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WEEKLY SNAPSHOT
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BE
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01
4
FR
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WEEK 39
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MLP Protocol MLP
1 MLP Protocol
Contact Information
Philip Trinder PRESIDENT MLP Protocol
4020 MARLOWE
HOUSTON, TEXAS 77005
OFFICE: 832.408.5571
MOBILE: 713.854.7485
EMAIL: [email protected]
STOCKTWITS / TWITTER: @MLP_Protocol
DISCLAIMER
M L P P R O T O C O L . C O M
ADDITIONAL MLP PROTOCOL RESOURCES
Resources • Company Presentations • Links • Definitions • Background
RECENT ARTICLES AND BLOG POSTS
Short Interest Trends for the Atlas Energy Group 091114
Short Interest Trends for the Kinder Morgan Group 091114
Kinder Morgan Merger Tax Implications 081914
HMLP IPO Preview Aug 2014
VTTI IPO Preview July 2014
RIGP IPO Preview July 2014
MLPs and Relative Value Versus U.S. Treasuries
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
without notice. Current position data shown for full disclosure purposes only and is in no way to be considered a recommendation for that specific position. All trade names, trade marks,
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. © 2011-2014 All rights reserved.
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
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
10YR UST Yield MLP Protocol Sprint Portfolio (before Fees)
Alerian MLP Index Total Return S&P 500 Total Return
Gross Performance Detail* as of date shown on cover
*Covestor website shows performance net of fees.
*Covestor subscription fee 0.50% effective January 1, 2014 was 1.50% during the prior periods.
Disclaimer │ Covestor: Additional Important Information
Currently ranked #1 by Sharpe Ratio at Covestor.
Mirror my strategies
trade for trade
MLP Protocol Sprint 0.50% Subscription Fee p.a.
$50,000 Subscription Minimum
Invest like me at Covestor.com
All rights reserves © Covestor Ltd
Performance Inception Date June 27, 2012
as of September 26, 2014Best
Performer
Manager
(Net of Fees)
Alerian
MLP*
S&P
500*
Past 30 days S&P 500 (3.7%) (1.7%) (0.7%)
Past 90 days Alerian MLP (3.1%) 2.4% 1.6%
Past 365 days Manager 41.3% 24.4% 19.2%
Since Inception (Annualized) Manager 39.5% 24.2% 21.9%
2014 (YTD) Manager 21.4% 18.4% 8.9%
2013 Manager 41.0% 27.6% 32.4%
2.2 Years Since Inception BEFORE FEES AMZX S&P TR
Since Inception (Total Return) Manager 116.3% 62.7% 56.3%
Risk Metrics Last 365 Days
as of September 26, 2014Best
Performer
Manager
(Net of Fees)
Alerian
MLP*
S&P
500*
Best 30 days Manager 9.4% 9.1% 7.9%
Worst 30 days Alerian MLP (4.4%) (4.3%) (4.8%)
Volatility S&P 500 11.4% 11.2% 10.3%
Sharpe Ratio Manager 3.63 2.17 1.86
Sortino Ratio Manager 5.39 3.63 2.49
Maximum Drawdown Alerian MLP (5.2%) (4.9%) (5.7%)
Value-at-Risk (95%, 1 wk) S&P 500 (2.6%) (2.6%) (2.4%)
vs. Alerian MLP*vs. S&P
500*
Information Ratio 1.45 2.00
Alpha 24.5% 25.6%
Beta 0.48 0.53
R-Squared 0.22 0.23
*Total return data shown
Bold and yellow highlighting indicate close at a new all-time high.
3 MLP Protocol
WE
EK
LY
SN
AP
SH
OT
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 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.
