BP plc (BP) filed paperwork for an initial public offering of its U.S. pipeline assets as BP Midstream Partners LP in an effort to raise up to $100 million on Monday, Reuters reported.

BP Midstream Partners LP, which will trade on the New York Stock Exchange under the ticker "BPMP," is set to use a master limited partnership structure. The MLP setup provides a tax advantage that keeps the company from paying corporate income tax on distributions or earnings to partners. It's been frequently used by other pipeline or capital-intensive companies in IPOs.

The idea to list U.S. pipelines assets separately first came up at BP about five years ago, but declining crude prices forced the company to put the idea on the back burner, Reuters reported. BP announced plans about two months ago to spin off U.S. Midwest and Gulf Coast pipeline assets in an IPO.

BP joins the growing group of energy companies raising cash by spinning off pipeline assets, which includes Royal Dutch Shell (RDS.A) , Valero Energy Corp. (VLO) , Tesoro Corp (TSO) and Marathon Petroleum Corp. (MPC) .

BP stock traded up 0.75% to $35.59 midday Monday.

More of What's Trending on TheStreet:

More from Stocks

Caterpillar Stock: Is Now a Good Time for Investors to Dig In?

Caterpillar Stock: Is Now a Good Time for Investors to Dig In?

Dow and S&P 500 Extend Their Record Rallies

Dow and S&P 500 Extend Their Record Rallies

Micron Stock: The Great Debate Continues

Micron Stock: The Great Debate Continues

JPMorgan Is Leading the Charge Higher: Here's When Investors Should Buy More

JPMorgan Is Leading the Charge Higher: Here's When Investors Should Buy More

This Important Index May Be the Next to Break Out

This Important Index May Be the Next to Break Out