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The Pipeline MLP sector, which ended October up 6.95% year-to-date and yielding 6.45%, fell 1.22% in the week ending 11-04, down by 2.87% [mtd] in the week ending 11-11, down 3.98% [mtd] throught 11-18, and down 4.02% [mtd] throught 11-25, and ended the month down 5.22%. It is up 1.33% year to date and yiedling 6.79%. For the month, yields rose 34 basis points - with no MLPs increasing their distributions this month. The ten year treasury, which ended October at 4.57% [and September at 4.33%], ended November at 4.49% - a fall of 8 basis points. The spread of MLPs over the yield of the 10 year stands at 230 basis points after ending October at 188, September at 174, August at 208, July at 159, June at 211, May at 216, April at 195, March at 156, February at 152 and ending January at 178. For 2005 the average spread has been 186. I take the large current spread to be a buy signal - but the increase in share offerings partially offsets this signal. Market Forces Solve Supply Problems Anna Bernasek, NY Times 11-13 Market forces can help provide solutions to energy supply propblems: higher prices, on their own, can make people cut back. Just how responsive consumers are to price changes - what economists call the elasticity of demand - has been the focus of much research. Today, economists believe that they have developed a pretty good rule of thumb for energy use. In the case of electricity, which is relatively easy to measure, they have found that when the price rises 10%, electricity use falls roughly 3%. At the gas pump, a 10% increase in price leads to a decline of around 2% in demand. Consumer behavior can change quickly in a crisis. A study by Peter C. Reiss, a professor of economics at Stanford, and Matthew W. White, a professor of business and public policy at the Wharton School of the University of Pennsylvania, provides some recent evidence. In examining San Diego households during the California electricity crisis of 2000 and 2001, they found that use of electricity dropped surprisingly fast. In the summer of 2000, within 60 days of seeing monthly electric bills rise by about $60 - an increase of 130% - the average household cut its use of electricity by 12%. The authors found that households had turned off air-conditioners in the middle of summer and had invested in new energy-efficient appliances, among other things. Perhaps the most important reason for optimism is technology's role in promoting energy savings. From 1979 to 1985, in the aftermath of energy shortages, Americans reduced their oil consumption by 15%. The single biggest factor was a shift in car-buying habits towards fuel-efficient cars. How much more energy-efficient can we become? Amory B. Lovins, chief executive of the Rocky Mountain Institute, a nonprofit energy research group, says that a barrel of oil today already does twice as much work as it did in 1975. Mr. Lovins calculates that by moving to vehicles that consume less fuel, the nation could double that efficiency again. Because vehicles account for 40% of total domestic oil consumption, there is a big opportunity for savings. According to Mr. Lovins, if everyone drove an ultralight hybrid, national oil consumption would drop 28% over all. And moving to new fuel technology for big trucks and aircraft could produce similar savings. In the case of electricity, waste is glaringly apparent. About 5% of the electricity consumed in United States households is simply lost to computers, televisions and other appliances that are turned off but still plugged in. NBP Income $0.98/unit vs. $0.69/ for Q3-04 PRNewswire 11-01 Northern Border Partners reported Q3-05 net income of $48.4 million or $0.98 per unit compared with net income of $34.7 million or $0.69 per unit for Q3-04. Year-to-date 2005, Northern Border Partners reported net income of $111.1 million, or $2.22 per unit, compared with $104.6 million, or $2.08 per unit for the same period in 2004. Cash flow as measured by EBITDA was $106.9 million for Q3-05 up from $88.1 million in Q3-04. Year-to-date 2005 EBITDA was $278.0 million compared with $266.5 million for the same period one year ago. "All business segments delivered strong third quarter results. This, coupled with non-recurring items realized in the quarter, resulted in record quarterly earnings," said Bill Cordes, chief executive officer of Northern Border Partners. "Therefore, we are increasing our earnings guidance for the full year 