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Prior Updates July 06 June 06 May 06 Apr 06 Mar 06 Feb 06 Jan 06 2005 Updates Dec Nov Oct Sept Aug July Jun May Aprl Mar Feb Jan 2004 Updates Dec Nov Oct Sept Aug July Jun May Intro MLP & Energy News Oil Online MLP Blog Petro News Util/MLP Blog Yahoo News MLP Intro Wachovia Primer R James Primer Alerian Primer Market Stats MLPs at Yahoo MLPs at CNN MLPs at Excite MarketWatch MLPs at MSN MLPs at WSJ Factoids Aug July Jun May Aprl Mar Feb Jan REIT Updates July Off/Ind July Retail July Triple's July Apt/Hosp Bank Updates Aug July Jun May Aprl Mar Feb Jan |
The spreadsheet below uses month ending data. The 'monthly change' column is for unit price changes, while the 'year to date' stats is for total return [distribution plus unit price gains]. This explains the jumps in year to date gains in the distribution heavy months of February, May and August without similar gains in those month's unit prices.
VLI Reports Q2 Earnings PRNewswire 7-31 Valero L.P. announced income applicable to limited partners from continuing operations of $27.8 million [$0.60/unit] for Q2-06, compared to $17.0 million [$0.74/unit] for Q2-05. For the six months ended June 30, 2006, income applicable to limited partners from continuing operations was $63.1 million, or $1.35/unit, compared to $34.8 million, or $1.51/unit, for the six months ended June 30, 2005. Including discontinued operations, Valero L.P. reported net income applicable to limited partners of $27.5 million [$0.59/unit] for Q2-06 and $62.8 million [$1.34/unit] for the six months ended June 30, 2006. Distributable cash flow available to limited partners from continuing operations for Q2-06 was $41.4 million [$0.88/unit] compared to $22.1 million [$0.96/unit] for Q2-05. Distributable cash flow available to limited partners from continuing operations for the six months ended June 30, 2006 was $91.8 million [$1.96/unit] compared to $45.2 million [$1.96/unit] for the six months ended June 30, 2005. Distributable cash flow available to limited partners from continuing operations covers the distribution to the limited partners by 1.0 times for the second quarter of 2006 and 1.11 times for the six months ended June 30, 2006. As of June 30, 2006, the partnership's debt-to-capitalization ratio was 38.0% compared to 47.7% as of June 30, 2005. The increases in income and DCF applicable to limited partners from continuing operations were primarily due to the acquisition of Kaneb completed on July 1, 2005. Valero's Q2-05 results do not include any results from Kaneb. MWE Reports Q2 Earnings PRNewswire 8-03 MarkWest Energy Partners reported net income of $14.1 million for Q2-06, compared to net income of $0.7 million for Q2-05. For the six months ended June 30, 2006, the Partnership reported net income of $28.0 million compared to net income of $4.9 million for the six months ended June 30, 2005. For Q2-06, DCF was $29.7 million, compared to $7.6 million for Q2-05. For the six months ended June 30, 2006, DCF was $53.3 million, compared to $20.0 million for the six months ended June 30, 2005. PPX Net Income $0.54 vs. $0.40 in Q2-05 PRNewswire 8-03 Pacific Energy Partners announced that net income for the three months ended June 30, 2006, was $21.4 million, or $0.54 per limited partner unit, compared to net income of $12.2 million, or $0.40 per limited partner unit, for the three months ended June 30, 2005. Recurring net income for the three months ended June 30, 2006 was $20.3 million, or $0.51 per limited partner unit compared to recurring net income of $12.2 million, or $0.40 per limited partner unit, for the corresponding period in 2005. All per unit amounts in the text of this news release are reported on a diluted basis. OKE Net Income $0.65 vs. $0.23 in Q2-05 PRNewswire 8-03 ONEOK announced that Q2-06 net income increased to $77.8 million, or 65 cents per diluted share, compared with $24.9 million, or 23 cents per diluted share, in Q2-05. OKE also announced that it is increasing its 2006 earnings guidance to the range of $2.36 to $2.44/share, compared with previous guidance of $2.30 to $2.36/share. The completion of the transaction with ONEOK Partners, resulting in our becoming sole general partner and owner of 45.7% of the