
ML
P (
7%
)W
NR
L (
7%
)R
IGP
(8%
)S
DL
P (
8%
)E
TE
(8%
)N
TI
(8%
)E
NL
C (
8%
)S
UN
(8%
)V
TT
I (8
%)
WL
KP
(8%
)P
AA
(8%
)S
XC
P (
9%
)S
EP
(9%
)O
KS
(9%
)C
CL
P (
9%
)R
MP
(9%
)C
VR
R (
9%
)S
XL
(9%
)A
LD
W (
9%
)R
NF
(9%
)N
AP
(9%
)R
RM
S (
10%
)E
NL
K (
10%
)G
LP
(10%
)C
NN
X (
10%
)N
GL
(11%
)M
EP
(11%
)S
TO
N (
11%
)JP
EP
(11%
)M
ML
P (
11%
)D
PM
(11%
)C
AP
L (
11%
)O
CIP
(12%
)T
GP
(12%
)S
ML
P (
12%
)N
GL
S (
13%
)E
XL
P (
13%
)C
ML
P (
14%
)T
RG
P (
14%
)A
ZU
R (1
5%
)R
NO
(15%
)E
XH
(16%
)C
EQ
P (
18%
)B
BE
P (
18%
)M
EM
P (
19%
)H
CL
P (
20%
)M
CE
P (
21%
)E
VE
P (
21%
)S
PP
(21%
)E
ME
S (
22%
)L
INE
(23%
)A
TL
S (
23%
)A
RP
(24%
)N
MM
(27%
)L
NC
O (
28%
)E
RO
C (
28%
)V
NR
(28%
)L
GC
Y (
28%
)L
RE
(31%
)
(35%)
(30%)
(25%)
(20%)
(15%)
(10%)
(5%)
0%
GR
OU
P D
AT
A
1 Week Price Performance
Source: www.finviz.com
SX
E 1
1%
C
NX
C 1
0%
M
PL
X 6
%
MW
E 4
%
EQ
GP
4%
A
HG
P 2
%
HE
P 2
%
WM
LP
2%
N
RP
1%
D
LN
G 1
%
US
AC
0%
G
PP
0%
W
GP
(0%
)F
GP
(1%
)T
LP
(1%
)A
RL
P (
1%
)K
NO
P (
1%
)D
M (
1%
)D
KL
(1%
)T
EG
P (
1%
)N
KA
(1%
)C
PP
L (
2%
)P
SX
P (2%
)E
QM
(2%
)P
TX
P (
2%
)C
PL
P (
2%
)S
HL
X (
2%
)E
NB
L (
2%
)T
EP
(2%
)H
ML
P (
2%
)B
KE
P (
2%
)N
SH
(2%
)L
MR
K (
2%
)O
CIR
(3%
)V
LP
(3%
)G
EL
(3%
)A
M (
3%
)C
EL
P (
3%
)B
SM
(3%
)W
PT
(3%
)T
LL
P (
3%
)N
SL
P (
3%
)W
PZ (
4%
)E
PD
(4%
)B
PL
(4%
)E
EP
(4%
)F
UN
(4%
)W
ES
(4%
)C
LM
T (
4%
)A
MID
(5%
)P
AG
P (
5%
)M
MP
(5%
)U
SD
P (
5%
)E
EQ
(5%
)A
PU
(5%
)T
OO
(5%
)A
MZ (
5%
)U
AN
(5%
)C
QP
(5%
)N
S (
5%
)A
RC
X (
6%
)
(8%)
(6%)
(4%)
(2%)
0%
2%
4%
6%
8%
10%
12%
16 MLP Protocol
MM
P (
19%
)C
EL
P (
19%
)O
CIP
(20%
)S
PH
(20%
)A
M (
21%
)S
XL
(21%
)U
SD
P (
22%
)M
EP
(22%
)O
KS
(22%
)T
CP
(24%
)E
PD
(24%
)W
ES
(25%
)K
MI
(25%
)A
MZ (
25%
)W
NR
