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Ron Hiram  

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  • 2-Year Performance Comparison Of Selected MLPs [View article]
    Look at TRGP, WMB, PAGP, OKE
    Dec 8, 2013. 09:57 AM | 2 Likes Like |Link to Comment
  • 2-Year Performance Comparison Of Selected MLPs [View article]
    I continue to cover WPZ.

    Cannot quantify the impact of the boom in liquids space. It is obviously very significantly and benefitted MMP and PAA.

    Much of the improvement in EPD’s total gross margins in the TTM ended 9/30/13 is attributed to Onshore Natural Gas Pipelines Services and Onshore Crude Oil Pipelines Services. The former benefited from higher volumes of natural gas produced and transported from the Eagle Ford shale formation. The latter benefited from increased crude oil production and transportation volumes from the Eagle Ford, Permian Basin and Rocky Mountains regions.

    Much of the improvement in KMP’s EBDA n the TTM ended 9/30/13 is attributed to Natural Gas Pipelines. This segment benefited from strong results generated by the Eagle Ford assets, contributions from the midstream assets in North Texas and Oklahoma (the Copano acquisition), and contributions from TPG drop-downs.
    Dec 8, 2013. 09:41 AM | 1 Like Like |Link to Comment
  • A Closer Look At Enterprise Products Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    Yes.
    I did not do a detailed analysis of KMI, but it may be the best way to participate in the Kinder Morgan story given the conflict issues I discussed in prior articles.
    Dec 7, 2013. 10:15 AM | 1 Like Like |Link to Comment
  • A Closer Look At Enterprise Products Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    I have not looked at this space and don't know anyone I could refer you to who has analyzed it. Sorry I cannot be more helpful.
    Dec 6, 2013. 07:43 AM | Likes Like |Link to Comment
  • A Closer Look At Kinder Morgan Energy Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    The line item should read "Gain (Loss) on sale of assets". I will incorporate the correction in future articles. Apologies and thanks..
    Nov 25, 2013. 09:53 PM | Likes Like |Link to Comment
  • Methodology For Assessing Sustainability Of Annaly's 13.5% Dividend Yield [View article]
    Distributions that NLY can sustain are falling faster than actual distributions.
    Nov 24, 2013. 09:24 PM | Likes Like |Link to Comment
  • Methodology For Assessing Sustainability Of Annaly's 13.5% Dividend Yield [View article]
    Thanks for the comment. I will incorporate the necessary change in future articles.
    Nov 23, 2013. 09:51 AM | Likes Like |Link to Comment
  • Methodology For Assessing Sustainability Of Annaly's 13.5% Dividend Yield [View article]
    I did not say I disliked the management team. I dislike "management externalization" .
    Nov 23, 2013. 09:26 AM | Likes Like |Link to Comment
  • A Closer Look At Kinder Morgan Energy Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    See next to last paragraph of a previous article at
    http://bit.ly/I1EOVr
    Nov 21, 2013. 10:00 AM | Likes Like |Link to Comment
  • A Closer Look At El Paso Pipeline Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    EPB does not have the i-shares that distort, in my view, the coverage ratios. On the other hand, I am beginning to suspect KMI favors KMP over EPB. On balance, as between the two, I prefer EPB.
    Nov 18, 2013. 11:35 PM | Likes Like |Link to Comment
  • A Closer Look At El Paso Pipeline Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    I do not publish price targets
    Nov 18, 2013. 01:35 PM | Likes Like |Link to Comment
  • A Closer Look At Kinder Morgan Energy Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    See my response to bunnymoney.
    Nov 18, 2013. 11:20 AM | Likes Like |Link to Comment
  • A Closer Look At Kinder Morgan Energy Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    KMI's results spell out the various sources of cash used to make distributions. You are correct that the influence is large. See KMI's press release dated 10/16/13.
    In any event, my point was not to recommend KMI but to say that for those who like the Kinder Morgan story, KMI may be a better way to play it.
    Nov 18, 2013. 11:20 AM | Likes Like |Link to Comment
  • A Closer Look At El Paso Pipeline Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    Each year you were taxed only on your pro-rata portion of this MLP’s pretax income. An MLP's income is typically less than its distributions, primarily because of depreciation deductions; so in effect the distributions you received were tax deferred. But when you ultimately dispose of the investment your tax basis will be lower and, consequently, your tax bill will higher. Deferred taxes increase your rate of return, all else being equal.
    Nov 18, 2013. 10:55 AM | 1 Like Like |Link to Comment
  • A Closer Look At El Paso Pipeline Partners' Distributable Cash Flow As Of Q3 2013 [View article]
    I agree that it makes sense. There may be tax considerations that make it disadvantageous, but I don't have specific data on this. Also, the conflicts involved in executing such a merger, and the cost of the inevitable lawsuits, are also a factor.
    Nov 18, 2013. 10:51 AM | Likes Like |Link to Comment
COMMENTS STATS
251 Comments
80 Likes