Energy Law Update
August 14, 2007
MASTER CLASS
MLPs Have Morphed Beyond Pipeline Projects and Retail Investors to Fund a Variety of Deals With Institutional Backing
BY MICHAEL S. TELLE
Master limited partnerships have come a long way since the early 1980's.
Many original MLPs were involved solely in interstate pipeline transmission of hydrocarbon products. Now one can find MLPs that are engaged in a variety of energy-related activities. In addition to the gathering, treating, processing and transmission of all types of hydrocarbon products, MLPs are found in the coal, timber, shipping and oil and gas industries.
As the nature and complexity of MLPs have increased, MLP financing techniques have evolved significantly as well.