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The spreadsheet below uses month ending data. The 'monthly price change' column is for unit price changes, while the 'year to date' stats is for total return [distributions plus unit price gains]. This explains the jumps in year to date gains in the distribution heavy months of February, May, August and November without similar gains in those month's unit prices. CEF numbers are for MLP and MLP-hybrid Closed-End Funds. The 'Ten Year Yield' numbers are for the US Treasury. Tracking the spread of the average MLP's yield to the Treasury [which I have done since January of 2005] has been a useful tool for timing of MLP purchases - according to this metric, buy MLPs when the spread is high. I have tracked the CEF spread since April 2006, and it is too early to tell if this number is meaningful. The CEF Price/NAV ratio is used in academia to measure investor sentiment - according to this metric, buy MLPs when the price is at the largest discount [less than 100%] to NAV.
WPZ Reports Net Income of $0.58 PRNewswire 11-02 Williams Partners L.P. announced Q3-06 net income of $12.0 million [$0.58/unit] compared with a net income of $5.7 million during Q3-05. Year-to-date through Sept. 30, Williams Partners reported net income of $34.5 million [$1.19/unit] compared with $21.1 million for the first three quarters of 2005. Distributable cash flow for Williams Partners, its 25.1% interest in Four Corners and its 40% interest in Discovery totaled $17.8 million during Q3-06. That amount compares with $12.0 million during Q3-05. Adjusted EBITDA for Williams Partners, its interest in Four Corners and its interest in Discovery totaled $21.9 million for Q3-06, compared with $13.8 million for Q3-05. Combined adjusted EBITDA for the first three quarters of 2006 was $59.1 million, up from $46.4 million a year ago. Quarter-over-quarter and year-over-year comparisons are based on restated results following the June 20 close of the partnership's acquisition of a 25.1% interest in Williams Four Corners LLC. TCLP Reports Net Income of $.65 vs. $.81 In Q3-05 & $.66 Consensus Expectation Marketwire 11-02 TC PipeLines reported Q3-06 net income of $12.0 million [$0.65/unit] compared to $14.8 million [$0.81/unit] for Q3-05. The decrease in net income is primarily due to lower earnings from Northern Border Pipeline and Tuscarora Gas Transmission, partially offset by the net positive impact resulting from the additional 20% GP interest in Northern Border Pipeline. TC PipeLines, LP now holds a 50% general partner interest in Northern Border Pipeline. In Q3-05 Northern Border received $9.4 million in claims against Enron. Cash generated from investments in Q3-06 was $17.9 million, an increase of $4.7 million, compared to $13.2 million for the same period last year. TCLP has signed agreements to purchase Sierra Pacific Resources' 50% interest in Tuscarora for $100 million. TCLP will also indirectly assume $37 million of Tuscarora debt. Duncan Energy Partners to IPO Businesswire 11-02 Enterprise Products Operating, the operating subsidiary of EPD, announced that it has formed a new wholly-owned subsidiary, Duncan Energy Partners L.P., which has filed a registration statement with the SEC to sell 13 million units representing limited partner interests to be completed in Q1-07. Enterprise will own 100% of the GP of Duncan Energy Partners, which will have no IDRs, will retain a limited partner interest in Duncan Energy Partners and will receive proceeds from the offering. Duncan Energy Partners will initially own 66% of the equity interests in subsidiaries that will be contributed by Enterprise, including subsidiaries holding its Acadian Gas, Sabine Propylene and Lou-Tex Propylene pipeline systems; its South Texas NGL pipeline asset that was acquired from Exxon in August 2006; and its Mont Belvieu storage facilities. Together, these assets will include 33 salt dome storage caverns in Mont Belvieu, Texas with the capacity to store approximately 100 million barrels of NGLs and petrochemicals; over 1,000 miles of Louisiana intrastate natural gas pipelines with an aggregate capacity of approximately one billion cubic feet per day; a 284-mile petrochemical pipeline system on the U.S. Gulf Coast that transports chemical-grade and polymer-grade propylene; and a 290-mile pipeline system that will transport NGLs produced in South Texas to Mont Belvieu. Including its direct retained 34% equity