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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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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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