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Tim Plaehn  

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  • Fast Math: Will Northern Tier Energy Declare A 6% Distribution For Q1, Producing A 25% Price Gain? [View article]
    I did look at the historical numbers and the discount was not nearly as large as for Q1.
    Apr 24, 2015. 06:21 PM | 1 Like Like |Link to Comment
  • Vanguard Natural Resources Takes Advantage Of LRR Energy's Problems To Acquire The Troubled MLP [View article]
    Somebody always threatens to sue when these things happen.
    Apr 24, 2015. 11:40 AM | 1 Like Like |Link to Comment
  • Vanguard Natural Resources Takes Advantage Of LRR Energy's Problems To Acquire The Troubled MLP [View article]
    If its credit line was reduced in May, the debt covenants would require LRE to cease paying distributions.
    Apr 22, 2015. 06:28 PM | 3 Likes Like |Link to Comment
  • Vanguard Natural Resources Takes Advantage Of LRR Energy's Problems To Acquire The Troubled MLP [View article]
    Yes, missed it. Thanks Mike.
    Apr 22, 2015. 06:09 PM | 1 Like Like |Link to Comment
  • Legacy Reserves Cuts Distribution, New 12% Yield Looks Secure With Upside Potential [View article]
    Good points. I mostly trade LNCO, to avoid the LP and K-1 hassles. All of the upstream MLPs have been running basically the same business model since LINE went public in 2006. This is the second energy price drop in the last 9 years and we will see how they come out. The new plan seems to be the use of outside money to fund development.

    However, I do not think any company will go out of business. BBEP has found a white knight and tomorrow you should see my article on the VNR LRE deal.
    Apr 21, 2015. 09:17 PM | Likes Like |Link to Comment
  • Rich Kinder: 'The Kinder Morgan Game Plan Is Still On Track' [View article]
    Yes, as I noted here and in past articles. KMI is being managed more using the MLP model for distributable cash flow rather than the Inc. model to growth net income per share. With both its business operations and the growth plans, Kinder operates like the typical midstream MLP.
    Apr 21, 2015. 02:32 PM | 1 Like Like |Link to Comment
  • Legacy Reserves Cuts Distribution, New 12% Yield Looks Secure With Upside Potential [View article]
    MEMP should announce its Q1 distribution later this week. I would not be completely surprised the payout is reduced by 25% to 30%. The market is not rewarding the company for sustaining the distribution rate and a cut would probably lead to a unit price increase.
    Apr 21, 2015. 01:48 PM | 2 Likes Like |Link to Comment
  • Legacy Reserves Cuts Distribution, New 12% Yield Looks Secure With Upside Potential [View article]
    Mungus, Keep 'em coming. Your comments and assertions on LGCY are one of the best contra-indicators I have ever seen. I have an actual ownership position that has been legged into and sits at a positive 18% return over about 5 months.
    Apr 21, 2015. 12:53 PM | 4 Likes Like |Link to Comment
  • Rich Kinder: 'The Kinder Morgan Game Plan Is Still On Track' [View article]
    I have not heard anything. In my opinion, the Kinder roll up was a unique situation and is not likely to be repeated.
    Apr 21, 2015. 09:18 AM | 1 Like Like |Link to Comment
  • Rich Kinder: 'The Kinder Morgan Game Plan Is Still On Track' [View article]
    Thanks, but my stuff never gets picked up for editor's pick. I don't put in enough shiny graphics swiped from a company's presentation slides.
    Apr 20, 2015. 05:32 PM | 5 Likes Like |Link to Comment
  • Rich Kinder: 'The Kinder Morgan Game Plan Is Still On Track' [View article]
    It's a non-cash, bookkeeping expense. When Kinder spends growth capital for a project, say $1 billion for a new pipeline. That capital expenditure is then depreciated for accounting purposes over a period of years. Depreciation and amortization reduce taxable income, but do not affect free cash flow.
    Apr 20, 2015. 01:49 PM | 2 Likes Like |Link to Comment
  • Rich Kinder: 'The Kinder Morgan Game Plan Is Still On Track' [View article]
    For the quarter KMI had about 1.2 times free cash flow coverage of the dividend and the company forecasts $400 million of excess cash flow above the planned dividends for the year. So No.
    Apr 20, 2015. 01:35 PM | 1 Like Like |Link to Comment
  • Ventas Gets Off The Government Dole To Re-Energize Its Dividend Growth Prospects [View article]
    That's the question. Management states a 10% increase from the present dividend, which would be $0.87 per quarter. Then we need to see how that amount is divided between the two REITs.
    Apr 19, 2015. 05:30 PM | 1 Like Like |Link to Comment
  • Plains All American Pipeline Could Be The Best Performing Large-Cap MLP Over The Next 2-3 Years [View article]
    Scooter,
    Good question. I do not yet have a good picture on how much production will drop vs. just a leveling off compared to recent growth rates. I think it will be another quarter before we see the effects.
    Apr 19, 2015. 09:56 AM | Likes Like |Link to Comment
  • Rich Kinder: 'The Kinder Morgan Game Plan Is Still On Track' [View article]
    As noted below, UP owned KMP for 16 years, and the company paid $$56.22 per unit in distributions over that time, for a total of $197,000 on those units. The distributions would have been tax free (until the 2014 roll up) until the distributions drove his cost basis to zero. (my math will be a little off due to a unit split in 2001).

    So 1700 units purchased in 1999, costing in the neighborhood of $40k, turned into roughly $500k in unit value in distributions.
    Apr 18, 2015. 07:19 PM | 3 Likes Like |Link to Comment
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