Bank of America Investment Banking Pitch Book
MLP Market Update
Many Sponsors Have Restructured Their MLPs Given the Challenging Environment
Across the entire midstream universe, parents have been reassessing the merits of maintaining an MLP with 46 MLP take privates since 2011
MLP Take Private Transactions Since 2011 (¹)
7
1
EPD
(DEP)
2011
2
PAA
(PNG)
PXD
(PSE)
2013
4
EPD
(OILT)
KMI
(KMP)
KMI
(KMR)
KMI
(EPB)
2014
2
WNR
(NTI)
TLLP
(QEPM)
2015
3
TRP
(CPPL)
RIG
(RIGP)
SEMG
{RRMS)
2016
Source: Dealogic and company disclosures.
Note: Based on timing of announcement. No relevant transaction available for 2012.
Buyer/(Target)
(1)
5
ETP
(PTXP)
WPO
(WPT)
VTTI B.V.
(VTTI)
OKE
(OKS)
ENB
(MEP)
2017
VLO
(VLP)
ArcLight
(TLP)
EN B
(EEQ)
ENB
{ENF)
WMB
(WPZ)
LNG
{CQH)
EQM
(RMP)
16
2018
ArcLight
(AMID)
ETRN
(EQGP)
D
(DM)
ETE
(ETP)
CVI
(CVRR)
ENB
{EEP)
ENB
(SEP)
L
(BWP)
AROC
{APLP)
3
BX
{TGE)
UGI
(APU)
SXC
(SXCP)
2019
Public offer has been made but a definitive
agreement has not been announced
4
CEIX
(CCR)
TRP
(TCP)
CNX
{CNXM)
ETRN
(EQM)
2020
3
BP
(BPMP)
PSX
(PSXP)
CVX
{NBLX)
2021
4
SHEL
(SHLX)
FANG
(RTLR)
Hartree
(SRLP)
Ergon
(BKEP)
2022View entire presentation