SteelPath Energy Infrastructure Review and Outlook

February 1, 2019 at 10:00am EST

 A replay of this call will be available until 3/13/19

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This webcast is available for viewing or listening via computer, smartphone or tablet.

Join Senior Portfolio Manager Brian Watson, CFA and Client Portfolio Manager Chuck Anderson as they review the current state of the energy and midstream markets. Topics will include:
  • The impact of US oil and gas production and export growth
  • The increased participation of private equity in the midstream sector
  • The evolution of the midstream MLP business model
  • Overview of current valuations and sector outlook

Special Risks: Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. Each Fund’s investments are concentrated in the energy infrastructure industry with an emphasis on securities issued by MLPs, which may increase volatility. Energy infrastructure companies are subject to risks specific to the industry such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations which may result in erratic price movement or difficulty in buying or selling. Additional management fees and other expenses are associated with investing in MLP funds. The Oppenheimer SteelPath MLP Funds are subject to certain MLP tax risks. An investment in an Oppenheimer SteelPath MLP Fund does not offer the same tax benefits of a direct investment in an MLP. The Funds are organized as Subchapter “C” Corporations and are subject to U.S. federal income tax on taxable income at the currently effective statutory tax rate as well as state and local income taxes. The potential tax benefit of investing in MLPs depends on them being treated as partnerships for federal income tax purposes. If the MLP is deemed to be a corporation, its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution, which could result in a reduction of the fund’s value. MLP funds accrue deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation of its investments. This deferred tax liability is reflected in the daily NAV and as a result an MLP fund's after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked. 

*Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by visiting or calling 1 800 255 2755. Investors should read prospectuses and summary prospectuses carefully before investing.  

For Institutional Use Only. This material has been prepared by OppenheimerFunds Distributor, Inc. for institutional investors only. It has not been filed with FINRA, may not be reproduced and may not be shown to, quoted to or used with retail investors.

OFI Global Asset Management consists of OppenheimerFunds, Inc. and certain of its advisory subsidiaries, including OFI Global Asset Management, Inc., OFI Global Institutional, Inc., OFI SteelPath, Inc., OFI Global Trust Company, SNW Asset Management, LLC and OFI Advisors LLC. The firm offers a full range of investment solutions across equity, fixed income and alternative asset classes.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. (“OFDI”). OFDI is an affiliate of OppenheimerFunds, Inc. and OFI Global Asset Management.

The views presented represent the views and opinions of Brian Watson, CFA®, Senior Client Portfolio Manager, Director of Research and Charles Anderson, Senior Client Portfolio Manager. They do not necessarily reflect the views and opinions of OFI Global Asset Management (“OFI Global”) or OppenheimerFunds, Inc. (“OFI”), or other portfolio managers or investment professionals within the organization. They are not intended as investment advice or to predict or depict the performance of any investment. These views are based on the information available as of the date noted and are subject to change at any time based on subsequent developments. OFI Global and OFI disclaim any responsibility to update such views. No forecasts can be guaranteed. These views may not be relied upon as investment advice or as an indication of trading intent or holdings on behalf of any investment strategy. The information contained herein is deemed to be from reliable sources; however, OFI Global and OFI do not warrant its completeness or accuracy. Performance data shown represents past performance and is no guarantee of future results.

This presentation is not intended to provide, and should not be relied on for, accounting, legal or tax advice. Further, this presentation does not constitute an offer or solicitation for the sale of any security or financial instrument in any jurisdiction where OFI Global, OFI or OFDI is not licensed to conduct business or where the security or financial instrument is not available for sale. No security or financial instrument is offered or will be sold in any jurisdiction in which such offer or solicitation would be unlawful.

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