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Philip Trinder  

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  • Capital Product Partners: A 13% Yield Growing At 2-3% Annually [View article]
    Darren,

    Thanks for the response and fair enough. I was looking at the 23% for 2014 but good point on the 2013 split being higher.

    Best Regards,
    Phil
    Aug 23, 2015. 03:08 PM | 1 Like Like |Link to Comment
  • Capital Product Partners: A 13% Yield Growing At 2-3% Annually [View article]
    Dirk,

    They did also cut their distribution from $0.41 per quarter down to $0.225 per quarter back in early 2010, which could explain the lack of a recovery in the unit price.

    Distribution History: http://bit.ly/1aksjT9

    Best Regards,
    Phil
    Aug 20, 2015. 11:23 PM | 2 Likes Like |Link to Comment
  • Capital Product Partners: A 13% Yield Growing At 2-3% Annually [View article]
    Darren,

    You make this statement in your article:

    "Additionally, only roughly half of CPLPs distribution is classified as taxable (the rest is considered a non-taxable return of capital, thanks to high depreciation of ships)."

    Do you have a source for that "roughly half" estimate?

    Best Regards,
    Phil
    Aug 20, 2015. 11:04 PM | 1 Like Like |Link to Comment
  • Crude Oil: The Divergence Of Rig Count, Oil Price And Production Explained [View article]
    FM,

    Quick math check / typo on the change in the oil rig count, the increase from 628 rigs to 672 rigs is an increase of 44 rigs (not the 74 shown in the summary bullet point and in your article). The increase of 44 is still a 7% increase vs 628 rigs though.

    Best Regards,
    Phil
    Aug 17, 2015. 01:37 PM | 1 Like Like |Link to Comment
  • BP Prudhoe Bay Royalty Trust declares $1.4724 dividend [View news story]
    Thanks for the responses.

    Here's where you can track U.S. Exports of Crude Oil, with data going back to 1991 and a convenient chart: http://1.usa.gov/1IR5v82

    Note the material change in the trend that occurred over a year ago starting in the week that ended June 20, 2014.

    Best Regards,
    Phil
    Aug 14, 2015. 04:25 PM | 1 Like Like |Link to Comment
  • BP Prudhoe Bay Royalty Trust declares $1.4724 dividend [View news story]
    Hey Guys,

    Out of curiosity, because of the "export ban" do you guys think that the U.S. has been exporting Zero barrels of oil?

    If I said that the U.S. exported 576,000 barrels of oil per day for the week ending August 7, 2015, would you believe me?

    Thanks in advance for any responses.

    Best Regards,
    Phil
    Aug 14, 2015. 03:17 PM | Likes Like |Link to Comment
  • 3 Good Reasons To Sell BP Prudhoe Bay Royalty Trust [View article]
    malevy,

    It is good to see the continuation of increasing exports of Oil from the U.S.

    Here's a chart of U.S. Oil exports since 1991: http://1.usa.gov/1IR5v82

    Best Regards,
    Phil
    Aug 14, 2015. 02:31 PM | Likes Like |Link to Comment
  • 3 Anomalies Across Pipeline Equities [View article]
    Thanks Dividends#1, best of luck to you in all your endeavors as well!
    Aug 13, 2015. 01:01 PM | 1 Like Like |Link to Comment
  • 3 Anomalies Across Pipeline Equities [View article]
    Valuentum Team,

    Thank you for the response but your answer does not address the structural subordination concept and how that is impacting the debt ratings for ETE and WMB. WMB is also a corporation and the structural subordination concept can exist in both C-Corp, Publicly Traded Partnership and belnded company structures (like blended WMB and WPZ) and it is directly impacting the debt rating comparison in your article.

    So for the benefit of the readers of your article, can you please go ahead and explain how structural subordination is impacting the debt ratings for ETE and WMB?

    Best Regards,
    Phil
    Aug 13, 2015. 12:56 PM | 3 Likes Like |Link to Comment
  • 3 Anomalies Across Pipeline Equities [View article]
    Hello Dividends#1,

    Hope all is well for you too. Yes I still hold all of the KMI shares I had back then plus all the shares that came tax free from my KMR position in the consolidation transaction plus all the shares from ongoing reinvestment of KMI dividends. KMI remains my "largest publicly traded position" however most of my investment portfolio is in privately held entities so technically KMI is not my "largest holding."

