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Midstream energy companies reshape tax-advantaged MLP structures as spending needs take precedence
June 27th 2018 (6.20mins)
Steve Wood and Amol Joshi
In this episode of Moody’s corporate credit podcast, Steve Wood, Managing Director for global oil and gas in the Corporate Finance Group, and Amol Joshi, a Moody’s oil and gas analyst based in New York, discuss a significant shift now taking place in the US midstream energy sector, the longtime natural home of the tax-advantaged master limited partnership (MLP).

For decades, investors have sought MLPs for their dependable regular distributions. Now the rising cost of equity capital is squeezing the traditional MLP structure, with sponsors increasingly cutting distributions or revising their structures in an effort to improve their ability to fund capital spending more easily. Steve and Amol discuss how MLPs are changing, and why the pipelines, gathering and processing, and storage operators that make up the midstream sector are transforming away from a traditionally dependable source of investment money.​​​​
Midstream Energy - North America: MLPs’ transforming business model will improve midstream credit quality
As mature midstream companies strive to largely self-fund their projects while simplifying their business model and preserving cash flow, they are also reducing their dependence on the capital markets for funding.​