VL
P 9
7%
WN
RL
61
%
GL
OP
47
%
PA
GP
3
9%
SR
LP
39
%
CN
NX
34
%
AR
CX
3
4%
DL
NG
33
%
ME
P 2
6%
CE
LP
25
%
EN
BL
24
%
WL
KP
23
%
HM
LP
17
%
RIG
P 1
4%
PB
FX
13
%
OC
IP 1
1%
VT
TI
(5%
)
VN
OM
(1
0%
)
FE
LP
(1
2%
)
26.8%
(20%)
0%
20%
40%
60%
80%
100%
120%
7.0
%
6.9
% 8.5
%
10
.7%
12
.4%
8.0
%
10
.2%
12
.5%
5.4
% 7.0
%
14
.7%
9.8
%
0%
2%
4%
6%
8%
10%
12%
14%
16%
WPZ NS USAC NKA ARP APU NMM RNO AHGP UAN ALDW STON
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
WPZ DCR < 1.0x
NS Very Risky
USAC Extremely Risky
NKA Extremely Risky
ARP Extremely Risky
APU Very Risky
NMM Extremely Risky
RNO Extremely Risky
AHGP Very Risky
UAN Extremely Risky
ALDW Extremely Risky
STON Extremely Risky
52 Weeks Ago FYE 2013 4 Weeks Ago Week Ago Current Change
Indices 9/27/13 12/31/13 8/29/14 9/19/14 9/26/14 1 Year YTD 1 Month 1 Week
MLP Index (AMZ) 446.0 463.8 539.9 537.4 526.3 18.0% 13.5% (2.5%) (2.1%)
MLP Total Return Index (AMZX) 1,480.3 1,562.2 1,896.2 1,888.3 1,849.5 24.9% 18.4% (2.5%) (2.1%)
S&P 500 1,691.8 1,848.4 2,003.4 2,010.4 1,982.9 17.2% 7.3% (1.0%) (1.4%)
Yields
MLP Index Yield (AMZ Yield) 5.94% 5.82% 5.14% 5.17% 5.28% (67 bps) (54 bps) 13 bps 11 bps
10 Year Treasury Yield 2.64% 3.04% 2.35% 2.59% 2.54% (10 bps) (50 bps) 19 bps (5 bps)
20 Year Treasury Yield 3.40% 3.72% 2.83% 3.05% 2.99% (41 bps) (73 bps) 16 bps (6 bps)
Yield Curve Steepness (20 Year - 3 Month) 338 bps 365 bps 280 bps 303 bps 298 bps (40 bps) (67 bps) 18 bps (5 bps)
AMZ Yield Spread to 10 Year UST 330 bps 278 bps 279 bps 258 bps 274 bps (57 bps) (4 bps) (6 bps) 16 bps
AMZ Yield Spread to 20 Year UST 254 bps 210 bps 231 bps 212 bps 229 bps (26 bps) 19 bps (3 bps) 17 bps
Rigs and Commodity Prices
U.S. Total Rig Count 1,744 1,757 1,914 1,931 1,931 10.7% 9.9% 0.9% 0.0%
Natural Gas $3.50 $4.32 $4.02 $3.86 $3.92 12.0% (9.3%) (2.5%) 1.6%
WTI Crude Oil ($ / Bbl) $103.10 $99.15 $96.25 $93.52 $95.55 (7.3%) (3.6%) (0.7%) 2.2%
Brent Crude Oil ($ / Bbl) $108.80 $111.72 $100.64 $97.02 $95.08 (12.6%) (14.9%) (5.5%) (2.0%)
Brent / WTI Differential ($ / Bbl) $5.70 $12.57 $4.39 $3.50 ($0.47) (108.2%) (103.7%) (110.7%) (113.4%)
NYMEX 3:2:1 Crack Spread ($ / Bbl) $13.39 $23.17 $19.28 $18.03 $17.01 27.0% (26.6%) (11.8%) (5.7%)
4 MLP Protocol
(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%
25%
50%
75%
100%
0
450
900
1,350
1,800
12/31/99 12/31/02 12/31/05 12/31/08 12/31/11
U.S. Oil Rig Count U.S. Natural Gas Rig Count % Oil
0
210
420
630
840
1,050
1,260
1,470
1,680
1,890
2,100
0
70
140
210
280
350
420
490
560
630
700
AMZ S&P 500
0%
200%
400%
600%
800%
1000%
1200%
1400%
1600%
AMZX AMZ S&P 500
U.S. Rig Count Treasury Yields
WE
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LY
SN
AP
SH
OT
Markets and Levels
Alerian MLP Index vs. S&P 500
5 MLP Protocol
$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
$(10)
$(5)
$0
$5
$10
$15
$20
$25
$30
Brent / WTI Differential NYMEX 3:2:1 Crack Spread
WE
EK
LY
SN
AP
SH
OT
Markets and Levels
Crude Oil Natural Gas
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.