2005. Net income is expected to be in the range of $2.83 per unit to $2.89 per unit. Distributable cash flow (DCF) is expected to be $3.61 per unit to $3.67 per unit. Our results for 2006 are expected to be fairly consistent with 2005 from a base business perspective excluding non-recurring items," Cordes continued. "We anticipate net income to be in the range of $2.50 per unit to $2.60 per unit and distributable cash flow to be in the range of $3.65 per unit to $3.85 per unit." Third quarter results included: [1] Higher operating revenue from interstate pipelines of approximately $8.2 million in third quarter 2005, resulting primarily from the sale of bankruptcy claims held against Enron and Enron North America. Northern Border Pipeline realized $9.4 million ($6.6 million net to the Partnership) of non-recurring revenue from the sale of the bankruptcy claims which was offset by a $2.0 million ($1.4 million net to the Partnership) reduction in revenue as a result of capacity sold at discounted rates. [2] Increased operating income of approximately $5.4 million from the Partnership's Williston Basin gathering and processing operations. Gathered and processed volumes increased by 20 percent and the average price realized for natural gas increased by 39 percent while the average price realized for natural gas liquids increased by 26 percent. [3] Consolidated interest expense of approximately $22.1 million in third quarter 2005 compared with $19.3 million in the third quarter 2004 due to higher average interest rates, offset by slightly lower average debt outstanding. [4] Equity earnings from our joint venture investments which were $6.5 million greater in third quarter 2005 than third quarter 2004, due primarily to a settlement of our preferred distributions from Bighorn Gas Gathering. In the third quarter of 2005, Northern Border Partners recognized $5.4 million for settlement of Preferred A distributions related to 2004 and 2005. [5] In August, the Partnership completed the purchase of an additional 3.7 percent interest in Fort Union Gas Gathering for approximately $5.1 million. This brings the Partnership's total ownership position in this gathering system to 37 percent. [6] In September, Northern Border Pipeline accepted the Federal Energy Regulatory Commission's (FERC) certificate of public convenience and necessity for the Chicago III Expansion Project. This project will add 130 mmcfd of transportation capacity from Harper, Iowa to Chicago, Illinois and is fully subscribed by four shippers under long-term firm service transportation agreements with terms ranging from five and one-half to ten years. Construction is estimated to cost approximately $21 million and the target in-service date is April 2006. TCLP Net Income $0.81/unit compared to $0.68/unit in Q2-04 Business Wire 11-02 TC PipeLines reported Q3-05 net income of $14.8 million or $0.81 per unit (all amounts in U.S. dollars) compared to $12.6 million or $0.68 per unit for the same period last year. The increase in net income is primarily due to higher equity income from Northern Border Pipeline. Cash generated from investments in Q3-05 was $13.2 million, a decrease of $3.7 million, compared to $16.9 million for the same period last year. The decrease in cash generated was primarily due to Northern Border Pipeline's lower distributions in Q3-05 compared to the same period last year. The reduction in Northern Border Pipeline's distributions is attributable to the negative revenue impact experienced by Northern Border Pipeline during Q2-05 due to changes in market fundamentals which affected its ability to sell its capacity at maximum rate. "Our third quarter 2005 net income increased approximately $2.2 million relative to the same period last year," said Ron Turner, president and chief executive officer of the general partner, TC PipeLines GP, Inc. "This net income increase was mainly due to the recognition of $9.4 million ($2.8 million positive impact on TC PipeLines' net income) related to the sale of Northern Border Pipeline's bankruptcy claims held against Enron and Enron North America. During the third quarter, Northern Border Pipeline's firm demand revenues dropped by approximately $2.0 million ($0.6 million negative impact on TC PipeLines' net income) when compared to the prior year as a result of expired contracts which were replaced with short-term contracts at a discounted rate. "Northern Border Pipeline continues to believe that the greatest impact of unsold