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Oil and Gas Master Limited Partnerships (MLPs)

The investment attorneys of Gana Weinstein LLP are investigating possible unsuitable investment recommendations in oil and gas or commodities Master Limited Partnerships (MLP). MLPs are publicly traded partnerships. About 86% of the total MLP securities market, a $490 billion sector, can be attributed to energy and natural resource companies. There are about 130 MLPs trading on major exchanges that focus on energy related industries and natural resources. These companies have sprung up from the need for new energy infrastructure for the production and delivery of natural gas and crude oil from shale reserves.

While MLPs have the same liquid trading characteristics as common stocks they are very different from typical stock investments. For instance, MLP's are pass through investment vehicles, that is they pass through the income to the investor without any company level taxation. In addition, while there is no set payout level required to be adhered to by the company, unlike real estate investment trusts (REITs), MLP's must derive 90% of their revenues from natural resources activities. However, most MLP's do pay out most of their earnings through distributions causing company growth to come through the issuance of more debt and shares.

Since January 2013, over 30 new MLPs have entered the market. During 2014, 11 oil and gas MLP offerings generated proceeds of $5.1 billion. In recent years these investments have boomed and profited from the low interest rate environment coupled with favorable oil prices. These investments are often pitched to investors as generating income from consistent cash flow streams. In addition, these investments may also be pitched as growth opportunities from companies looking to grow their businesses and increase their distributions.

However, these investments contain significant risks. MLPs tend to fluctuate wildly with the price of oil and gas. For example in 2008, when oil plummeted in the wake of the great recession the AMZ MLP Index declined by 36.9% in a single year. In addition, MLPs often grow their distributions at an accelerated rate in their first two years in order to attract positive research reports from Wall Street analysts. The increased distributions and positive reports serve to drive the stock price higher even though the long term yield of these MLPs are speculative and unknown.

Our firm is investigating potential securities fraud claims against brokerage firms over sales practices related to the recommendations of oil & gas and commodities products such as MLPs, exchange traded notes (ETNs), structured notes, private placements, leveraged ETFs, mutual funds, and individual stocks. Investors who have suffered losses may be able recover their losses through securities arbitration. Our consultations are free of charge and the firm is only compensated if you recover.

Below is a list of publically traded MLPs. As can be seen many of these securities have suffered substantial declines.