L (
25%
)B
SM
(26%
)B
WP
(26%
)S
UN
(26%
)E
TP
(27%
)K
NO
P (
28%
)P
AG
P (
28%
)W
PT
(29%
)G
LO
P (
29%
)E
VA
(30%
)R
RM
S (
31%
)E
EQ
(31%
)M
PL
X (
31%
)N
MM
(32%
)A
MID
(32%
)W
ML
P (33%
)E
EP
(34%
)R
IGP
(35%
)S
DL
P (
36%
)P
AA
(36%
)E
NL
C (
36%
)JP
EP
(37%
)W
LK
P (
37%
)G
ML
P (
39%
)T
OO
(40%
)E
XH
(40%
)A
HG
P (
40%
)T
RG
P (
40%
)D
PM
(41%
)N
GL
S (
42%
)T
GP
(42%
)S
ML
P (
42%
)E
NL
K (
42%
)A
RL
P (
43%
)D
ML
P (
46%
)C
AP
L (
48%
)C
ML
P (
49%
)S
XE
(50%
)E
RO
C (
50%
)S
XC
P (
50%
)C
NN
X (
52%
)A
ZU
R (5
3%
)L
RE
(53%
)L
GC
Y (
55%
)R
NO
(56%
)V
NR
(57%
)H
CL
P (
59%
)S
PP
(60%
)F
EL
P (
62%
)M
EM
P (
62%
)E
VE
P (
62%
)M
CE
P (
62%
)C
EQ
P (
66%
)B
BE
P (
68%
)N
RP
(69%
)A
RP
(72%
)E
ME
S (
75%
)L
INE
(76%
)L
NC
O (
78%
)A
TL
S (
91%
)N
SL
P (
92%
)
(100%)
(90%)
(80%)
(70%)
(60%)
(50%)
(40%)
(30%)
(20%)
(10%)
0%
GR
OU
P D
AT
A
YTD Price Performance
Source: www.finviz.com
AL
DW
71%
S
GU
48%
R
NF
31%
E
QG
P 1
5%
N
KA
14%
C
LM
T 1
2%
N
TI
11%
C
VR
R 1
1%
U
SA
C 1
1%
U
AN
10%
D
KL
10%
V
LP
9%
F
UN
9%
N
AP
8%
C
CL
P 5
%
TE
P 4
%
TN
H 1
%
HE
P (
0%
)G
PP
(0%
)B
KE
P (
0%
)G
EL
(1%
)T
EG
P (
3%
)C
NX
C (
4%
)P
BF
X (
4%
)E
TE
(4%
)A
RC
X (
5%
)T
LP
(5%
)S
RL
P (
5%
)B
IP (
5%
)S
PY
(5%
)S
HL
X (
6%
)M
ML
P (
6%
)F
GP
(6%
)R
MP
(7%
)N
SH
(8%
)S
TO
N (
9%
)A
PU
(9%
)P
TX
P (
9%
)L
MR
K (
10%
)C
QP
(10%
)B
PL
(11%
)C
PL
P (
12%
)G
LP
(12%
)W
GP
(12%
)H
ML
P (
12%
)T
LL
P (
12%
)M
WE
(13%
)O
CIR
(13%
)N
GL
(13%
)E
QM
(14%
)C
PP
L (
14%
)D
M (
14%
)N
S (
15%
)D
LN
G (
15%
)E
XL
P (
16%
)W
PZ (
16%
)V
NO
M (
17%
)V
TT
I (1
7%
)E
NB
L (
18%
)S
EP
(18%
)P
SX
P (18%
)
(30%)
(20%)
(10%)
0%
10%
20%
30%
40%
50%
60%
70%
80%
17 MLP Protocol
BW
PW
NR
LE
XL
PS
XL
EN
BL
SU
NE
VA
WM
LP
DL
NG
KN
OP
OC
IPT
GP
WP
