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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. 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.
Williams to Create New MLP for Gas Pipeline Assets PRNewswire 7-20 Williams will begin the process necessary to create the new, gas-pipeline-focused partnership. A Williams subsidiary will serve as the general partner of the new pipeline MLP. Williams serves in a like capacity with the midstream-focused MLP, Williams Partners [WPZ], which completed its initial public offering in August 2005. The initial asset in the new pipeline partnership will be an interest in Williams' Northwest Pipeline, a 3,900-mile bi-directional transmission system that accesses natural gas supplies in the Rocky Mountains, Canada and the San Juan Basin and serves key markets in the Pacific Northwest. Williams will continue to own the remaining interest and will continue to operate Northwest Pipeline. Williams' gas pipeline business includes Northwest Pipeline, a 50 percent interest in Gulfstream Pipeline and the wholly owned Transco system. Williams' first MLP was formed in 2001 and later was purchased by Madison Dearborn Partners and renamed Magellan Midstream Partners. EROC Announces Acquisitions, Private Placement of Equity, Growth in DCF Businesswire 7-12 EROC announced it has entered into three strategic acquisitions in its midstream and upstream businesses for a combined purchase price of approximately $420 million. Additionally, the Partnership announced the execution of a unit purchase agreement for a private placement of equity totaling approximately $204 million. Management estimates the acquisitions will increase 2007 distributable cash flow per unit by approximately 48% on a pro forma basis assuming the acquisitions occurred at the beginning of the year. This accretion will enhance Eagle Rock's coverage ratio while allowing for an increase in distributions per unit. The Partnership also announced the completion and placement into service of its Red Deer Processing Plant project located in Roberts County, Texas. ETP Reports EBITDA/share of $1.78 vs. $1.32 in Q2-06 Business Wire 7-10 Energy Transfer Partners, L.P reported EBITDA, as adjusted, for the third fiscal quarter ended May 31, 2007 of $244.7 million as compared to EBITDA of $145.6 million for the third fiscal quarter of 2006, an increase of $99.1 million. For the nine month period ended May 31, 2007, ETP reported EBITDA of $799.4 million as compared to $657.5 million for the nine months ended May 31, 2006, an increase of $141.9 million. ETP reported net income of $157.5 million for the quarter ended 5-31-07 as compared to $111.9 million for the period ended 5-31-06, an increase of $45.6 million. ETP reported net income of $539.6 million for the nine month period ended May 31, 2007 as compared to $482.5 million for the nine months ended May 31, 2006, an increase of $57.1 million. Both the three and nine month periods ended May 31, 2007 benefited by the acquisition of Titan Propane in June 2006 and the December 1, 2006 acquisition of Transwestern Pipeline. Spectra Energy Partners, LP Closes Initial Public Offering PRNewswire 7-03 Spectra Energy Partners, LP (SEP) has closed its initial public offering of 11.5 million units at $22.00 per unit. The number of units issued at closing included 1.5 million additional common units issued pursuant to the exercise of the underwriters' over-allotment option. Net proceeds received by SEP from the sale of the 11.5 million units were approximately $237.2 million. The common units offered to the public represent approximately 17 percent of the outstanding equity interests in Spectra Energy Partners, LP. Spectra Energy Corp (SE) indirectly owns the remaining equity interests in Spectra Energy Partners, LP, including common units, subordinated units and a 2 percent general partner interest. Spectra Energy Partners' assets include the East Tennessee Natural Gas system, a 1,400-mile natural gas transportation pipeline located in the Southeastern United States, and 24.5 percent of Gulfstream Natural Gas System, L.L.C., which owns a 690-mile natural gas pipeline that connects Mobile Bay to the central Florida peninsula through the Gulf of Mexico. The combined systems are capable of transporting 2.4 billion cubic feet (Bcf) of natural gas per day. Spectra Energy Partners also owns 50 percent of Market Hub Partners, a partnership that owns high deliverability