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 All content on this website is presented as of the date published, is not updated and may be superseded by subsequent market events or for other reasons Under no circumstances should a person act upon the information contained within without first conducting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

KMI - A Closer Look at Kinder Morgan’s results for 4Q 2016

 

Author: Ron Hiram

Published: February 25, 2017

Summary:

Adjusted EBDA declined 6.2% in 4Q16 and 3.7% in 2016, mostly due to sharply lower gas-gathering volumes and crude/condensate gathering volumes. Cash generated by operating activities declined 28.1% in 4Q16 and 9.7% in 2016; consequently, reported and sustainable DCF were also lower. Management‘s 2017 guidance […]

KMI - A Closer Look at Kinder Morgan’s results for 3Q 2016

 

Author: Ron Hiram

Published: October 27, 2016

Summary:

In the TTM ending 9/30/16, reported DCF in 3Q16 is down 3.2% and sustainable DCF is up 13.3% vs. the corresponding prior year period. KMI is now on a much more solid financial footing; excess cash, supplemented by asset sales, is being used to reduce […]

KMI - A Closer Look at Kinder Morgan’s results for 2Q 2016

Author: Ron Hiram

Published: August 1, 2016

Summary:

Adjusted EBITDA in 2Q16 is down about 1.7% from 2Q15 measured in absolute terms and down about 3.6% on a per share basis. Reported DCF in 2Q16 was down 4.1% from 2Q15. Sustainable DCF was lower than reported DCF by approximately 7.3% in the TTM ending […]

KMI - A Closer Look at Kinder Morgan’s results for 1Q 2016 results

Author: Ron Hiram

Published: May 25, 2016

Summary:

Adjusted EBITDA in 1Q16 is up about 1.5% from 1Q15 measured in absolute terms and down about 2% on a per share basis. Reported DCF in 1Q16 was essentially unchanged from 1Q15. Sustainable DCF was lower than reported DCF by approximately 9.6% in the TTM ending […]

KMI - Preliminary review of Kinder Morgan’s 4Q 2015 results

Author: Ron Hiram

Published: January 24, 2016

Summary:

Measured in absolute dollar terms, 4Q15 Adjusted EBITDA is roughly unchanged from 4Q14 despite highly unfavorable market conditions, but on a per share basis there was a 34% decline. Large goodwill impairment charges ($1,150 million) and losses on sale of assets and project delays ($284 million) […]