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.

Archives

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 All content on this website is presented as of the date published, is not updated and may be superseded by subsequent market events or for other reasons Under no circumstances should a person act upon the information contained within without first conducting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.

RGP - A Closer Look at Regency Energy Partners' Distributable Cash Flow as of 2Q 2014

Author: Ron Hiram

Published: August 21, 2014

Summary:

There are significant differences between EBITDA and Adjusted EBITDA because investments in unconsolidated affiliates are treated as if they were fully consolidated. Even on an adjusted basis, EV/EBITDA multiple is high vs. other MLPs. RGP has not been generating excess cash that could help fund its […]

RGP - A Closer Look at Regency Energy Partners' Distributable Cash Flow as of 3Q 2013

 Author: Ron Hiram

Published: November 27, 2013

This article analyzes the most recent quarterly and the latest nine months (“9M”) results of Regency Energy Partners LP (RGP), looks “under the hood” to properly ascertain sustainability of Distributable Cash Flow (“DCF”) and assesses whether RGP is financing its distributions via issuance of new units or debt. […]

Impact of the $5.6B PVR acquisition on RGP and ETE

 

Author: Ron Hiram

Published: October 15, 2013

Kelcy L. Warren is the CEO of the General Partner of Energy Transfer Partners L.P. (ETP) and Chairman of the Board of Energy Transfer Equity L.P. (ETE), the entity that owns the general partner of Regency Energy Partners LP (RGP). The string of major acquisitions and […]

RGP - In anticipation of Regency Energy Partners’ 2Q 2013 results

Author: Ron Hiram

Published: July 14, 2013

 Regency Energy Partners LP (RGP) will report results of operations for 2Q 2013 around August 8, 2013. This article focuses on some of the developments investors should be watching for.

2Q13 will include 2 months of contributions from RGP’s acquisition of Southern Union Gathering Company, LLC, the […]

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

Author: Ron Hiram

Published: April 18, 2013

Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (EBITDA) reported by Regency Energy Partners LP (RGP) for 4Q12, 4Q11 and for 2010-2012 are summarized in Table 1 below:

[…]