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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. A new addition to this data is the CEF Price/NAV ratio, which is used in academia to measure investor sentiment. According to theory, buy MLPs when the price is at the largest discount to NAV.
Distribution Announcements On 12-19 ETP announced a distribution of $0.76875/unit [up from .75] payable 1-15 to unitholders of 1-04. On 1-12 TPP announced a distribution of $0.675/unit [no change], payable 2-07 to unitholders of 1-31-07. On 1-16 PAA announced a distribution of $0.80/unit [up from .75] payable 2-14 to holders of 2-02-07. On 1-16 OKS announced a distribution to $.98/unit [up from .97] payable on 2-14 to holders of 1-31-07. On 1-16 EPD announced a distribution of $0.4675/unit [up from .46], payable 2-08 to unitholders of 1-31. On 1-17 KMP announced a distribution of $0.83/unit [up from .81], payable 2-14 to unitholders of 1-31. On 1-18 CPNO announced a distribution of $0.80/unit [up from .75], payable 2-14 to unitholders of 2-01. On 1-19 TCLP announced a distribution of $0.60/unit [no change], payable 2-07 to unitholders of 1-31. On 1-19 TLP announced a distribution of $0.43/unit [no change], payable 2-07 to unitholders of 1-31. On 1-22 MMLP announced a distribution of $0.62/unit [up from .61], payable 2-14 to unitholders of 2-01. On 1-23 WPZ announced a distribution of $0.47/unit [up from .45], payable 2-14 to unitholders of 2-07. On 1-24 XTEX announced a distribution of $0.56/unit [up from .55], payable 2-15 to unitholders of 2-02. On 1-24 DPM announced a distribution of $0.43/unit [up from .405], payable 2-14 to unitholders of 2-07. On 1-24 APL announced a distribution of $0.86/unit [up from .85], payable 2-14 to unitholders of 2-07. On 1-25 GEL announced a distribution of $0.21/unit [up from .20], payable 2-14 to unitholders of 2-05. On 1-25 HLND announced a distribution of $0.7125/unit [up from .70], payable 2-14 to unitholders of 2-05. On 1-25 MWE announced a distribution of $1.00/unit [up from .97], payable 2-14 to unitholders of 2-08. On 1-26 RGNC announced a distribution to of $0.37/unit [no change] payable 2-14 to unitholders of 2-07. On 1-26 MMP announced a distribution of $.6025/unit [up from .59], payable 2-14 to unitholders of 2-05. On 1-26 BPL announced a distribution of $.7875/unit [up from .775], payable 2-28 to unitholders of 2-06. On 1-26 SXL announced a distribution of $.8125/unit [up from .7875], payable 2-14 to unitholders of 2-07. On 1-26 EEP announced a distribution of $.925/unit [no change], payable 2-14 to unitholders of 2-06. On 1-29 VLI announced a distribution of $.915/unit [no change], payable 2-14 to unitholders of 2-07. On 1-30 HEP announced a distribution of $.675/unit [up from .665], payable 2-14 to unitholders of 2-06. On 1-31 KSP announced a distribution of $.66/unit [up from .64], payable 2-14 to unitholders of 2-08. On 2-01 TGP announced a distribution of $.4625/unit [no change], payable 2-14 to unitholders of 2-09. And for the GPs: On 1-16 EPE announced a distribution of $0.35/unit [up from .335] payable 2-09 to unitholders of 1-31. On 1-24 XTXI announced a distribution to of $0.22/unit [up from .213] payable 2-15 to unitholders of 2-02. On 1-24 AHD announced a distribution to of $0.25/unit [up from .24] payable 2-19 to unitholders of 2-02. On 1-25 HPGP announced a distribution to of $0.2075/unit [up from .2025] payable 2-19 to unitholders of 2-05. On 1-26 MMG announced a distribution of $.246/unit [up from .233], payable 2-14 to unitholders of 2-05. On 1-26 BGH announced a distribution of $.225/unit [up from .217], payable 2-28 to unitholders of 2-06. On 1-29 VEH announced a distribution of $.32/unit [no change], payable 2-16 to unitholders of 2-07. MWE Acquires Santa Fe Gathering, L.L.C. and the Grimes Gathering System PRNewswire 1-03 MarkWest Energy Partners announced that on 12-29-06, it purchased 100% of the ownership interest in Santa Fe Gathering, L.L.C. and the Grimes Gathering System located in Roger Mills and Beckham Counties, Oklahoma. The Grimes Gathering System was constructed in May 2005 to gather growing Cherokee and Des Moines production. Current