salt cavern storage assets capable of storing 35 Bcf of natural gas. [from Yvonne Ball, WSJ 7-06: SEP plans an annual payout of $1.20 a unit, representing a 5.5% dividend yield based on its IPO price. Investors will have more offerings to choose from in the oil-and- gas, energy and utility sectors in the months ahead with 13 deals in the pipeline (but not all of these are partnerships) worth a combined $3.8 billion.] SXL Reports Net Income/Unit of $0.76 vs. $0.81 in Q2-06 PRNewswire 7-24 Sunoco Logistics Partners announced net income for Q2-07 of $25.3 million, or $0.76/unit, compared with $26.3 million, or $0.81/unit, for Q2-06. Operating income for Q2-07 increased to $34.8 million compared to $33.0 million for Q2-06. The primary drivers of the increase were strong performance in our Terminal Facilities segment and the August 2006 acquisition of a 55.3% equity interest in the Mid-Valley Pipeline, partially offset by lower margins in our lease acquisition business. Interest expense increased by $2.9 million due to SXL's organic growth program, 2006 acquisitions, investments in inventory for the lease acquisition business and the 2007 acquisition of a 50% interest in a refined products terminal in Syracuse, New York. EPD Reports EPU of $0.26 vs. $0.25 in Q2-06 Business Wire 7-26 Enterprise Products Partners announced net income for Q2-07 of $142 million [$0.26/unit] compared to net income of $126 million [$0.25/unit] for Q2-06. Net income for Q2-07 was adversely impacted by approximately $32 million [$0.07/unit] due to several factors, including a non-cash impairment charge related to the partnership's investment in the Nemo offshore natural gas pipeline, a non-cash loss on the disposition of an asset, Enterprise's share of costs associated with the early retirement of debt of Cameron Highway Oil Pipeline System and the recognition of a severance obligation. Net income for the second quarter included approximately $22 million, or $0.05 per unit, of cash proceeds from hurricane-related business interruption insurance compared to $2 million of such recoveries during Q2-06. Distributable cash flow increased 35% to $294 million in Q2-07 from $217 million in Q2-06. Distributable cash flow for Q2-07 included approximately $42 million of cash proceeds from the settlement of interest rate hedges. Distributable cash flow for Q2-07 provided 1.3 times coverage of the cash distribution to be paid to the limited partners. Total debt principal outstanding at June 30, 2007 was approximately $6.3 billion, including $1.25 billion of junior subordinated notes which have a 58% equity content. Total capital spending in Q2-07, net of contributions in aid of construction, was approximately $762 million. This includes $48 million of sustaining capital expenditures and $256 million of investments in unconsolidated affiliates. Approximately $191 million of the investments in unconsolidated affiliates is attributable to Enterprise's share of costs to fund the early retirement of debt of Cameron Highway Oil Pipeline System. EPD had a 6.2% average cost of debt with 28% of debt floating. DEP Reports EPU of $0.22 Business Wire 7-26 Duncan Energy Partners reported net income of $4.5 million for Q2-07, or $0.22 per common unit on a fully diluted basis. EBITDA were $14.2 million. Distributable cash flow for Q2-07 was $6.6 million. Distributable cash flow for the second quarter provided 0.8 times coverage of the quarterly cash distribution. Distributable cash flow was impacted by a higher than normal $4.2 million of sustaining capital expenditures. TPP Reports EPU of $0.44 vs. $0.42 in Q2-06 Business Wire 7-26 TEPPCO Partners reported net income for Q2-07 of $47.8 million [$0.44/unit] compared with $41.5 million [$0.42/unit] for Q2-06. EBITDA from continuing operations increased 11% to $107.2 million for Q2-07, compared with $97.0 million for Q2-06. Total Operating Revenues in Q2-07 were $2.049 billion compared to $2.425 billlion in Q2-06. Total Costs and Expenses in Q2-07 were $1.999 billion compared to $2.366 billion in Q2-06. This resulted in Operating Income in Q2-07 of $50.7 million compared to $58.2 million in Q2-06. Net income in Q2-07 includes $19.2 million of gains on the sales of assets compared to $2.7 million in Q2-06. TPP anticipates that total capital expenditures for the full year 2007 will be approximately $300 million, which includes about $250 million for organic growth projects and system upgrades