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 All content on this website is presented as of the date published, is not updated and may be superseded by subsequent market events or for other reasons Under no circumstances should a person act upon the information contained within without first conducting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

ETP: A Closer Look at Energy Transfer Partners' Distributable Cash Flow as of 1Q 2013

Author: Ron Hiram

Published: May 14, 2013

This article analyzes the most recent quarterly and the trailing twelve months (“TTM”) results of Energy Transfer Partners, L.P. (ETP) and looks “under the hood” to properly ascertain sustainability of Distributable Cash Flow (“DCF”). The task is not easy because the definitions of DCF and “Adjusted EBITDA”, […]

Trailing Twelve Months Performance Comparison of Selected MLPs

Author: Ron Hiram

Published: December 16, 2012; updated Dec 17

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 […]

NRGY: A Closer Look at Inergy L.P.’s Distributable Cash Flow in Fiscal 2012

Author: Ron Hiram

Published: December 10, 2012

On November 21, 2012, Inergy L.P. (NRGY) reported results of operations for the fiscal year ended 9/30/12. Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (EBITDA) for the fourth fiscal quarters and the fiscal years ending September 30 are summarized […]

BWP: A Closer Look at Boardwalk Pipeline Partners’ Distributable Cash Flow as of 3Q 2012

 

Author: Ron Hiram

Published: December 4, 2012

On October 30, 2012, Boardwalk Pipeline Partners, LP (BWP) reported results of operations for 3Q 2012. Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (EBITDA) for 3Q12, 3Q11 and for the trailing 12 months (“TTM”) are summarized in […]

SPH: A Closer Look at Suburban Propane Partners' FY 2012 Distributable Cash Flow

Author: Ron Hiram

Published: December 2, 2012

 

Suburban Propane Partners LP (SPH) markets and distributes fuel oil, kerosene, diesel fuel and gasoline to residential and commercial customers, and is now the third largest retail marketer of propane in the United States, measured by retail gallons sold.

On August 1, 2012, SPH consummated its […]