source: Wells Fargo
source: Wells Fargo
U.S. flows 12-months ending April 2012: Mutual funds for U.S stocks ($121 billion). Mutual funds for U.S. bonds $191 billion. (Morningstar)
Global flows month of April 2012: mutual funds for U.S. stocks ($17 billion). Mutual funds for Western European stocks ($8.3 billion). Mutual fund for global stocks $10 billion. (EPFR)
Net redemptions from equity mutual funds in April was largest amount since 1996, the earliest data. However as a percentage of assets, April 2000 saw the largest net redemptions.
These are the 20 largest pipeline master limited partnerships in the Alerian MLP 50 index, which is tracked by the JP Morgan ETN (AMJ). This list excludes the non-pipeline MLPs from the index, and also excludes Kinder Morgan Management, which does not pay a dividend. The MLP’s are listed in descending order by market-cap as of April 27, 2012.
MLP’s have become a popular source of equity income. They are asset intensive, strategic infrastructure with typically attractive distribution yields. They generate partially tax sheltered income due to allowed non-cash charges such as depreciation, but result in recapture of that shelter upon sale. They generate K-2 reports at tax time, and are not generally suitable for tax deferred investment accounts such as IRA’s and 401-k’s.
Enterprise Products Partners L.P. (Enterprise) owns and operates natural gas liquids (NGLs) related businesses of Enterprise Products Company (EPCO). The Company is a North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and certain petrochemicals. Its midstream energy asset network links producers of natural gas, NGLs and crude oil from supply basins in the United States, Canada and the Gulf of Mexico with domestic consumers and international markets. As of December 31, 2011, its assets included approximately 50,600 miles of onshore and offshore pipelines and 14 billion cubic feet of natural gas storage capacity. On September 7, 2011, the Company and Duncan Energy Partners L.P. (DEP) announced the merger of DEP with a subsidiary of the Company. In February 2012, the Company purchased a 37-acre tract of land adjacent to its Enterprise Crude Houston (ECHO) crude oil terminal, in southeast Harris County.
Kinder Morgan Energy Partners, L.P. (KMP) is a pipeline transportation and energy storage company in North America. KMP owns an interest in approximately 29,000 miles of pipelines and 180 terminals. The Company operates in five business segments: Products Pipelines, Natural Gas Pipelines, carbon dioxide (CO2), Terminals and Kinder Morgan Canada. The Company’s pipelines transport natural gas, refined petroleum products, crude oil, carbon dioxide and other products. Its terminals store petroleum products and chemicals and handle products, such as ethanol, coal, petroleum coke and steel. The Company is also a provider of CO2. On July 1, 2011, the Company acquired from Petrohawk Energy Corporation both the remaining 50% interest in KinderHawk Field Services LLC and a 25% interest in EagleHawk Field Services, LLC. On December 15, 2011, the Company acquired a refined petroleum products terminal located on a 14-acre site in Lorton, Virginia from Motiva Enterprises, LLC.
Plains All American Pipeline, L.P. (Plains) is engaged in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids (NGL). The term NGL includes ethane and natural gasoline products, as well as propane and butane, products, which are also commonly referred to as liquefied petroleum gas (LPG). The Company’s operations are conducted directly and indirectly through its primary operating subsidiaries. Through its general partner interest in PAA Natural Gas Storage, L.P., it also owns and operates natural gas storage facilities. The Company operates in three segments: Transportation, Facilities, and Supply and Logistics. The Company has network of transportation, terminalling and storage facilities at various markets and in oil producing basins, as well as crude oil, refined product and LPG transportation corridors in the United States and Canada.
Energy Transfer Partners, L.P. (ETP) is a limited partnership in the United States engaged in natural gas operations. ETP is managed by its general partner, Energy Transfer Partners GP, L.P. (General Partner or ETP GP), and ETP GP is managed by its general partner, Energy Transfer Partners, L.L.C. (ETP LLC), which is owned by Energy Transfer Equity, L.P., another publicly traded master limited partnership (ETE). The activities in which the Company is engaged all of which are in the United States and the wholly owned operating subsidiaries (collectively the Operating Companies). ETP operates in four business segments: intrastate transportation and storage; interstate transportation; midstream, and retail propane and other retail propane related operations. In January 2012, AmeriGas Partners, L.P. acquired propane operations of ETP.