ZN
GL
MP
LX
PA
GP
PA
AO
KS
EN
LC
GL
OP
WL
KP
EN
LK
CC
LP
AH
GP
CA
PL
GM
LP
AR
LP
DP
MR
RM
ST
OO
CE
LP
SX
CP
VN
OM
AM
IDM
EP
TR
GP
DM
LP
EX
HS
ML
PJP
EP
NG
LS
SX
EN
MM
AZU
RC
NN
XF
EL
PR
IGP
SD
LP
CM
LP
AT
LS
ER
OC
ME
MP
NK
AV
NR
CE
QP
EV
EP
LR
EN
RP
HC
LP
AR
PL
GC
YS
PP
MC
EP
BB
EP
EM
ES
LIN
EL
NC
OR
NO
NS
LP
(120%)
(100%)
(80%)
(60%)
(40%)
(20%)
0%
RN
FG
PP
SG
UC
LM
TC
NX
CT
EP
NT
IE
QG
PO
CIR
AP
UR
MP
FU
NV
LP
PT
XP
BIP
AL
DW
CV
RR
CQ
PH
EP
BP
LL
MR
KD
KL
WG
PT
EG
PS
EP
SP
HE
QM
SR
LP
GE
LP
BF
XE
TE
SH
LX
MW
EU
SA
CF
GP
MM
PD
MB
KE
PN
AP
TL
LP
NS
ST
ON
VT
TI
WE
SK
MI
HM
LP
BS
MA
MN
SH
ET
PC
PL
PT
LP
UA
NW
PT
TC
PP
SX
PC
PP
LU
SD
PT
NH
GL
PM
ML
PE
EP
EE
QA
RC
XE
PD
(40%)
(35%)
(30%)
(25%)
(20%)
(15%)
(10%)
(5%)
0%
GR
OU
P D
AT
A
% Below 52 Week Highs
Positive number indicates close at a new high.
Source: www.finviz.com
18 MLP Protocol
AM
VT
TI
EQ
GP
CP
PL
FE
LP
GL
PW
GP
ST
ON
SP
PS
EP
OK
SB
SM
SU
NW
PT
ET
PE
PD
EN
LK
DP
MF
GP
CA
PL
TG
PW
ES
TO
OL
GC
YE
XL
PD
ML
PT
LP
RIG
PN
SH
NS
TE
GP
KM
IA
ZU
RC
ML
PG
ML
PS
XL
WN
RL
BB
EP
BW
PH
CL
PS
ML
PP
AA
MC
EP
SX
CP
GL
OP
SD
LP
WP
ZE
EP
EE
QE
VA
LN
CO
CE
QP
EN
LC
SP
HW
LK
PV
NR
CN
NX
TR
GP
LR
ER
RM
SL
INE
OC
IPE
RO
CE
VE
PM
EM
PN
GL
SE
XH
NM
ME
ME
S
(15%)
(10%)
(5%)
0%
5%
10%
NK
A 1
79%
A
LD
W 1
12%
S
GU
77%
R
NF
RN
OD
MC
VR
RA
MID
CL
MT
TE
PW
ML
PN
TI
UA
NU
SA
CA
TL
SA
RP
VL
PD
KL
NR
PK
NO
PP
TX
PF
UN
GE
LU
SD
PM
EP
NA
PS
RL
PR
MP
ET
ES
HL
XD
LN
GB
KE
PT
NH
CQ
PE
NB
LC
EL
PO
CIR
HM
LP
CP
LP
PB
FX
NG
LL
MR
KC
CL
PS
XE
VN
OM
MW
ET
CP
MM
LP
MP
LX
AP
UB
IPB
PL
NS
LP
PS
XP
CN
XC
GP
PA
RL
PT
LL
PJP
EP
HE
PA
RC
XA
HG
PP
AG
PM
MP
EQ
M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
GR
OU
P D
AT
A
% Above 52 Week Lows
Negative number indicates close at a new low.
