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EPD – A Closer Look at Enterprise Products Partners’ 2Q15 Distributable Cash...
Author: Ron Hiram Published: August 9, 2015 Summary: On a TTM basis, reported and sustainable DCF per unit declined by ~2.5%, while distributions per unit increased 5.7% in the TTM ending 6/30/15....
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PAA – A Closer Look At Plains All American Pipeline’s Distributable Cash Flow...
Author: Ron Hiram Published: August 11, 2015 Summary: Coverage ratios have dropped below 1x on a TTM basis, the first time this has happened in over 4 years. PAA used cash raised from issuance of...
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MMP – A Closer Look at Magellan Midstream Partners’ Distributable Cash Flow...
Author: Ron Hiram Published: August 15, 2015 Summary: Operating margin, EBITDA and DCF increased in 2Q15 vs. 2Q14 both in absolute and per unit terms. There were no material differences between...
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ETP – A Closer Look at Energy Transfer Partners’ 2Q15 Distributable Cash Flow
Author: Ron Hiram Published: August 17, 2015 Summary: Adjusted EBITDA increased by 6.8% ($95 million) in 2Q15 vs. 2Q14. However, this was accompanied by a 36% jump in the average number of units...
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BPL – A Closer Look at Buckeye Partners’ 2Q15 Distributable Cash Flow
Author: Ron Hiram Published: August 19, 2015 Summary: Substantial improvement in Adjusted EBITDA and DCF in the TTM period ending 6/30/15 mostly due to Global Marine Terminals segment and year-ago...
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NGLS – A Closer Look At Targa Resource Partners’ 2Q15 Distributable Cash Flow
Author: Ron Hiram Published: August 22, 2015 Summary: NGLS provided very solid distribution coverage in the TTM ended 6/30/15. While exposure to gross margin from sale of commodities has been coming...
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KMI – Conversation with Kinder Morgan’s management re Distributable Cash Flow
Author: Ron Hiram Published: August 27, 2015 Summary: Management’s response covers concepts brought up in my recent SA article on KMI. We discuss the rationale for a number of the non-GAAP...
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A Closer Look at Suburban Propane Partners’ Distributable Cash Flow as of...
Author: Ron Hiram Published: August 27, 2015 Summary: SPH benefited from lower oil prices; it did not pass on to its customers all the benefits of lower propane costs thus increasing gross margin to...
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BWP – A Closer Look At Boardwalk Pipeline Partners’ 2Q15 Distributable Cash Flow
Author: Ron Hiram Published: August 30, 2015 Summary: Operating income and EBITDA trends in recent quarters and TTM period are not encouraging; but there are some positive signals from the gas...
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