partnership, was a transforming event for our company," said David Kyle, ONEOK chairman, president and CEO. ONEOK Partners' Q2 performance improved, resulting in $96.0 million in pre-tax income for ONEOK. OKS Net Income $2.22 vs. $0.55 in Q2-05 PRNewswire 8-02 ONEOK Partners reported Q2-06 net income of $196.2 million, or $2.22/unit, compared with net income of $28.1 million, or $0.55/unit, for Q2-05. Year-to-date 2006, ONEOK Partners reported net income of $266.7 million, or $3.33/unit, compared with $62.8 million, or $1.24/unit, for the same period in 2005. Cash flow, as measured by EBITDA was $267.9 million for Q2-06, compared with $80.5 million in Q2-05. Distributable cash flow (DCF) for Q2-06 was $119.7 million, or $1.32/unit, compared with $33.5 million, or $0.66/unit, in Q2-05. WPZ Net Income $0.25 in Q2-06 PRNewswire 8-03 Williams Partners L.P. announced Q2-06 net income of $10.0 million, or 25 cents/unit, compared with net income of $8.6 million during Q2-05. Year-to-date through June 30, Williams Partners reported net income of $22.6 million, or 60 cents/unit, compared with $15.4 million for the first half of 2005. Distributable cash flow for Williams Partners, its 25.1% interest in Four Corners and its 40% interest in Discovery totaled $15.7 million during Q2-06 compared with $16.4 million during Q2-05. For the first six months of 2006, Williams Partners reported combined distributable cash flow of $34.2 million, up from $30.2 million for the same period in 2005. Adjusted EBITDA for Williams Partners, its 25.1% interest in Four Corners and its 40% interest in Discovery totaled $17.6 million for Q2-06, compared with $17.2 million for Q2-05. Combined adjusted EBITDA for the first six months of 2006 was $37.3 million, up from $32.6 million a year ago. The slight improvement in the quarterly results reflects the benefit of historically high natural gas liquids margins and a prior-period adjustment to Four Corners' adjusted EBITDA. These increases were substantially offset by increased general and administrative expense, largely reflecting the costs associated with being a public company; higher operating and maintenance expense, driven largely by an increase in the pace of workovers undertaken to support future volumes; and the absence of a gain from cavern inventories in Q2-05. MMLP Net Income $0.40 vs. $0.34 in Q2-05 PRNewswire 8-03 MMLP reported net income for Q2-06 of $5.2 million, or $0.40/unit, compared to net income for Q2-05 of $2.9 million, or $0.34/unit. Revenues for Q2-06 were $133.1 million compared to $84.9 million for Q2-05. Q2-06 net income was negatively impacted by a $0.6 million non-cash mark-to-market adjustment on derivatives. This non-cash adjustment resulted in a reduction to net income/unit of approximately $0.04. MMLP reported net income for the six months ended June 30, 2006 of $9.5 million, or $0.72/unit, compared to net income for the six months of 05 of $6.5 million, or $0.75/unit. Revenues for the six months ended June 30, 2006 were $279.9 million, compared to revenues of $181.0 million for the six months ended June 30, 2005. MMLP's distributable cash flow for Q2-06 was $7.8 million, compared to $4.5 million for Q2-05. The Company's distributable cash flow for the six months ended June 30, 2006 was $15.1 million, compared to $9.7 million for the six months ended June 30, 2005. TLP Reports Earnings BusinessWire 8-09 TransMontaigne Partners announced its net earnings allocable to limited partners of $1.5 million ($0.21 per limited partner unit) for the quarter ended June 30, 2006. The quarter's highlights include: [1] Quarterly revenues increased to $11.6 million from $9.7 million last year [2] Quarterly operating income decreased to $2.4 million from $3.5 million last year due principally to increased operating costs and expenses associated with accrued environmental remediation costs and routine repairs and maintenance [3] Adjusted operating surplus generated during the period was $3.0 million [4] The Partnership declared a $0.43 per unit quarterly distribution for the period. Donald Anderson, CEO, said, "Since the inception of the Partnership on May 27, 2005, our adjusted operating surplus has exceeded our distributions by approximately $4.7 million, which is in