Source: www.finviz.com
19 MLP Protocol
y = 0.48x2 - 0.41x + 0.12R² = 0.13
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0% 5% 10% 15% 20% 25% 30% 35%
Cu
rre
nt Y
ield
3 Year Historical Distribution Growth Rate
GR
OU
P D
AT
A
Yield versus Growth
Current Yield vs. 3 Year Historical Distribution Growth Rate
Current Yield vs. 3 Year Forward Distribution Growth Rate
y = -0.01x2 - 0.26x + 0.10R² = 0.63
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
(100%) (80%) (60%) (40%) (20%) 0% 20% 40%
Cu
rre
nt Y
ield
3 Year Forward Distribution Growth Rate
Includes data set for flat or positive 3 year historical growth rates.
Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown.
20 MLP Protocol
Natural
Gas &
NGL
Pipelines
Crude &
Refined
Product
Pipelines
Gathering &
Processing
Terminal &
StorageUpstream
Propane &
NGL LogisticsMarine Coal
General
Partners
Variable
/ Plants
Downstream
& MarketingOther
BWP BPL AM ARCX ARP APU CPLP ARLP AHGP OCIP ALDW BIP
CPPL EEP AMID BKEP BBEP FGP DLNG CNXC ATLS RNF CAPL EMES
EPD EEQ AZUR CQP EROC NGL GLOP FELP CEQP TNH CLMT EVA
ETP HEP CCLP DKL EVEP SGU GMLP NRP ENLC WLKP CVRR FUN
OKS MMP CELP DM LGCY SPH HMLP RNO EQGP UAN GLP HCLP
SEP MPLX CMLP GEL LINE KNOP SXCP ETE NTI LMRK
TCP NS CNNX GPP LNCO NAP WMLP EXH SRLP OCIR
TEP PAA DPM JPEP LRE NMM KMI SUN STON
WPZ PSXP ENBL MMLP MCEP RIGP NSH
SHLX ENLK NKA MEMP SDLP PAGP
SXL EQM PBFX NSLP TGP TEGP
VLP EXLP RRMS SPP TOO TRGP
MEP TLLP VNR WGP
MWE TLP BSM
NGLS USDP DMLP
PTXP VTTI VNOM
RMP WNRL
SMLP WPT
SXE
USAC
WES
GR
OU
P D
AT
A
Tickers by Segment
• RED tickers indicate a past distribution cut.
• ORANGE tickers indicate VARIABLE distributions.
• YELLOW highlighting indicates companies / MLPs that DO
NOT send a K-1 tax form. All other tickers send a K-1 tax
form, MLP positions that generate a K-1 tax form are not
appropriate for any type of tax advantaged accounts (i.e.
IRAs, etc.).
• The General Partner list is not exhaustive, others include
MPC, OKE, PSX, VLO, WMB, etc. ,etc. KMI remains
included in this group even though it consolidated in its LPs.
• Expect more Upstream MLP distribution cuts.
• Bottom of Upstream list are oil and gas Mineral Interest
owners.
Click Here for Links
to All Company
Presentations
MLP Protocol
SEGMENT YIELD DATA
SECTION III
22 MLP Protocol
8.5%
5.6%
4.4%
10.2%
9.2% 9.0% 8.8%
5.3% 5.3%
2.8%
8.8% 7.9%
6.9% 6.2% 6.2%
5.4%
3.5% 3.4% 3.0%
3.4%
2.5% 2.0%
0%
2%
4%
6%
8%
10%
12%
PAA EPD MMP OKS ENLK WPZ EEP SXL SEP PSXP ETP ENBL BPL TCP KMI WES MPLX EQM BWP CPPL VLP SHLX
8.5%
5.7%
4.8%
10.2%
9.4% 9.0% 8.9%
5.8% 5.5%
3.3%
9.1%
8.1%
7.0% 6.4% 6.4%
5.7%
3.9% 3.7% 3.0%
3.7%
2.8% 2.3%
0%
2%
4%
6%
8%
10%
12%
PAA EPD MMP OKS ENLK WPZ EEP SXL SEP PSXP ETP ENBL BPL TCP KMI WES MPLX EQM BWP CPPL VLP SHLXSE
GM
EN
T Y
IEL
D D
AT
A
Investment Grade Names
Current Yield
Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown.
