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I added data for NGLS and UCLP and moved the data that was VLI/NS to NS on 5-12. There may be some bugs in the data. Give me a heads up if you see anything that may look wrong. These two additions further depressed the sector's spread and the average yield. And [thanks to NGLS] it bounced up the average year to date returns. I am dependant on others to pass along DCF estimates from their brokerages. And those who assist me are dependant on their brokerages for sometimes irregularly delivered updates. I want to thank again PJHeyman and Sportscliche for their past contributions of a brokerage in which the estimates became old, and thank PassandShoot for the contribution of a different brokerage's DCFs that have replaced those stale estimates. I continue to be in debt to Alan and ARB for their efforts. Consensus DCFs and CAGRs were updated 5-21. EPS estimates, CAGRs, ratings and target prices were updated 5-31. 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. 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 has been a useful tool for timing of MLP purchases - buy MLPs when the spread is high. The CEF spread is used in academia to measure investor sentiment. Buy MLPs when the price is at the largest discount to NAV.
APL Reports Q2 Results Marketwire 4-26 Atlas Pipeline Partners, L.P. reported revenue for Q1-07 of $117.5 million compared to $117.8 million in Q1-06. System wide volumes were 698.3 MMcfd for the Q1-07 compared with 609.4 MMcfd for Q1-06, an increase of approximately 15%, due mostly to the increased throughput volume on the NOARK system and the addition of the Sweetwater processing facility. EBITDA was $15.8 million and net income was $2.5 million for Q1-07, compared with $20.2 million and $9.5 million for Q1-06. Q1-07 results were affected by unfavorable movements in commodity prices, including approximately $2.3 million of non-cash derivative expense and lower than expected processing volumes, partially offset by an increase in NOARK's Ozark Gas Transmission volume. The Mid-Continent segment recognized total revenue of $109.7 million for Q1-07, relatively consistent with Q1-06. Total revenue for the Appalachia system was $7.8 million for Q1-07, compared with $8.0 million for Q1-06, a slight decrease of $0.2 million due principally to a decline in realized natural gas prices between periods, partially offset by higher throughput volume. General and administrative expense, including amounts reimbursed to affiliates, increased $1.4 million to $6.3 million for Q1-07 from $4.9 million for Q1-06. Interest expense increased to $6.8 million for Q1-07, an increase of $0.4 million from Q1-06. GEL Reports Q2 Results Businesswire 5-03 Genesis Energy, L.P. reported net income for Q1-07 of $1,585,000 [$0.11/unit] compared to $2,591,000 [$0.18/unit] in Q1-06. Available Cash before reserves was $3.9 million [$0.28/unit], which was more than adequate to cover distributions to the holders of our common units and general partner interest for the quarter totaling $3.1 million [$0.22/unit]. Segment margin for Q1-07 was $7.1 million, a decline of less than $0.1 million as compared to Q1-06. Increased general and administrative expenses, primarily due to increases in compensation expense and related costs and the effects of the increase in our unit price on the expense we record for our stock appreciation rights plan, was the primary reason our net income declined. PAA Reports Q2 Results PRNewswire 5-02 Plains All American Pipeline, L.P. reported net income for Q1-07 of $84.7 million [$0.61/unit] compared to $63.4 million [$0.71/unit] in Q1-06 (or $57.1 million, or $0.63/unit for the period ended 3-31-06 before cumulative effect of change in accounting principle). EBITDA for Q1-07 was $165.8 million, an increase of approximately 65% compared with EBITDA of $100.3 million for Q1-06. WPZ Reports Q2 Results PRNewswire 5-03 Williams Partners L.P. announced Q1-07 net income of $12.5 million [$0.31/unit] compared with $37.6 million [$0.35/unit] in Q1-06. The Q1-07 results were lower than the restated 2006 results due primarily to interest expense associated with the Four Corners acquisition, as well as the absence of a gain from a property sale during first-quarter 2006. The partnership's results were also impacted by certain non-recurring accounting items. Distributable cash flow for limited-partner unitholders for Williams Partners totaled $18.9 million for the first quarter of 2007, compared to $6.8 million for the same period in 2006. The key measure of distributable cash flow per weighted-average limited partner unit was 48 cents in Q1-07, the same as Q1-06. EPE Buys Units in ETE & TPP PRNewswire 5-07 ETE announced the sale of 17.6% of the outstanding common units of ETE (38.9 million common units), held by Co-Chairman Ray Davis and Natural Gas Partners VI, L.P. and