We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
BP Midstream Partners' IPO Plans for US Pipelines on Track
Read MoreHide Full Article
A wholly owned indirect subsidiary of oil giant BP plc (BP - Free Report) , BP Midstream Partners LP, has commenced its plan of initial public offering (IPO) of common units, which signify limited partner interests.
In this respect, BP Midstream Partners has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC"). The news followed after the announcement BP made in July, whereinit appraised the creation and IPO of a master limited partnership (MLP).
Subject to market conditions, BP Midstream Partners anticipates the offering to take place in the fourth quarter of 2017. After being listed on the NYSE, the common units are expected to trade under the ticker symbol “BPMP”.
Benefits of the IPO
BP Midstream Partners’ formation as a separate vehicle that would own, operate, develop and acquire pipelines and other midstream assets will help in the growth of midstream business. The IPO would be in line with BP’s strategy to develop its midstream business and at the same time boost shareholder value. Headquartered in Houston, TX, BP Midstream Partners will have offices in Chicago, IL.
Assets of BP Midstream Partners
Initially, ownership interests in one onshore crude oil pipeline system and one onshore refined products pipeline system are believed to form assets of BP Midstream Partners. Other properties will include an onshore diluents pipeline asset, which delivers liquids to or from the energy giant’s Whiting Refinery in Whiting, IN. The company will also have interests in four offshore crude pipeline systems and one offshore natural gas pipeline system that links offshore production resources, located off the coast of the Gulf of Mexico, with the Gulf Coast refining and distribution hubs.
On completion of the IPO, BP would own the general partner of BP Midstream Partners, its incentive distribution rights and a major portion of its limited partner interest.
Price Movement
The company’s shares have lost 1.3% as against the industry’s gain of 0.7% over the last three months.
Zacks Rank & Key Picks
Currently, BP carries a Zacks Rank #3 (Hold). A few better-ranked players in the energy sector include TransCanada Corporation (TRP - Free Report) , Transmontaigne Partners LP and Range Resources Corporation (RRC - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Headquartered in Calgary, Canada, TransCanada is a midstream energy firm in North America. The company delivered an average positive earnings surprise of 4.06% over the last four quarters.
Transmontaigne, headquartered in Denver, CO, involves in transporting and storing refined petroleum products. The firm delivered an average positive earnings surprise of 6.60% over the last four quarters.
Based in Fort Worth, TX, Range Resources is an independent oil and gas company, engaged in the exploration, development and acquisition of U.S. oil and gas resources. The company’s 2017 earnings are estimated to grow 1587.17%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Image: Bigstock
BP Midstream Partners' IPO Plans for US Pipelines on Track
A wholly owned indirect subsidiary of oil giant BP plc (BP - Free Report) , BP Midstream Partners LP, has commenced its plan of initial public offering (IPO) of common units, which signify limited partner interests.
In this respect, BP Midstream Partners has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC"). The news followed after the announcement BP made in July, whereinit appraised the creation and IPO of a master limited partnership (MLP).
Subject to market conditions, BP Midstream Partners anticipates the offering to take place in the fourth quarter of 2017. After being listed on the NYSE, the common units are expected to trade under the ticker symbol “BPMP”.
Benefits of the IPO
BP Midstream Partners’ formation as a separate vehicle that would own, operate, develop and acquire pipelines and other midstream assets will help in the growth of midstream business. The IPO would be in line with BP’s strategy to develop its midstream business and at the same time boost shareholder value. Headquartered in Houston, TX, BP Midstream Partners will have offices in Chicago, IL.
Assets of BP Midstream Partners
Initially, ownership interests in one onshore crude oil pipeline system and one onshore refined products pipeline system are believed to form assets of BP Midstream Partners. Other properties will include an onshore diluents pipeline asset, which delivers liquids to or from the energy giant’s Whiting Refinery in Whiting, IN. The company will also have interests in four offshore crude pipeline systems and one offshore natural gas pipeline system that links offshore production resources, located off the coast of the Gulf of Mexico, with the Gulf Coast refining and distribution hubs.
On completion of the IPO, BP would own the general partner of BP Midstream Partners, its incentive distribution rights and a major portion of its limited partner interest.
Price Movement
The company’s shares have lost 1.3% as against the industry’s gain of 0.7% over the last three months.
Zacks Rank & Key Picks
Currently, BP carries a Zacks Rank #3 (Hold). A few better-ranked players in the energy sector include TransCanada Corporation (TRP - Free Report) , Transmontaigne Partners LP and Range Resources Corporation (RRC - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Headquartered in Calgary, Canada, TransCanada is a midstream energy firm in North America. The company delivered an average positive earnings surprise of 4.06% over the last four quarters.
Transmontaigne, headquartered in Denver, CO, involves in transporting and storing refined petroleum products. The firm delivered an average positive earnings surprise of 6.60% over the last four quarters.
Based in Fort Worth, TX, Range Resources is an independent oil and gas company, engaged in the exploration, development and acquisition of U.S. oil and gas resources. The company’s 2017 earnings are estimated to grow 1587.17%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>