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Ron Hiram  

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  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    I made corrections to this 3/22 article. See piece that was published today.
    Mar 25, 2013. 09:36 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    I amde corrections to this 3/22 article. See article published today.
    Mar 25, 2013. 09:35 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    I made corrections to this 3/22 article. See article published today.
    Mar 25, 2013. 09:35 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    Corrections were made to this 3/22 article. See article publsihed today.
    Mar 25, 2013. 09:34 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    Corrections to this 3/22 article published 3/25. See article publsihed today.
    Mar 25, 2013. 09:34 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    Corrections to this 3/22 article published 3/25. See today's article
    Mar 25, 2013. 09:33 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    Corrections to this 3/22 article published 3/25. See http://seekingalpha.co...
    Mar 25, 2013. 09:32 AM | Likes Like |Link to Comment
  • A Closer Look At Energy Transfer Partners' Distributable Cash Flow As Of 4Q 2012 [View article]
    Yes, as well as pretax income generated by sale of gasoline and middle distillates. But beyond the tax problem, I don't see a strategic fit for the Retail Marketing segment and neither did ETP's GP at the time of the acquisition. Seems to me they tried to sell the retail operation but couldn't get the price they wanted. Perhaps the asking price was more than what they paid, but I don't think it likely (given there was little opportunity to enhance value in the short intervening period); hence, I believe, the decision to keep the asset.
    Mar 20, 2013. 01:40 PM | Likes Like |Link to Comment
  • A Closer Look At Boardwalk Pipeline Partners' Distributable Cash Flow As Of Q3 2012 [View article]
    Yes, but given my time constraints it may take 2-4 weeks.
    Mar 16, 2013. 11:17 PM | Likes Like |Link to Comment
  • A Closer Look At Williams Partners' Distributable Cash Flow As Of Q3 2012 [View article]
    See article at http://bit.ly/YU54lh
    Mar 10, 2013. 07:54 AM | Likes Like |Link to Comment
  • A Closer Look At El Paso Pipeline Partners' Distributable Cash Flow As Of Q4 2012 [View article]
    Capital expenditures for Phase 1 of the plant to be built by Elba Liquefaction Company are estimated at ~$1 billion. I doubt EPB’s 50% share will all be spent this year. In 2013 EPB expects to spend $4 billion for growth capital. So this project is not very significant as a percent of total capital spending and I see no reason that its results would have a greater effect on EPB’s long term share price than other projects. There are at least 10 LNG export terminals in various stages of planning in the U.S. The process of getting DOE permission to export LNG (especially to non-FTA countries) and getting FERC combined operating licenses and approval to construct or modify facilities is very lengthy. While Phase 1 of this project has received DOE approval, and while it is smaller than most of the others and utilizes Shell’s capabilities for rapid design, construction and implementation, I still cannot hazard guesses as to whether it will receive all the required approvals or when it will commence operations. No timeline was provided by Shell or EPB.
    Mar 5, 2013. 08:00 PM | 1 Like Like |Link to Comment
  • A Closer Look At Kinder Morgan Energy Partners' Distributable Cash Flow As Of Q4 2012 [View article]
    I have not looked at MMLP
    Mar 5, 2013. 03:56 PM | Likes Like |Link to Comment
  • A Closer Look At Kinder Morgan Energy Partners' Distributable Cash Flow As Of Q4 2012 [View article]
    Not sure I understand the question. KMP does make these reductions in its calculation of DCF before certain items.
    Mar 1, 2013. 10:08 AM | Likes Like |Link to Comment
  • A Closer Look At Kinder Morgan Energy Partners' Distributable Cash Flow As Of Q4 2012 [View article]
    The answer to your question depends on your risk tolerance, what is currently in your portfolio and a lot of other factors. "Best" may differ for each investor. Nevertheless, the “Answers to Readers’ Questions” section of my website (http://bit.ly/Wn8FeG) contains responses outlining my favorites. Most recently, on Jan 9, I recommended to a reader to start buying EPD, MMP, PAA, WPZ and EPB, allocating more to the first 3 than the last 3, despite their lower yields. I said I would split the 6th investment between KMI (GP of EPB, KMP, KMR) and WMB (GP of WPZ). With the exception of WPZ/WMB, they have all done well, but their prices have increased substantially. Despite that, if your decision is to buy MLPs at this point, I would repeat the recommendation.
    Mar 1, 2013. 09:53 AM | Likes Like |Link to Comment
  • A Closer Look At Plains All American Pipeline's Distributable Cash Flow As Of 3Q 2012 [View article]
    See answer to papaone.
    Re KMI, it yields 3.97% vs. 5.8% for KMP, but KMI should give you better distribution growth, better capital appreciation potential (MLP GPs should be candidates for acquisition by the underlying MLPs because of the burden they create in terms of cost of capital), and less dilution. If you are concerned about being too concentrated in MLPs for your yield producing investments, there are more non-MLP alternatives to the 3-4% current returns offered by the MLP GPs than for the 5-6% current returns offered by the underlying MLPs.
    Re BWP, it is not one of my favorites. See my prior articles (most recent is dated 12/4/2012).
    Jan 26, 2013. 08:00 AM | Likes Like |Link to Comment
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