capacity occurred during the second quarter this year. During the third quarter, all of Northern Border Pipeline's available capacity was sold at more favourable rates relative to the second quarter. In light of the changing market fundamentals on Northern Border Pipeline, we are satisfied with the third quarter financial performance. The Partnership continues to maintain a solid financial position which supports stable cash flows to our unitholders," Turner said. Valero Net Income $0.88/unit compared to $0.78/unit in Q2-04 Business Wire 11-02 Valero announced record net income applicable to limited partners of $41.3 million, or $0.88 per unit, which includes net income applicable to limited partners from discontinued operations of $4.4 million, or $0.09 per unit. For the comparable period in 2004, net income applicable to limited partners was $17.9 million, or $0.78 per unit. Distributable cash flow available to limited partners for the third quarter was a record $54.7 million, or $1.17 per unit, compared to $22.7 million, or $0.99 per unit, for the third quarter of 2004. Reported results for Valero L.P.'s third quarter and nine months ended September 30, 2005, include three months contribution from Kaneb Services LLC and Kaneb Pipe Line Partners, L.P., which merged into an affiliate of Valero L.P. on July 1, 2005. With respect to the quarterly distribution to unitholders payable for the third quarter of 2005, Valero L.P. also announced that it has declared a distribution of $0.855 per unit payable November 14, 2005, to holders of record as of November 7, 2005. Distributable cash flow covers the distribution to the limited partners by 1.37 times. We are pleased to report record results in our initial quarter after completing the Kaneb acquisition," said Curt Anastasio, Valero L.P.'s CEO. "We had an outstanding quarter financially as we benefited from the Kaneb acquisition, increases in our pipeline tariffs, which went into effect on July 1, and higher overall throughput volumes due to seasonally strong demand. "Fortunately, we experienced no significant damage to our Gulf Coast assets from Katrina or Rita. Certain of our Gulf Coast pipeline and terminal assets were shut down prior to the storms making landfall, however, our skilled team of engineers and operators had these assets back up and running within a few days. As a result, the financial impact from these shutdowns was minimal. "With respect to the recently announced pipeline project to construct approximately 110 miles of new pipeline in the northeastern Mexico and South Texas regions, we are ahead of schedule and now expect to be completed by May 2006. The newly constructed pipeline will connect to our recently expanded Valley products pipeline system, which transports refined products to the Rio Grande Valley from refineries in the Corpus Christi area. This connection allows us to increase our shipments of products to the fast growing South Texas, Rio Grande Valley and northern Mexico regions. With this new pipeline and the recently expanded Valley pipeline, we expect to move approximately 36,000 barrels per day of petroleum products. "Looking ahead to the fourth quarter, operations are expected to be impacted temporarily by lower throughput volumes from the typical seasonal slowdown in demand for asphalt and the previously announced scheduled plant-wide turnaround at Valero Energy's McKee refinery. Higher power costs due to significantly higher natural gas prices and higher maintenance expenses on certain legacy Kaneb assets are also expected to impact the quarter. In addition, the sale of assets to Pacific Energy Partners, L.P. is expected to lower earnings compared to the third quarter. Given those factors, we expect to report earnings in the range of 65 to 70 cents per unit for the fourth quarter," said Anastasio. MarkWest Receives Letter From Amex Extending Plan of Action PRNewswire 11-01 MarkWest Hydrocarbon announced that it received a letter from the American Stock Exchange, advising that Amex had accepted the Company's Revised Plan of Action to bring it back into compliance with the American Stock Exchange's listing requirements. MWE is currently not in compliance with the continued listing standards of the Exchange as a result of the Company's failure to timely file its 2005 Form 10-Qs with the SEC and its listing is being continued pursuant to an extension of the previous Amex filing compliance date. The Revised Plan of Action establishes a schedule for