Forward Yield
Ticker PAA EPD MMP OKS ENLK WPZ EEP SXL SEP PSXP ETP ENBL BPL TCP KMI WES MPLX EQM BWP CPPL VLP SHLX
S&P Debt Rating / Outlook BBB+ / Neg BBB+ BBB+ BBB BBB BBB BBB BBB BBB BBB BBB- BBB- BBB- BBB- BBB- BBB- BBB- BBB- BBB- GP: BBB- GP: BBB GP: AA
Current Yield* 8.5% 5.6% 4.4% 10.2% 9.2% 9.0% 8.8% 5.3% 5.3% 2.8% 8.8% 7.9% 6.9% 6.2% 6.2% 5.4% 3.5% 3.4% 3.0% 3.4% 2.5% 2.0%
Forward Yield 8.5% 5.7% 4.8% 10.2% 9.4% 9.0% 8.9% 5.8% 5.5% 3.3% 9.1% 8.1% 7.0% 6.4% 6.4% 5.7% 3.9% 3.7% 3.0% 3.7% 2.8% 2.3%
3 Year Distribution Growth Rates:
Trailing 9.3% 6.2% 16.2% 6.2% NA 2.4% 2.4% 23.1% 8.2% NA 5.0% NA 3.9% 2.5% 11.9% 16.0% NA NA (42.7%) NA NA NA
Projected 1.5% 3.0% 10.7% 0.0% 3.0% 0.0% 2.0% 15.0% 7.0% 24.0% 6.0% 3.0% 2.0% 5.0% 8.7% 11.6% 22.5% 18.0% 0.0% 22.7% 20.0% 25.0%
*Current Yield is calculated based on most recently announced distribution annualized.
23 MLP Protocol
17
.5%
14
.5%
14
.5%
13
.2%
12
.7%
11
.9%
11
.8%
11
.7%
11
.7%
11
.6%
11
.6%
10
.5%
9.4
%8
.1%
8.0
%6
.4%
6.4
%5
.7%
5.0
%3
.9%
3.7
%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
CM
LP
AM
IDC
CL
PM
EP
EX
LP
NG
LS
CE
LP
US
AC
DP
MS
XE
AZ
UR
SM
LP
EN
LK
EN
BL
CN
NX
PT
XP
MW
EW
ES
RM
PA
ME
QM
13
.0%
10
.7%
10
.7%
10
.6%
9.1
%
8.9
%
8.9
%
8.4
%
7.9
%
7.0
%
6.6
%
6.3
%
6.1
%
6.0
%
5.9
%
5.8
%
2.6
%
0.0
%
0%
2%
4%
6%
8%
10%
12%
14%
MM
LP
GP
P
AR
CX
US
DP
RR
MS
BK
EP
TL
P
WP
T
PB
FX
WN
RL
JPE
P
GE
L
DK
L
TL
LP
CQ
P
VT
TI
DM
NK
A
8.9
%
8.9
%
8.8
%
8.5
%
7.4
%
7.0
%
5.8
%
4.8
%
3.9
%
3.3
%
2.8
%
2.3
%
0%1%2%3%4%5%6%7%8%9%
10%
EE
P
NS
EE
Q
PA
A
HE
P
BP
L
SX
L
MM
P
MP
LX
PS
XP
VL
P
SH
LX
10
.2%
9.1
%
9.0
%
6.4
%
5.7
%
5.6
%
5.5
%
3.7
%
3.0
%
0%
2%
4%
6%
8%
10%
12%
OK
S
ET
P
WP
Z
TC
P
EP
D
TE
P
SE
P
CP
PL
BW
P
SE
GM
EN
T Y
IEL
D D
AT
A
Forward Yields by Segment
Natural Gas & NGL Pipelines
Gathering & Processing
Crude & Refined Product Pipelines
Terminal & Storage
Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown.