system throughput is approximately 16 MMcfd. As a part of the acquisition, MarkWest signed a 10-year gas gathering agreement with the largest producer on the system, Oklahoma City-based JMA Energy Company, L.L.C., under which significant undeveloped acreage is dedicated to the Grimes System. MarkWest is exploring the possibility of integrating the Grimes Gathering System with MarkWest's Foss Lake Gathering System and will continue to expand the system to provide low pressure and highly reliable service. ETP's Net Income Falls BusinessWire 1-09 Energy Transfer Partners reported net income of $71.0 million for the first quarter ended November 30, 2006. As expected, the improved operating results realized from ETP's pipeline capacity expansion projects during fiscal years 2006 and 2007 and the acquisition of Titan Propane in June 2006 were more than offset by the impact of gains realized in the period ended November 30, 2005 that did not reoccur during Q1-07. The first quarter net income of $71 million represents a decrease of $48.8 million as compared to $119.8 million for the first quarter ended November 30, 2005. EBITDA, as adjusted, was $149.4 million for the first quarter ended November 30, 2006 a decrease of $47.7 million as compared to $197.1 million for the first quarter ended November 30, 2005. KMP's Net Income Falls PRNewswire 1-17 KMP reported 2006 net income before certain items of $958.6 million, or $1.98 per unit, compared to net income before certain items of $982.3 million, or $2.37 per unit, in 2005. For the fourth quarter, KMP had net income before certain items of $245.9 million, or $0.55 per unit, versus $256.5 million, or $0.59 per unit, for the comparable quarter in 2005. In total, KMP declared cash distributions for 2006 of $3.26 per unit compared to $3.13 per unit for 2005, but below its published annual budget of $3.28. The excess of distributable cash flow above distributions for 2006 is approximately $6 million. KMP expects to declare cash distributions of $3.44 per unit for 2007. This projection includes contributions from assets currently owned by KMP and does not include any benefits from unidentified acquisitions. "We expect to grow our distribution per unit about 6 percent in 2007, and our business units are expected to deliver solid growth of about $210 million in distributable cash flow compared to their 2006 performance," CEO Richard Kinder said. "Towards the end of 2007 growth at KMP is expected to accelerate. We anticipate that the fourth quarter 2007 distribution per unit will be almost 10 percent higher than the fourth quarter 2006 distribution per unit. While we expect that we will continue to be able to grow the distribution per unit at KMP by about 8 percent per year over the long term, the increase in 2008 is expected to be greater than 8 percent, due mainly to the anticipated in- service date of January 2008 for the western portion of the Rockies Express pipeline." Enterprise Acquires Piceance Basin Natural Gas Gathering Pipeline Businesswire 1-09 EPD announced that its affiliate, Enterprise Gas Processing, LLC, has purchased Piceance Creek Pipeline, LLC, which was wholly owned by EnCana Oil & Gas (USA) Inc., a wholly owned subsidiary of EnCana. The assets of Piceance Creek Pipeline, LLC consist primarily of a recently constructed 48-mile, 36-inch diameter natural gas gathering pipeline in the Piceance Basin of northwest Colorado. As a part of the transaction, EnCana has signed a long term, fixed-fee gathering contract and dedicated significant production to the system for the life of the associated lease holdings. EPD's Q4-06 Net Income $0.25 Compared to $0.23 in Q4-05 Businesswire 1-24 Enterprise Products Partners reported a 22% increase in net income for Q4-06 to $133 million, or $0.25/unit [the Reuters Estimates consensus was $0.29] on a fully diluted basis, from $108 million, or $0.23 per unit, in Q4-05. Net income for 2006 increased by 43% to a record $601 million, or $1.21/unit, compared to $420 million, or $0.91/unit, for 2005. Distributable cash flow generated in Q4-06 was $254 million, a 20% increase from $212 million in Q4-05. Distributable cash flow for the