and approximately $50 million for maintenance capital. In May of 2007, TEPPCO issued $300 million of 7.0% fixed/floating rate junior subordinated notes due 2067. Moody's and Standard and Poor's each assigned 50% equity content to the notes. Total debt outstanding at June 30, 2007, was approximately $1.6 billion. BPL Reports Net Income/share of $0.70 vs. $0.61 in Q2-06 PRNewswire 7-26 Buckeye Partners reported Q2-07 net income of $34.5 million, or $0.70 per LP unit, compared with net income of $24.2 million, or $0.61 per LP unit, reported for Q2-06. Revenue increased by 12.1% to $125.0 million from $111.5 million in Q2-06. Operating income increased by 7.4% to $46.3 million from $43.1 million in Q2-06. EEP Reports EPU of $0.69 vs. $0.96 in Q2-06 AP/Business Wire 7-27 Enbridge Energy Partners LP posted a profit of $59.3 million [69 cents/unit] compared with $63.2 million [96 cents/unit] for Q2-06. Excluding mark-to-market gains and losses, the partnership said it posted an adjusted profit of $64.9 million, or 64 cents per partnership unit. Operating revenue rose 22% to $1.74 billion from $1.42 billion in Q2-06. Analysts polled by Thomson Financial had expected a profit of 59 cents per partnership unit, excluding mark-to-market gains and losses, on $1.85 billion in revenue. BWP Reports EPU of $0.35 vs. $0.35 in Q2-06 Business Wire 7-30 Boardwalk Pipeline Partners reported net income of $35.4 million for Q2-07 compared to $31.9 million for Q2-06. Operating revenues in Q2-07 were $150.5 million compared to $128.7 million for Q2-06. EBITDA in Q2-07 was $64.4 million compared to $65.4 million in Q2-06 - but BWP had $5.3 million more in interest income in Q2-07 than Q2-06 subtracted from the EBITDA calculation. Expansion capital expenditures were $204.3 million for Q2-07 and maintenance capital expenditures were $13.7 million. BWP Conference Call notes: BWP has new flows from Carthage to Keechaw line. The East Texas to Harrisville, Mississippi is under construction with projected in service date during Q4-07. This lines capacity is virtually sold out. South East Expansion will being construction after East Texas line with an in service date around Q2-08. The Gulf Crossing line taking gas from Barnett Shale and OK will go from Sherman to Perryville and it has an in service projection of Q4-08. The Fayetteville Lateral has a Q3-08 in service projection and it is contracted with SouthWestern. The Greenville Lateral has a Q1-09 in service projection and it is contracted with SouthWestern. Project costs are rising from $3.4 billion to $3.7 million for these projects. At the Midland Kentucky Phase II Storage, BWP projects a Nov 2007 in service date. Midland Kentucky Phase III Storage [if granted market based rates] is projected to have a Q2-08 in service date. Magnolia storage dome in Louisiana was abandoned due to structural issues - and BWP took an impaired of $14.7 million - the book value of the cavern - and will use some of the pipe, compressors and equipment that has been partially charged off. Operations revenue was up due to higher utilization of the BWP systems and the addition of the Carthage project. 3.1 TTBU. Park and lend revenues have been up big - but it is hard to guess if this trend will continue. Yves Segal with Wachovia asked if BWP had a distribution coverage target - and what were the projected recurring revenues for park and loan. BWP: We do not have a Dist coverage target ratio - we look at risk profile. For park and lend we use historical trend. Segal asked about the Magnolia storage - given anomalies in THAT cavern - what give you confidence you will not find problems in second cavern? BWP: We work with engineers and consultants - it was at edge of salt dome - and we are moving to center of the cavern - with higher rates of success. Sam Arnold with Credit Suisse - capital projects up to $3.7 billion - where is increase in costs coming from? Are tarifs already fixed? BWP: The bulk of change is cost to upsize projects and addition of more compression. Most of transport agreements are at fixed rates - so if costs go up - it affects our return. But if capacity is increased, that pays for itself. Contingency is 15%? BWP: We do not go into that. Sam: You do have a contingency? BWP: Yes. Edwards with Morgan Keegan asked about maintenance cap ex run rate? BWP: It's in the mid $50 million range. Arnold asked that with competing projects being planned for BWP's western expansion