UBS AG has launched an exchange-traded note (ETN) listed on the New York Stock Exchange Arca (Archipelago Exchange) under ticker symbol "MLPG" that provides investors single-security exposure to the Alerian Natural Gas MLP (master limited partnership) Index, a midstream-focused subset of MLPs whose constituents earn the majority of their cash flow from the transportation, storage and processing of natural gas and natural gas liquids. The index provides exposure to the expansion of gas infrastructure, as well as the investment required to accommodate geographical supply shifts associated with shale gas development. The ETN will track the change in value of the Alerian Natural Gas MLP Index and pass on the corresponding distributions from the underlying companies as a quarterly coupon, net of fees.

Chevron Corp. expects 2Q2010 earnings to be higher than in the first three months of this year, driven partly by a stronger U.S. dollar. In early May Chevron said the 1Q2010 profits from the year-ago period were the largest increase in at least 10 years, exceeding Wall Street estimates (see Daily GPI, May 3). The San Ramon, CA-based producer said earnings in the upstream business should be "in line" with 1Q2010. U.S. production in April and May -- the first two months of the second quarter -- rose 2% from the same period of 2009 to 714,000 boe/d. Output internationally was up 3% from a year earlier. Chevron received $3.96/Mcf for natural gas in April and May, which was down 25% sequentially but 21% higher than in the year-ago period. Quarterly results are scheduled to be issued on July 30.

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