Summary

• For the quarter, master limited partnerships, as measured by the Alerian MLP Index, rose 14.80% on a price basis and returned 16.86% when including distributions.
• During the quarter, 63% of midstream sector participants reported fourth quarter results in line with or better than consensus.
• Earnings before interest, taxes, depreciation & amortization (EBITDA) were about 8% higher than the third quarter and about 9% above the fourth quarter of 2024.

Key takeaways

1 MLPs total return outperformed the broader equity market

For the quarter, master limited partnerships (MLPs), as measured by the Alerian MLP Index (AMZ), rose 14.80% on a price basis and returned 16.86% when including distributions. The S&P 500 Index was