TRP - Under-Piped: Holes In Your MLP Exposure
The one-year anniversary of the FERC policy statement for MLPs was last week. While MLPs' stock prices recovered from the initial negative price reaction to the FERC ruling last year, the lasting impact of that announcement continues to play out today, and the ripples of that announcement may impact performance going forward.
FERC's initial statement provided cover for companies to roll-up their MLP subsidiaries with natural gas pipeline exposure (e.g. [[BWP]], [[DM]], [[EEP]], [[SEP]], [[WPZ]]). Those names joined other MLPs with gas pipeline assets that had already transitioned to a corporate structure (like [[KMI]] and