interest in these businesses, as well as a general partner interest and common units in Duncan Energy Partners, Enterprise will retain an approximate 58.6% net interest in these businesses (or 47.3% if an option to purchase additional units of Duncan Energy Partners is exercised by the underwriters). TGP Reports Year-to-Date Loss PRNewswire 11-02 Teekay LNG Partners L.P. reported net income of $12.6 million for Q3-06, compared to net income of $8.9 million for Q3-05. Net loss for the nine months ended September 30, 2006, was $2.2 million, compared to net income of $66.8 million for the same period last year. The results for the nine months ended September 30, 2006, included a foreign currency translation loss of $24.4 million relating to long-term debt denominated in Euros. The results for the nine months ended September 30, 2005, included a foreign currency translation gain of $76.6 million relating to the Euro-denominated debt and $15.3 million in losses relating to the write-down of capitalized loan costs due to the prepayment of debt and the termination of interest rate swaps prior to the Partnership's initial public offering in May 2005. During Q3-06 TGP generated $18.6 million of distributable cash flow, the highest in the Partnership's history, compared to $14.2 million for Q2-06. The increase in distributable cash flow is primarily due to the return to full operation of an LNG carrier which was off-hire for 33 days in the second quarter of 2006. USS Reports Loss PRNewswire 11-02 U.S. Shipping Partners L.P. reported revenues increased $5.9 million, or 18.0%, to $38.5 million, compared to $32.6 million in the same period last year. The increase during the quarter was the result of a combined revenue contribution of $6.5 million from the Houston and the Sea Venture, which were not in service during the comparable 2005 period. Additionally, an increase in time charter equivalent rates of approximately 6% on the remaining fleet added approximately $1.9 million of revenue. Partially offsetting these increases was a $2.5 million decrease in revenues due to increased days offhire, due to the drydockings of the Charleston and the Groton. For the three months ended September 30, 2006, the net loss was $0.4 million, compared to net income of $4.5 million in the same period last year. The loss was partially the result of a $2.0 million increase in interest expense, net of interest income, due to higher interest rates and increased outstanding borrowings. USS also recorded a $2.5 million loss on debt extinguishment and a $1.9 million gain on termination of interest rate swaps during Q3-06 as a result of the August refinancing. DCF for the nine months ended September 30, 2006 was $28.4 million, or approximately 1.23 times the amount needed to cover the cash distribution of $23.1 million declared in respect of the period. USS declared a distribution of $0.45/unit payable on 11-15 to unit holders of 11-10-06. VLI Reports Businesswire 10-31 Valero L.P. announced income applicable to limited partners from continuing operations of $36.9 million [$0.79/unit] for Q3-06 compared to $37.1 million [$0.79/unit] for Q3-05. Distributable cash flow from continuing operations for Q3 was $52.4 million [$1.12/unit] compared to $49.0 million [$1.05/unit] for Q3-05. During Q3 VLI's Burgos pipeline project came on-line in early August and VLI agreed to acquire Koch Supply and Trading, L.P.'s St. James, Louisiana facility for $140 million, which is expected to be immediately accretive to DCF per unit. As part of VLI's $250 million terminal expansion program, VLI started construction on terminals in Texas City, Savannah, Linden (New York Harbor), Baltimore and St. Eustatius in the Caribbean and completed tank repairs at our Piney Point, Maryland terminal. In the next two months, VLI expectS to start construction on expansion projects at their terminals in Portland and Stockton. In Q1-07, expantion of VLI's Amsterdam terminal in the Netherlands and Vancouver terminal in Washington should begin. Over the next year or so, VLI expects to spend around $175 million on these expansion opportunities. The majority of these projects will start contributing to the partnership's results in mid to late 2007." APL Reports $0.03 vs $0.48 in Q3-05 & $0.65 Consensus Expectation Marketwire 11-06 Atlas Pipeline Partners reported EBITDA of $16.6 million for Q3-06 compared with $13.7 million for Q3-05, an increase of $2.9 million, or 