MWE to complete and file its Quarterly Reports on Form 10-Q for the first, second and third quarters of 2005 with the SEC by November 30, 2005. MarkWest Net Income .01 vs .10 in Q3-04 PRNewswire 11-09 MarkWest Energy Partners today reported net income of $0.6 million for the three months ended September 30, 2005, or $0.01 per diluted limited partner unit, compared to net income of $0.7 million, or $0.10 per diluted limited partner unit, for Q4-04. On October 26, 2005, the board of directors of the general partner of MarkWest Energy Partners, L.P., declared the Partnership's quarterly cash distribution of $0.82 per unit for the third quarter of 2005. This is an increase of $0.02 per unit over the previous quarter's distribution. The second quarter distribution is payable November 14, 2005 to unitholders of record on November 8, 2005. The change in third quarter net income, compared to the same period for 2004, was primarily attributed to: [1] The addition of our East Texas assets. We acquired these assets in late July 2004 and have experienced growth in gathering system volumes from 246,600 Mcf/d in the third quarter of 2004 to 330,000 Mcf/d in the third quarter of 2005. [2] Increased gathering volumes on our Appleby and Western Oklahoma systems compared to the prior year. [3] Higher NGL and gas prices on our equity gallons and volumes. These items were offset by the following: [1] Expenses incurred in our testing and repair program on the Appalachian Liquids Pipeline System (ALPS), as well as additional trucking costs for moving product while the line is out of service. [2] Increased selling, general and administrative expense related to ongoing audit and compliance requirements, continued growth of the Partnership and increased GP compensation expense. [3] The impact of Hurricanes Katrina and Rita on our 50% owned Starfish Pipeline Company, which incurred a $1.0 million loss for the quarter. In addition to the decrease in system throughput resulting from the storms, a charge for damages has been provided. Hurricane Rita also negatively affected our East Texas assets for a short time due to significantly reduced Gulf Coast fractionation capacity in the immediate aftermath of the storm. [4] Reduced throughput volumes on our systems in Michigan due to the expected decline in oil and natural gas production. [5] Higher interest expense related to increased borrowing to fund acquisitions, offset by a reduction in amortization of deferred financing costs. [6] Costs related to bringing the ALPS pipeline back on line, in addition to additional costs incurred because the pipeline was down, were $2.3 million in the third quarter. MMLP Net Income .56 vs .22 in Q3-04 PRNewswire 11-09 MMLP reported net income for Q3-05 of $4.8 million, or $0.56 per limited partner unit, the highest quarterly net income in the history of MMLP. This compared to net income for the third quarter of 2004 of $1.9 million, or $0.22 per limited partner unit. Revenues for the third quarter of 2005 were $112.8 million compared to $72.2 million for the third quarter of 2004. Quarterly results reflect a $0.6 million ($0.07 per limited partner unit) charge for casualty losses suffered in connection with Hurricanes Katrina and Rita. This charge was more than offset by enhanced LPG margins resulting from rapid LPG price increases due to the hurricanes. Net income for the nine months ended September 30, 2005 was $11.3 million, or $1.31 per limited partner unit, compared to net income for the nine months ended September 30, 2004 of $7.9 million, or $0.93 per limited partner unit. Revenues for the first nine months of 2005 were $293.8 million compared to $202.5 million during the same period of 2004. MMLP's distributable cash flow for Q3-05 was $7.0 million, compared to $4.0 million for Q3-04. MMLP's distributable cash flow for the nine months ended September 30, 2005 was $16.7 million, compared to $12.5 million for the same period of 2004. Copano's Net Income $.35 vs. $.98 in Q3-04 PRNewswire 11-08 Copano's net income was $5.2 million, or $0.35 per unit on a diluted basis, for Q3-05 compared to net income of $2.7 million, or $0.98 per equivalent unit on a diluted basis, for Q3-04. The weighted average units outstanding during the three months ended September 30, 2005 and 2004 totaled 14,675,991 and 4,727,758, respectively. Net income for Q3-05 includes a one-time charge of $1.6 million, or $0.11 per unit on a diluted basis, for debt issuance costs written off as a result