excess of 1.3 times coverage on all units." HLND Reports Earnings PRNewswire 8-09 Hiland Partners reported quarterly net income for Q2-06 of $3.8 million compared to net income of $1.9 million for Q2-05, an increase of 103%. Net income per limited partner unit for Q2-06 increased to $0.37/unit from net income of $0.27/unit in Q2-05, an increase of 37%. EBITDA for Q2-06 was $10.8 million compared to $4.3 million for Q2-05, an increase of 148%. Total segment margin for Q2-06 was $15.9 million compared to $6.6 million for Q2-05, an increase of 142%. The increases are primarily attributable to the inclusion of the results of operations from the assets acquired from Hiland Partners, LLC (the Worland gathering system and compression assets) as part of our IPO on February 15, 2005, the acquisition of Hiland Partners, LLC (the Bakken gathering system) effective September 1, 2005, the acquisition of the Kinta Area gathering assets effective May 1, 2006 and higher average realized NGL sales prices. XTEX Reports Loss Due to Derivatives PRNewswire 8-09 Crosstex Energy, L.P. reported a net loss of $2.3 million in Q2-06, compared with net income of $4.5 million in Q2-05. Results for Q2-06 include a $4.1 million non-cash mark-to-market valuation of derivative financial instruments during the quarter. In Q2-05, there was no significant gain or loss related to the valuation of derivative financial instruments. The net loss per limited partner unit in Q2-06 was $0.23/unit versus net income of $0.17/unit in Q2-05. The loss per limited partner unit was impacted by the preferential allocation of net income to the general partner of $3.9 million in Q2-06, which represented the general partner's incentive distribution rights less certain stock-based compensation costs. This allocation increased the loss allocated to the limited partners to $6.1 million. The Partnership's Distributable Cash Flow in the second quarter of 2006 was $20.1 million, or 2.97 times the amount required to cover its Minimum Quarterly Distribution of $0.25/unit and 1.02 times the amount required to cover its distribution of $0.54/unit. Distributable Cash Flow was $13.4 million in Q2-05. EPD Expects to Receive $50 Million in Insurance Recoveries BusinessWire 8-17 Enterprise Products Partners [EPD] announced that it expects to receive approximately $50 million during the third quarter ending September 30, 2006 from the partial recovery of business interruption insurance claims associated with Hurricanes Katrina, Rita and Ivan. The collection of these recoveries would increase net income by approximately $0.12 per unit. Currently during the third quarter, Enterprise has collected approximately $42 million of the estimated total. Enterprise also expects, based on current market conditions, that net income for the third quarter of 2006 will exceed the mean estimate of net income for the third quarter of $0.27 per common unit as monitored by First Call. "We are receiving a significant amount of cash recoveries from business interruption insurance in advance of the definitive settlement of these claims. These recoveries will be used to partially fund our capital investment in organic growth projects and for general partnership purposes. We expect additional insurance recoveries during the remainder of 2006 and 2007 for business interruption claims, as well as reimbursement of costs already incurred to repair facilities damaged by the storms" said Robert Phillips, Enterprise's President and CEO. Distribuition Announcements Atlas Pipeline Partners [APL] distribution will increase to $0.85/unit, payable 8-14 to holders of 8-7. Boardwalk's [BWP] distribution will increase to $0.38/unit payable on 8-18 to unitholders of record on 8-11. Buckeye's [BPL] distribution will increase to $0.7625/unit payable on 8-31 to unitholders of record on 8-4. Copano Energy [CPNO] announced a distribution of $0.675/unit, payable on 8-14-06, to holders of 8-1-06. Enbridge Energy Partners [EEP] declared a distribution of $0.925/unit [unchanged] payable on 8-14 to holders of 8-04. Enterprise Products Partners [EPD] increased its distribution $0.4525/unit, to be paid on 8-10-06, to unitholders of 7-31. Enterprise GP Holdings [EPE] increased in its distribution to $0.31/unit to be paid