Introduction
BP Midstream Partners LP (BPMP) is a newer player in the midstream MLP space, offered by BP (BP) in late 2017. Its assets consist of refinery-linked pipelines in the Midwest and upstream-connected pipelines in the Gulf of Mexico which are a mix of operated and equity-owned assets. The partnership has steadily grown income and distributions since its IPO even while maintaining a conservative distribution policy, with a coverage ratio of 1.25. Unlike many MLPs, distributions are also covered by the standard definition of free cash flow, or operating cash flow