out of the Woodford shale and Fayetteville lateral, how confident was BWP that they would get the SouthWestern volumes. BWP: We have excellent relations with Southwestern and we are 'tickled' about Fayetteville going well. We feel good about our position. And we are working with other producers. NS Reports Net Income/Unit of $0.74 vs. $0.59 in Q2-06 Business Wire 7-30 NuStar Energy announced net income of $34.6 million, or $0.74/unit, for Q2-07 compared to $27.5 million, or $0.59/unit, earned in Q2-06. Distributable cash flow available to limited partners from continuing operations for Q2-07 was $53.6 million, or $1.15 per unit, compared to $41.4 million, or $0.88 per unit, for Q2-06. Included in Q2-07 results in other income is a $13.0 million gain, or $0.27/unit, related to a fee paid to NuStar as a result of Valero Energy exercising its option in the Q2-07 to terminate the 2007 Services Agreement early. Also Q2-07 results contained $7.1 million of income, or $0.15/unit, related to the business interruption insurance claim for the impact of the fire at Valero Energy's McKee refinery that started in mid-February. Despite recording $7.1 million of business interruption insurance income, the Valero Energy McKee refinery incident still negatively impacted earnings by approximately $6.8 million, or $0.14/unit, related to when the refinery was shutdown or running at reduced rates in the first and second quarters. HEP Reports Net Income/Unit of $0.64 vs. $0.17 in Q2-06 PRNewswire 7-31 Holly Energy Partners reported Q2-07 net income of $11.0 million ($0.64/unit) compared to $3.0 million ($0.17/ unit) for Q2-06. The increase in net income was principally due to an increase in volumes transported on our pipeline systems, the effects of annual tariff increases on our pipelines and the realization of certain previously deferred revenue, partially offset by an increase in operating costs and expenses. There was significant downtime at all of the refineries served by our product distribution network in Q2-06. Revenues increased by $8.6 million from $18.5 million for Q2-06 to $27.1 million for Q2-07. MMP Reports Net Income/Unit of $0.66 vs. $0.62 in Q2-06 PRNewswire 7-31 Magellan Midstream Partners reported operating profit was $79.2 million [$0.62/unit] compared to $71.5 million [$0.62/unit] for Q2-06, representing an 11% increase. Net income grew to $61.5 million during Q2-07 from $57.4 million in Q2-06 period, for a 7% increase. Pipeline operating margin was $92.9 million, an increase of $9.9 million due primarily to higher tarrifs despite lower volumes due to supply problems outside MMP's system. Terminals operating margin was $20.5 million, an increase of $2.3 million. Ammonia operating margin was a loss of $1.5 million, a decrease of $1.9 million due to higher expenses despite high transportation volumes. Distributable cash flow in Q2-07 was $77.2 million compared to $70.8 million in Q2-06, and had a 1.2x coverage of distributions. MMP Conference Call: MMP projects EPU of $0.58 vs $0.43 in Q3-06. Maintenance capital spending is projected to be $8.6 million in Q2-06 and $13.9 million year-to-date. Maintenance cap ex is projected to be $34 million for full year 2007 with $10 million of those maintenance cost reimbursed. MMP has $250 million of expansion projects in process with $160 million spent budgeted and $72 million already spend in 2007 - and $90 million yet to be spent. MMP has $500 million of projects under review. The main focus is to expand MMP's terminal facilities. Target 6 to 8 multiple of those projects. Ron Londe of AG Edwards - expenses on ammonia pipeline were higher than expected - can you give some color? MMP: Enterprise [the operator of that line] was heavy into intergrity projects. Petro volumes were down a little bit can you give more color for rest of 2007? MMP: We expect some impact from tight supply in Q3 and some impact on volumes due to that - one refinery is currently down and one to go down. But by Q4, all refineries should all be up and running. T.J. Lavern of Talken Capital - Elaborate on Expansion of pipeline in Texas for Dallas market and Houston. MMP: This is the start of more opportunities in Texas. Expanding origin capabilities in Houston so we can move 65 million more barrels per day in Texas with the ability to move that north in our system. This will aid us in utilizing a Truck rack in east Houston. And it will help us to move product to Dallas and west