fourth quarter of 2006 provided over 1.1 times coverage of the cash distribution to the limited partners. Distributable cash flow for the twelve months ended December 31, 2006 increased 9% to a record $992 million from $906 million for 2005. Distributable cash flow for 2006 provided 1.2 times coverage of the cash distributions paid to the limited partners with respect to 2006. Q4-06 revenue was $3.4 billion [the Yahoo 'Low Estimate' of revenue was $3.69 billion / the High Estimate was $ 3.91 billion] compared to $3.8 billion in Q4-05. EPD's revenues and operating costs and expenses can fluctuate significantly based on the level of natural gas and NGL prices without necessarily affecting operating income and gross operating margin. In Q4-06, both revenues and operating costs and expenses were lower due to the decrease in the price for natural gas and NGLs from Q4-05. Operating income for Q4-06 increased 16% to $206 million compared to $178 million for Q4-05. Gross operating margin increased 12% to $340 million for Q4-06 from $303 million for Q4-05. EBITDA for Q4-06 increased 12% to $319 million from $284 million for Q4-05. EEP's Q4-06 Net Income $0.67 Compared to $0.68 in Q4-05 Prime Newswire 1-26 Enbridge Energy Partners report Q4-06 net income per unit of $ 0.67 [$48.4 million] compared to $ 0.68 [36.9 million] in Q4-05. The 2006 net income/unit was $3.74 [$229 million] compared to $1.06 [$143.7 million[ in 2005. For the fourth quarter of 2006, EEP reported progress on a number of natural gas system projects, as follows: [1] The $610 million East Texas System extension is on schedule for completion in three stages during 2007, with Stage 1 facilities due to commence operation in February. The project includes a new 36-inch diameter, 700 MMcfd pipeline to transport growing natural gas production in East Texas to markets in southeastern Texas and to interconnects with several interstate pipelines. The project also includes associated treating facilities and connecting pipelines. Current volume commitments and acreage dedications for the new system are approximately 550 MMcfd. [2] Projects totaling approximately $130 million are underway to add 155 MMcfd of processing capacity for the Anadarko System and 75 MMcfd for the North Texas System by Q3-07. For the East Texas System, three conditioning plants with an aggregate capacity of 600 MMcfd are being added at an estimated cost of $47 million, with the first facility expected to be in service late in the third quarter this year. SXL's Q4-06 Net Income $0.80 Compared to $0.52 in Q4-05 Prime Newswire 1-26 Sunoco Logistics Partners L.P.today announced net income for Q4-06 of $27.9 million, or $0.80 per limited partner unit on a diluted basis, compared with $13.9 million, or $0.52 per limited partner unit on a diluted basis, for Q4-05. The increase was due mainly to an increase in total shipments in the Eastern Pipeline System, operating results from the acquisitions completed in 2005 and 2006 in the Western Pipeline System, increased revenues at the Partnership's refined product terminals associated with ethanol blending and higher Western Pipeline System lease acquisition results. These increases were partially offset by higher interest expense related to financing the acquisitions completed in 2006 and the Partnership's internal expansion capital program. SXL reported net income for 2006 of $110.2 million, or $2.64/unit compared to $100.0 million, or $2.69/unit for 2005. Operating income for the Eastern Pipeline System increased $3.6 million to $11.4 million for Q4-06 from $7.8 million for Q4-05. The Terminal Facilities business segment had operating income of $10.2 million for Q4-06, an increase of $1.2 million when compared to Q4-05. Operating income for the Western Pipeline System increased $11.6 million to $14.3 million for Q4-06 from $2.7 million for Q4-05. Operating income for the Eastern Pipeline System for 2006 increased $11.9 million to $44.2 million from $32.3 million in 2005. The Terminal Facilities business segment had operating income of $39.1 million for 2006, an increase of $3.3 million from $35.8 million for 2005. Operating income for the Western