21%. APL's Adjusted EBITDA for Q3-06 was $18.6 million, a $5.1 million or 38% increase from Q3-05. Adjusted EBITDA principally eliminates a one-time gain on sale of assets, certain revisions to previously estimated producer volumes, and certain costs resulting from fire damage at a Velma compressor station. Net income for Q3-06 was $4.7 million [$0.03/unit] compared with $7.1 million for Q3-05 [$0.48/unit]. Excluding the effect of certain items recorded during the period and solely for the purpose of comparing Q3-06 to Q3-05, APL's Adjusted net income was $6.7 million compared with $6.9 million for Q3-05. The Mid-Continent segment recognized total revenue of $111.2 million for Q3-06, an increase of $14.9 million from Q3-05. Total revenue for the Appalachia system increased to $7.1 million for Q3-06, an 12% increase from $6.4 million for Q3-05. General and administrative expense, including amounts reimbursed to affiliates, increased $2.4 million to $5.2 million for Q3-06 from $2.8 million for Q3-05. Distributions declared per common limited partner unit for the twelve months ended September 30, 2006 were $3.37, an increase of $0.32, or 11%, from the twelve months ended September 30, 2005. APL gave initial guidance for cash distributions per limited partner unit for calendar year 2007 of $3.55 to $3.75 with 1.1x distribution coverage. MWE Reports PRNewswire 11-06 MarkWest Energy Partners reported net income of $30.0 million for Q3-06, compared to net income of $0.6 million for Q3-05. For the nine months ended September 30, 2006, MWE reported net income of $57.9 million compared to net income of $5.5 million for the nine months ended September 30, 2005. For Q3-06, DCF was $36.8 million, compared to $10.7 million for Q3-05. For the nine months ended September 30, 2006, DCF was $90.2 million, compared to $30.6 million for the nine months ended September 30, 2005. MWE's Q3 distribution was $0.97/unit and the total distribution coverage ratio was 1.8x. TPP Reports $0.39 vs $0.30 in 2005 & $0.48 Consensus Expectation Businesswire 11-06 TEPPCO Partners reported net income of $41.1 million [$0.39/unit] for Q3-06 compared with $29.6 million [$0.30/unit] for Q3-05. Net income for the nine months ended Sept. 30, 2006, was $145.5 million [$1.43/unit] compared with $117.9 million [$1.25/unit] for the same period in 2005. Net income for the nine months ended Sept. 30, 2006, includes a $17.9 million gain on the sale of the Pioneer gas processing plant, which occurred on March 31, 2006. Income from continuing operations for the nine months ended Sept. 30, 2006, which excludes the impact of the sale of the Pioneer gas processing plant, was $126.1 million [$1.24/unit] compared with $115.2 million [$1.22/unit] for the corresponding nine-month period in 2005. EBITDA from continuing operations increased by 18% [$15.1 million] to a record $101.6 million for Q3-06, compared with $86.5 million for Q3-05. EBITDA from continuing operations increased by 7% [$18.8 million] to $298.5 million for the nine months ended Sept. 30, 2006, compared with $279.7 million for the same 2005 period. EBITDA from continuing operations for the Upstream segment increased 48% to $28.2 million for Q3-06 compared with $19.1 million for Q3-05 due to improved marketing margins. EBITDA from continuing operations for the Midstream segment was $40.8 million for Q3-06, an increase of 8% from $37.8 million of EBITDA for Q3-05. EBITDA from continuing operations for the Downstream segment increased 10% to $32.6 million for Q3-06, compared with $29.6 million for Q3-05. Maintenance capital expenditures for 2006 are expected to be $35 million, which includes $19 million for pipeline integrity. Additionally, TEPPCO expects to invest approximately $125 million in 2006 for its share of capital expenditures related to the Jonah Phase V expansion. CPNO Reports PRNewswire 11-07 Copano Energy, L.L.C. announced a 130% increase in operating income to $31.1 million for Q3-06 as compared to Q3-05. 