affiliates of each, to Enterprise GP Holdings, L.P. In addition to the purchase of common units, EPE also acquired a 34.9% non-controlling equity interest in LE GP, L.L.C., the general partner of ETE. Cash consideration paid by EPE totaled approximately $1.65 billion, reflecting a purchase price of $42 per ETE common unit. In a second transaction, Enterprise GP Holdings has purchased all of the member interests in Texas Eastern Products Pipeline Company, LLC, the general partner of TPP, and 4.4 million TEPPCO common units, or approximately 4%t of TPP's outstanding common units, from affiliates of privately held EPCO, Inc. USS Reports Q2 Results Market Wire 5-07 U.S. Shipping Partners L.P. reported net income for Q1-07 of $5.7 million compared to $4.2 million for Q1-06. Operating income (excluding a $3.5 million contract settlement paid to the Partnership) was $6.9 million for Q1-07 compared to $5.6 million in Q1-06. Net income per basic and diluted limited partnership unit for Q1-07 was $0.31, compared to $0.30 for Q1-06. EDITDA increased by $6.2 million to $19.5 million for Q1-07 from $13.3 million for Q1-06. Revenues for Q1-07 increased $5.0 million to $42.1 million from $37.0 million for Q2-06. The increase was due to the addition of the Sea Venture, which was placed in service in June 2006 and contributed approximately $3.5 million in revenues during Q1-07, combined with an increase in charter rates of approximately 3% and an increase in the number of days worked which together contributed an additional $1.5 million of revenues. The increase in revenues was partially offset by an increase in vessel operating expenses of $1.3 million and depreciation and amortization expense of $1.4 million, primarily related to the addition of the Sea Venture. MWE Reports Q2 Results PRNewswire 5-08 MarkWest Energy Partners, L.P. reported net income of $4.8 million for Q1-07 compared to $13.9 million for Q1-06. The financial results for Q1-07 and Q1-06 include $14.9 million and $1.7 million, respectively, of non-cash costs associated with the mark-to-market of derivative instruments and non-cash compensation expense. Excluding these non-cash items, net income for Q1-07 and Q1-06, would have been $19.7 million and $15.6 million, respectively. DCF for Q1-07 was $32.6 million compared to $23.6 million for Q1-06, an increase of 38% while number of common units rose from 25.8 million to 32.5 million. There were some one time events that distort the comparison between periods. [1] Results from our investment in Starfish Pipeline Company declined by $2.0 million compared to the prior year quarter. While our share of equity income increased by $0.8 million, this was offset by the reduction in insurance recoveries related to Hurricane Rita repairs. [2] We reported an unrealized loss of $9.3 million for the mark-to-market of our derivative instruments. This is a non-cash item, and does not affect DCF. From the conference call: While increasd drilling in to Woodford Shale in OK and the Bossier Sands around Carthage are items that are in the news, there is increased drilling in MWE's original footprint in Apalachia's Marcellus trend and other deep Devonian shale plays. MWE also converted some keep whole and percent of index contracts to fee based contracts - so their mix is now up to 40% fee based, which will make future returns less commodity sensitive. Copano Reports Q2 Results PRNewswire 5-08 Copano Energy, L.L.C. reported net income increased by 17% to $8.7 million [$0.20/unit] for Q1-07 compared to net income of $7.4 million [$0.20/unit] for Q1-06. Revenue totaled $211.0 million compared with $214.0 million in Q1-06. Total segment gross margin increased 5% to $38.3 million in Q1-07 from $36.5 million in Q1-06. Distributable cash flow increased 34% and distributable cash flow per unit increased 16% over the prior year period. EBITDA for Q1-07 were $23.3 million compared with $23.2 million for Q1-06. Mid-Continent Operations gross margin in Q1-07 totaled $21.4 million, an increase of 5% from $20.4 million for Q1-06. Texas Gulf Coast Pipelines gross margin in Q1-07 increased approximately 10% to $9.6 million compared to $8.7 million in Q1-06. Gross margin for the Texas Gulf Coast Processing segment in Q1-07 increased approximately 42% to $10.1 million compared to $7.1 million in Q1-06. The Corporate segment includes the results attributable to Copano's commodity risk management portfolio. Gross margin for the Corporate segment in Q1-07 was a loss of $2.7 million compared to a gain of $0.2 million in Q1-06. From the conference call: Kramer Investments asked why CPNO believed that the de-watering play was better than Barnet shale. CPNO: We think it is more attractive. The gas is richer - high BTU factors - high liquids content - gives producers more revenues - more opportunites for midstream operators - nitrogen rejection and processing. John