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.



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 All content on this website is presented as of the date published, is not updated and may be superseded by subsequent market events or for other reasons Under no circumstances should a person act upon the information contained within without first conducting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

TRGP - A Closer Look at Targa Resources Corp.’s results for 3Q 2016


Author: Ron Hiram

Published: November 28, 2016


Operating margin in 3Q16 is down 12-13% vs. 3Q15; on a TTM basis it is down 2% in absolute terms and 25% per share, primarily due to lower commodity prices. Adjusted EBITDA per unit declined in the last 3 quarters but is expected to improve […]

TRGP - A Closer Look at Targa Resources Corp.’s results for 2Q 2016

Author: Ron Hiram

Published: August 20, 2016


Fee-based gross margin as a percent of total gross margin has declined for the last 4 consecutive quarters. Operating margin and Adjusted EBITDA declined in 2Q16 vs. 2Q15 in absolute terms and per share, primarily due to lower commodity prices; changes in throughput volumes were minor. […]