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IPOs


Current & Upcoming IPOs
2013 MLP IPOs
                                Closing Price
                IPO Size ($ MM)           1st Day   7th Day
            IPO   Base   Total With   Yield   IPO   After   After
    Ticker   Assets   Date   Deal   Greenshoe   at IPO   Price   IPO   IPO
                                     
USA Compression   USAC   Compression   1/15/13   $198.0   $198.0   9.44%   $18.00   $17.60   n.a.
CVR Refining   CVRR   Refining   1/16/13   $600.0   $600.0   18.89%   $20.00   n.a.   n.a.
SunCoke Energy    SXCP   Cokemaking    1/17/13    $256.5    $256.5     8.68%    $19.00    $18.25    $18.95
New Source Energy    NSLP   Usptream    2/7/13    $80.0     $80.0     10.50%    $20.00    $19.49    n.a.
                                     
            Overall Average   $444.0   14.17%            
Source: Guzman & Company Research     Average: Traditional $99.0   4.72%            
Shaded MLPs are variable distribution MLPs.   Average: Variable   $690.0   18.89%            
                                     
                                     



2012 MLP IPOs
                                Closing Price
                IPO Size ($ MM)           1st Day   7th Day
            IPO   Base   Total With   Yield   IPO   After   After
    Ticker   Assets   Date   Deal   Greenshoe   at IPO   Price   IPO   IPO
                                     
Petrologistics   PDH   Propane Dehydro.   5/3/12   $595.0   $595.0   11.94%   $17.00   $16.50   $17.00
EQT Midstream   EQM   Pipeline, Gathering   6/25/12   $250.0   $287.5   7.00%   $20.00   $23.75   $24.07
Northern Tier Energy NTI   Refining   7/25/12   $227.5   $261.6   18.93%   $14.00   $14.16   $15.12
Hi-Crush   HCLP   Frac Sand   8/15/12   $191.3   $219.9   11.18%   $17.00   $20.00   $19.28
Susser Petroleum   SUSP   Refined Product Dist. 9/19/12   $194.8   $224.0   8.54%   $20.50   $22.91   $23.31
Summit Midstream   SMLP   Gathering, Processing 9/27/12   $250.0   $287.5   8.00%   $20.00   $21.11   $20.89
Seadrill Partners   SDLP   Offshore Drilling   10/18/12   $192.5   $221.4   7.05%   $22.00   $24.37   $23.97
Lehigh Gas Partners   LGP   Refined Product Dist. 10/24/12   $120.0   $138.0   8.75%   $20.00   $20.15   $20.84
MPLX   MPLX   Pipeline, Logistics   10/25/12   $379.5   $436.4   4.77%   $22.00   $27.20   $26.69
Southcross Energy   SXE   Gathering, Processing 11/1/12   $180.0   $207.0   8.00%   $20.00   $22.35   $23.01
Delek Logistics   DKL   Pipeline, Logistics   11/1/12   $168.0   $193.2   7.14%   $21.00   $22.35   $22.24
Alon USA   ALDW   Refining   11/19/12   $160.0   $184.0   32.50%   $16.00   $18.40   $18.50
Western Gas Equity   WGP   General Partner   12/6/12   $378.0   $434.7   3.00%   $22.00   $28.00   $27.60
                                     
            Overall Average   $271.3   10.52%            
Source: Guzman & Company Research     Average: Traditional $246.1   7.82%            
Shaded MLPs are variable distribution MLPs.   Average: Variable   $346.9   21.12%            
                                     

2011 MLP IPOs
                                Closing Price
                IPO Size ($ MM)           1st Day   7th Day
            IPO   Base   Total With   Yield   IPO   After   After
    Ticker   Assets   Date   Deal   Greenshoe   at IPO   Price   IPO   IPO
                                     
CVR Partners   UAN   Fertilizer   4/7/11   $307.2   $353.3   12.00%   $16.00   $17.55   $17.00
Golar LNG Partners   GMLP   Shipping   4/7/11   $270.0   $310.5   6.84%   $22.50   $24.85   $24.50
Tesoro Logistics Partners TLLP   Pipeline, Storage   4/19/11   $273.0   $314.0   6.43%   $21.00   $23.50   $23.75
NGL Energy Partners   NGL   Propane & gathering / processing   5/11/11   $73.5   $84.5   6.43%   $21.00   $20.98   $21.29
Compressco Partners GSJK   Natural Gas Compression 6/14/11   $53.4   $53.4   7.75%   $20.00   $19.00   $17.98
Oiltanking Partners   OILT   Oil Storage   7/13/11   $215.0   $247.3   6.28%   $21.50   $23.70   $24.25
American Midstream AMID   Gathering & Processing 7/26/11   $78.8   $78.8   7.86%   $21.00   $20.95   $20.55
Rentech Nitrogen   RNF   Fertilizer   11/3/11   $300.0   $300.0   11.70%   $20.00   $19.85   $20.14
LRR Energy   LRE   Upstream - Oil & Gas   11/10/11   $178.8   $201.5   10.00%   $19.00   $19.05   $19.05
Memorial Production MEMP   Upstream - Gas   11/10/11   $171.0   $182.4   10.00%   $19.00   $18.79   $18.80
RoseRock Midstream RRMS   Oil Pipeline, Storage   12/8/11   $140.0   $140.0   7.25%   $20.00   $20.00   $19.11
Mid-Con Energy   MCEP   Upstream - Oil   12/8/11   $97.2   $111.8   10.56%   $18.00   $18.05   $18.27
Inergy Midstream   NRGM   Natural Gas Storage   12/14/11   $272.0   $312.8   8.71%   $17.00   $17.65   $18.29
                                     
            Overall Average   $206.9   8.60%            
Source: Guzman & Company Research     Average: Traditional $185.2   8.01%            
Shaded MLPs are variable distribution MLPs.   Average: Variable   $326.6   11.85%            
                                     
                                     


MLP S-1s Currently On File
            Initial S-1   Most Recent
MLP Name   Ticker   Asset Type   Filed   S-1 Filed
Maxum Energy Logistics Partners   MXLP   Refined Products   5/4/12   7/3/12
Armstrong Resource Partners   ARPS   Coal   10/12/11   7/2/12
Quicksilver Production Partners   QPP   E&P   2/10/12   6/22/12
Foresight Energy Partners   FELP   Coal   2/2/12   4/12/12
Sprague Resources   SRLP   Refined Products   7/27/11   3/23/12







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MLP HINDSight


About MLP HINDSight

MLP HINDSight is a blog about investing in MLPs published by Hinds Howard.  Mr. Howard is a professional money manager and investor focused on MLPs. He is managing partner and Chief Investment Officer at Guzman Investment Strategies, a registered investment advisor, and he manages Guzman’s investments in MLPs. A native of Houston, TX, Mr. Howard began his career at Lehman Brothers in the energy investment banking group focused on MLPs.  Hinds graduated from Boston University, and received an MBA from Babson College.

Website: mlpguy.com/