Pipeline System increased $19.6 million to $34.8 million for 2006 from $15.2 million in 2005. Net interest expense increased $2.5 million for Q4-06 and $6.3 million for 2006, primarily due to increased borrowings and higher interest rates, partially offset by an increase of $0.1 million and $2.5 million in capitalized interest. Maintenance capital expenditures decreased $1.3 million to $29.9 million for 2006 due primarily to decreases in integrity management activity between the periods. BPL's Q4-06 Net Income $0.75 Compared to $0.72 in Q4-05 PRNewswire 1-26 Buckeye Partners, L.P. net income for Q4-06 was $35.8 million, or $0.75 per LP unit, compared with net income of $27.6 million, or $0.72 per LP unit, reported for Q4-05. Revenue in Q4-06 increased to $128.0 million from revenue of $108.3 million in Q4-05. Operating income increased in Q4-06 to $47.5 million from $43.6 million in Q4-05. BPL reported net income for the full year 2006 of $110.2 million, or $2.64 per LP unit. BPL's net income in 2005 was $100.0 million, or $2.69 per LP unit. Revenue in 2006 increased to $461.8 million from revenue of $408.4 million in 2005. Operating income in 2006 also increased to $177.1 million from operating income of $161.3 million reported for 2005. Net income per LP unit in 2006 reflects an increase in the average number of LP units outstanding to 39.2 million from an average of 36.9 million LP units outstanding during 2005. Eagle Rock Says Lower Commodity Prices Will Hurt 2007; Shares Fall AP & Press Release 1-26 Eagle Rock Energy Partners expects to report Q4 revenue of about $125 million, up from $57 million in the prior-year quarter, but well below Wall Street's $189.1 million forecast. Shares tumbled $1.54, or 7.5%, to $18.90. EROC said lower commodity prices will mean 2007 EBITDA of between $85 million and $95 million. Capital expenditures are estimated to be $37 million, consisting of approximately $26 million for organic growth programs and $11 million for maintenance capital. The level of drilling activity in both of the Partnership's Panhandle and East Texas operating segments remains strong. However, in Q4, EROC's producer customers experienced delays and issues in drilling and completing their new wells. As a result, growth in gathering volumes expected by EROC during Q4 and the early part of 2007 are now expected in the second half of the year. EROC's operating cost levels in Q4 are expected to be at the same level as Q3. Expected Q4 cost reductions were delayed by higher than anticipated repair, inspection and maintenance costs, as well as certain one-time operating expenses of approximately $0.5 million. EROC continued to experience higher repair and maintenance activities than anticipated in the fourth quarter. VLI's Q4-06 Net Income $0.70 Compared to $0.54 in Q4-05 Businesswire 1-29 Valero L.P. announced income applicable to limited partners from continuing operations of $33.0 million [$0.70/unit] for Q4-06 compared to $25.1 million [$0.54/unit] for Q4-05. For the year ended December 31, 2006, income applicable to limited partners from continuing operations was $133.0 million [$2.84/unit] compared to $97.0 million [$2.76/unit] in 2005. Distributable cash flow available to limited partners from continuing operations for Q4-06 was $45.3 million [$0.97/unit] compared to $42.9 million [$0.92/unit] for Q4-05. For 2006, distributable cash flow available to limited partners from continuing operations was $195.7 million [$4.18/unit] compared to $142.6 million [$4.09/unit] in 2005. As of December 31, 2006, the partnership's debt-to-capitalization ratio was 41.9% compared to 38.1% as of December 31, 2005. VEH's Q4-06 EPS $0.24 Businesswire 1-29 Valero GP Holdings announced earnings of $10.3 million [$0.24/unit] for Q4-06. For the six months ended December 31, 2006, earnings were $20 million [$0.47/unit]. Distributable cash flow available to unitholders for the Q4-06 was $13.5 million [$0.32/unit] and $27.0 million [$0.64/unit] for the six months ended December 31, 2006. Targa Delays IPO Houston Business Journal, 11-16-06 Privately held Targa Resources has been beefing up with acquisitions and financing and is