Since last week’s dividend update, there have been several notable announcements. After previously guiding to a 25% increase, Kinder Morgan (KMI) declared a $0.2625 per share dividend ($1.05 annualized), representing a 5% sequential increase. KMI reiterated its commitment to pay a $1.25 per share annualized dividend and will reevaluate the economic climate when it pays its dividend for 4Q20. Cheniere Energy Partners (CQP) increased its distribution by 1.6% sequentially and maintained its prior full-year distribution guidance of $2.60 per unit at the midpoint, implying year-over-year growth of 5.7%. Delek Logistics Partners (DKL) announced a 0.6% sequential distribution increase and reaffirmed prior guidance to increase its distribution by 5% year-over-year in 2020. Hess Midstream (HESM) also increased its distribution by 1.2% compared to 4Q19. MPLX (MPLX), Williams (WMB), TC Energy (TRP CN), and Shell Midstream Partners (SHLX) announced that they would hold their dividends steady for 1Q20. Several MLPs, including CNX Midstream (CNXM), Holly Energy Partners (HEP), NGL Energy Partners (NGL), and NuStar Energy (NS), announced distribution cuts over the last week. While 1Q dividend announcements have included a significant number of painful cuts, companies are reducing dividends to improve their balance sheets and increase financial flexibility given ongoing headwinds in energy.