FOR IMMEDIATE RELEASE
LEAWOOD, KS – June 15, 2020 – Tortoise today announced that EQM Midstream Partners (NYSE: EQM) is expected to be removed from the Tortoise MLP Index® (TMLP) and the Tortoise North American Pipeline IndexSM (TNAP) pending shareholder approval of the merger with Equitrans Midstream Corporation (NYSE: ETRN). If approved, EQM will be removed from both indices effective at market close on Tuesday, June 16, 2020.
For Tortoise MLP Index® (TMLP), should the EQM merger be approved, the removal of EQM from the index will trigger a special rebalancing.
For Tortoise North American Pipeline IndexSM (TNAP), should the EQM merger be approved, EQM will be removed from the index, but will not require a special rebalancing.
Special rebalancings in TMLP are triggered by corporate actions such as mergers, bankruptcies, and liquidations, in which the resulting weight of a single constituent exceeds the index’s 7.5% threshold and the target constituent weight exceeds certain weighting thresholds. Implementation of special rebalancings will be made in accordance with existing methodologies.
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The Tortoise MLP Index® is a float-adjusted, capitalization weighted index of energy master limited partnerships (MLPs). The index is comprised of publicly traded companies organized in the form of limited partnerships or limited liability companies engaged in transportation, production, processing and/or storage of energy commodities.
Tortoise North American Pipeline IndexSM is a float-adjusted, capitalization weighted index of pipeline companies that are organized and have their principal place of business in the United States or Canada. A pipeline company is defined as a company that either 1) has been assigned a standard industrial classification (“SIC”) system code that indicates the company operates in the energy pipeline industry or 2) has at least 50% of its assets, cash flow or revenue associated with the operation or ownership of energy pipelines. Pipeline companies engage in the business of transporting natural gas, crude oil and refined products, storing, gathering and processing such gas, oil and products and local gas distribution. The index includes pipeline companies structured as corporations, limited liability companies and master limited partnerships (MLPs).
The Tortoise MLP Index® and the Tortoise North American Pipeline IndexSM are the exclusive property of Tortoise Index Solutions, LLC, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Tortoise MLP Index® and the Tortoise North American Pipeline IndexSM (the “Indices”). The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. “Calculated by S&P Dow Jones Indices” and its related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Tortoise Index Solutions, LLC and its affiliates. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).
This data is provided for informational purposes only and is not intended for trading purposes. This document shall not constitute an offering of any security, product or service. The addition, removal or inclusion of a security in the index is not a recommendation to buy, sell or hold that security, nor is it investment advice. The information contained in this document is current as of the publication date. Tortoise makes no representations with respect to the accuracy or completeness of these materials and will not accept responsibility for damages, direct or indirect, resulting from an error or omission in this document. The methodology involves rebalancing and maintenance of the index that is made periodically during each year and may not, therefore, reflect real time information.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
For more information contact Maggie Zastrow at (913) 981-1020 or firstname.lastname@example.org