on 8-11-06, to unitholders of 7-31-06. Holly Energy Partners [HEP] increased in its distribution to $0.655/unit from $0.64, to be paid 8-9-06 to unit holders of 8-1-06. Hiland Partners [HLND] distribution will increase to $0.675/unit from $0.65/unit payable 8-14 to Unitholders of record on 8-4. Kinder Morgan's [KMP] distribution is $0.81 [unchanged] payable on 8-14-06, to unitholders of 7-31-06. Magellan Midstream Holdings [MGG] has increased it's distribution to $0.22/unit, to be paid 8-14-06 to unitholders of 8-4-06. Magellan Midstream Partners [MMP] increased it's distribution to 57.75/unit, to be paid 8-14-06 to unitholders of 8-4-06. Martin Midstream [MMLP] declared a distribution of $0.61/unit [unchanged], payable on 8-14-06 to unitholders of 7-31-06. MarkWest Energy Partners' [MWE]distribution will increase to $0.92/unit, payable 8-14 to unitholders of 8-7. ONEOK Partners [OKS] increased its distribution by 7 cents per unit to 95 cents, payable on 8-14-06, to unit holders of 7-31-06. Plains All American Pipeline [PAA] increased its distribution to $0.725/unit. Pacific Energy Partners [PPX] declared a cash distribution of $0.5675/unit [unchanged]. Sunoco Logistics Partners [SXL] distribution will increase to $0.775/unit, payable 8-14 to holders of 8-7. TC PipeLines [TCLP] declared a distribution of $0.575/unit [unchanged] payable on 8-14 to unitholders of record as of 7-31. TransMontaigne [TLP] declared a distribution of $0.43/unit [unchanged] payable on 8-8 to the unitholders of record on 7-31. TEPPCO [TPP] declared a distribution of $0.675/unit [unchanged] payable 8-7-06, to unitholders of record on 7-31. Valero [VLI] declared a distribution of $0.885/unit [unchanged], payable 8-14 to holders of 8-7. Williams Partners [WPZ] distribution will increase to $0.425/unit, payable 8-14 to holders of 8-7. Crosstex's [XTXI] dividend will increase from $0.60/share to $0.62/share, payable 8-15 to unitholders of record on 8-2. Crosstex's [XTEX] distribution will increase from $0.53/unit to $0.54/unit, payable 8-15 to unitholders of record on 8-2. KMP Prices Units PRNewswire 8-09 Kinder Morgan Energy Partners [KMP] announced it has priced the public offering of 5,000,000 common units representing limited partner interests at $44.80 per common unit. Citi and Dow Jones Create MLP Index Forbes 7-17 Citigroup, in conjunction with Dow Jones Indexes, is launching today the Citigroup(R) MLP Index, an industry-wide benchmark for Master Limited Partnerships (MLPs) and their investors. Dow Jones Indexes will calculate, maintain and disseminate the new Citigroup index. The Citigroup(R) MLP Index consists of leading natural resource-related MLPs. The index is weighted on the basis of total market capitalization [which means Kinder Morgan and Enterprise Products account for 31.5% of the composite] and is disseminated real-time on a price return basis, as well as daily on a total return basis. To be eligible for the index, the company must be structured as a Master Limited Partnership, be engaged primarily in a natural resource-related business, have a total market capitalization of at least $500 million, and be traded on a major US exchange. In an effort to provide investors with a comprehensive measure of performance for MLPs, the index has a performance history that is calculated based upon of the initial Citigroup(R) MLP Index components since December 31, 1999. The index value will be available through major financial vendors. The price index ticker at Reuters is .CICIMLP and ticker at Thomson is .DAMLP [total return index tickers are .CITIMLPT and .DCMLT] - I have yet to find a way to access the Citi MLP indexes through Yahoo. Wildcatters Hoping for Next Big Field Russell Gold, WSJ 8-09 As recently as 1998, the Barnett Shale was a relatively insignificant natural-gas field, covering pieces of three counties near Fort Worth, Texas, and producing just 96 million cubic feet a day. Then companies discovered how to crack the rock and unlock the gas. Today, the field spans eight million acres across a dozen counties and produces 1.3 billion cubic feet a day, some 2.5% of natural gas produced in the U.S. It is the second-largest gas field by production in the continental U.S. after the San Juan Basin in New Mexico -- and still growing. The size of the Barnett Shale is significantly larger than first thought. Part of the reason is that techniques -- such as drilling wells that start vertically and then turn horizontal, as well as using pressurized water to fracture the rock -- have raised production per well. If energy companies can find another such field -- and there are indications of early successes -- the rise of shale-gas production could fuel American homes and industry for decades to come. The search for the next Barnett Shale is leading wildcatters into some corners of the country that haven't seen much energy exploration recently: the states of Alabama, Illinois, Ohio and Pennsylvania. But the area generating the most excitement is in a swath of far West Texas -- 200 miles east of El Paso -- called the "Big Empty." There are two thick shale deposits there, each a few hundred feet thick. One is the same Barnett stone that is found in Fort Worth and the other is the Woodford Shale, which also is being explored in Oklahoma. More than a dozen companies, including heavy hitters such as ConocoPhillips and EnCana, together have leased about 1.5 million acres -- an area twice the size of Rhode Island. Shale rocks are hard and dense but can contain large quantities of natural gas. Getting at the gas is a slow and methodical process. It isn't yet clear if companies can figure out an economic means of producing gas from the shale in West Texas. Production data from just a handful of wells are public. A couple of wells have been unsuccessful, but at least two are producing more than two million cubic feet of gas a day, comparable to a well in the Fort Worth Barnett Shale. The attraction of shale production, says Southwestern Energy Co. Chairman and Chief Executive Officer Harold Korell, is "we know the gas is there and it's a matter of engineering it out." Southwestern Energy was the first company to find a Barnett "clone," the Fayetteville Shale in northern Arkansas, and lock up an enormous amount of acreage. The company's stock price has more than quadrupled since it announced the find in 2004. There are reasons for skepticism about the emerging field in West Texas. The wells are deeper than those in the Barnett, more complicated and, therefore, more expensive. Because there is so much competition, the cost of leasing acreage in the area has risen tenfold in the past couple of years, to about $350 an acre. Yet even before prospective new gas fields can prove their worth, energy companies are racing to lock up drillable leases. What has occurred over the past couple of years is a "land grab that will in my opinion separate the winners from the losers in this industry for the next 20 years," says Aubrey McClendon, chairman and chief executive of Chesapeake Energy Corp., which holds shale leases in Oklahoma, Texas and the Appalachian region. In the past, wildcatters sometimes found large nonshale gas reservoirs that created surpluses and drove down prices. But the days of those large finds are over. Individual shale wells don't produce the gas equivalent of a gusher. Instead, numerous expensive wells need to be drilled every year to keep production steady. If prices begin to fall off, fewer wells are likely to be drilled, production would slow and prices would rise. "Now more than ever we have a just-in-time gas delivery system," says Chesapeake's Mr. McClendon. In addition to Chesapeake and Southwestern, competitors targeting Barnett clones include EOG Resources, Quicksilver Resources, XTO Energy, Newfield Exploration and Range Resources. EnCana acquired a large footprint in the West Texas field when it bought Tom Brown in 2004, as did ConocoPhillips when it acquired Burlington Resources earlier this year. Royal Dutch Shell PLC has acquired acres in the Fayetteville Shale. "The success of the Barnett has kicked off the exploration of every other conceivable shale in the country," says Mark Whitley, senior vice president of Fort Worth-based Range Resources. "So far we haven't found other shales as good as the Barnett, but we've found some good ones." Shannon Nome, an energy analyst for Deutsche Bank Securities Inc., says companies chasing shale gas should see their stock price rise because they can increase production