    Best Regards,
    Phil
    Aug 12, 2015. 02:21 PM | 6 Likes Like |Link to Comment
  • 3 Anomalies Across Pipeline Equities [View article]
    Valuentum Team,

    Are you familiar with how the ratings agencies view "structural subordination" and how that is impacting their debt ratings for ETE and WMB as compared to KMI, which no longer has structural subordination at the KMI level after the consolidation transactions?

    Best Regards,
    Phil
    Aug 12, 2015. 01:01 PM | 13 Likes Like |Link to Comment
  • Higher Maintenance Costs Could Hurt Pipeline Dividend Growth [View article]
    Brian or Valuentum Team,

    Thank you for the response and the correction to your article. I too have been monitoring the recent offshore oil sheen near Goleta Beach, here's a link to a local news station website with updates: http://tinyurl.com/qyp...

    Based on your analysis of the location of PAA's Line 901, how likely do you think it is that Line 901 could be the source of the Goleta Beach oil sheen?

    Once they do a fingerprinting analysis on the oil near Goleta Beach we'll have a better idea but it does seem like the Goleta Beach oil sheen appeared to be coming from an area near an offshore production platform. Alternatively it could be possible that part of the Line 901 spill from back on May 19 drifted out into the Pacific unnoticed and is now drifting back in two months later, but that seems somewhat unlikely to me.

    Here's a link to the fingerprinting analysis and maps from the Line 901 spill: http://tinyurl.com/qec...

    I am all for better maintenance methods on pipelines because I hate leaks, ruptures, accidents, spills, etc. and the risk of that happening is spread over every square inch of every mile of the hundreds of thousands of miles of pipelines running throughout the U.S. PAA feels the same way and continually works to improve its operations as explained here: http://tinyurl.com/njy...

    Best Regards,
    Phil
    Jul 31, 2015. 01:41 PM | Likes Like |Link to Comment
  • Higher Maintenance Costs Could Hurt Pipeline Dividend Growth [View article]
    Brian,

    You make this statement:

    "The firm has had two pipeline leaks or bursts since May, one in Southwest Illinois and one near Santa Barbara, California, which have resulted in an estimated total of ~6,600 barrels of crude oil being spilt."

    Can you provide any sources for your total spill estimate of ~6,600 barrels?

    The data I can find shows the combined total for both spills is actually more in the ~2,500 barrel area, which means that your number is off by around 4,100 barrels which is a margin of error of more than 160%.

    Given the material nature of that difference links to the sources of your info would be appreciated, or if you find the same data as I have then perhaps you could correct your error.

    Best Regards,
    Phil
    Jul 30, 2015. 05:58 PM | 9 Likes Like |Link to Comment
  • Unique MLP Asset With Double-Digit Yield Has Strong Shareholder Protections [View article]
    Agreed and I wasn't trying to imply anything about CELP, I was more talking generally about the Subordinated Unit structure that is found in LP IPOs.

    Although looking specifically at CELP's 1Q15 results, I'd keep a close eye on their Distribution Coverage Ratio ("DCR") over time for all of their Common and Subordinated Units:

    "A coverage ratio of 0.91x compared to Q4 2014 coverage ratio of 0.89x."

    So for 1Q15 they were at 0.91x, which is less than 1.0x so a bit of a red flag, if their DCR trends downwards that will be cause for concern but I guess that is part of the reason the current yield is around 11.6%.

    Best Regards,
    Phil
    Jul 24, 2015. 04:19 PM | Likes Like |Link to Comment
  • Unique MLP Asset With Double-Digit Yield Has Strong Shareholder Protections [View article]
    Anuj,

    Understood and the larger more established MLPs also had the Subordinated Unit structures back when they first came public. The Sub Unit structuring technique is intended to give investors in "new LP IPOs" some additional comfort that their Common Unit Distributions will be paid. And I agree that it does provide that cushion for the Common Unitholders in recent IPOs but IF an MLP cuts off the distributions to its Subordinated Units that may be a good reason to go ahead and exit the position, just because suspending Sub Unit distributions is never a good sign about the overall business.

    Best Regards,
    Phil
    Jul 24, 2015. 03:15 PM | Likes Like |Link to Comment
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