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Ron Hiram

 
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  • A Closer Look At Williams Partners' Distributable Cash Flow As Of Q4 2013 [View article]
    They have access to management, to other analysts covering commodities (oil & gas), regulatory developments, tax issues, MLP customers (e.g., utilities, chemicals), to third-party energy research providers, etc.
    Mar 26, 2014. 02:41 PM | Likes Like |Link to Comment
  • A Closer Look At Suburban Propane Partners' Distributable Cash Flow As Of Q1 FY 2014 [View article]
    I eliminated my position and would consider another entry around my previous entry point which was ~$37.
    Mar 25, 2014. 09:35 AM | Likes Like |Link to Comment
  • A Closer Look At Williams Partners' Distributable Cash Flow As Of Q4 2013 [View article]
    I don't see how this can be done, absent a willingness to spend a lot of time and money trying to get information from employees, ex-employees, contractors, etc. And even if you did that, trading on the info would not be permitted.
    Mar 25, 2014. 09:29 AM | Likes Like |Link to Comment
  • A Closer Look At Williams Partners' Distributable Cash Flow As Of Q4 2013 [View article]
    Management projects Adjusted Segment Profit will increase from $1,727 million in 2013 to $2,830 in 2015 (=64% increase). The projection for 2014 is $2,345, up 36% from 2013.
    Mar 23, 2014. 08:53 AM | Likes Like |Link to Comment
  • A Closer Look At Energy Transfer Partners' Distributable Cash Flow As Of Q4 2013 [View article]
    The ETE/ETP GP/LP conflict of interest situation concerns me. I do not currently plan to do so.
    Mar 15, 2014. 09:59 AM | Likes Like |Link to Comment
  • A Closer Look At Energy Transfer Partners' Distributable Cash Flow As Of Q4 2013 [View article]
    Hi Ray. I agree - my investment in ETE is larger than in ETP.
    Mar 15, 2014. 09:56 AM | Likes Like |Link to Comment
  • A Closer Look At Energy Transfer Partners' Distributable Cash Flow As Of Q4 2013 [View article]
    My positions in ETP and ETE were established a while back. While I agree with your comments, ETP's reported and sustainable DCF have been growing faster than KMP's for the past two years. I established my ETP and ETE positions a while back. Unfortunately, at the time I did not consider SXL.
    Mar 15, 2014. 09:53 AM | Likes Like |Link to Comment
  • Preliminary Review Of Buckeye Pipeline Partners' Q4 2013 Results [View article]
    KMP/KMI and EPB provided 2014 guidance for KMP/KMI and EPB. If the numbers are achieved, I don't see these partnerships significantly underperforming their peers. If the Kinder entities fail to meet 2014 expectations while their peers meet expectations, the answer is different. Given Richard Kinder's savvy and reputation, I don't see a reason to doubt the 2014 targets were set based on the best available information at the time. Of course targets my be missed - but as of now I don't see KMP/KMI and EPB as being in the same category as BWP.
    Feb 13, 2014. 02:26 PM | Likes Like |Link to Comment
  • Preliminary Review Of Buckeye Pipeline Partners' Q4 2013 Results [View article]
    Near term, I don't.
    Long term depends on how the assets they acquire perform. In any event, I would not expect BPL management to inflict the same kind of damage on their LPs as did BWP, even if BPL faced with the same set of problems (which it does not). .
    Feb 13, 2014. 02:08 PM | 1 Like Like |Link to Comment
  • Preliminary Review Of Plains All American Pipeline's Q4 2013 Results [View article]
    The GPs yield less than their underlying MLPs. On the other hand they should provide better growth, less dilution and better alignment of your interests with management's. But if you are concerned about being too concentrated in MLPs for your yield producing investments, there are more non-MLP alternatives to the lower returns offered by the GPs than to the higher current yields offered by the underlying MLPs.
    Feb 11, 2014. 11:20 PM | Likes Like |Link to Comment
  • Preliminary Review Of Plains All American Pipeline's Q4 2013 Results [View article]
    It all depends on how high a price they pay to purchase the GP stake.
    Feb 11, 2014. 11:15 PM | Likes Like |Link to Comment
  • Preliminary Review Of Plains All American Pipeline's Q4 2013 Results [View article]
    Alternatively, you could look at the ratio of unit price to DCF, or better still sustainable DCF. But you need to make sure you use a consistent measure of DCF because some MLPs define it to include all what's distributable to all partners (including the GP), and some define it as what's distributable only to limited partners.
    Feb 11, 2014. 11:13 PM | Likes Like |Link to Comment
  • Preliminary Review Of Enterprise Products Partners' 4Q 2103 Results [View article]
    "Lower current yield than almost all other MLPs" would have been a better choice of words. You correctly point out that there are other, more relevant, yardsticks that can be used to measure relative valuations. I would not look only at EBITDA, as earnings numbers can include one-time items and adjustments. Adjusted EBITDA may make more sense (depending on what adjustments are included). In prior articles I also compared MLPs using sustainable DCF as a measure.
    Feb 5, 2014. 08:41 AM | Likes Like |Link to Comment
  • Preliminary Review Of Kinder Morgan Energy Partners' Results For Q4 2013 [View article]
    Could be. Another possibility is that he has in mind a takeover by KMP of EPB.
    Jan 21, 2014. 11:13 AM | 1 Like Like |Link to Comment
  • A Closer Look At Boardwalk Pipeline Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    BWP's spending on growth capital expenditures in 2013 are estimated at just ~$230 million, a very modest amount. Growth capital expenditures in 2014 and beyond seem to be highly dependent on a single project - the Bluegrass pipeline. We don't yet know whether BWP and WPZ will decide to proceed with this project, whether FERC will approve it and what BWP's stake in the project will be. I therefore consider prospects for growth in revenues, cash flows and distributions to be uncertain.
    Jan 5, 2014. 12:24 AM | Likes Like |Link to Comment
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