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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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EPD: Enterprise Products Partners - Quarterly DCF Data (as of 4Q11)

Author: Ron Hiram

Published: Mar 5, 2012


A breakdown by quarter of the numbers in the report titled “A Closer Look at Enterprise Products Partners’ 2011 Distributable Cash Flow” is presented below:


3 months ended:12/31/20119/30/20116/30/20113/31/201112/31/2010
Net cash provided by operating activities 1,102.3 473.7951.8802.7856.2
Less: Maintenance capital expenditures(78.6)(81.2)(83.9)(52.7)(62.9)
Less: Working capital (generated)(205.3)-(241.4)(120.0)(221.4)
Less: Net income attributable to noncontrolling interests(4.7)(8.1)(14.8)(13.8)(129.5)
Sustainable DCF813.7384.4611.7616.2442.4
Add: Net income attributable to noncontrolling interests4.78.114.813.8129.5
Working capital used-299.8---
Risk management activities-(17.5)1.5(4.2)-
Proceeds from sale of assets / disposal of liabilities596.7190.0166.384.216.3
DCF as reported 1,409.4 855.9777.5693.7571.2


Figures in $ Millions

3 months ending:12/31/20119/30/20116/30/20113/31/201112/31/2010
Distributions to unitholders ($ Millions)523.3510.4504.4496.9459.5
DCF as reported 1,409.4 855.9777.5693.7571.2
Sustainable DCF813.7384.4611.7616.2442.4
DCF coverage as reported2.691.681.541.401.24
DCF coverage of sustainable DCF1.550.751.211.240.96


3 months ending:12/31/20119/30/20116/30/20113/31/201112/31/2010
Net cash from operations, less maintenance capex, less net income from non-controlling interests, less distributions-(117.9)---
Capital expenditures ex maintenance, net of proceeds from sale of PP&E(996.7)(994.8)(918.8)(660.8)(572.8)
Acquisitions, investments (net of sale proceeds)593.3190.0166.384.2(64.6)
Debt incurred (repaid)(628.30)---(221.50)
Other CF from investing activities, net---(97.1)(49.8)
Other CF from financing activities, net(0.6)(18.1)(0.3)(9.6)(0.7)
Net cash from operations, less maintenance capex, less net income from non-controlling interests, less distributions500.4-363.5253.1333.8
Cash contributions/distributions related to affiliates & noncontrolling interests3.
Debt incurred (repaid)-797.1252.0492.8-
Partnership units issued475.822.024.121.0528.5
Other CF from investing activities, net43.039.670.6--
1,023.0 860.8711.5768.2931.6
Net change in cash(9.3)(80.0)(41.3)84.922.2


Figures in $ Millions




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