of the refinancing of existing indebtedness in connection with the ScissorTail acquisition. Earnings before interest, taxes, depreciation and amortization, or EBITDA, for Q3-05 were $19.4 million, an increase of $10.6 million from EBITDA of $8.8 million for Q3-04. Revenue for the third quarter of 2005 increased approximately 79% to $216.7 million from $120.8 million in the third quarter of last year. Total gross margin increased from $14.5 million in the third quarter of 2004 to $29.5 million in the third quarter of 2005. Distributable cash flow for Q3-05 (prior to any retained cash reserves established by Copano's board) equaled $14.8 million, representing 176% coverage of the increased Q3-05 distribution based on the number of units outstanding on the November 1, 2005 distribution record date. During Q3-05, the Texas Gulf Coast Pipelines segment gathered or transported an average of 353,763 MMBtu/d of natural gas on its pipelines, which included 236,915 MMBtu/d of natural gas on its wholly owned pipelines and 116,848 MMBtu/d on the Webb/Duval Gathering System, net of intercompany volumes. During Q3-04, this segment gathered and transported an average of 353,522 MMBtu/d of natural gas on its pipelines, which included 234,948 MMBtu/d of natural gas on its wholly owned pipelines and 118,574 MMBtu/d on the Webb/Duval Gathering System. Gross margin for this segment in the third quarter of 2005 increased approximately 8% to $7.9 million compared to $7.4 million in Q3-04. The increase was primarily the result of higher average natural gas prices during Q3-05, which caused an increase in margins associated with Copano's index price-related gas purchase and transportation arrangements. During Q3-05, the Texas Gulf Coast Processing segment processed an average of 555,610 MMBtu/d of natural gas compared to 551,226 MMBtu/d during the third quarter of 2004. For the same period, the Houston Central Processing Plant produced an average of 9,422 barrels per day of natural gas liquids, or NGL, compared to an average of 16,558 barrels per day during the third quarter of 2004. The reduced production of NGLs is attributable to a scheduled plant shut down for maintenance and Copano's election to operate the plant in conditioning mode for a portion of the quarter. Gross margin for the Texas Gulf Coast Processing segment in the third quarter of 2005 decreased slightly to $7.0 million compared to $7.1 million in the third quarter of 2004. The decrease in gross margin was the result of higher natural gas prices substantially offset by higher NGL prices and the impact of Copano's ability to operate in a conditioning mode to take advantage of market opportunities. Mid-Continent Operations : On August 1, 2005, Copano completed its acquisition of ScissorTail, 3,331 miles of gathering pipelines and three processing plants in Central and Eastern Oklahoma. During the period from August 1, 2005 through September 30, 2005, gross margin for this segment totaled $14.9 million. This segment gathered or transported an average of 155,153 MMBtu/d of natural gas on its pipelines, processed an average of 102,706 MMBtu/d of natural gas and produced an average of 8,656 barrels per day of NGLs. Energy Transfer Partners Net Inomce $2.60 vs. $1.73 in 2004 Business Wire 11-14 Energy Transfer Partners reported net income for the fiscal year ended August 31, 2005 of $349.4 million, or $2.60 per limited partner unit as compared to net income of $99.2 million for the fiscal year ended August 31, 2004, or $1.73 per limited partner unit. Net income for fiscal 2005 included income from discontinued operations of $5.5 million and a gain on the sale of discontinued operations, net of income tax expense of $142.5 million from the sale of our Oklahoma gathering, treating and processing assets, referred to as the Elk City system, on April 14, 2005. Taking out the gain on discontinued operations, the Partnership reported net income from continuing operations per limited partner unit of $1.79 per unit for fiscal 2005 as compared to $1.62 per limited partner unit for fiscal 2004. EBITDA, as adjusted, for fiscal 2005 was $413.2 million versus the $196.7 million reported for fiscal 2004. EBITDA, as adjusted for fiscal 2005, excludes the net gain on the sale of discontinued operations of $142.5 million. A Big Pipeline for Barnett Shale Gas Dan Piller, Ft Worth Star-Telegram 11-21 On a 10-acre plot just off U.S. 67 about five miles south of Cleburne sits the key transportation intersection