Edwards with Morgan Keegan wanted to know the cap ex around Cimeron. CPNO: This is operated by our Mid-Continent team. We are looking at $30 million of pipe and compression over next 18 months in our Tommy Hawk line serving the Woodford shale play that will take rich gas in southern OK and move it to central OK. The central OK gathering system should grow. Tri-County area should grow. We are looking at a $15 milllion in projects in the greater Stroud area. Robert Finch with xx Advisors - GnA reimbusement supported distribution. How do you think about that cash flow. CPNO: We had costs - one time costs - the were audit related expenses from pre-IPO investors which were rebated to CPNO unit holders. HLND Reports Q2 Results PRNewswire 5-09 Hiland Partners, LP reported quarterly net income for Q1-07 of $2.2 million compared to $3.6 million for Q1-06, a decrease of 39%. This decrease is primarily due to lower realized natural gas and NGL sales prices and additional depreciation expense and interest expense incurred as a result of the acquisition of the Kinta Area gathering assets effective May 1, 2006 offset by increased sales volume from the Kinta Area acquisition and the Bakken and Eagle Chief gathering systems. Net income per limited partner unit-basic for Q1-07 was $0.15/unit compared to $0.37/unit in Q1-06. EBITDA for Q1-07 was $11.1 million compared to $8.3 million for Q1-06, an increase of 33%. Total segment margin for Q1-07 was $17.4 million compared to $11.9 million for Q1-06, an increase of 47%. HLND's guidance for fiscal year 2007 to generate EBITDA for the year in the range of $52 million to $57 million. DPM Reports Q2 Results PRNewswire 5-09 DCP Midstream Partners, LP reported net income of $12.5 million, a 56% increase when compared to net income of $8.0 million for Q1-06. Net income per limited partner unit was $0.58 compared to $0.30 in Q1-06. DPM's distributable cash flow for Q1-07 was $15.0 million, or 1.7 times the amount required to cover its current distribution rate to the general and limited partners. For Q1-06, distributable cash flow was $11.1 million. EBITDA for Q1-07 was $18.0 million, compared to $12.4 million in Q1-06. Natural Gas Services gross margin increased $0.1 million to $17.1 million from $17.0 million for Q1-06. Wholesale Propane Logistics gross margin increased $5.2 million to $10.8 million from $5.6 million for Q1-06. NGL Logistics gross margin [NGL pipelines] increased $0.4 million to $1.3 million compared to $0.9 million for Q1-06. TGP Reports Q2 Results Businesswire 5-09 Teekay LNG Partners L.P. reported net income of $1.4 million for Q1-07, compared to net income of $0.8 million for Q1-06. The results for both quarters included foreign currency translation losses of $4.8 million and $7.8 million, respectively, primarily relating to long-term debt denominated in Euros. During Q1-07 TGP generated $17.9 million of distributable cash flow, compared to $17.6 million for Q1-06. TGP anticipates that it will raise its quarterly cash distribution by 15% to $0.53 per unit commencing with the distribution relating to the second quarter of 2007. This expected increase reflects the delivery of the RasGas II Liquefied Natural Gas (LNG) carriers in December 2006 and the first quarter of 2007, and the acquisition of the Dania Spirit in January 2007. XTEX Reports Q2 Results PRNewswire 5-10 Crosstex Energy, L.P. reported a net loss of $5.3 million in Q1-07 compared with $2.0 million in Q1-06. XTEX's distributable cash flow in Q1-07 was $17.9 million, or .86 times the amount required to cover its current distribution of $0.56 per unit. Distributable cash flow was $18.7 million in Q1-06. The North Texas asset base XTEX is developing has required significant front-loaded capital investment. Interest expense to increase to $17.3 million in Q1-07 from $8.5 million in Q1-06. The rise in interest expense is the primary reason that distributable cash flow declined from 2006. RGNC Reports Q2 Results Businesswire 5-15 Regency Energy Partners LP reported revenue for Q1-07 increased 10.9% to $256.4 million, compared to $231.3 million for Q1-06. Adjusted total segment margin increased by 29.8% to $44.5 million in Q1-07, compared to $34.3 million in Q1-06. Adjusted EBITDA increased 36% to $26.8 million for Q1-07 compared to $19.7 million in Q1-06. RGNC had a net loss of $1.3 million for Q1-07, compared to a loss of $6.3 million for Q1-06. Q1-07 results included an increase in interest expense of $6.9 million, an increase in depreciation and amortization expense of $2.3 million, and a loss on the disposal of certain non-strategic assets of $1.8 million. Q1-06 results included a charge against earnings of $9 million for fees paid by RGNC to terminate two long-term management services contracts in connection with Regency's initial public offering. In Q1-07 Regency generated $18.4 million in cash available