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Analyst: FERC Tax Ruling Accelerated But Didn’t Trigger Slew Of Consolidations

Joseph Markman Senior Editor, Digital News Group Hart Energy
Monday, May 21, 2018 - 1:11pm
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Analyst: FERC Tax Ruling Accelerated But Didn’t Trigger Slew Of Consolidations

The Federal Energy Regulatory Commission’s (FERC) tax ruling on March 15 removed certain benefits for MLPs but it is more likely that the decision merely sped up the recent consolidations of Enbridge Inc. and The Williams Cos., an analyst told Hart Energy.

Michael Underhill, chief investment officer of Pewaukee, Wis.-based Capital Innovations LLC, sees the May 17 announcements as part of a continuing trend.

“The FERC ruling accelerated the consolidations,” Underhill said. “When Kinder Morgan departed the MLP space on Aug. 10, 2014, this was viewed as an anomaly—I was quoted as stating that this was a precursor of things to come. Recently, Kinder Morgan was joined by ONEOK Inc. and Targa Resources Corp. as they have brought in their MLPs.”

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Joseph Markman

Joseph Markman is senior editor for Hart Energy’s Digital News Group. He covers midstream operations and finance for Hart Energy's websites. He also edits the weekly MIDSTREAM MONITOR digital newsletter and authors the NGL Frac Spread.

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