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 All content on this website is presented as of the date published, is not updated and may be superseded by subsequent market events or for other reasons Under no circumstances should a person act upon the information contained within without first conducting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

BPL: A Closer Look at Buckeye Partners' Distributable Cash Flow as of 4Q 2012

Author: Ron Hiram

Publsihed: April 20, 2013

Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (EBITDA) reported by Buckeye Partners L.P.  (BPL) for 4Q12, 4Q11 and for 2010-2012 are summarized in Table 1 below:

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RGP: A Closer Look at Regency Energy Partners' Distributable Cash Flow as of 4Q 2012

Author: Ron Hiram

Published: April 18, 2013

Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (EBITDA) reported by Regency Energy Partners LP (RGP) for 4Q12, 4Q11 and for 2010-2012 are summarized in Table 1 below:

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MMP: A Closer Look at Magellan Midstream Partners' Distributable Cash Flow as of 4Q 2012

Author: Ron Hiram

Published: April 4, 2013

Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (EBITDA) reported by Magellan Midstream Partners, L.P. (MMP) for 4Q12, 2012 and prior periods are summarized in Table 1:

Period:4Q124Q11201220112010 Revenues5034871,7721,7491,557 Operating income183140552523408 Net income154110436414312 EBITDA215170678642515 Adjusted EBITDA224191716636538 Weighted average units o/s […]

BWP: A Closer Look at Boardwalk Pipeline Partners’ Distributable Cash Flow as of 4Q 2012

 

Author: Ron Hiram

Published: March 26, 2013

On February 20, 2013, Boardwalk Pipeline Partners, LP (BWP) provided its 2012 annual report on Form 10-K. Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (“EBITDA”) for 4Q12, 2012 and prior periods are summarized in Table 1:

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ETP: A Closer Look at Energy Transfer Partners' Distributable Cash Flow as of 4Q 2012

Author: Ron Hiram

Published: March 17, 2013

On March 1, 2013, Energy Transfer Partners, L.P. (ETP) provided its 2012 annual report on Form 10-K.

ETP’s consolidated financial statements have been retrospectively adjusted to reflect consolidation of the Southern Union Company into ETP beginning March 26, 2012 (the date ETE acquired the Southern Union Company) and […]