for the marketing of Barnett Shale natural gas. There, eight giant compressors owned and operated by Energy Transfer Partners LP of Dallas, each kicking 950 pounds per square inch of punch into gas pipelines below, will push newly produced Barnett Shale gas eastward into Louisiana and on to markets in the east and southeastern United States. "We hope to handle about 70% of the natural gas produced in the Barnett Shale," said Kelcy Warren, co-chief executive officer of ETP along with Ray Davis, as he showed off ETP's new baby for a group of investors and analysts. Warren's prediction is ambitious in light of the 1 billion cubic feet of natural gas the Barnett Shale now produces each day. To handle that load, ETP will have to double the punch of the compression station by the time it opens a 260-mile, 42-inch pipeline running east from Cleburne down to the giant Freestone County gas field and then on through the Cotton Valley field to a hub at Carthage near the Louisiana border. That line, with the biggest diameter ever built in Texas, is to be finished by 2007 at a cost of more than $50 million. It will connect with a 58-mile line that ETP opened this year running north from Cleburne through northwest Johnson County and eastern Parker County to a processing plant at Springtown. From Springtown, much of that gas will make its way to homes and businesses in North Texas. The Cleburne-to-Springtown line has had the same effect on drilling in Johnson and Parker counties this year as a new interstate highway would have on roadside hotels and restaurants. In mid-February, 15 rigs were working in Johnson and eight in Parker. Last week, two months after the Cleburne-to-Springtown line had opened, there were 39 rigs drilling in Johnson County and 21 in Parker County. Those rig numbers will increase again next year, especially as more drilling happens in Hood, Hill, Erath and Bosque counties. Barnett Shale production is running about 19% ahead of last year, when the Barnett led all fields in Texas with 368 billion cubic feet of gas produced. A pipeline builder like ETP must be ready to handle the load, and Warren admits that the company underestimated the growth in the Barnett Shale. By the time the Cleburne-to-Springtown line was opened in August, ETP realized it wouldn't be large enough, so a second 24-inch line was ordered alongside the first to handle the products of more than 200 newly drilled gas wells. "We should have laid a bigger pipe the first time around," Warren said. "By the time we got the line finished we realized it wasn't big enough." ETP isn't making the same mistake with the Cleburne-to-Carthage pipeline. ETP originally planned that line to be a 36-inch diameter but revised that to 42 inches. XTO Energy of Fort Worth, a big producer in the Barnett Shale and in the Freestone field, has committed its production to the new ETP line. "XTO is a very good friend of ours," Warren said, smiling. Warren and Davis let the money men nose around the compressors for a while, then treated them to an all-you-can-eat buffet in Cleburne. "It's good to get out and see the machinery, but you really don't make investment decisions based on a field trip," said Mark Easterbrook of RBC Capital in Dallas. "You look at the numbers. But ETP has an impressive story." Paul McPheeter of Atlantic Trust in Boston came to see the compressors and said, "This looks good. The Barnett Shale has been a good story." ETP is no newcomer to the pipeline game. Warren and Davis organized the company in 1996 after having worked for Cornerstone Natural Gas and Crosstexas Energy. A key investor was Kenneth Hersh of Fort Worth, manager of the Natural Gas Partners investment fund and an ETP director. Like almost everybody else in the natural gas business, ETP is booming. The company's latest fiscal year ended Aug. 31 with a profit of $394.4 million compared to $99.2 million a year earlier. That will help pay the more than $700 million that ETP will have sunk into its Barnett Shale operations by the time the new lines are completed in two years. ETP already owns and operates more than 11,000 miles of pipelines, including a major trunk extending from the "Waha Hub" in Pecos County in the Permian Basin in West Texas to the Katy Hub just north of Houston. Another ETP system connects the Austin Chalk formation in South Central Texas, a hot oil and gas play in the 1980s, with the Fort Worth-Dallas and Houston markets. Warren said that the existing pipeline hubs near