6 MLP Protocol
WE
EK
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AP
SH
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Drilling 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
ANNUAL MONTHLY PEAK ANALYSIS
Last Year Annual Current 4 Wks Ago Monthly Current Peak Current Peak Days
9/27/13 Change 9/26/14 8/29/14 Change 9/26/14 Count vs. Peak Date Since
Oil Rig Count 1,362 230 1,592 1,575 17 1,592 1,601 (0.6%) 9/19/14 7
% of Total 78.4% 82.5% 82.3% 82.5%
Annual/Monthly Change % 16.9% 1.1%
Natural Gas Rig Count 376 (38) 338 338 0 338 1,606 (79.0%) 9/12/08 2,205
% of Total 21.6% 17.5% 17.7% 17.5%
Annual/Monthly Change % (10.1%) 0.0%
Total Rig Count 1,738 192 1,930 1,913 17 1,930 2,031 (5.0%) 9/12/08 2,205
Annual/Monthly Change % 11.0% 0.9%
$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
U.S. Oil Rig Count WTI Crude Oil
$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
U.S. Natural Gas Rig Count Natural Gas
0%
25%
50%
75%
100%
0
450
900
1,350
1,800
J-95
J-96
J-97
J-98
J-99
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
U.S. Oil Rig Count U.S. Natural Gas Rig Count % Oil
7 MLP Protocol
57%43%81%19%
50%50%
41%59%
23%
77%
17%
83%
350
385
420
455
490
525
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
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
Total Moving Average Heat Index AMZ
Natural Gas & NGL Pipelines 410%
Crude & Refined Products Pipelines 360%
General Partners 345%
Propane & NGL Logistics 320%
Gathering & Processing 281%
Terminaling & Storage 257%
Other 233%
Downstream & Marketing 188%
Upstream 167%
Marine 164%
Variable / Plants 80%
Coal 67%
Total 2,871%
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
WE
EK
LY
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SH
OT
Heat Index / Group 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.
8 MLP Protocol
AC
MP
13%
P
BF
X 1
3%
P
AA
13%
E
PB
12%
S
GU
11%
E
VE
P 1
1%
S
XC
P 1
0%
B
PL
9%
O
CIR
9%
E
NL
K 8
%
CL
MT
7%
S
PY
7%
D
PM
7%
K
MI
7%
E
TP
7%
W
PZ 6
%
AM
ID 6
%
DL
NG
6%
O
KS
5%
R
NO
4%
L
RE
4%
A
PL
3%
T
OO
3%
T
NH
2%
A
LD
W 2
%
CV
RR
2%
S
TO
N 1
%
AP
U 1
%
TG
P 1
%