2006 results reflect the inclusion of ScissorTail Energy operations for the entire quarter versus only two months in Q3-05 following the acquisition of ScissorTail on August 1, 2005. Third quarter operating income exceeded the pro forma prior year quarterly results by 90%. This year- over-year performance reflects encouraging volume growth in both Copano's Mid- Continent and Texas Gulf Coast operating regions as well as highly favorable market conditions for our Texas Gulf Coast processing segment. Revenue for Q3-06 increased approximately 7% to $231.3 million from $216.7 million in Q3-05. Total gross margin increased 90% to $56.0 million in Q3-06 from $29.5 million in Q3-05. Excluding the impact of the ScissorTail acquisition, total gross margin increased 90%. Net income was $22.3 million [$1.21/unit] for Q3-06 compared to $5.2 million [$0.35/unit] for Q3-05. Outstanding units grew to 18.4 million from 14.7 million. EBITDA for Q3-06 were $40.0 million, an increase of $20.6 million from EBITDA of $19.4 million for Q3-05. Distributable cash flow for Q3-06 (prior to any retained cash reserves established by Copano's board) equaled $29.9 million, representing 217% coverage of the increased Q3-06 distribution of $0.75/unit based on the number of units outstanding on November 1, 2006, the third quarter distribution record date. During Q3-06, gross margin for Mid-Continent Operations [ScissorTail] totaled $27.9 million. Gross margin for the Texas Gulf Coast Processing segment in Q3-06 increased approximately 141% to $16.9 million compared to $7.0 million in Q3-05. The increase in gross margin resulted primarily from higher NGL prices as well as increased liquids output at the Houston Central Processing Plant. Gross margin for Texas Gulf Coast Pipelines in Q3-06 increased approximately 45% to $11.5 million compared to $7.9 million in Q3-05. The increase primarily resulted from an 11% increase in volumes during the third quarter of 2006 as well as a 33% increase in the segment gross margin per unit. XTEX Reports -$.12 vs -$.05 in Q3-05 & -$.07 Consensus Expectation Businesswire 11-08 Crosstex Energy, L.P. reported net income of $0.9 million in Q3-06 compared with $1.1 million in Q3-05. The net loss per limited partner unit in Q3-06 was $0.12/unit versus a net loss of $0.05/unit in Q3-05. The loss per limited partner unit was impacted by the preferential allocation of net income to the general partner of $4.1 million in Q3-06, which represented the general partner's incentive distribution rights less certain stock-based compensation costs. This allocation reduced the limited partners' share of net income to a net loss of $3.2 million in the quarter. XTEX's Distributable Cash Flow in Q3-06 was $21.1 million [$17.9 milllion in Q3-05] and 1.04 times the amount required to cover its current distribution of $0.55 per unit. TLP Reports Loss Businesswire 11-08 TransMontaigne Partners L.P. today announced Q3-06 revenues increased to $11.4 million from $11.0 million last year; Quarterly operating income (loss) decreased to $(0.5) million from $3.9 million last year due principally to increased operating costs and expenses of approximately $1.1 million associated with repairs and maintenance, and increased direct general and administrative expenses of approximately $3.3 million associated with the accelerated vesting of restricted units due to the acquisition of TransMontaigne by Morgan Stanley Capital Group. Net earnings (loss) allocable to limited partners of $(1.4) million compared to $3.1 million last year. MMLP Reports $0.32 vs $0.56 in Q3-05 & $0.33 Consensus Expectation PRNewswire 11-09 Martin Midstream Partners L.P. reported net income for Q3-06 of $4.3 million [$0.32/unit] compared to Q3-05's $4.8 million [$0.56/unit]. Revenues for Q3-06 were $147.5 million compared to $112.8 million for Q3-05. MMLP reported net income for the nine months ended September 30, 2006 of $13.9 million [$1.05/unit] compared to 2005's $11.3 million [$1.31/unit]. Revenues for the nine months ended September 30, 2006 were $427.4 million compared to revenues of $293.8 million for the same period in 2005. MMLP's distributable cash flow for Q3-06 was $7.3 million compared to $7.0 million for Q3-05. DCF for the nine months ended September 30, 2006 was $22.5 million compared to $16.7 million for the same period in 2005. Hiland Reports $0.33 vs $0.38 in Q3-05 & $0.36 Consensus Expectation PRNewswire 11-10 Hiland Partners, LP reported quarterly net income for Q3-06 of $3.7 million [$0.33/unit] compared to net income of $2.7 million [$0.38/unit] for Q3-05. EBITDA for Q3-06 was $11.8 million compared to $6.3 million for Q3-05, an increase of 88%. Total segment margin for Q3-06 was $17.7 million compared to $8.6 million for Q3-05, an increase of 105%. The increases are primarily attributable to the inclusion of the results of operations from the acquisition of the Bakken gathering system) effective