Introduction
BP Midstream Partners, LP (BPMP) got beaten up with other MLPs, losing about half its market cap during the pandemic and oil price-related crash in the first half of March. The partnership's assets consist of fully-owned pipelines connected to BP's (BP) Whiting, Indiana refinery and partial ownership of pipelines in the offshore Gulf of Mexico. These assets remain profitable even in the low oil price environment that has persisted since the onset of the COVID-19 pandemic. The offshore Gulf of Mexico volumes should stay fairly steady as upstream variable costs are low