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 All content on this website is presented as of the date published, is not updated and may be superseded by subsequent market events or for other reasons Under no circumstances should a person act upon the information contained within without first conducting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

SPH: A Closer Look at 2011 Distributable Cash Flow Generated by Suburban Propane Partners

Author: Ron Hiram

Date published: Apr 21, 2012

Suburban Propane Partners (SPH) markets and distributes fuel oil, kerosene, diesel fuel and gasoline to approximately 48,000 residential and commercial customers in the northeast region of the United States. It is one of the largest retail marketers of propane in the United States, measured by retail gallons […]

KMP: A Closer Look at Kinder Morgan Energy Partners’ 2011 Distributable Cash Flow

Author: Ron Hiram

Date published: Apr 17, 2012

In an article titled Distributable Cash Flow (“DCF)” I present the definition of DCF used by Kinder Morgan Energy Partners LP (KMP) and provide a comparison to definitions used by other master limited partnerships (“MLPs”). KMP’s definition and method of deriving of DCF (what KMP refers to […]

NGLS: A Closer Look at Targa Resources Partners’ 2011 Distributable Cash Flow

Author: Ron Hiram

Date Published: Apr 9, 2012

In a prior article dated January 2, 2012, I reviewed results for Targa Resources Partners LP (NGLS) for the period ended 9/30/11 and noted that given the rapid growth in revenues and the large fluctuations between 2nd and 3rd quarter working capital needs, it makes sense to […]

BPL: A Closer Look at Buckeye Partners’ 2011 Distributable Cash Flow

Author: Ron Hiram

Date Published: Apr 9, 2012

This is an update to a prior article dated February 13, 2012, in which I noted that a significant portion of Buckeye Partners’ (BPL) current yield (then 6.74%) did not seem to be generated from sustainable sources. BPL has since filed its 10-K and it is therefore […]

WPZ: A Closer Look at Williams Partners’ 2011 Distributable Cash Flow

Author: Ron Hiram

Date: Mar 19, 2012

This is an update to a prior article dated January 24, 2012, in which I reviewed the distributable cash flows generated by Williams Partners, L.P. (WPZ). Since then results for 4Q11 and full year 2011 have been published, a ~$505 million public offering of 8.05 million units at […]