September 1, 2005 and the acquisition of the Kinta Area gathering assets effective May 1, 2006. Hiland Holdings GP, LP, including its predecessor, Hiland Partners GP, LLC, reported a net loss of $24 thousand for Q3-06, compared to net income of $46 thousand for Q3-05. Net income before minority interest was $2.7 million in Q3-06 and $2.7 million in Q3-05. Hiland Holdings GP, LP reported net income of $538 thousand for the nine months ended September 30, 2006, compared to net income of $569 thousand for the comparable period in 2005. Net income before minority interest was $9.5 million for the nine months ended September 30, 2006 compared to $6.1 million for the nine months ended September 30, 2005. RGNC Reports $0.33 vs $0.38 in Q3-05 & $0.36 Consensus Expectation PRNewswire 11-10 Regency Energy Partners LP reported revenue for Q3-06 increased 20% to $229.1 million, compared to $191.6 million for Q3-05. RGNC's adjusted EBITDA increased 81% to $25.9 million, compared to $14.3 million in the corresponding 2005 period. Comparing Q3-06 results to Q2-06 results, adjusted EBITDA increased by 20% from $21.7 million. All results reflect the TexStar acquisition accounted for in a manner similar to a pooling of interests. For Q3-06, RGNC reported a partner net loss of $11.3 million, compared to net loss of $3.9 million for Q3-05. Q3-06 results ncluded the following nonrecurring expenses: $12.4 million resulting from the write-off of capitalized debt issuance expense (loss on debt financing); $3.5 million in fees related to the termination of a TexStar long-term management contract in connection with its acquisition by Regency; and $1.2 million in acquisition expenses related to the acquisition of TexStar. Third-quarter 2005 results included a $7.7 million loss resulting from the write-off of capitalized debt issuance expense. Regency's cash available for distribution for Q3-06 was $12.7 million, or 1.71 times the amount required to cover its third-quarter distribution to common unitholders and 0.87 times the amount required to cover the distribution to the general partner and all limited partners, including subordinated unitholders. For the first three quarters of this year, Regency generated $37.4 million in cash available for distribution, representing coverage of 1.99 times the amount required to cover its distribution to common unitholders and 1.01 times the amount required to cover the distribution to the general partner and all limited partners, including subordinated unitholders. ETP Reports Full Year $3.15 vs $2.60 in 2005 & $2.95 Consensus Expectation Businesswire 11-14 Energy Transfer Partners reported net income of $515.9 million for the fiscal year ended August 31, 2006, an increase of $166.5 million or about 48% as compared to $349.4 million for the fiscal year ended August 31, 2005. Included in net income for the prior fiscal year ended August 31, 2005, is a net gain of $142.5 million from the sale of the Elk City system. EBITDA, as adjusted, was $764.6 million for the fiscal year ended August 31, 2006 an increase of $351.4 million or about 85% as compared to $413.2 million for the fiscal year ended August 31, 2005. While net income for the fourth quarter ended August 31, 2006 of $33.3 million decreased by $8.3 million as compared to net income of $41.6 million for Q4-05, EBITDA, as adjusted, for Q4-06 increased by $14.2 million, or approximately 15%, to $107.1 million versus the $92.9 million reported for Q4-05. ETP also announced today that due to its recent acquisitions, improved financial performance over the prior fiscal year, and the outlook for the upcoming fiscal year, it is providing EBITDA guidance of $980.0 million for fiscal year 2007. ETP also expects to complete the acquisition of Transwestern Pipeline in the second quarter of fiscal year 2007, and upon closing, expects the transaction to be immediately accretive to its Limited Partner Units. Short Updates On 11-20 [XTXI] has approved a three-for-one stock split in the form of a stock dividend at the close of business on December 1, 2006. On 11-17 Valero GP Holdings [VEH] said it has filed a registration statement with the SEC for a secondary public offering of about 51.7%, or 22 million, of its units. All units will be sold by subsidiaries of Valero Energy [VLO], which will retain a 7.7% interest. A subsidiary of Valero Energy has granted the underwriters a 30-day option to purchase up to the remaining 7.7% interest it owns in