Texas. Malcom Day of Eagle Globe Advisors: How much of recently announced $65 million Texas project is in your 2007 spending? MMP: We started with $200 million guidance last quarter - add $65 million for that project but then subtract $9 million back out. On 7-11 Wachovia Initiated coverage on CPNO at Market Perform. On 7-31 UBS Downgraded ETP and ETE from Neutral to Reduce. On 7-23 RGNC announced the commencement of an underwritten public offering of 10 million common units. RGNC intends to use the net proceeds from the offering to redeem $192.5 million in principal amount, or 35 percent, of its $550 million 8 3/8 percent senior notes due 2013; to repay in full the remaining term loan outstanding under its credit facility; and to repay a portion of its revolving credit indebtedness outstanding under Regency's credit facility. On 6-21 ETP declared a distribution of $0.80625/unit [compared to .7875 last quarter] payable 7-16 to holders of 7-02. On 6-26 APL declared a distribution of $0.87000/unit [compared to .8600 last quarter] payable 8-14 to holders of 7-06. On 7-12 KSP declared a distribution of $0.70000/unit [compared to .6800 last quarter] payable 7-24 to holders of 7-18. On 7-13 TPP declared a distribution of $0.68500/unit [compared to .6850 last quarter] payable 8-07 to holders of 7-31. On 7-17 OKS declared a distribution of $1.00000/unit [compared to .9000 last quarter] payable 8-14 to holders of 7-31. On 7-17 DEP declared a distribution of $0.40000/unit [compared to .4000 last quarter] payable 8-08 to holders of 7-30. On 7-17 EPD declared a distribution of $0.48250/unit [compared to .4750 last quarter] payable 8-09 to holders of 7-31. On 7-18 KMP declared a distribution of $0.85000/unit [compared to .8300 last quarter] payable 8-14 to holders of 7-31. On 7-18 CPNO declared a distribution of $0.44000/unit [compared to .4200 last quarter] payable 8-14 to holders of 8-01. On 7-19 PAA declared a distribution of $0.83000/unit [compared to .8125 last quarter] payable 8-14 to holders of 8-03. On 7-19 MWE declared a distribution of $0.53000/unit [compared to .5100 last quarter] payable 8-14 to holders of 8-08. On 7-20 TLP declared a distribution of $0.50000/unit [compared to .4700 last quarter] payable 8-07 to holders of 7-31. On 7-23 MMLP declared a distribution of $0.66000/unit [compared to .6400 last quarter] payable 8-14 to holders of 7-31. On 7-24 NGLS declared a distribution of $0.33750/unit [compared to .3370 last quarter] payable 8-14 to holders of 8-02. On 7-24 TCLP declared a distribution of $0.66500/unit [compared to .6500 last quarter] payable 8-14 to holders of 7-31. On 7-24 SXL declared a distribution of $0.83750/unit [compared to .8250 last quarter] payable 8-14 to holders of 8-07. On 7-24 XTEX declared a distribution of $0.57000/unit [compared to .5600 last quarter] payable 8-15 to holders of 8-02. On 7-25 HLND declared a distribution of $0.73250/unit [compared to .7125 last quarter] payable 8-14 to holders of 8-08. On 7-25 DPM declared a distribution of $0.53000/unit [compared to .4650 last quarter] payable 8-14 to holders of 8-07. On 7-26 BPL declared a distribution of $0.81250/unit [compared to .8000 last quarter] payable 8-31 to holders of 8-06. On 7-26 GEL declared a distribution of $0.22000/unit [compared to .2100 last quarter] payable 8-14 to holders of 8-06. On 7-26 HEP declared a distribution of $0.70500/unit [compared to .6900 last quarter] payable 8-14 to holders of 8-06. On 7-26 RGNC declared a distribution of $0.38000/unit [compared to .3800 last quarter] payable 8-14 to holders of 8-07. On 7-26 MMP declared a distribution of $0.63000/unit [compared to .6125 last quarter] payable 8-14 to holders of 8-06. On 7-26 EEP declared a distribution of $0.92500/unit [compared to .9250 last quarter] payable 8-14 to holders of 8-06. On 7-26 WPZ declared a distribution of $0.52500/unit [compared to .5000 last quarter] payable 8-14 to holders of 8-07. On 7-30 BWP declared a distribution of $0.44000/unit [compared to .4300 last quarter] payable 8-13 to holders of 8-06. On 7-30 UCLP declared a distribution of $0.35000/unit [compared to .3500 last quarter] payable 8-14 to holders of 8-09. On 7-30 NS declared a distribution of $0.95000/unit [compared to .9200 last quarter] payable 8-14 to holders of 8-07. On 8-01 TGP declared a distribution of $0.53000/unit [compared to .4625 last quarter] payable 8-14 to holders of 8-09. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||