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Analyzing Cash Flows of Master Limited Partnerships

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2014-11-26 16:00

PAA: Plains All American Pipeline - Quarterly DCF Data (as of 4Q11)

Author: Ron Hiram

Published: Mar 8, 2012



A breakdown by quarter of the numbers in the report titled “A Closer Look at Plains All American Pipeline’s 2011 Distributable Cash Flow” is presented below:

3 months ending:12/31/20119/30/20116/30/20113/31/201112/31/20109/30/20106/30/20103/31/2010
Net cash provided by operating activities613780318654-204180-108391
Less: Maintenance capital expenditures-43-25-27-24-30-29-22-11
Less: Working capital (generated)-217-4050-3840-210-157
Less: Net income attributable to noncontrolling interests-10-7-8-3-4-3-20
Sustainable DCF343343283243-238127-132223
Add: Net income attributable to noncontrolling interests107834320
Working capital used004047003130
Risk management activities19-26-21-321442-22-19
Proceeds from sale of assets / disposal of liabilities2423637152
DCF as reported343310259241229168161201


Figures in $ Millions

3 months ending:12/31/20119/30/20116/30/20113/31/201112/31/20109/30/20106/30/20103/31/2010
Distributions to unitholders ($ Millions)219214209189180176170166
reported DCF per unit$2.23$2.07$1.73$1.67$1.65$1.23$1.18$1.47
Sustainable DCF per unit$2.23$2.29$1.89$1.69($1.71)$0.93($0.96)$1.63
Coverage ratio based on reported DCF1.571.451.
Coverage ratio based on sustainable DCF1.571.601.351.29(1.32)0.72(0.78)1.34
12 months ending:12/31/20119/30/20116/30/20113/31/201112/31/20109/30/20106/30/20103/31/2010
Net cash from operations, less maintenance capex, less net income from non-controlling interests, less distributions----(414)(25)(300)-
Capital expenditures ex maintenance, net of proceeds from sale of PP&E(141)(129)(140)(99)(101)(77)(82)(97)
Acquisitions, investments (net of sale proceeds)(632)(7)7(368)(230)(13)84-
Debt incurred (repaid)-(409)-(509)---(127)
Other CF from investing activities, net(19)-(25)-----
Other CF from financing activities, net(12)(8)-(4)(1)-(3)-
Net cash from operations, less maintenance capex, less net income from non-controlling interests, less distributions35154182441---214
Debt incurred (repaid)79-80-468111282-
Partnership units issued386--503296---
Other CF from investing activities, net-3-195218-
Other CF from financing activities, net-------1
Net change in cash12(9)4(17)23(2)(1)(9)


Figures in $ Millions

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