BB
EP
1%
Q
EP
M 1
%
SD
LP
1%
M
EM
P 0
%
LG
CY
0%
N
SL
P (
0%
)T
LP
(1%
)B
IP (
2%
)W
PT
(2%
)G
EL
(2%
)L
INE
(3%
)E
XL
P (
3%
)F
UN
(3%
)M
CE
P (
4%
)C
PL
P (
4%
)S
PH
(5%
)V
TT
I (5
%)
LN
CO
(5%
)B
KE
P (
6%
)A
TL
S (
6%
)A
RP
(7%
)V
NR
(7%
)N
TI
(7%
)U
SA
C (
9%
)N
MM
(10%
)V
NO
M (
10%
)K
NO
P (
11%
)N
KA
(11%
)C
ML
P (
12%
)F
EL
P (
12%
)M
ML
P (
13%
)U
AN
(14%
)C
EQ
P (
22%
)R
NF
(27%
)B
WP
(27%
)O
CIP
(28%
)N
RP
(34%
)O
XF
(34%
)E
RO
C (
36%
)
(40%)
(30%)
(20%)
(10%)
0%
10%
20%
WE
EK
LY
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AP
SH
OT
YTD Price Performance
Source: www.finviz.com
EM
ES
154%
P
SX
P 8
0%
T
EP
69%
S
US
P 6
5%
O
ILT
58%
T
RG
P 5
5%
N
SH
54%
W
GP
53%
R
RM
S 5
3%
C
EP
52%
E
TE
49%
E
QM
48%
G
LO
P 4
7%
H
CL
P 4
3%
W
NR
L 3
7%
S
RL
P 3
7%
C
NN
X 3
4%
M
PL
X 3
4%
S
ML
P 3
4%
N
GL
S 3
4%
T
LL
P 3
4%
T
CP
32%
E
EP
32%
M
MP
32%
V
LP
32%
E
EQ
29%
E
XH
29%
D
KL
27%
S
XL
27%
N
S 2
6%
F
ISH
25%
C
EL
P 2
5%
K
MR
24%
E
NB
L 2
4%
W
LK
P 2
3%
F
GP
23%
R
GP
22%
S
XE
22%
W
ES
20%
E
PD
20%
L
GP
20%
G
SJK
20%
G
ML
P 1
9%
A
HG
P 1
8%
G
LP
18%
H
ML
P 1
7%
N
GL
17%
M
WE
16%
A
RC
X 1
6%
M
EP
16%
K
MP
16%
S
EP
15%
Q
RE
15%
A
RL
P 1
5%
E
NL
C 1
5%
C
QP
15%
R
IGP
14%
P
AG
P 1
4%
D
ML
P 1
4%
A
MZ 1
3%
H
EP
13%
0%
10%
20%
30%
40%
50%
60%
70%
80%
9 MLP Protocol
BB
EP
DK
LE
VE
PG
EL
OIL
TM
EM
PL
GP
HM
LP
SX
EL
RE
CM
LP
MP
LX
PB
FX
AR
PF
UN
SM
LP
NG
LS
DL
PL
GC
YQ
EP
MM
CE
PC
PL
PC
EP
US
AC
WL
KP
RIG
PO
CIR
PS
XP
TR
GP
EQ
ME
NL
KT
LP
BK
EP
NM
MV
NR
FE
LP
KN
OP
CL
MT
NG
LS
CV
RR
DM
LP
NS
LP
GL
OP
AR
LP
AL
DW
NK
AA
TL
SR
NO
WP
TM
ML
PS
GU
VL
PN
TI
GS
JK
EM
ES
HC
LP
OC
IPT
NH
CE
QP
UA
NN
RP
VN
OM
BW
PE
RO
CR
NF
OX
F
(70%)
(60%)
(50%)
(40%)
(30%)
(20%)
(10%)
0%
HE
PF
GP
EE
PS
TO
NE
TP
EN
LC
WN
RL
CE
LP
WP
ZF
ISH
WG
PE
PD
AC
MP
ET
ER
GP
AR
CX
EX
LP
PA
AM
MP
MW
EN
SH
EE
QA
PL
CQ
PR
RM
SK
MP
NS
TC
PP
AG
PE
PB
EX
HT
EP
DL
NG
AP
UA
HG
PS
XL
SX
CP
OK
SW
ES
KM
RD
PM
TL
LP
LIN
EG
LP
SP
HB
PL
GM
LP
LN
CO
SR
LP
TG
PS
US
PV
TT
IT
OO
BIP
EN
BL
SE
PM
EP
KM
IQ
RE
AM
ID
(12%)
(10%)
(8%)
(6%)
(4%)
(2%)
0%
2%
WE
EK
LY
SN
AP
SH
OT
% Below 52 Week Highs
Positive number indicates close at a new high.
