About this website

The website explains how distributable cash flow (DCF) is defined and why it is important to analyze it and derive a sustainable measure of DCF. Results reported by master limited partnerships (MLPs) are analyzed. comparisons of reported DCF to sustainable DCF are generated, and various coverage ratios and reports analyzing performance are generated. Simplified sources and uses of funds statements are presented to focus readers' attention on key cash flow items. The website also features general articles about MLPs and about other topics of interest to yield-focused investors.

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Disclaimer

The documents and opinions in this website are for informational and educational purposes only and should not be construed as a recommendation to buy or sell the securities mentioned or to solicit transactions or clients. The information in this website is believed, but not guaranteed, to be accurate. All content on this website is presented as of the date published, is not updated and may be superseded by subsequent market events or for other reasons Under no circumstances should a person act upon the information contained within without first conducting his/her own independent research and consulting with his/her investment advisor and tax professional as to whether such action is suitable based on the investor’s investment objectives, personal and financial situation, and specific legal or tax situation.

EPD - A Closer Look at Enterprise Products Partners' results for 4Q 2016

 

Author: Ron Hiram

Published: February 28, 2017

Summary:

Despite projects totaling ~$9 billion placed into service in the last three years, gross operating margins and Adjusted EBITDA per unit have been declining for eight consecutive quarters. For the last two and a half years (since 2Q14), distribution growth has been outpacing DCF growth […]

EPD - A Closer Look at Enterprise Products Partners' results for 3Q 2016

 

Author: Ron Hiram

Published: November 7, 2016

Summary:

Due to unfavorable pricing environments in the past two years, gross operating margins are flat despite >$10 billion of net capital expenditures and acquisitions since 9/30/14. When measured on a per unit basis, gross operating margins have been declining for the last seven consecutive quarters […]

EPD - A Closer Look at Enterprise Products Partners' results for 2Q 2016

 

Author: Ron Hiram

Published: August 6, 2016

Summary:

On a per unit basis, gross margins and EBITDA have been declining for 6 consecutive quarters; increases in units due to acquisitions are the major contributors to this trend. DCF per unit in 2Q16 increased, albeit slightly, over the prior year quarter; the first such […]

A Closer Look at Enterprise Products Partners' results for 1Q 2016

 

Author: Ron Hiram

Published: May 14, 2016

Summary:

Absolute levels of gross margins have held up remarkably well in the face lower energy prices, but have declined for 5 consecutive quarters on a per unit basis . Mainly due to acquisitions, increases in distributions per unit have been accompanied by declines in DCF […]

EPD - Preliminary review of Enterprise Products Partners' results for 4Q 2015

Author: Ron Hiram

Published: February 1, 2016

Summary:

EPD’s results held up remarkably well. 2015 operating margin increased in absolute terms over 2014 and declined only slightly measured on a per unit basis. Mainly due to acquisitions, increases in distributions per unit have been accompanied by declines in DCF per unit; however the pace of […]