Q2 M&A in the midstream sector sent a clear message: Master limited partnerships are on the way out, with MLP rollups accounting for four of the top five deals (PG 1). The final straw for some MLPs, such as Enbridge’s and Williams’, was a FERC decision in March restricting their ability to charge tax-recovery allowances on pipelines. Then in July, FERC issued a final rule giving MLPs ample wiggle room to avoid financial damage......
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