Magellan Midstream Partners, L.P. is engaged in the transportation, storage and distribution of refined petroleum products. The Company operates in three segments: petroleum pipeline system, petroleum terminals and ammonia pipeline system. Its petroleum pipeline system, consists of approximately 9,600 miles of pipeline and 50 terminals. Petroleum terminals include storage terminal facilities (consisting of six marine terminals located along coastal waterways and crude oil storage in Cushing, Oklahoma) and 27 inland terminals. Its ammonia pipeline system is representing 1,100-mile ammonia pipeline and six associated terminals. In January 2011, the Company acquired the remaining 50% undivided interest in its Southlake. In April 2011, it acquired an approximate 38-mile petroleum products pipeline segment connected to its petroleum pipeline system at Reagan, Texas. In May 2011, the Company acquired petroleum products storage tanks in Riverside, Missouri.
ONEOK Partners, L.P. (Partnership) is engaged in gathering, processing, storage and transportation of natural gas in the United States. In addition, the Company owns natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent and Rocky Mountain regions with key market centers. The Company operates in three segments: Natural Gas Gathering and Processing; Natural Gas Pipelines, and Natural Gas Liquids. On June 30, 2011, the Company acquired ONEOK Bushton Processing Inc. (OBPI).
Energy Transfer Equity, L.P. (Energy Transfer Equity) is a limited partnership company. The Company has two segments: Investment in ETP and Investment in Regency. ETP is operating a diversified portfolio of energy assets. ETP has natural gas operations that include more than 17, 500 miles of gathering and transportation pipelines, treating and processing assets, and three storage facilities located in Texas. ETP also holds a 70% membership interest in Lone Star NGL LLC (Lone Star), a joint venture that owns and operates natural gas liquid (NGL) storage, fractionation and transportation assets in Texas, Louisiana and Mississippi. Regency is engaged in the gathering and processing, contract compression, treating and transportation of natural gas and the transportation, fractionation and storage of NGLs. Regency also holds a 30% membership interest in Lone Star. In May 2011, the Company acquired LDH Energy Asset Holdings LLC (LDH).
Enbridge Energy Partners, L.P. (the Partnership) owns and operates crude oil and liquid petroleum transportation and storage assets, and natural gas gathering, treating, processing, transportation and marketing assets in the United States. As of December 31, 2011, its portfolio of assets included the approximately 6,500 miles of crude oil gathering and transportation lines and 32 million barrels of crude oil storage and terminaling capacity; natural gas gathering and transportation lines totaling approximately 11,500 miles; nine natural gas treating and 25 natural gas processing facilities with an aggregate capacity of approximately 3,255 million cubic feet per day, including plants; trucks, trailers and railcars for transporting natural gas liquids (NGLs), crude oil and carbon dioxide, and marketing assets, which provide natural gas supply, transmission, storage and sales services. The Company conducts its business through three business segments: Liquids, Natural Gas and Marketing.
MarkWest Energy Partners, L.P. (MarkWest Energy) is a master limited partnership engaged in the gathering, processing and transportation of natural gas; the transportation, fractionation, storage and marketing of natural gas liquids (NGLs), and the gathering and transportation of crude oil. It provides services in the midstream sector of the natural gas industry. The Company also provides processing and fractionation services to crude oil refineries in the Corpus Christi, Texas area through its Javelina gas processing and fractionation facility. As of December 31, 2011, the Company operated in four segments: Southwest, Northeast, Liberty and Gulf Coast. Effective December 31, 2011, the Company acquired the remaining 49% interest in MarkWest Liberty Midstream. On February 1, 2011, the Company acquired Langley processing plant.
Williams Partners L.P. focuses on natural gas transportation; gathering, treating, and processing; storage; natural gas liquid (NGL) fractionation, and oil transportation. As of December 31, 2011, The Williams Companies, Inc. (Williams) owned 70% limited partnership interest in the Company and all of its 2% general partner interest. Williams is an energy infrastructure company. The Company operates in two segments: Gas Pipeline, and Midstream Gas & Liquids. Its Gas Pipeline segment includes its interstate natural gas pipelines and pipeline joint venture investments. Its Midstream Gas & Liquids segment includes its natural gas gathering, treating and processing business and consists of wholly owned and partially owned subsidiaries. In May 2011, the Company acquired from Williams an additional 24.5% interest in Gulfstream Natural Gas System, L.L.C. (Gulfstream). On February 17, 2012, the Company acquired 100% interest in certain entities from Delphi Midstream Partners, LLC.