Valero GP Holdings. On 11-21 Enterprise Products Partners entered into a 30-year agreement with ExxonMobil to provide gathering, compression, treating and conditioning services for natural gas produced in ExxonMobil's natural gas production from its Piceance Development Project, which encompasses more than 29,000 acres in Rio Blanco County, Colorado. The fee-based agreement includes an option for Enterprise to recover natural gas liquids beyond those extracted to condition the gas to meet downstream pipeline specifications. To provide these services, Enterprise expects to invest approximately $185 million to construct new plant and pipeline facilities, with construction expected to be completed in late 2008. On 11-27 CPNO announced a secondary public offering of 2,500,000 common units to repay in full its $100 million unsecured term loan and for general company purposes, including reducing amounts outstanding under its senior secured revolving credit facility, entering into new hedge arrangements as market conditions warrant or funding capital expenditures. On 11-28 ETE announced that it has completed a private placement of 7,789,133 of its common units to a group of institutional investors. The units were purchased at a price of $27.41 per unit, resulting in proceeds to ETE before expenses of $213.5 million. ETE will use the proceeds to repay indebtedness under its current credit facility. Late Distribution Announcements On 11-01 TGP declared a distribution of $0.4625/unit [no change] payable on 11-14 to unit holders of 11-09. On 11-02 USS declared a distribution of $0.45/unit [no change] payable on 11-15 to unit holders of 11-10. On 11-02 Citigroup Upgraded VLI from Hold to Buy and raised its price target to $60 from $55, citing attractive valuation. The broker also cited improved visibility to expansion projects as a reason for its upgrade. On 11-07 Wachovia Downgraded MGG from Outperform to Market Perform. On 11-08 Wachovia Downgraded TPP from Outperform to Market Perform and Goldman Sachs Upgraded TCLP from Sell to Neutral. On 11-14 Wachovia Downgraded TLP from Outperform to Market Perform. On 11-15 Wachovia Downgraded RGNC from Outperform to Market Perform. On 11-21 Oppenheimer Initiated coverage of ETE at Buy and Initiated coverage of epe at Buy. On 10-04 KeyBanc Capital Mkts / McDonald Initiated coverage of XTEX at Buy. On 10-05 RBC Capital Mkts Initiated coverage of BWP at Outperform. On 10-16 Citigroup Downgraded USS from Hold to Sell. On 10-17 Deutsche Securities Initiated coverage of TGP at Buy. On 10-18 Morgan Stanley Initiated RGNC at Overweight. On 10-18 Credit Suisse Initiated coverage of EEP at Outperform, HEP at Neutral, PAA at Neutral, TPP at Neutral and VLI at Outperform. On 10-18 Morgan Stanley Initiated coverage of HEP Equal-weight and ETP at Overweight. On 10-18 Wachovia Downgraded XTXI from Outperform to Market Perform and Downgraded OKS from Outperform to Market Perform, but Upgraded KMP from Market Perform to Outperform. On 10-19 Stifel Nicolaus Downgraded KMP from Buy to Hold. On 12-01 FMO announced that it is increasing the quarterly dividend by 4.8% to $0.3275 per share, effective with the next distribution in January 2007. The increased dividend compares to the $0.3125 per share for the last quarterly dividend. On 11-13 TYN declared its Q4 dividend of $0.34 per share plus an expected tax credit of $.05 per share for the quarter. The dividend will be distributed on 11-30 to stockholders on 11-24. This represents a 1.5% increase over the dividend for the third quarter. On 11-13 TYG declared its Q4-06 dividend of $0.53 per share, compared to $0.51 in Q3-06 and $0.455 in Q4-05. The dividend will be distributed on 11-30 to stockholders of 11-24. This represents a 16.5% increase over Q4-05 and a 3.9% increase over Q3-06. On 11-13 TYY declared its Q4-06 dividend of $0.39 per share, compared to $0.38 in Q3-06. The dividend will be distributed on 11-30 to stockholders of 11-24. This represents a 2.6% increase over the dividend for Q3. On 10-06 Energy Income and Growth Fund [FEN] declared its regularly scheduled quarterly distribution of $0.355, payable on October 31 to shareholders of record on October 18. On 10-05 Fiduciary/Claymore MLP Opportunity Fund [FMO] declared its quarterly dividend of $0.3125 per share [no change]. Dividends will be paid on October 31, 2006 to shareholders of record as of October 13, 2006. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||