20 Largest Master Limited Partnerships (MLPs)

Examining the top MLP stocks and their role in the global energy supply chain

Apr. 12, 2026 at 7:41am

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A high-contrast black and white close-up image of intricate, heavy industrial machinery and equipment used in the energy pipeline and storage industry, conveying a sense of the scale and importance of these physical assets that power the global energy supply chain.Towering pipelines, massive storage tanks, and other critical energy infrastructure assets that keep the global economy running, captured in a dramatic industrial portrait.Dallas Today

This article provides an overview of the 20 largest Master Limited Partnerships (MLPs), which are companies that own and operate critical energy infrastructure like pipelines and storage tanks. MLPs have unique tax advantages and are seen as a stable investment option during turbulent market conditions, as they typically charge fees based on volume rather than commodity prices. The list highlights the largest MLPs by market capitalization and the number of hedge funds holding stakes in them, providing insights for investors looking to navigate the energy sector.

Why it matters

MLPs play a crucial role in the global energy supply chain, managing the midstream operations that transport and store oil, natural gas, and other commodities. Their performance and stability can have significant implications for industries and consumers affected by energy prices and supply disruptions, making them an important consideration for investors seeking exposure to the energy sector.

The details

The article examines the 20 largest MLPs, ranked by market capitalization and the number of hedge funds holding stakes in them. It highlights recent developments for some of the top MLPs, such as USA Compression Partners, LP (NYSE:USAC) acquiring J-W Power Company and providing guidance on adjusted EBITDA and leverage targets. The analysis also notes that midstream MLPs, which typically charge fees based on volume rather than commodity prices, are often viewed as a stable business model for navigating turbulent market conditions, such as the recent disruptions in the Strait of Hormuz that impacted global oil prices.

  • On March 30, 2026, CNBC reported that a conflict in Iran and the subsequent closure of the Strait of Hormuz had triggered significant changes in oil prices.
  • On April 7, 2026, a ceasefire was announced to allow negotiations to proceed, but the Financial Times said it is on shaky ground, leaving uncertainty to continue to loom over the global market.
  • The fourth-quarter hedge fund data available in the Insider Monkey database as of April 10, 2026, was used to rank the MLPs by the number of hedge funds holding a stake in each.

The players

USA Compression Partners, LP

One of the largest independent providers of natural gas compression services in the U.S., based in Dallas, Texas. The company operates a high-utilization fleet of large-horsepower compression units critical for transporting natural gas through infrastructure systems.

Texas Capital Securities

A financial services firm that upgraded its rating on USA Compression Partners, LP (NYSE:USAC) from Hold to Buy with a price target of $31, citing the company's positioning for 2026 outperformance as industry capacity tightens.

Cameron Johnson

An analyst at Tidalwave Solutions who stated that if the shipping disruptions in the Strait of Hormuz continue, industries such as the medical and automotive fields may have to compete for limited resources, effectively pointing to supply shortages.

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What they’re saying

“If these shipping disruptions continue, industries such as the medical and automotive fields may have to compete for limited resources, effectively pointing to supply shortages.”

— Cameron Johnson, Analyst, Tidalwave Solutions

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This analysis of the 20 largest MLPs highlights the critical role these companies play in the global energy supply chain and their potential as a stable investment option during turbulent market conditions, making them an important consideration for investors seeking exposure to the energy sector.