Source: www.finviz.com
10 MLP Protocol
DM
LP
NM
MM
WE
BP
LS
EP
OC
IRC
EL
PL
INE
EV
EP
HE
PA
PL
ET
PS
GU
PA
AK
MI
NT
IR
NO
VT
TI
LR
EP
BF
XD
PM
NS
LP
ST
ON
ME
MP
GL
OP
CV
RR
TO
OL
NC
ON
KA
EX
LP
FU
NE
NB
LW
PZ
LG
CY
CL
MT
TG
PU
SA
CO
KS
AT
LS
AP
UR
IGP
SP
HT
NH
WP
TO
XF
BIP
QE
PM
TL
PA
RP
SD
LP
KN
OP
ER
OC
GE
LV
NR
CM
LP
HM
LP
BK
EP
MC
EP
NR
PF
EL
PU
AN
MM
LP
RN
FW
LK
PV
NO
MC
EQ
P
(5%)
0%
5%
10%
15%
20%
25%
30%
35%
EM
ES
304%
P
SX
P 1
38%
H
CL
PE
NL
CN
SH
OIL
TT
EP
ET
ET
RG
PR
RM
SE
PD
SU
SP
EQ
MC
EP
WG
PN
SA
MID
MP
LX
AL
DW
EX
HS
ML
PV
LP
EN
LK
BW
PW
NR
LM
MP
EE
PS
RL
PT
CP
SX
LN
GL
SS
XE
TL
LP
DL
NG
EE
QP
AG
PE
PB
DK
LA
CM
PF
GP
NG
LA
RC
XK
MR
RG
PG
LP
LG
PF
ISH
AH
GP
ME
PG
ML
PQ
RE
AR
LP
CQ
PS
XC
PO
CIP
KM
PW
ES
GS
JK
CP
LP
BB
EP
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
WE
EK
LY
SN
AP
SH
OT
% Above 52 Week Lows
Negative number indicates close at a new low.
Source: www.finviz.com
11 MLP Protocol
EN
LC
22.2
%
TE
P 16.9
%
DK
L 1
1.8
%
PS
XP
10.0
%
HC
LP
9.5
%
WG
P 8
.5%
R
RM
S 8
.1%
P
AG
P 7.5
%
SD
LP
6.9
%
NG
L 6
.8%
T
RG
P 6
.6%
ATL
S 6.5
%
EQ
M 6.1
%
ET
E 5
.9%
O
ILT 5
.1%
S
XL
5.0
%
GM
LP
4.8
%
VL
P 4
.7%
M
PL
X 4.6
%
MM
P 4.5
%
TL
LP
4.2
%
ME
P 4.0
%
SM
LP
4.0
%
WE
S 4
.0%
Q
EP
M 3
.7%
TC
P 3
.7%
S
RL
P 3
.6%
S
US
P 3
.5%
A
CM
P
3.5
%
WN
RL
3.4
%
AR
CX
3.2
%
SX
CP
3.0
%
GE
L 2
.7%
AH
GP
2.7
%
LG
CY
2
.5%
C
EL
P 2
.4%
K
MI
2.4
%
PA
A
2.4
%
NG
LS
2.3
%
AR
LP
2.2
%
ETP
2.1
%
EE
P 2
.1%
R
GP
2.1
%
US
AC
2.0
%
OK
S 2
.0%
G
LP
2.0
%
LG
P 2
.0%
B
KE
P 1
.9%
S
EP
1.8
%
AR
P 1.7
%
GS
JK
1.7
%
DP
M 1
.7%
S
TO
N 1
.7%
AP
L 1.6
%
HE
P 1
.5%
E
PD
1.4
%
FIS
H 1
.4%
K
MR
1.4
%
EN
LK
1.4
%
WP
Z 1
.3%
M
WE
1.1
%
BP
L 1
.1%
B
BE
P 1
.0%
E
XL
P 0
.9%
N
SL
P 0
.9%
TL
P 0
.8%
K
MP
0.7
%
MM
LP
0.6
%
LR
E 0
.5%
E
VE
P 0
.1%
AM
ID 0.0
%
AP
U 0.0
%
BIP
0.0
%
BW
P 0
.0%
C
EQ
P 0
.0%
C
LM
T 0.0
%
CM
LP
0.0
%
CP
LP
0.0
%
CQ
P 0
.0%
D
LN
G 0
.0%
E
PB
0.0
%
EX
H 0
.0%
F
GP
0.0
%
FU
N 0
.0%
K
NO
P 0
.0%
L
INE
0.0
%
LN
CO
0.0
%
