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 All content on this website is presented as of the date published, is not updated and may be superseded by subsequent market events or for other reasons Under no circumstances should a person act upon the information contained within without first conducting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

WPZ - A Closer Look at Williams Partners’ Distributable Cash Flow as of 3Q 2014

Author: Ron Hiram

Published: November 6, 2014

Summary:

Key business parameters, when measured on a per unit basis and compared to the prior year period, have deteriorated for 10 consecutive quarters. Increasing distributions in face of adverse business environment was enabled by issuance of equity and debt. Management’s 2014 DCF target set in January […]

WPZ - A Closer Look at Williams Partners’ Distributable Cash Flow as of 2Q 2014

Author: Ron Hiram

Published: August 4, 2014

This article analyses some of the key facts and trends revealed by 2Q14 results reported by Williams Partners, L.P. (WPZ). It evaluates the sustainability of WPZ’s Distributable Cash Flow (“DCF”) and assesses whether WPZ is financing its distributions via issuance of new units or debt.

WPZ’s operations […]

WPZ - A Closer Look at Williams Partners’ Distributable Cash Flow as of 1Q 2014

Author: Ron Hiram

Published: May 20, 2014

Williams Partners, L.P. (WPZ) recently reported its results of operations for 1Q 2014. This article analyses some of the key facts and trends revealed by this and prior WPZ reports, evaluates the sustainability of WPZ’s Distributable Cash Flow (“DCF”) and assesses whether WPZ is financing its distributions […]

WPZ - A Closer Look at Williams Partners’ Distributable Cash Flow as of 4Q 2013

Author: Ron Hiram

Published: March 17, 2014

This article analyzes the most recent quarterly and annual results of Williams Partners, L.P. (WPZ), looks “under the hood” to properly ascertain sustainability of Distributable Cash Flow (“DCF”), and assesses whether WPZ is financing its distributions via issuance of new units or debt.

Effective January 1, 2013, management […]

WPZ - Ahead of Williams Partners’ 4Q 2013 results

Author: Ron Hiram

Published: January 28, 2014

Williams Partners, L.P. (WPZ) will report results of operations for 4Q 2013 on February 19, 2014. The results will give some indication as to whether the negative trends in WPZ’s operational results are reversing, moderating or continuing. This article points out some of the important key metrics […]