Buckeye Partners, L.P. (Buckeye) is a master limited partnership. The Company owns and operates independent refined petroleum products pipeline systems in the United States, with approximately 6,100 miles of pipeline and 100 active products terminals that provide aggregate storage capacity of over 64 million barrels. The Company operates in five segments: Pipelines & Terminals, International Operations, Natural Gas Storage, Energy Services and Development & Logistics. On July 19, 2011, it acquired a terminal in Bangor, Maine (Bangor Terminal) with approximately 140,000 barrels of storage capacity. On May 11, 2011, the Company sold its 20% interest in West Texas LPG Pipeline Limited Partnership (WT LPG). On January 18, 2011, the Company completed the purchase of First Reserve’s interest in BORCO.
El Paso Pipeline Partners, L.P. owns and operates interstate natural gas transportation and terminaling facilities. As of December 31, 2011, the Company owned Wyoming Interstate Company, L.L.C. (WIC), Southern LNG Company, L.L.C. (SLNG), Elba Express Company, L.L.C. (Elba Express), Southern Natural Gas Company, L.L.C. (SNG) and an 86% interest in Colorado Interstate Gas Company, L.L.C. (CIG). In March 2011, the Company acquired an additional 25% interest in SNG from El Paso Corporation (El Paso). In June 2011, it acquired the remaining 15% interest in SNG and an additional 28% interest in CIG from El Paso. During the year ended December 31, 2011, it acquired the remaining 40% general partner interest in SNG.
NuStar Energy L.P. (NuStar Energy) is engaged in the terminalling and storage of petroleum products, the transportation of petroleum products and anhydrous ammonia, and petroleum refining and marketing. It has three segments: storage, transportation, and asphalt and fuels marketing. Its assets included 66 terminal and storage facilities providing 84.6 million barrels of storage capacity; 5,480 miles of refined product pipelines with 21 associated terminals providing storage capacity of 4.5 million barrels and two tank farms providing storage capacity of 1.2 million barrels; 2,000 miles of anhydrous ammonia pipelines; 940 miles of crude oil pipelines with 1.9 million barrels of associated storage capacity; two asphalt refineries with a combined throughput capacity of 104,000 barrels per day and two associated terminal facilities with a combined storage capacity of 5.0 million barrels, and a fuels refinery with a throughput capacity of 14,500 barrels per day and 0.4 million barrels.
Regency Energy Partners LP (the Partnership) is engaged in the gathering and processing, contract compression, treating and transportation of natural gas and the transportation, fractionation and storage of natural gas liquids (NGLs). The Partnership operates in five business segments: Gathering and Processing, Joint Ventures, Contract Compression, Contract Treating, and Corporate and Others. Its assets are primarily located in Texas, Louisiana, Arkansas, Pennsylvania, California, Mississippi, Alabama, West Virginia and the mid-continent region of the United States, which includes Kansas, Colorado and Oklahoma. On September 1, 2011, the Partnership purchased an additional 0.1% interest in Midcontinent Express Pipeline LLC (MEP) from ETP. On December 2, 2011, Ranch Westex JV LLC (Ranch JV) was formed by the Partnership, Anadarko Pecos Midstream LLC (APM) and Chesapeake West Texas Processing, L.L.C. (CM), each owning a 33.33% interest in the joint venture.
Targa Resources Partners LP is a limited partnership formed by Targa Resources, Corp (Targa). The company is a provider of midstream natural gas and natural gas liquid (NGL) services in the United States and is engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting, terminaling and selling NGLs, NGL products, refined petroleum products and crude oil. It operates in two divisions: Natural Gas Gathering and Processing, which include Field Gathering and Processing and Coastal Gathering and Processing, and Logistics and Marketing, which includes Logistics Assets and Marketing and Distribution. On March 15, 2011, it acquired a refined petroleum products and crude oil storage and terminaling facility in Channelview, Texas. On September 30, 2011 it acquired refined petroleum products and crude oil storage and terminaling facilities in two separate transactions.
