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Ron Hiram

 
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  • A Closer Look At Williams Partners' Distributable Cash Flow As Of Q2 2013 [View article]
    I own both WPZ and WMB, so I can't say I favor WPZ. I agree that the the upside is greater for WMB, but I think that comes with a higher level of risk. As for KMP vs. WPZ, I believe the latter has greater upside, but I am not certain KMP presents less risk. As you saw from my articles, I think KMR causes an overstatement of the KMP coverage ratios.
    Have not looked closely at EEP.
    Aug 6 02:25 PM | Likes Like |Link to Comment
  • A Closer Look At Williams Partners' Distributable Cash Flow As Of Q2 2013 [View article]
    21.5 million share offering (ex green shoe) at ~$49 per share, 6% lower than the prior close.
    Aug 5 02:37 PM | Likes Like |Link to Comment
  • A Closer Look At Williams Partners' Distributable Cash Flow As Of Q2 2013 [View article]
    I view the GP as a higher risk asset, but expect it to produce higher returns. What is "best" for you, may not be so for me. I have done well with my GP investments, but this has been a rising market for MLPs for quite a while. I expect the GPs to underperform if MLP prices suffer sustained declines.
    Aug 5 02:36 PM | Likes Like |Link to Comment
  • A Closer Look At Boardwalk Pipeline Partners' Distributable Cash Flow As Of Q2 2013 [View article]
    I have largely given up on following NRGY. The effort it requires seems to me out of proportion. I will probably pick another MLP to follow in its place.
    Aug 3 10:19 AM | Likes Like |Link to Comment
  • A Closer Look At Plains All American Pipeline's Distributable Cash Flow As Of Q1 2013 [View article]
    Have not yet assessed. Will cover when I review 2Q results.
    Aug 1 03:45 PM | Likes Like |Link to Comment
  • Is Energy Transfer Partners About To Increase Distributions? [View article]
    A while back I noted that I significantly reduced my ETP position.
    Jul 29 02:20 PM | Likes Like |Link to Comment
  • A Closer Look At Plains All American Pipeline's Distributable Cash Flow As Of Q1 2013 [View article]
    There is a lot of work involved for each MLP. Due to time constraints, I have not yet reviewed GEL.
    Jul 15 01:01 PM | Likes Like |Link to Comment
  • A Closer Look At Magellan Midstream Partners' Distributable Cash Flow As Of 1Q 2013 [View article]
    WPZ 3/31/11, 6/30/11 and 9/30/11. TTM coverage exceeded 1.3 in those periods and sustainable was higher than reported. Then management made its strategic acquisitions and coverages dropped (as did the unit price). EPB also had coverage >1.3 (with sustainable coverage > reported) before KMI acquired El Paso. There may have been others, but these are the first that came to my mind.
    Jun 13 03:36 PM | Likes Like |Link to Comment
  • Performance Comparison Of Selected MLPs [View article]
    The table name appears immediately below the table.
    Table 6 compares coverage on 4/19/13 to what it was a year before so you can see the change, both in terms of reported and sustainable DCF.
    You understood correctly re SPH . After the acquisition of NRGY's retail propane business SPH did not cover distributions. But as detailed in my articles re SPH, I was expecting that to improve and stayed long. Indeed it has improved as you can see in my most recent SPH analysis.
    May 23 10:13 PM | Likes Like |Link to Comment
  • A Closer Look At Suburban Propane Partners' Distributable Cash Flow [View article]
    Due to time constraints I cannot cover all MLPs. So I don't follow CLMT and cannot compare it to SPH.
    IDR payments do not offset any other expenses.It just divides the pie so that the GP gets more and the LPs get less, all else being equal.
    Distributions are more a function of underlying performance than GP IDR ratchet points. Moving from 13% to 48% IDR participation increases cost of capital and could slow down distribution growth. But my guess is that quantifying the correlation between distribution growth and IDR % will be difficult because there are so many other variables at play.
    May 22 11:38 PM | Likes Like |Link to Comment
  • A Closer Look At Suburban Propane Partners' Distributable Cash Flow [View article]
    There are no incentive distribution rights for the benefit of SPH's General Partner. The Partnership owns (directly and indirectly) all of the limited partner interests in the Operating Partnership. The Common Units represent 100% of the limited partner interests in the Partnership.
    May 22 03:48 PM | 2 Likes Like |Link to Comment
  • Can Annaly Capital Management's 12.2% Dividend Be Sustained? [View article]
    I don't know which period your $334m refers to.
    "We have elected to not account our interest rate swaps using hedge accounting. Therefore, changes in fair value on our interest rate swaps are reflected in earnings." (2012 10-K, p3). Therefore, both realized and unrealized gains and losses on interest rate swaps flow through the income statement.
    May 22 01:56 PM | Likes Like |Link to Comment
  • A Closer Look At Enterprise Products Partners' Distributable Cash Flow As Of Q1 2013 [View article]
    I provided detailed analysis of ETP and EPB in individual articles covering these MLPs. See also http://seekingalpha.co...
    May 20 09:41 AM | Likes Like |Link to Comment
  • A Closer Look At Plains All American Pipeline's Distributable Cash Flow As Of Q1 2013 [View article]
    Due to time constraints, I have not yet covered LINE.
    May 20 09:37 AM | Likes Like |Link to Comment
  • A Closer Look At Energy Transfer Partners' Distributable Cash Flow As Of Q1 2013 [View article]
    In the case of ETP, the bulk of the amount seems to be related to affiliate contributions. Specifically, RGP reimburses ETP for 30% of the capital expenditures related RGP's share of the Lone Star venture. The far larger portion of capital expenditures on Lone Star has been growth, rather than maintenance. I therefore regard the reimbursement as an offset to ETP's capital expenditures rather than an addition to cash flow from operations. Theoretically I should add back the portion related to Lone Star maintenance capital, but I don’t think that number is provided and, in any case, the amount would not be material.
    May 15 08:57 AM | Likes Like |Link to Comment
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