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.

Archives

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 All content on this website is presented as of the date published, is not updated and may be superseded by subsequent market events or for other reasons Under no circumstances should a person act upon the information contained within without first conducting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

BPL - A Closer Look at Buckeye Pipeline Partners' 4Q16 results

 

Author: Ron Hiram

Published: March 6, 2017

Summary:

BPL has substantially underperformed the Alerian MLP index since announcing the VTTI transaction, possibly due to concerns regarding this deal. DCF outgrew distributions per unit in 8 of the past 9 quarters; but in 4Q16 DCF per unit decreased due to the VTTI transaction. Special […]

BPL - A Closer Look at Buckeye Pipeline Partners' 3Q16 results

 

Author: Ron Hiram

Published: November 12, 2016

 

Summary:

All business segments exhibited improved performance in 3Q16 over 3Q15. DCF per unit has been increasing at a faster pace than distributions per unit in 8 of the past 9 quarters. Coverage ratios based on both reported and sustainable DCF have improved markedly and […]

BPL - A Closer Look at Buckeye Pipeline Partners' 2Q16 results

 

Author: Ron Hiram

Published: August 10, 2016

Summary:

Assets placed in service, higher average capacity utilization rates and a one-time reduction in property tax accruals increased Global Marine Terminals’ Adjusted EBITDA in 2Q16. Pipelines & Terminals’ Adjusted EBITDA increased despite a decline in volumes transported; it was driven by increased capacity utilization, higher […]

BPL - A Closer Look at Buckeye Pipeline Partners' 1Q16 results

 

Author: Ron Hiram

Published: May 28, 2016

Summary:

Assets placed in service, higher average capacity utilization rates and expiring contracts renewed at higher rates or for longer periods increased Global Marine Terminals’ Adjusted EBITDA in 1Q16. Pipelines & Terminals’ Adjusted EBITDA decreased lightly in 1Q16, reflecting lower volumes due to a milder winter […]

BPL - Preliminary review of Buckeye Pipeline Partners' 4Q15 results

Author: Ron Hiram

Published: February 15, 2016

Summary:

Overall results for 4Q15 and 2015 are impressive, given market conditions. Adjusted EBITDA by segment in 4Q15 is up 9.4% in absolute dollar terms, vs. 4Q14, and up 7.6% on a per unit basis. In 2015, DCF increased 16.3% in absolute dollar terms and 8.4% on […]