24 MLP Protocol
17
.1%
12
.7%
11
.9%
10
.8%
10
.7%
8.6
%
8.3
%
6.9
%
6.3
%
3.6
%
3.4
%
2.8
%
0.0
%
0.0
%
0.0
%
0.0
%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
ME
MP
ER
OC
LR
E
EV
EP
LG
CY
VN
R
MC
EP
AR
P
BS
M
BB
EP
VN
OM
DM
LP
LIN
E
LN
CO
NS
LP
SP
P
10
.8%
10
.3%
10
.0%
8.4
%
4.3
%
0%
2%
4%
6%
8%
10%
12%
NG
L
SP
H
FG
P
AP
U
SG
U
25
.4%
15
.2%
13
.6%
13
.3%
13
.3%
13
.1%
12
.6%
12
.3%
12
.1%
11
.2%
9.7
%
7.4
%
0%
5%
10%
15%
20%
25%
30%
NM
M
RIG
P
CP
LP
TO
O
NA
P
KN
OP
SD
LP
GM
LP
DL
NG
TG
P
GL
OP
HM
LP
23
.5%
17
.6%
14
.2%
11
.2%
8.6
%
6.8
%
0.0
%
0%
5%
10%
15%
20%
25%
FE
LP
SX
CP
CN
XC
AR
LP
NR
P
WM
LP
RN
O
SE
GM
EN
T Y
IEL
D D
AT
A
Forward Yields by Segment
Upstream
Marine
Propane & NGL Logistics
Coal
Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown.
25 MLP Protocol
11
.5%
10
.9%
6.9
%
6.4
%
6.0
%
4.9
%
4.8
%
4.4
%
3.1
%
3.1
%
2.1
%
1.1
%
0.0
%
0%
2%
4%
6%
8%
10%
12%
14%
CE
QP
AH
GP
NS
H
KM
I
TR
GP
PA
GP
EN
LC
ET
E
WG
P
EX
H
TE
GP
EQ
GP
AT
LS
16
.9%
13
.8%
10
.1%
8.1
%
6.5
%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
OC
IP
RN
F
UA
N
TN
H
WL
KP
15
.2%
13
.1%
11
.0%
10
.6%
10
.0%
9.9
%
9.2
%
8.4
%
0%
2%
4%
6%
8%
10%
12%
14%
16%
NT
I
CV
RR
CL
MT
CA
PL
GL
P
AL
DW
SR
LP
SU
N
13
.4%
12
.2%
11
.3%
10
.1%
9.7
%
8.6
%
5.9
%
5.7
%
0%
2%
4%
6%
8%
10%
12%
14%
16%
EM
ES
EV
A
ST
ON
HC
LP
OC
IR
LM
RK
FU
N
BIP
SE
GM
EN
T Y
IEL
D D
AT
A
Forward Yields by Segment
General Partners
Downstream & Marketing
Variable / Plants
Other
Source: Internal estimates, variable distribution MLP estimates are the least accurate and will vary materially from any data shown.
