Midstream Mlps & Emerging Shale Opportunities
TWST: Please start with a brief snapshot of your coverage universe.
Mr. Horowitz: In total our coverage universe is a very diverse group of 47 stocks. Approximately two thirds are traditional midstream MLPs and integrated midstream suppliers. This includes partnerships/companies that engage in the gathering, processing, transport, storage and distribution of oil, natural gas, liquefied petroleum (LPG), natural gas liquids (NGLs) and refined petroleum products. Likewise, our midstream coverage also encompasses those partnerships engaged in the distribution of propane and other refined products, as well as marine transportation of petroleum products. The remaining one-third of our coverage is what we call upstream or E&P MLPs and traditional royalty, drilling trusts, which are involved in the production of oil and natural gas. The way to really classify it is to say we cover the heart of the energy value chain, or all the necessary infrastructure for moving hydrocarbons from the wellhead to the burner tip.
TWST: What's your overall view of that market?