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 All content on this website is presented as of the date published, is not updated and may be superseded by subsequent market events or for other reasons Under no circumstances should a person act upon the information contained within without first conducting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 2Q 2012

Author: Ron Hiram

Published: Aug 6, 2012

On March 19, 2012 Williams Partners, L.P. (WPZ) announced the $2.5 billion Caiman acquisition and upped its estimate of 2012 capital expenditures from ~$2.9 billion to $5.4 billion. The following day the price per unit immediately dropped from $61 to $56 on investor concerns regarding dilution.

On July […]

A Closer Look at Trailing Twelve Months Performance of Selected MLPs

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 distribution rates. Since DCF is not a Generally Accepted Accounting […]

RGP: A Closer Look at Regency Energy Partners' Distributable Cash Flow as of 1Q 2012

Author: Ron Hiram

Published: June 6, 2012

Revenues generated by Regency Energy Partners LP (RGP) in 1Q 2012 decreased 3.2% vs. the prior quarter and were up 12.8% vs. 1Q 2011 (by comparison, revenues in 1Q 2011 decreased 1.7% vs. 4Q 2010 and were up 4.1% over 1Q 2010).  Earnings before interest expense, depreciation & […]

BWP: A Closer Look at Boardwalk Pipeline Partners’ Distributable Cash Flow as of 1Q 2012

Author: Ron Hiram

Published: June 4, 2012

In 1Q 2012, Boardwalk Pipeline Partners, LP (BWP) increased its revenues 5.4% vs. the prior quarter and 0.6% vs. 1Q 2011 (by comparison, revenues in 1Q 2011 increased 3% vs. 4Q 2010 and were up 3.5% over 1Q 2010).  Earnings before interest expense, depreciation & amortization and income […]

SPH: A Closer Look at Suburban Propane Partners' Distributable Cash Flow as of 2Q FY2012

Author: Ron Hiram

Published: May 30, 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 sold. […]