for distribution [a number that includes cash reserves and thus may be less than DCF], representing coverage of 1.66 times the amount required to cover its distribution to common unitholders, and 1.00 times the amount required to cover the distribution to the general partner and all limited partners, including subordinated unitholders. During their conference call, RGNC affirmed their prior guidance of EBITDA $145-$155 million. RGNC projects that EBITDA will grow each quarter as projects come on line. RGNC anticipates that they will issue new equity soon to pay down debt their debt. RGNC has a goal to maintain 50/50 debt to equity. The debt position is now too high due to RGNC's continued spending on organic projects which totaled $300 million in last year which were all funded by new debt. NGLS Reports Q2 Results PRNewswire 5-15 Targa Resources Partners LP reported net income of $2.2 million [7 cents/unit] income from operations of $5.2 million and EBITDA of $12.5 million. Revenues were $93.6 million for Q1-07, compared to $96.3 million for Q1-06. Q1-07 revenues were lower than Q1-06 revenues primarily due to lower NGL production and sales volumes and a 6% lower average realized price for natural gas, partially offset by higher natural gas sales volumes and by higher average realized prices for NGLs and condensate of 4% and 12%, respectively. Income from operations for Q1-07 increased by 14%, to $8.2 million from $7.1 million in 2006 primarily due to the benefits of our hedging program partially offset by commodity price declines. Net income for Q1-07 was a loss of $4.7 million versus a loss of $10.2 million for Q1-06. These net losses are primarily due to interest expense related to debt that was allocated to the Predecessor by Targa Resources, its parent company, totaling $17.4 million for Q1-06 and to affiliate interest expense of $9.8 million during the Pre-IPO Period. In connection with the IPO, the NGLS repaid a portion of this indebtedness and the balance was retired and treated as a capital contribution to the Partnership. Approximately 96% of the Partnership's revenues for the first quarter of 2007 was generated from percent-of-proceeds contracts. On 5-15 Kinder Morgan Management [KMR] priced a public offering of 5.7 million shares. On 5-15 Teekay LNG Partners prices a 2.3 mln share common units offering at $38.13/unit. On 5-15 Martin Midstream Partners priced a public offering of 1,200,000 of its common units at $42.25 per unit. On 5-16 Enbridge Energy Partners priced a public offering of 5,300,000 of its Class A Common Units. On 5-16 TEPPCO Partners, L.P priced $300 million of fixed/floating rate junior subordinated notes. The Notes have a 60-year final maturity and feature a fixed-rate coupon of 7.00% for an initial 10-year period with an issue price of $99.839. After the initial 10-year period, the Notes will bear interest at a floating rate. On 5-18 TransMontaigne Partners priced an offering to sell 4.8 million common units at $36.80. On 5-21 DCP Midstream Partners entered an agreement to privately place $100 million of common units representing limited partner interests in the Partnership. On 5-21 Enterprise Products Partners L.P. priced $700 million of fixed/floating rate junior subordinated notes pursuant to a public offering. The Notes have a maturity date of January 15, 2068 and feature an annual fixed rate coupon of 7.034% through January 15, 2018 with an issue price of $99.979. After the initial fixed rate period, the interest rate on the Notes will become floating, subject to a minimum annual interest rate of 7.034%. On 5-03 Lehman Brothers Downgraded MMP from Overweight to Equal-weight. On 5-08 Wachovia Upgraded EROC from Market Perform to Outperform. On 5-22 RBC Capital Initiated EROC at Sector Perform. On 5-23 Deutsche Securities Upgraded BGP from Hold to Buy, Downgraded MMP from Buy to Hold, and Downgraded NS and NSH from Buy to Hold. On 5-31 Stifel Nicolaus Initiated coverage of TLP at Buy and KeyBanc Capital Markets Initiated coverage of KSP at Hold. The CAGR estimates were influenced by those attained from Yahoo, but are primarily based on those from AG Edwards. The DCF estimates for ATN, BBEP, EVEP and LINE are from AG Edwards. Those for CEP and LGCY are based on their current distributions, where I used dcf/.9 = distribution [which is approx the sector average] to arrive at a DCF. And the EVEP 2008 EPS estimate was also absent at Yahoo - so I used the current trend to estimate that. This whole sector is brand new, with ONLY LINE having paid a distribution in 2006. And the abscence of a track record causes the CAGR estimates to be varied and undependable. And normally I would not even cover MLPs withoutfirst having DCFs. But the unit price gains in this sector have been too high to ignore. The P/E ratios still look very attractive relative to standard MLPs. And many of the CAGR estimates [estimate that are so high that I am not using them for my metrics] for most E&P's are significantly higher than most regular MLPs. At the moment, I still have a problem believing the CAGRs would be higher for sustainable periods. E&P's can purchase assets at lower enterprise values to EBITDA ratios and thus make more accretive acquisitions compared to midstream MLPs, where the purchase of these acquistions by traditional MLPs now come with higher price tags and lower accretion. I would suspect that over time, the EBITDA multiples for E&P assets will grow too. Because of the hyper-accretiveness of new acquisitions, those E&P MLPs with the newest and the highest percentage of acquisitions will be the ones that will probably have the highest unit price appreciation. Thus the Forecaster Model - which uses valuation and CAGR differences to mathamatically find MLPs that are undervalued - would logically be less predictive in this sub-sector. On 5-23 Deutsche Securities Downgraded BBEP from Buy to Hold. EVEP Announces 2006 Results Businesswire 5-15 EV Energy Partners, L.P. reported in Q1-07 a net loss of $2.6 million, or ($0.28) per basic and diluted weighted average unit outstanding. Included in this loss was $7.7 million of non-cash losses on commodity derivatives and $0.2 million of non-cash unit based compensation costs contained in general and administrative expenses. Adjusted EBITDA for the quarter was $8.3 million. CEP Announces 2006 Results PRNewswire 5-09 Constellation Energy Partners LLC in Q1-07 reported Adjusted EBITDA of $7.2 million and net income of $2.3 million and diluted EPS of $0.20/share compared to $0.39/share in Q1-06. It revised its 2007 forecast from a range of $31 million to $34.2 million of Adjusted EBITDA to a range of $40 million to $44 million of Adjusted EBITDA. Q2 Distribution Announcmenets On 4-20 Legacy Reserves announced a distribution of $0.41/unit [no change], payable on 5-14 to unitholders of 4-30. On 4-20 Linn Energy announced a distribution of $0.52/unit [same as last quarter] payable on May 15, 2007 to unitholders of record at the close of business on May 3, 2007. Management currently expects to recommend to the Board of Directors an increase in the annualized cash distribution to $2.28 per unit beginning with the distribution for the second fiscal quarter of 2007. On 4-26 BreitBurn announced a distribution of $0.4125/unit [39.9 cents last quarter] payable on 5-15 to unitholders of 5-7. On 4-30 EVEP announced a distribution of $0.46/unit [a 15% increase over Q1] payable on 5-15 to unitholders of 5-07. On 5-14 Tortoise Energy Capital Corp. [TYY] declared a dividend of $0.405 per share, compared to $0.40 in the previous quarter and $0.375 in the same quarter of the prior year. The dividend will be distributed on June 1, 2007 to stockholders of record on May 24, 2007. This represents a 1.3% increase over the distribution for the prior quarter and an 8.0% increase over Q2-06. On 5-14 Tortoise North American Energy Corp. [TYN] declared a dividend of $0.36 per share, compared to $0.35 in the previous quarter. The dividend will be distributed on June 1, 2007 to stockholders of record on May 24, 2007. This represents a 2.9% increase over the distribution for the prior quarter. On 5-14 Tortoise Energy Infrastructure Corp. [TYG] declared a dividend of $0.545 per share, compared to $0.54 in the previous quarter and $0.50 in the same quarter of the prior year. The dividend will be distributed on June 1, 2007 to stockholders of record on May 24, 2007. This represents a 0.9% increase over the distribution for the prior quarter and a 9.0% increase over Q2-06. On 5-01 Kayne Anderson Energy Total Return Fund [KYE] announced its net assets were $928 million and its net asset value per share was $28.91 based on 32.1 million shares outstanding. As of April 30, 2007, equity and fixed income investments were 86% and 14%, respectively, of the Fund's total assets and long-term investments of $1.2 billion. Long-term investments were comprised of MLPs and MLP Affiliates (44%), Canadian Income Trusts (20%), Marine Energy Transportation (20%), Coal Companies (5%) and U.S. Royalty Trusts and Other Energy Companies (11%). On 5-01 Kayne Anderson MLP Investment Company [KYN] announced its net assets were $1.4 billion and its net asset value per share was $34.04, based on 42.0 million shares outstanding. Its top five investments were: ETP - 12.1%; MMP - 8.9%; PAA - 8.3%; EPD 7.9%; and CPNO - 7.0%. On 5-01 FMO announced it is increasing the dividend by 5.26% to $0.35 per share. The increased dividend compares to the $0.3325/share for the last quarterly dividend. FNO's NAV has grown from $19.10 at its inception in December 2004 to $26.07 as of April 30, 2007. This increased dividend will be paid on July 31, 2007 to shareholders of record as of July 13, 2007. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||