and are potential acquisition targets. On 8-03 Goldman Sachs Downgraded XTXI from Buy to Neutral. On 8-15 AG Edwards Initiated coverage of WPZ at Buy. On 8-16 RBC Capital Markets reiterated its Outperform rating on MMLP. On 8-23 Lehman Brothers Initiated coverage of VLI at Overweight. On 7-26 Lehman Brothers Initiated coverage of MWE at Overweight. Deutsche Bank upgraded Enterprise GP Holdings to hold from sell. The broker cited the context of higher oil and gas prices, which creates a need for major new infrastructure as its reasons for the upgrade of EPE. Buckeye GP Holdings [BGH] LP opened at $16.75 a share on the New York Stock Exchange, down 1.5% from its initial public offering price of $17. In afternoon trading, shares were at $16.27. The company sold 10.5 million limited partnership units at a price below its expected range of $19 to $21. Buckeye GP Holdings plans to pay its investors annual dividend of 82 cents a unit, a yield of 5%. This IPO comes after the debut of fellow MLP GP's Atlas Pipeline Holdings [AHD] on July 21 and Valero GP Holdings [VEH] on July 14. Citi in July initiated coverage on Alliance Holdings GP, LP (AHGP). Citi rated Alliance Holdings Hold/Speculative Risk (2S) with a price target of $26.00 per unit, which represents a expected return of 23.5% from current levels. "While we expect Alliance Holdings GP L.P. to generate distribution growth of approximately 26.3% annually over the next 4 years, with an initial yield of 3.4%, the commodity sensitive nature of the underlying MLP’s business - Alliance Resource Partners - could result in significant variability in performance." On 8-04 Tortoise Energy Infrastructure [TYG] declared the company's Q3-06 dividend of $0.51 per share, compared to $0.50 in the previous quarter and $0.45 in Q3-05. The dividend will be distributed on 9-01, to stockholders of record on 8-22. This represents a 13% increase over the same quarter of the prior year, and a 2% increase over the distribution for the prior quarter. On 8-04 Tortoise North American Energy [TYN] declared the company's third quarterly dividend of $0.335 per share plus an expected tax credit of $.05 per share. The dividend will be distributed on 9-01, to stockholders of record on 8-22. Based on current company financial information, this dividend is estimated to consist of 40% to 45% net income for book purposes, with the remainder consisting of return of capital. On 8-04 Tortoise Energy Capital [TYY] declared its Q3-06 dividend of $0.38 per share, compared to $0.375 in the previous quarter. The dividend will be distributed on 9-01, to stockholders of record on 8-22. This represents a 1.3% increase over the distribution for the prior quarter. Based on current company financial information, this dividend is estimated to consist of 100% return of capital for book purposes. NOTE #1: This page is ment to be a supplement for those already getting monthly sector updates from their broker. It hopes to provide more timely data - and cover a wider array of stocks and different valuation metrics. Data entry errors sporadically happen. These supplemental stats omit metrics like Debt/Market Cap and the GP/LP split ratios - but YOU should not. NOTE #2: The operator of this site owns units in BWP, EPD, ETP, MWE and PAA, and units in GP ETE - and this could distort the coverage of those MLPs. Candidates for future acquisition include CPNO and MMP - so news on those will disproportionately draw my attention. Those MLPs with slower distribution growth may have coverage that is slighted. NOTE #3: For MLPs to be in my coverage universe, I must be able to find DCF and EPS estimates for them, they must have been in existence since the first of the coverage year. This is why GEL is not in the universe, and why BWP, HLND, TGP, TLP, USS and WPZ were added in 2006. NOTE #4: Those wishing to contribute DCF data to this site can do so by contacting Bob Martin at factoids@flash.net -- The only way we are going to get consensus DCF stats is if we build them ourselves, and that takes a team effort. The DCF numbers in the first spreadsheet and in the Forecaster spreadsheet users consensus DCF data that this site generates from three analysts/brokerages. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||