i am honored to have -- may i call you mlp? >> sure. >> mlp on this program.e always wanted to say that, like i'm a friend of yours. mlp. yeah. i would say when you came on set, i haven't seen the play yet. i'm dying to see it. from what i've heard about it from friends who have seen it, they give you and your co-star high marks because it's hard to command, to hold command of an audience when there's just two people. not a whole lot of bells and whistles and -- >> yeah. >> what's that experience like? >> well, i feel like the director of this production deserves so much credit because i think it -- for me it takes a lot of confidence as a director, and it's a really risky move to produce a piece of theater where the direction is almost invisible. you don't see it. there's no storms on stage. there's no set. i'm basically wearing my own clothes -- i am wearing my own clothes. there's no artifice. there's no -- as you said, no bells and whistles, smoke and mirrors. and it's sort of allowed us to delve into the meaning of the text and what simon wrote and this r

hi there, kelly bp sending out a press release today talking about the evaluation of an ipo for an mlp us some details here saying the strategy is to grow the mid-stream business, the assets that would be included in that mlp would be crude oil, natural gas, refined products and product pipelines. they would be coming from the midwest region and also on the u.s. gulf coast. if bp ultimately decides to do this, the company is saying it would be called bp mid stream partners they would file that registration statement with the s.e.c. in the second half of the year to get that process going if they were actually, you know, went through with it, completed the ipo, it would own the general partner of the mlp basically putting this into context for you, why it's important is it's giving investors other options to invest in some of the company's assets rather than the company itself and, remember, investors tend to like mlps because they offer tax advantages as well this. would put it in a little bit of a different category, a little bit of different investment competition as well, kelly back

mcgregor maybe on a little different topic, going to the mlps and that's your leasing programs. essentially that's if you do the narrow mlp, intended to be able tie dress some of the specific planned use conflicts prior to leasing and drilling, would you maybe describe a little bit for us in what ways are the mlps and the rmps? >> what i can show you, sir, is in the wake of the united states congress making a determination and passing legislation to throw-back the planning 2.0 regulation, we are taking an in-depth look at our planning process because we recognize no matter what project members have on either side of the aisle, the planning process at the department takes on average five to seven years, often often more. as we look at planning in the department and consider how to do things more efficiently, we are evaluating whether the master leasing program is an added step on top of an existing planning process. does it actually increase efficiencies or is it another step? we are looking at that as well as many other issues. >> great. i was a little encouraged because that is

a conversation with mlp, mary-louise parker, in just a moment. ♪

the oil giant is evaluating an ipo of an mlp that could include crude oil, natural gas and refined petroleum product pipelines in the midwest and the gulf coast shares are just marginally lower. >>> and semiconductor equipmentmaker asml says second quarter net income rose 3% that topped estimates the company announcing it will resume the share buyback program. shares higher by about 4%. >> the applied materials of europe the chip company that makes the chipducinproducing. jim kram hecramer has been tweeg about it this morning. he will talk about it later. >> he's watching those chips, nvidia >> all of them. >>> on to today's wall street agenda another big day from earnings, results from morgan stanley, u.s. bancorp and mark&t bank before the opening bell after the close we will hear from american express, qualcomm and t-mobile usa june housing starts and billiuin permits are out at 8:30 a.m. eastern time it's viewed as volatile number but we'll see if we can get a read on the strength and continued strength of the housing recovery in the united states. >>> up next a check on the early action

would you describe a little bit for us in what ways are the mlps 's duplicate of the rmps? ms. macgregor: what i can say is in the wake of united states congress making a determination and passing legislation to throw back the planning 2.0 regulation, we are taking an in depth look at our planning process, because we recognize no matter what project members have on either side of the aisle the planning process at the department takes on average 5 to 7 years, often more. so as we look at planning in the department and consider how we can do things more efficiently, we're evaluating whether the master leasing program is an added step on top of an existing planning process. does it actually increase efficiencies or is it another step? we're looking at that as well as many other issues. rep. tipton: great. i was a little encouraged. that is the one thing we heard of a number of our constituents in terms of some of the different timeframes we have regulations, i believe your bill will be able to stream line those. look at the overlap and to be able to do that in a responsible way. s

we focus on it on mlp funds.rive strong in a earnings that need growth. cheryl: that's hurting oil prices we should say this morning. they are saying if you don't get invent other reduction, you will see $40 a barrel for oil. that tells me that energy companies, energy sector is going to have problems making profit. >> you really have to distinguish between different types of companies within the energy sector. oil-producers sell at the price of oil. they've done a lot of work to reduce cost of extracting oil. there are other companies in the ecosystem like transportation and storage companies where actually invent others are high because there's a lot of oil pumping through the system where they are storing a lot of oil, they can do very well. that's mass limited partnerships in the space, they are well positioned to benefit even if oil prices stagnate here. lauren: bond prices have been influx and that could threaten the stock market rally that we have been seeing. many going to bonds because there was no alter

i think this energy trade has a little bit of ways to go we like the mlps and midstream infrastructureames there is a lot of building going on in the pipeline spice aace. and in the low cost producers, i mean we're looking at a $50 oil price over the next 12 months. you want to own the low cost producers. you want to own the guys that in $50 can earn a real healthy margin >> well, we are seeing a nice boost in crude oil wti pushing towards $50 a barrel we'll leave it there thank you guys kevin and matt, thank you. >> we are looking at some headlines out of nhk regarding north korea. let's get to sue herrera for details on that. >> indeed. thank you very much. this is according to japan's nhk media. it says that north korea appears to have fired another missile. north korea's apparent missile may have landed in what is called japan's exclusive economic zone which is in the sea where there is a lot of trade and a lot of shipping going on and fishing going on. japan's chief cabinet secretary is expected to brief the news media shortly. excuse me, peter >> confirmed by prime minister abe a

leverage do they have on them and everything else the game with these pipelines has been you buy an mlp, put it a, what keep getting returns on capital, never sell the stock, have a basis of next to nothing wait until you pass away, get a stepped up basis and it's a party. but most people in the -- in the midstream space keep thinking oh, my god, if crew goes down $35, this company -- >> they'll stop moving. >> that's not the way it works. >> they're not raising dividends anymore when that happens and they were price wise extraordinarily sensitive to the price of crude at this last go round. they crashed the whole sector was down 70% and these were supposed to be bonds. so i don't know that the attitude toward that sector will be the same next time oil seems like it's stabilizing higher i think people will just say you know what, if i have oil risk let me do what mark suggests and buy the producers. >> this is a buy, hold and pass on to people. >> i also think, josh, a lot of these companies -- yes, a lot of them crash, 40% 50,%, 60% but these levels, you're right because of the fear th

whether it's mlp or a corporation, does not matter. these are central assets.single year and every single quarter grow their cash flow and it's because volumes are going up. i don't think there's any doubt that u.s. oil volumes are going up. u.s. natural gas productions are going up. we will need more and for structured to transport those products. who's going to do that? u.s. energy companies. the good thing about infrastructure is that you do not have to worry about rising oil prices affecting cashless. flows. alix: what will affect cash flows is the price of oil. this is free cash flow for the big majors. it's a little bit dizzy, but what you want to pay attention to his right over here. the purple line is show in the blue right here chevron and the white is exxon and the yellow is bp. we had negative free cash flow for bp, but the rest were positive. what is your expectations for free cash flow for the majors and can they wind up covering their dividend with it? .obert: very good point if you look at oil prices on average for this quarter versus the second