Sunoco Logistics Partners L.P. owns and operates a logistics business, consisting of a portfolio of complementary pipeline, terminalling, and acquisition and marketing assets which are used to facilitate the purchase and sale of crude oil and refined products. The Company operates in four segments: Refined Products Pipelines, Terminal Facilities, Crude Oil Pipelines, and Crude Oil Acquisition and Marketing. In May 2011, it acquired an 83.8% interest in Inland Corporation (Inland) from Sunoco and Shell Oil Company. In July 2011, it acquired the Eagle Point tank farm and related assets from Sunoco. In August 2011, it acquired a crude oil acquisition and marketing business from Texon L.P. consisting of a 75 thousand bpd crude oil purchasing business and gathering assets in 16 states, primarily in the mid-continent United States. In September 2011, it acquired a refined products terminal, located in East Boston, Massachusetts, from affiliates of ConocoPhillips.
Copano Energy, L.L.C. (Copano) is an energy company engaged in the business of providing midstream services to natural gas producers, including gathering, transportation and processing of natural gas, fractionation and transportation of natural gas liquids (NGLs) and other related services. Copano’s assets are located in Texas, Oklahoma, Wyoming and Louisiana, and include approximately 6,800 miles of active natural gas gathering and transmission pipelines, and natural gas processing plants. Copano operates in three segments: Texas, Oklahoma and Rocky Mountains. On January 18, 2011 the Company announced that it had formed Liberty Pipeline Group, LLC (a 50/50 joint venture with a subsidiary of Energy Transfer Partners) to construct, own and operate a 12-inch NGL pipeline (the Liberty pipeline). On February 2, 2011, it acquired puts for normal butane, isobutane, propane and West Texas Intermediate crude oil.
Boardwalk Pipeline Partners, LP is a limited partnership company. The Company owns and operates three interstate natural gas pipeline systems including integrated storage facilities. Its business is conducted by its primary subsidiary, Boardwalk Pipelines, LP (Boardwalk Pipelines) and its subsidiaries, Gulf Crossing Pipeline Company LLC (Gulf Crossing), Gulf South Pipeline Company, LP (Gulf South) and Texas Gas Transmission, LLC (Texas Gas) (together, the operating subsidiaries), which consist of integrated natural gas pipeline and storage systems. During the year ended December 31, 2011, it formed Boardwalk Midstream, LP (Midstream), and its operating subsidiary, Boardwalk Field Services, LLC (Field Services), which is engaged in the natural gas gathering and processing business. In December 2011, it acquired a 20% interest in HP Storage.
Western Gas Partners, LP (the Partnership) is a master limited partnership (MLP) organized by Anadarko Petroleum Corporation to own, operate, acquire and develop midstream energy assets. The Partnership operates in East and West Texas, the Rocky Mountains and the Mid-Continent and is engaged primarily in the business of gathering, processing, compressing, treating and transporting natural gas, condensate, natural gas liquids (NGLs) and crude oil for Anadarko and third-party producers and customers. As of December 31, 2011, the Company’s assets consist of 11 gathering systems, seven natural gas treating facilities, seven natural gas processing facilities, one NGL pipeline, one interstate pipeline, and interests in a gas gathering system and a crude oil pipeline. Its assets are located in East and West Texas, the Rocky Mountains , and the Mid-Continent. On January 13, 2012, the Partnership completed the acquisition of Anadarko’s 100% ownership interest in Mountain Gas Resources, LLC.
Genesis Energy, L.P. is a limited partnership focused on the midstream segment of the oil and gas industry in the Gulf Coast region of the United States, primarily Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida and in the Gulf of Mexico. It has a portfolio of customers, operations and assets, including pipelines, refinery-related plants, storage tanks and terminals, barges and trucks. It provides an integrated range of services to refineries, oil, natural gas and carbon dioxide (CO2) producers, industrial and commercial enterprises that use sodium hydrosulfide and caustic soda, and businesses that use CO2 and other industrial gases. It operates in three segments: Pipeline Transportation, Refinery Services, and Supply and Logistics. On January 3, 2012, it acquired interests in Gulf of Mexico crude oil pipeline systems, including its 28% interest in Poseidon pipeline system, its 29% interest in Odyssey pipeline system, and its 23% interest in the Eugene Island pipeline system.
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