MLPSectorTicker SymbolPrice (Jan. 16, 2015)Decline Since 52 Week High
New Source Energy Partners LPOil and Gas ProductionNSLP$0.04-99.6%
Emerge Energy LPFrac SandEMES$4.71-93.0%
LinnCO LLC (Monthly)Oil and Gas ProductionLNCO$1.21-91.7%
Atlas Resource Partners (Monthly)Oil and Gas ProductionARP$1.01-91.2%
Breitburn Energy LP (Monthly)Oil and Gas ProductionBBEP$0.84-91.1%
Legacy Reserves LPOil and Gas ProductionLGCY$1.52-90.2%
Atlas Energy Group LLCPipelines and ProductionATLS$1.01-90.1%
Linn Energy LLC (Monthly)Oil and Gas ProductionLINE$1.53-89.8%
EV Energy Partners LPOil and Gas ProductionEVEP$2.64-88.0%
Natural Resource PartnersCoalNRP$1.34-86.7%
Hi-Crush PartnersFrac SandHCLP$5.81-85.6%
Foresight Energy LPCoal ProductionFELP$2.90-84.5%
Memorial Production PartnersOil and Gas ProductionMEMP$3.08-83.5%
Vanguard Natural Res LLCOil and Gas ProductionVNR$3.51-82.0%
Mid-Con Energy PartnersOil and Gas ProductionMCEP$1.40-80.6%
Navios Maritime PartnersDry Bulk ShippingNMM$3.18-77.6%
Southcross Energy LPNatural Gas MidstreamSXE$3.93-76.2%
Teekay Offshore Partners LPShuttle TankersTOO$6.50-76.0%
Crestwood Equity PartnersNatural Gas MidstreamCEQP$20.62-75.6%
SunCoke Energy Partners LPCoke ManufacturingSXCP$7.28-73.9%
Rose Rock Midstream LPOil Pipelines and StorageRRMS$16.74-69.0%
Teekay LNG PartnersLiquid Natural Gas ShipTGP$13.79-68.2%
Targa Resource Partners LPNatural Gas MidstreamNGLS$16.08-68.1%
JP Energy Partners LPOil and Gas MidstreamJPEP$4.96-68.0%
Alliance Resource PartnersCoalARLP$14.01-67.9%
NGL Energy PartnersOil and Gas MidstreamNGL$11.14-66.9%
Alliance Holdings GP LPCoalAHGP$21.00-66.4%
American Midstream PartnersNatural Gas MidstreamAMID$7.30-65.5%
OCI PartnersMethanol/AmmoniaOCIP$7.00-63.7%
Dorchester MineralsOil and Gas ProductionDMLP$10.10-62.3%
Energy Transfer Equity PartnersNatural Gas MidstreamETE$13.44-62.1%
CONE Midstream PartnersMidstream Oil and GasCNNX$9.96-61.7%
Global PartnersOil & Gas MarketingGLP$17.20-59.8%
Westmoreland Resource PartnersCoalWMLP$5.31-58.3%
Tallgrass Energy GPNatural Gas MidstreamTEGP$14.76-57.8%
Archrock Partners (was Exterran Partners)Contract Services GasAPLP$11.94-57.3%
MPLX LPCrude Oil MidstreamMPLX$37.11-56.6%
Enlink Midstream LLC (General Par)Natural Gas MidstreamENLC$16.18-56.3%
Summit Midstream PartnersNatural Gas MidstreamSMLP$18.35-55.4%
Plains All American PipelineOil/Gas PipelinesPAA$24.25-54.0%
GasLog PartnersLNG ShippingGLOP$13.86-52.9%
Dynagas LNG Partners LPLiquid Natural Gas ShipDLNG$9.87-52.9%
Enable Mistream Partners LPMidstream Gas and OilENBL$9.72-52.1%
USA Compression PartnersNatural Gas MidstreamUSAC$11.72-51.8%
Williams PartnersNatural Gas MidstreamWPZ$28.71-51.7%
CSI CompresscoOil and Gas ServicesCCLP$11.05-50.1%
Carlyle Group LPDiversifiedCG$16.08-49.6%
CVR Partners LPNitrogen FertilizerUAN$8.15-49.4%
KNOT OffshoreShuttle TankersKNOP$13.42-49.3%
Energy Transfer PartnersNatural Gas MidstreamETP$33.96-49.2%
Western Gas Equity PartnersNatural Gas MidstreamWGP$34.65-47.7%
DCP Midstream PartnersNatural Gas MidstreamDPM$25.24-47.1%
Martin Midstream PartnersNatural Gas MidstreamMMLP$20.55-46.8%
CNX Coal Resources LPCoalCNXC$9.28-46.5%
Suburban Propane PartnersFuel DistributionSPH$24.76-46.0%
Capital Products PartnersTanker ShippingCPLP$5.48-45.5%
Enlink Midstream LPNatural Gas MidstreamENLK$16.61-45.2%
Enbridge Energy PartnersOil/Gas PipelinesEEP$22.98-44.5%
Transocean Partners LLCDeepwater DrillerRIGP$9.53-44.2%
Sunoco Logistic PartnersCrude & Refined PipelSXL$26.30-43.7%
Nustar Energy PartnersMidstream Refined ProdNS$38.50-43.5%
Midcoast Energy PartnersNatural Gas MidstreamMEP$9.33-41.7%
Ares Management LPInvestmentARES$12.95-40.7%
Transmontaigne PartnersRefined Product StorageTLP$25.54-40.6%
Columbia Pipeline PartnersNatural Gas MidstreamCPPL$17.50-39.7%
Delek Logistics PartnersOil Gathering/PipelineDKL$29.67-38.8%
Oneok PartnersNatural Gas MidstreamOKS$28.88-38.7%
Western Gas PartnersNatural Gas MidstreamWES$46.29-37.8%
CrossAmerica PartnersMotor Fuel DistributionCAPL$25.73-37.0%
Blueknight Energy PartnersOil and Gas ServicesBKEP$5.32-37.0%