preparing to flex its muscle as a publicly traded company. According to Thursday's filing with the Securities and Exchange Commission, Targa will issue 16.8 million common units in an initial public offering as a master limited partnership. A total of 19.32 million units could be issued if the IPO underwriters exercise an option for additional common units. Targa's 16.8 million common units slated for the IPO represent about a 58.1 percent limited-partner interest -- or about 61.4 percent if the underwriters exercise in full their over-allotment option. Following the IPO, Targa will indirectly own the remaining 41.9 percent of the units in Targa Resources Partners LP. Targa Resources has received approval to trade on the NASDAQ Global Market under the "NGLS" ticker symbol. On 1-26 Raymond James cut BWP to Market Perform. On 12-01 Oppenheimer Initiated coverage of BPL at Neutral. On 12-20 Deutsche Securities Downgraded PAA from Buy to Hold. On 1-30 analyst S Arnold of Credit Suisse Initiated coverage of BWP at Outperform. The target price is set to $37. In a research note published this morning, the analyst mentions that the company is likely to be able to increase its annualized distribution from the current $1.60 per unit to $2.26 per unit by 1Q08, with 50% of the $2.4 billion of new pipeline projects due to begin in late-2007 and early-2008. Boardwalk Pipeline Partners’ asset base appears compelling, with two chief interstate pipeline systems having the potential to deliver gas from the Gulf South supply basins to Gulf South, Southeast and Midwest consumers, the analyst says. On 1-30 analyst S Arnold of Credit Suisse initiated coverage of EPD with an "outperform" rating. The 12-month target price is set to $32. The analyst mentions that the company’s distribution growth over the forthcoming three years is likely to be high, with the commencement of major capital expansion projects. The analyst expects Enterprise Products Partners’ $4.0 billion capital expansion programme, which covers more than 20 projects, to be completed by early-2009. The company is expected to generate a CAGR of distributable cash flow of 5.7% in 2006-2009. On 1-30 analyst S Arnold of Credit Suisse initiated coverage of ETP with a "neutral" rating. The target price is set to $55. In a research note published this morning, the analyst mentions that the Transwestern acquisition would provide the company with growth opportunities going ahead. The analyst adds, however, that the propane and existing intrastate Texas pipelines have few growth projects under development. Energy Transfer Partners’ share price already reflects potential growth from the Transwestern acquisition and the Midcontinent Express project, as well as the other pipeline expansions. On 1-31 analyst Mark Easterbrook of RBC Capital Markets downgraded SXL from "sector perform" to "underperform" based on valuation. The target price has been raised from $44 to $47. On 1-30 analysts at Citigroup downgraded SXL from "buy" to "hold." On 1-26 Oppenheimer Initiated coverage of VEH at Neutral. On 2-01 Citigroup Upgraded VEH from Hold to Buy On 2-01 Credit Suisse Initiated coverage of APL at Neutral. . On 12-20 Plains All American Pipeline announced that it completed the sale of approximately 6.2 million common units to a group of institutional and private investors. Net proceeds were approximately $306 million. The Partnership now has approximately 109.4 million common units outstanding. On 12-20 Martin Midstream Partners announced that is has completed a private placement of 470,484 common units to Martin Resource Management Corporation, the owner of MMLP's general partner, at a purchase price of $31.88 per unit. MMLP received proceeds of approximately $15.3 million, including a capital contribution of approximately $0.3 million made by MMLP's general partner in order to maintain its 2% general partner interest in MMLP. On 2-01 Fiduciary/Claymore MLP Opportunity Fund [FMO] announced that it is increasing the quarterly dividend by 1.5% to $0.3325 per share, effective with the next distribution in April 2007. On 2-01 Kayne Anderson Energy Total Return Fund [KYE] announced its net asset