MLP Protocol
SELECTED REGIONAL DATA
SECTION IV
27 MLP Protocol
Dry / Modestly Wet Gas Plays NGL-Rich Gas Plays Oil Plays Dry / Modestly Wet Gas Plays
Ticker
Current
Yield
Forward
Yield
3 Year
Hist Dist
Growth To
tal R
egio
ns
Bar
net
t
Bo
ssie
r
Co
tto
n V
alle
y
DJ
Bas
in
Hay
nes
ville
Fay
etvi
lle
Po
wd
er R
iver
Mar
cellu
s
Uit
na
Uti
ca
San
Ju
an
Wo
od
ford
/ A
rko
ma
An
adar
ko /
Hu
go
ton
Eag
le F
ord
Gra
nit
e W
ash
Mis
siss
ipp
i Lim
e
Off
sho
re G
as
Pic
ean
ce
Jon
ah /
Pin
edal
e
Per
mia
n
SC
OO
P
Bro
wn
Den
se
Eag
le F
ord
Fo
ur
Co
rner
s
Mo
nte
rrey
Off
sho
re o
il
Nio
bra
ra
Per
mia
n
Uti
ca
Will
isto
n /
Bak
ken
AMID 14.07% 14.53% 3.0% 2 G G-P
BKEP 8.61% 8.93% 9.0% 1 T
BWP 3.03% 3.03% (42.7% ) 7 T T T T G T G-P
CMLP 21.03% 17.46% 2.6% 6 G-P G T-G G-P G T
DKL 5.66% 6.10% NA 1 G
DPM 11.66% 11.66% 5.2% 4 G G-P G-P G
EEP 8.80% 8.91% 2.4% 6 T-G-P T-G-P G T-G-P T-G-P T
ENBL 7.95% 8.10% NA 10 T-G-P T-G-P T-G-P T-G T-G-P T-G-P T-G-P T T-G-P G
ENLK 9.19% 9.36% NA 8 T-G-P T-G T-G G-P G-P P P T
EPD 5.56% 5.67% 6.2% 11 T-G T-G T T-G-P T-G-P T-G-P T-G-P T-G-P T T T
EQM 3.37% 3.74% NA 1 T-G
EROC 25.45% 12.71% (31.7% ) 3 G G G-P
ETP 8.77% 9.10% 5.0% 13 T-G-P T-G-P T-G-P T T-G T-G-P T T-G-P T T-G-P G-P T-G-P T-G-P
GEL 5.95% 6.31% 10.8% 2 T T
GLP 9.54% 9.99% 9.8% 1 G
HEP 7.30% 7.39% 6.2% 1 G
MMP 4.43% 4.76% 16.2% 2 T T
MWE 6.26% 6.38% 4.8% 7 G-P G G-P G-P T-G-P G G-P
NGLS 11.79% 11.94% 8.7% 4 G-P G-P G-P G
NS 8.87% 8.87% 0.0% 1 T
OKS 10.22% 10.22% 6.2% 10 T T-G T-G-P G-P T-G-P T-G-P T T T T-G-P
PAA 8.47% 8.47% 9.3% 8 T T T-G T T T T-G T-G
RRMS 8.25% 9.14% 19.3% 3 G-P T T-G
SEP 5.26% 5.49% 8.2% 2 T-G T
SMLP 10.34% 10.53% NA 2 G G
SXE 20.00% 11.62% NA 1 G-P
SXL 5.30% 5.79% 23.1% 1 T
TCP 6.19% 6.38% 2.5% 1 T
TEP 4.97% 5.57% NA 3 T T-P T
TLLP 5.60% 6.05% 20.8% 1 T-G
WES 5.44% 5.71% 16.0% 10 G G G-P T-G-P G P G P G-P P
WNRL 6.42% 7.01% NA 2 T-G T-G
WPZ 9.03% 9.03% 2.4% 11 T T T T-G-P G-P T-G-P T-P T-G-P T-G-P T-G-P T
Total Counts Transportation (Least Risky) 96 6 4 2 3 6 4 4 5 1 0 3 6 3 3 4 4 1 4 2 4 1 0 5 1 1 3 3 6 1 6
Gathering 98 7 5 4 1 7 3 3 7 1 2 2 5 4 8 7 2 4 5 3 4 1 1 0 1 0 0 1 3 0 7
Processing (Most Risky) 66 5 3 2 1 2 0 2 2 2 2 2 5 3 8 7 2 5 3 3 5 1 0 0 0 0 0 0 0 0 1
Total 146 9 6 4 4 9 5 5 8 2 2 3 7 5 10 8 5 5 6 3 7 1 1 5 1 1 3 4 7 1 9
SE
LE
CT
ED
RE
GIO
NA
L D
AT
A
Selected MLP Exposure to Major Producing Regions
Source: Producing regions as per Wells Fargo Securities, LLC MLP Monthly report, other data as per internal estimates
28 MLP Protocol
SE
LE
CT
ED
RE
GIO
NA
L D
AT
A
Lower 48 Shale Plays
Source: Energy Information Administration based on data from various published studies, updated May 9, 2011
