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 All content on this website is presented as of the date published, is not updated and may be superseded by subsequent market events or for other reasons Under no circumstances should a person act upon the information contained within without first conducting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

Two-Year Performance Comparison of Selected MLPs

Author: Ron Hiram

Published: December 5, 2013

As an investment class, master limited partnerships (“MLPs”) have underperformed the S&P 500 for the past 1-year and 2-year periods. I derived the chart below using November 30, 2011 as the starting level for both the Alerian MLP Index, a composite of the 50 most prominent energy MLPs, […]

SPH - A Closer Look at Suburban Propane Partners' Distributable Cash Flow as of 4QFY 2013

Author: Ron Hiram

Published: November 29.2013

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 the trailing […]

RGP - A Closer Look at Regency Energy Partners' Distributable Cash Flow as of 3Q 2013

 Author: Ron Hiram

Published: November 27, 2013

This article analyzes the most recent quarterly and the latest nine months (“9M”) results of Regency Energy Partners LP (RGP), looks “under the hood” to properly ascertain sustainability of Distributable Cash Flow (“DCF”) and assesses whether RGP is financing its distributions via issuance of new units or debt. […]

NGLS - A Closer Look at Targa Resources Partners’ Distributable Cash Flow as of 3Q 2013

Author: Ron Hiram

Published: November 24, 2013

This article analyzes the most recent quarterly and the trailing twelve months (“TTM”) results of Targa Resources Partners LP (NGLS), looks “under the hood” to properly ascertain sustainability of Distributable Cash Flow (“DCF”) and assesses whether NGLS is financing its distributions via issuance of new units or […]

BPL - A Closer Look at Buckeye Partners' Distributable Cash Flow as of 3Q 2013

Author: Ron Hiram

Published: November 20, 2013

This article analyzes the most recent quarterly and the trailing twelve months (“TTM”) results of Buckeye Partners L.P.  (BPL), looks “under the hood” to properly ascertain sustainability of Distributable Cash Flow (“DCF”) and assesses whether BPL is financing its distributions via issuance of new units or debt. […]