value at January 31, 2007. At January 31, 2007, the Fund's net assets were $827 million and its net asset value per share was $25.92 based on 31.9 million shares outstanding. On 2-01 Kayne Anderson MLP Investment Company [KYN] announced its net asset value at January 31, 2007. At January 31, 2007, the Company's net assets were $1.2 billion and its net asset value per share was $30.17, based on 38.3 million shares outstanding. On 1-12 AG Edwards Initiated coverage of TYN at Hold. On 1-02 Kayne Anderson Energy Total Return Fund [KYE] announced its net asset value at December 31, 2006 was $25.04 based on 31.7 million shares outstanding. As of December 31, 2006, equity and fixed income investments were 85% and 15%, respectively, of the Fund's total long-term investments of $1.1 billion. Long-term investments were comprised of MLPs and MLP Affiliates (46%), Canadian Income Trusts (23%), Marine Energy Transportation (15%), Coal Companies (6%) and U.S. Royalty Trusts and Other Energy Companies (10%). At December 31, 2006, the Fund's total assets were $1.1 billion. The Fund's ten largest holdings by issuer (excluding short-term investments) at December 31, 2006 were: 1 Kinder Morgan Management [9.5%] 2 Plains All American Pipeline [6.9%] 3 Enterprise Products Partners [4.1%] 4 Kinder Morgan, Inc. [3.4%] 5 Crosstex Energy [3.3%] 6 Penn West Energy Trust [2.3%] 7 Harvest Energy Trust [2.3%] 8 Enbridge Energy Management [2.0%] 9 Crescent Point Energy Trust [2.0%] 10 Genco Shipping & Trading [2.0%]. On 1-02 Kayne Anderson MLP Investment Company [KYN] announced its net asset value at December 31, 2006 was $29.38, based on 38.1 million shares outstanding. At December 31, 2006, the Company's total assets were $1.8 billion and long-term investments were $1.8 billion. The Company's ten largest holdings by issuer (exclusive of short-term investments) at December 31, 2006 were: [1] Energy Transfer Partners 13.4%, [2] Plains All American Pipeline 8.9%, [3] Enterprise Products Partners 8.7%, [4] Magellan Midstream Partners 8.5%, [5] Kinder Morgan Management 7.3%, [6] Copano Energy 6.6%, [7] Crosstex Energy 6.6%, [8] Inergy 4.8%, [9] Enbridge Energy Partners 4.5%, [10] Clearwater Natural Resources 3.8%. 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 12-11 Energy Income and Growth Fund [FEN] announced that it is increasing the quarterly dividend by 5.63% to $0.375/share from $0.3550/share, payable on January 31, 2007 to shareholders of record on January 18, 2007. On 12-14 Kayne Anderson MLP Investment [KYN] declared its quarterly dividend of $0.47/share payable on January 12, 2007 to common stockholders of record on January 5, 2007, with an ex-dividend date of January 3, 2007. On 12-14 Kayne Anderson Energy Total Return Fund [KYE] declared its quarterly dividend of $0.445/share payable on January 12, 2007 to shareholders of record on December 29, 2006, with an ex-dividend date of December 27, 2006. On 12-19 ETE announced an $0.11 per unit increase in annual distribution to $1.36 annually, or a quarterly distribution of $0.34/unit to be paid on January 19, 2007 to Unitholders of record as of the close of business on January 4, 2007. On 1-16 EPE announced a distribution to partners of $0.35/unit payable 2-09 to unitholders of 1-31. This distribution represents a 4.5% increase over the $0.335 per unit quarterly distribution paid with respect to Q3-06 and a 25% increase over the $0.28 per unit paid with respect to Q4-05. On 1-24 XTXI announced a distribution to of $0.22/unit [up from .213] payable 2-15 to unitholders of 2-02. On 1-25 VEH was downgraded to hold from buy at Wachovia. On 1-26 Oppenheimer Initiated coverage of BGH at Neutral. NOTE #1: This page is ment to be a supplement for those already getting monthly sector updates from another source. Data entry errors sporadically happen. Metrics like Debt/Market Cap and the GP/LP split ratios should not be ignored. NOTE #2: The operator of this site owns units in BWP, EPD, ETP, MWE and PAA, and units in GP ETE, and candidates for future acquisition include CPNO, HLND and WPZ - and this could distort the coverage of those MLPs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||