Tortoise Announces Special Index Rebalances Due to Acquisition Activity
August 09, 2019 at 18:51 PM EDT
Tortoise today announced that Anadarko Petroleum (NYSE: APC) was removed from the Tortoise North American Oil & Gas Producers Index℠ (TNEP) in a special rebalancing following the completion of the acquisition by Occidental Petroleum Corp. (NYSE: OXY). The special rebalancing of TNEP constituents occurred after the close of business on Thursday, Aug. 8, 2019.
Special rebalancings in TNEP are triggered by corporate actions such as mergers, bankruptcies, and liquidations, in which the resulting weight of a single constituent exceeds TNEP’s 5.0% threshold. Implementation of special rebalancings will be made in accordance with existing methodologies.
Tortoise MLP Index® (TMLP) will undergo a special rebalance in response to the merger between Andeavor Logistics LP (NYSE: ANDX) and the acquiring company MPLX LP (NYSE: MPLX). The special rebalancing will occur following market close today and will be made effective as of Tuesday, July 30, 2019.
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 TMLP’s 7.5% threshold. Implementation of special rebalancings will be made in accordance with existing methodologies.
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The Tortoise North American Oil & Gas Producers Index℠ is a float-adjusted, capitalization weighted index of North American energy companies primarily engaged in the production of crude oil, condensate, natural gas or natural gas liquids (NGLs). The index includes exploration and production companies structured as corporations, limited liability companies, and master limited partnerships, but excludes United States royalty trusts.
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.
The Tortoise North American Oil & Gas Producers Index℠ and the Tortoise MLP Index 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®, Tortoise North American Pipeline Index℠, Tortoise North American Oil and Gas Producers Index℠, and Tortoise Global Water ESG Index® (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.
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