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 All content on this website is presented as of the date published, is not updated and may be superseded by subsequent market events or for other reasons Under no circumstances should a person act upon the information contained within without first conducting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

ETP - Closer Look at Energy Transfer Partners' results for 4Q 2016

 

Author: Ron Hiram

Published: March 10, 2017

Summary:

Despite spending ~$14.6 billion (net of dispositions) in the two-year period ended 12/31/16 (~$15.6 billion in the two year period ended 12/31/15), results have been dismal. Per unit Adjusted EBITDA in 2016 is roughly the same as it was in 2012; DCF per unit in […]

ETP - A Closer Look at Energy Transfer Partners' Distributable Cash Flow as of 3Q 2014

Author: Ron Hiram

Published: November 17, 2014

Summary:

All segments exhibited notable Adjusted EBITDA improvements on a TTM basis except Interstate Transportation & Storage. Substantial differences between reported DCF and what I consider sustainable DCF. Sustainable DCF coverage in the latest TTM periods improved considerably compared to the prior year period, but is still […]

ETP - A Closer Look at Energy Transfer Partners' Distributable Cash Flow as of 2Q 2014

 

Author: Ron Hiram

Published: August 10, 2014

This article analyses some of the key facts and trends revealed by 2Q14 results reported by Energy Transfer Partners, L.P. (ETP). It evaluates the sustainability of the partnership’s Distributable Cash Flow (“DCF”) and assesses whether ETP is financing its distributions via issuance of new units or […]

ETP - A Closer Look at Energy Transfer Partners' Distributable Cash Flow as of 3Q 2013

Author: Ron Hiram

Published: November 12, 2013

This article analyzes the most recent quarterly and the trailing twelve months (“TTM”) results of Energy Transfer Partners, L.P. (ETP) and looks “under the hood” to properly ascertain sustainability of Distributable Cash Flow (“DCF”). The task is not easy because the definitions of DCF and “Adjusted EBITDA”, […]

ETP: A Closer Look at Energy Transfer Partners' Distributable Cash Flow as of 1Q 2012

Author: Ron Hiram

Published: May 14, 2012

In an article titled “Distributable Cash Flow (“DCF”) I present the definition of DCF used by Energy Transfer Partners, L.P. (ETP) and provide a comparison to definitions used by other MLPs. Using ETP’s definition, DCF for the trailing 12 months (“TTM”) period ending 3/31/12 was $5.17 per unit […]