Houston and in West Texas were becoming overcrowded. "A lot of the gas moving to Arizona and California goes through the Waha Hub in West Texas, and we've become concerned that the liquefied natural gas that will come into Texas starting later this decade will crowd the Katy Hub. So we decided to direct the new lines east toward Carthage," Warren said. Kinder Morgan Energy Partners announced it has priced the public offering of 2,600,000 common units representing limited partner interests at $51.75 per common unit. KMP has granted to the underwriter an option to purchase up to 390,000 additional common units to cover over allotments. (PRNewswire 11-03) Crosstex Energy announced that it has priced its offering of 3,500,000 common units at a price to the public of $33.25 per unit. The offering will result in net proceeds to the Partnership of approximately $113.5 million (including the general partner's proportionate capital contribution). As of 11-18 XTEX had shares outstanding of 19.66 million. (PRNewswire 11-15) Atlas Pipeline Partners announced that it plans to sell 2,700,000 of its common units through underwriters led by Lehman Brothers and including Citigroup, A.G. Edwards, Friedman, Billings, Ramsey, Wachovia Securities, KeyBanc Capital Markets and Sanders Morris Harris. As of 11-18 APL had shares outstanding of 9.51M and a market cap of $418.44 million. (Business Wire 11-18) Enbridge Energy Partners announced the pricing of a public offering of 3 million of its Class A Common Units at a public offering price of $46.00 per unit. All units are being sold by Enbridge Partners. The offering is scheduled to close on November 22, 2005. The Partnership will use the net proceeds of approximately $132 million from this offering to repay a portion of its outstanding commercial paper that was issued to finance a portion of its current capital expansion projects. As of 11-18 EEP had shares outstanding of 62.21 million and a market cap of $2.88 billion. (Primezone 11-17) Enterprise Products Partners on 11-30 announced that it has priced a public offering of 4,000,000 common units representing limited partner interests at a price of $25.54 per unit. The gross proceeds of approximately $104.2 million include the general partner's proportionate capital contribution. Enterprise has granted the underwriter an option to purchase up to 600,000 additional common units to cover over-allotments, if any. As of 11-30 EPD has shares outstanding of 385.42 million and a market cap of 9.65 billion. (Business Wire 11-30) On 11-24 Wachovia Downgraded EEP from Market Perform to Underperform. On 11-18 Deutsche Securities Initiated VLI at Hold. On 11-17 Citigroup Upgraded PPX from Hold to Buy. On 10-28 Wachovia Downgraded TPP from Outperform to Market Perform. On 10-24 Wachovia Downgraded EEP from Market Perform to Underperform. On 10-11 CSFB initiated coverage of PAA at neutral, TPP at neutral, NBP at neutral, KMP at outperform and EPD at outperform. On 10-18 Deutsche Securities initiated BPL at hold, ETP at buy, MMP at buy, PAA at buy, and VLI at hold. On 10-18 UBS upgraded PAA from neutral to buy. On 9-05 KeyBanc Capital Mkts / McDonald Upgraded MMLP from Hold to Buy. On 9-05 AG Edwards Upgraded MMLP from Hold to Buy. On 9-06 Stifel Nicolaus initiated KMP at Outperform/Buy. On 9-09 KeyBanc Capital Mkts / McDonald upgraded MMLP from Hold to Buy. On 9-09 AG Edwards upgraded MMLP from Hold to Buy. On 9-21 Oppenheimer Initiated coverage of HEP at Neutral. On 9-21 Oppenheimer Initiated coverage of PAA at Buy. On 7-28 RBC Capital Mkts Downgradee MMP from Outperform to Sector Perform. On 7-26 Harris Nesbitt Initiated EPD at Neutral. On 7-21 RBC Capital Mkts Downgraded KMP from Outperform to Sector Perform. On 7-19 Goldman Sachs Downgraded NBP from Outperform to In-Line. On 7-18 Raymond James Upgraded MMP to Outperform from Strong Buy. On 7-08 Deutsche Securities initiated EPD and KMP at Hold. On 7-20 Wachovia Initiated APL at Outperform. On 7-08 Deutsche Securities Initiated KMP at Hold. NOTE: Please confirm through your own research any numbers on which you are to make a buy, sell or hold decision. The page is ment to be a supliment for those already getting monthly sector updates from their broker. It is the goal of this page to provide more timely data - and perhaps cover a wider array of stocks and different valuation metrics. Data entry errors sporadically happen. Those wishing to contribute data to this site can do so by contacting factoids@flash.net |