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Analyzing Cash Flows of Master Limited Partnerships

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2014-04-17 16:02

ETP: Further thoughts on Issues raised by Energy Transfer Partners' Holdco transaction

Author: Ron Hiram

Published: March 25, 2013

The structure and series of transactions undertaken are complicated and I did not catch an error with respect to an acquisition’s purchase price prior to publishing my prior article on this topic. In addition to bringing up the issue that management has not explained the price being paid [...]

ETP: Issues raised by Energy Transfer Partners' acquisition of 60% of ETP Holdco

Author: Ron Hiram

Published: March 22, 2013

 

CORRECTIONS WERE MADE TO THIS ARTICLE: SEE ARTICLE DATED 3/25/213

Energy Transfer Partners, L.P. (ETP) and Energy Transfer Equity, L.P. (ETE) announced yesterday (3/21/13) that ETP will acquire from ETE its interest in ETP Holdco Corp. (“Holdco”) for $3.75 billion of cash and ETP common units. ETP [...]

ETP: A Closer Look at Energy Transfer Partners' Distributable Cash Flow as of 4Q 2012

Author: Ron Hiram

Published: March 17, 2013

On March 1, 2013, Energy Transfer Partners, L.P. (ETP) provided its 2012 annual report on Form 10-K.

ETP’s consolidated financial statements have been retrospectively adjusted to reflect consolidation of the Southern Union Company into ETP beginning March 26, 2012 (the date ETE acquired the Southern Union Company) and [...]

Trailing Twelve Months Performance Comparison of Selected MLPs

Author: Ron Hiram

Published: December 16, 2012; updated Dec 17

Distributable cash flow (“DCF”) is a quantitative standard viewed by investors, analysts and the general partners of many master limited partnerships (“MLPs”) as an indicator of the MLP’s ability to generate cash flow at a level that can sustain or support an increase in quarterly [...]

A Closer Look at Energy Transfer Partners' Distributable Cash Flow as of 3Q 2012

Author: Ron Hiram

Published: November 12, 2012

On November 7, 2012, Energy Transfer Partners, L.P. (ETP) reported results of operations for 3Q 2012. I usually prefer to review trailing 12-months data but in this case 9-month data will have to suffice because restated prior data is available only for the quarter and 9-month period [...]