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 All content on this website is presented as of the date published, is not updated and may be superseded by subsequent market events or for other reasons Under no circumstances should a person act upon the information contained within without first conducting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 Suburban Propane Partners' Distributable Cash Flow as of 1QFY 2014

Author: Ron Hiram

Published: February 19, 2013

Suburban Propane Partners LP (SPH) is organized into 3 principal business segments. The propane segment, which generates the bulk of SPH’s revenues and cash flows, is primarily engaged in the retail distribution of propane to residential, commercial, industrial and agricultural customers and, to a lesser extent, wholesale […]

NGLS - A Closer Look at Targa Resources Partners’ Distributable Cash Flow as of 2Q 2013

Author: Ron Hiram

Published: September 5, 2013

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

MMP - A Closer Look at Magellan Midstream Partners' Distributable Cash Flow as of 2Q 2013

 Author: Ron Hiram

Published: August 28, 2013

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

BPL - A Closer Look at Buckeye Partners' Distributable Cash Flow as of 2Q 2013

Author: Ron Hiram

Published: August 27, 2013

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

SPH - A Closer Look at Suburban Propane Partners' Distributable Cash Flow as of 3QFY 2013

 

Author: Ron Hiram

Published: August 23, 2013

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

This article analyzes the most recent quarterly and […]