MC
EP
0
.0%
M
EM
P
0.0
%
NK
A 0.0
%
NM
M 0.0
%
NR
P 0
.0%
N
S 0
.0%
N
SH
0.0
%
OC
IR 0
.0%
Q
RE
0.0
%
RN
O 0
.0%
S
GU
0.0
%
SP
H 0
.0%
S
XE
0.0
%
TG
P 0
.0%
TO
O 0.0
%
VN
R 0
.0%
W
PT 0
.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
RN
F 6
2.5
%
OC
IP 1
7.1
%
EM
ES
3.5
%
TN
H 3
.3%
D
ML
P (
1.1
%)
CV
RR
(2.0
%)
UAN
(13.2
%)
NTI
(31.2
%)
AL
DW
(81.2
%)
(100.0%)
(80.0%)
(60.0%)
(40.0%)
(20.0%)
0.0%
20.0%
40.0%
60.0%
80.0%
WG
P 3
7.3
%
TE
P 3
2.2
%
EQ
M 3
0.0
%
SD
LP
29
.9%
T
RG
P 2
9.6
%
PAG
P 23.1
%
AC
MP
22.7
%
OIL
T 2
2.4
%
SX
CP
21.9
%
SX
L 2
1.7
%
RR
MS
21
.6%
H
CL
P 2
1.1
%
TL
LP
20.6
%
DK
L 2
0.3
%
MM
P 20.2
%
MP
LX
20.2
%
SM
LP
19.5
%
NG
L 1
9.2
%
WE
S 1
6.1
%
ET
E 1
6.0
%
KN
OP
16.0
%
SU
SP
14
.8%
U
SAC
13.6
%
FU
N 1
2.0
%
BIP
11.6
%
AT
LS
1
1.4
%
SE
P 1
1.3
%
AH
GP
10.8
%
GE
L 1
0.8
%
BK
EP
10.4
%
PAA
9.8
%
LG
P 9
.4%
AR
P 9.2
%
NG
LS
9.1
%
GL
P 8
.5%
AR
LP
8.5
%
KM
I 7
.5%
M
EM
P 7.3
%
AM
ID 6.9
%
ET
P 6
.9%
D
PM
6.7
%
GS
JK
6.5
%
NS
LP
6.4
%
GM
LP
6.3
%
WP
Z 6
.3%
H
EP
6.2
%
SG
U 6
.1%
E
PD
5.9
%
KM
R 5
.9%
C
EQ
P 5
.8%
O
KS
5.6
%
RG
P 5
.4%
K
MP
5.3
%
LG
CY
5
.2%
AP
U 4.8
%
MW
E 4
.8%
B
PL
4.7
%
BB
EP
4.7
%
EX
LP
3.8
%
TC
P 3
.7%
E
PB
3.2
%
CM
LP
2.5
%
TO
O 2.5
%
TG
P 2.5
%
TL
P 2
.3%
E
EP
2.1
%
LR
E 2
.1%
S
TO
N 1.7
%
AP
L 1.6
%
VN
R 1
.6%
M
ML
P 1
.6%
E
VE
P 0
.5%
Q
RE
0.0
%
CL
MT
0
.0%
C
PL
P 0
.0%
C
QP
0.0
%
FG
P 0
.0%
L
INE
0.0
%
LN
CO
0.0
%
MC
EP
0
.0%
N
KA 0.0
%
NM
M 0.0
%
NS
0.0
%
NS
H 0
.0%
R
NO
0.0
%
SP
H 0
.0%
S
XE
0.0
%
NR
P (36.4
%)
BW
P (8
1.2
%)
(100%)
(80%)
(60%)
(40%)
(20%)
0%
20%
40%
60%
WE
EK
LY
SN
AP
SH
OT
2Q14 Distributions
Quarter over Quarter
Year over Year
VARIABLE MLPs
EM
ES
67.1
%
DM
LP
24.1
%
CV
RR
(28.9
%)
TN
H (
22.6
%)
NTI
(22.1
%)
UAN
(43.4
%)
AL
DW
(81.7
%)
RN
F (84.7
%)
(100%)
(80%)
(60%)
(40%)
(20%)
0%
20%
40%
60%
80%
VARIABLE MLPs
Note: PAGP, PSXP Year over Year growth rates are currently announced distribution compared to the distribution in the IPO Prospectus.