Actually I am very pleased right now since nat gas prices have moved up considerably in the first quarter of this year. the biggest hold back for BWP was that low nat gas prices would hurt their contract renewals. with the big move in nat gas, I'm sure they are taking full advantage of it to renew contracts.
I added significantly to a small position at near the low. BWP is one of my "Dogs of the MLPs" but seems to actually have a plan for turning things in a positive direction and a resumption of distribution growth. In the $24 area BWP had a floor with the yield. I was and am happy to take a portion of my MLP dollars and invest in an 8%+ bond.
The Q1 numbers will be probably pretty boring for the MLP midstreamers as prices are more of the same. Going to take until early 2014 for things to move very much as increased processing capacity should give NGL prices a lift.
Let's look at that.
The day BWP bottomed around $24 (a short dip to that level) was 11/15/2012.
On that day, the Alerian total return MLP index was 1176.
Today, the index (^AMZX) hit 1434.63 (a new all time high, I believe - is BWP anywhere near an all time high?).
So, using your starting date as the baseline (ie. with BWP at $24), the Alerian index has gained 22%.
And that slightly beats BWP's gain of 18% plus one distribution of about 2%.
So, BWP has very slightly underperformed the MLP index over the period.
And that makes you a genius?