Arc Logistic PartnersCrude/Refined StorageARCX$13.17-36.8%
Penn-Tex Midstream PartnersNatural Gas MidstreamPTXP$13.38-36.3%
Icahn Enterprises LPDiversifiedIEP$64.98-36.0%
KKR and Co.FinancialKKR$16.04-35.9%
Navios Maritime Midstream PartnersTanker ShippingNAP$11.54-35.9%
World Point Terminals LPCrude and Refined StorageWPT$13.64-35.8%
Terra NitrogenFertilizerTNH$101.87-35.8%
Rentech Nitrogen LPFertilizerRNF$10.41-35.4%
TC PipelinesNatural Gas MidstreamTCP$49.38-34.8%
Viper EnergyOil and Gas RoyaltyVNOM$14.63-33.8%
Hoegh LNG Partners (a MLP)LNG ServicesHMLP$15.90-33.7%
Dominion Midstream PartnersLNG Import/Export PipelDM$29.74-32.9%
Amerigas PartnersPropane MarketingAPU$35.38-32.9%
Rhino Resources LPCoalRNO$58.20-32.3%
Boardwalk Pipeline PartnersNatural Gas MidstreamBWP$12.43-32.2%
Ferrellgas PartnersPropane MarketingFGP$17.37-32.1%
Cheniere Energy Partners HoldingsNatural Gas MidstreamCQH$17.66-32.1%
Niska Gas Storage Partners LLCNatural Gas MidstreamNKA$3.17-31.4%
Enterprise Products PartnersNatural Gas MidstreamEPD$25.95-30.2%
VTTI Energy PartnersStorageVTTI$19.75-30.0%
Calumet Specialty Products LPSpecialty Oil ProductsCLMT$20.43-29.9%
Sprague ResourcesWholesale FuelsSRLP$20.28-29.8%
Blackstone GroupFinancial ServicesBX$30.67-29.8%
Sunoco LP (was Susser)Fuel DistributionSUN$38.88-29.1%
Westlake Chemical PartnersEthylene ProductionWLKP$21.13-28.1%
Genesis Energy PartnersOil/Gas PipelinesGEL$36.10-27.9%
Spectra Energy PartnersNatural Gas MidstreamSEP$44.43-26.0%
Star Gas PartnersHeating OilSGU$7.41-25.8%
Antero Midstream PartnersNatural Gas MidstreamAM$22.16-25.5%
8Point3 Energy PartnersSolar EnergyCAFD$15.91-24.8%
Phillips 66 Partners LPOil/Refined PipelinesPSXP$61.43-24.7%
PBF Logistics PartnersOil/Refined MidstreamPBFX$19.46-24.4%
Alliance BernsteinFinancial ServicesAB$24.86-24.1%
Landmark Infrastructure PartnersCell Tower Real EstateLMRK$14.43-24.1%
Enviva PartnersBiomass EnergyEVA$17.09-23.9%
Western Refining LogisticsGas/Oil MidstreamWNRL$24.91-23.8%
Tallgrass Energy LPNatural Gas MidstreamTEP$41.06-23.5%
Black Stone MineralsOil and Gas PropertiesBSM$14.96-23.1%
Buckeye PartnersRefined Product PipelineBPL$63.89-23.0%
Rice Midstream PartnersNatural Gas MidstreamRMP$13.99-23.0%
Magellan Midstream PartnersCrude & Refined PipelMMP$68.10-21.5%
Brookfield Renewable Energy PartnersRenewable EnergyBEP$26.61-20.9%
Cheniere Energy PartnersNatural Gas MidstreamCQP$27.49-20.4%
Shell Midstream PartnersCrude/Refined PipelinesSHLX$40.04-19.5%
EQT Midstream LPNatural Gas MidstreamEQM$74.86-19.0%
Brookfield Infrastructure PartnersUtility/Energy/TimberBIP$38.36-18.3%
Tesoro Logistics LPOil TerminalsTLLP$51.11-17.2%
Ciner Resources (was OCI Resources)MiningCINR$22.95-15.0%
Holly Energy PartnersCrude & Refined PipelHEP$31.04-14.7%
Oaktree Capital GroupInvestmentsOAK$48.76-14.6%
Stonmor PartnersCemeteriesSTON$27.56-14.0%
Alon Partners USARefinerALDW$23.14-13.2%
CVR Refining LPRefinerCVRR$20.00-12.0%
Cedar Fair PartnersAmusement ParksFUN$54.51-10.1%
Northern Tier Energy LPRefinerNTI$26.18-9.8%
Pope ResourcesTimberPOPE$64.25-8.9%
Green Plains PartnersEthanol DistributionGPP$15.22-6.6%
Valero Energy Partners LPMidstream Crude OilVLP$51.47-6.4%
Access MidstreamNatural Gas MidstreamACMPMergedNA
Atlas Pipeline PartnersNatural Gas MidstreamAPLMergedNA
Crestwood MidstreamNatural Gas MidstreamCMLPMergedNA
Eagle Rock Energy PartnersNatural Gas Prod, PipelEROCMergedNA
Kinder Morgan Energy PartnersPipelines/StorageKMPMergedNA
LRR Energy LPOil and Gas ProductionLREMergedNA
Markwest Energy PartnersNatural Gas MidstreamMWEMergedNA
Marlin Midstream LPNatural Gas MidstreamFISHMergedNA
OilTanking PartnersOil/Gas StorageOILTMergedNA
PAA Natural Gas StorageNatural Gas MidstreamPNGMergedNA
PetrologisticsPropylene ProductionPDHMergedNA
Pioneer Southwest EnergyOil and Gas ProductionPSEMergedNA
PVR PartnersCoal/Mid Stream Nat GasPVRMergedNA
QEP MidstreamOil and Gas MidstreamQEPMMergedNA
QR Energy (Monthly)Oil and Gas ProductionQREAcquiredNA
Regency Energy Partners LPNatural Gas MidstreamRGPMergedNA
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