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MLP Midstream Stats 12-20-13

MLP Midstream 12-20-13
Yields are based on the Q4-13 distribution. Under the 'year to date' header, the change in the distribution is actually the change since Q4-13 - or the change over the last twelve months. The change in the target, EPS, DCF and CAGR is the percentage change in the consensus 2013 projection that has happened since the beginning of the year.

 

 


    Current Distrib/ Q4 Dist Dist/dcf Dist/dcf Year-to-Date Percent Change
    Price Quarter Yield 2013 2014 Price Pr+Dist EPS Target DCF Dist* cagr

Access ACMP 53.12 0.5350 4.03 79.85 67.72 58.38 64.76 -24.85 45.96 12.61 22.99 6.67
American AMID 26.12 0.4525 6.93 125.69 80.09 91.50 104.77 -84.85 9.09 -30.77 4.62 50.00
Atlas Pipelines APL 34.37 0.6200 7.22 99.20 83.22 8.87 16.72 -97.19 3.75 -18.83 8.77 -1.09
BlueKnight BKEP 8.94 0.1225 5.48 70.00 47.57 35.87 43.31 32.26 14.29 -17.65 8.89 0.00
Buckeye BPL 69.84 1.0750 6.16 98.62 89.77 53.80 63.27 -1.82 28.25 0.69 3.61 122.22
Boardwalk BWP 24.48 0.5325 8.70 104.93 104.93 -1.69 6.87 -19.05 1.58 -10.18 0.00 -28.57
Crestwood CMLP 23.95 0.4050 6.76 86.63 80.60 11.24 18.76 -84.76 -4.24 -15.00 6.58 11.11
DCP Partners DPM 46.85 0.7200 6.15 101.05 85.21 12.22 19.11 -16.36 12.45 -11.49 5.88 6.35
El Paso EPB 34.25 0.6500 7.59 99.62 95.59 -7.36 -0.32 -12.09 -0.42 -5.43 12.07 -71.43
Enbridge EEP 29.06 0.5435 7.48 118.15 97.93 4.16 11.95 -41.54 -2.65 -17.12 0.00 -10.00
Enterprise EPD 62.68 0.6900 4.40 71.88 67.81 25.16 30.67 4.46 18.58 2.67 6.15 11.67
Energy Trans ETP 52.52 0.9050 6.89 90.50 78.87 22.34 30.77 19.39 21.06 2.04 1.26 16.67
Eagle Rock EROC 5.26 0.1500 11.41 81.08 100.00 -39.19 -32.25 -84.85 -32.69 -30.84 -31.82 -98.33
Exterran EXLP 28.75 0.5275 7.34 77.29 79.03 41.84 52.24 75.64 18.60 5.81 3.94 -25.00
Genesis GEL 52.10 0.5225 4.01 85.66 70.37 45.86 51.71 -21.05 48.90 0.00 10.58 24.29
Holly HEP 32.64 0.4925 6.04 93.81 87.56 -0.76 5.23 -35.33 -2.03 -4.55 6.49 15.38
Kinder Morgan KMP 79.26 1.3500 6.81 100.93 94.41 -0.66 6.10 -3.19 0.77 -5.31 7.14 0.00
Magellan MMP 59.38 0.5575 3.76 82.59 75.34 37.49 42.65 13.57 35.41 9.31 14.95 3.53
Mark West MWE 63.42 0.8500 5.36 93.41 69.39 24.33 30.99 -63.43 29.29 -15.35 4.94 -2.25
Targa NGLS 49.32 0.7325 5.94 102.45 84.44 31.94 39.78 -32.33 18.86 -16.37 10.57 -13.75
NuStar NS 50.05 1.0950 8.75 132.33 114.36 17.82 28.13 -49.77 -1.98 -19.27 0.00 -25.00
OneOK OKS 51.91 0.7250 5.59 99.32 88.15 -3.85 1.52 -15.02 -9.44 -9.60 5.84 -18.29
Plains All-Am PAA 50.57 0.6000 4.75 73.62 71.64 11.78 17.09 13.33 21.14 9.03 10.60 41.67
Regency RGP 24.19 0.4700 7.77 96.91 88.68 11.58 20.25 -38.64 8.92 -3.96 2.17 -16.67
Spectra SEP 42.26 0.5163 4.89 98.34 72.46 35.32 41.93 1.20 37.68 -1.41 5.37 61.90
Sunco SXL 70.51 0.6300 3.57 55.38 54.08 41.79 46.85 -0.88 33.40 34.22 21.74 30.88
TCPipelines TCP 45.54 0.8100 7.11 89.26 89.26 12.83 20.86 -15.04 7.88 0.28 3.85 -11.76
Transmontaigne TLP 39.95 0.6500 6.51 74.29 72.22 5.21 12.06 -30.15 20.37 -1.41 1.56 3.45
Western WES 60.15 0.5800 3.86 93.17 77.59 26.29 31.16 -6.08 28.96 -14.14 16.00 3.33
Williams WPZ 49.77 0.8775 7.05 110.38 99.15 2.28 9.49 -32.66 -7.38 -16.75 8.67 -16.92
Cross-Tex XTEX 26.09 0.3300 5.06 94.29 82.50 79.31 88.38 0.00 68.24 -35.48 0.00 41.67

Pipeline Average     6.24 92.92 82.26 22.44 29.83 -21.00 15.25 12.18 5.92  
Shipping
Navios NMM 19.21 0.4425 9.21 101.14 121.23 56.43 70.85 -10.53 16.73 6.06 0.00 0.00
Martin MMLP 41.47 0.7825 7.55 95.43 88.67 33.52 43.59 -25.00 33.51 -4.09 1.62 6.45
TeeKay TGP 41.71 0.6750 6.47 93.43 95.74 10.40 17.55 -1.35 6.70 -6.17 0.00 -60.00

Shipping Average     7.74 93.52   33.45 44.00 -12.29 18.98    

MidStream Average   6.37 93.25 83.99 23.41 31.08 -20.23 15.57    

The (price change only) Alerian MLP index [the ^AMZ - which includes other MLP sectors] is 15.68% year to date.
The Alerian MLP index ETN AMJ is 15.73% and with dividends is 21.42%.
The S&P500 index ETF SPY is 27.51% and with dividends is 29.87%.
The Russell 2000 index ETF IWM is 34.57% and with dividend is 35.73%.
With the 10yr Treasury @ 2.89% & the sector average yield [on Q4 distrib's] at 6.37% - the spread is 348 bps.
With the JNK yielding 5.91% - spread to the Lehman U.S. High Yield Index is 46 bps.
With the HYG yielding 5.78% - the spread to the iBOXX High Yield Index is 59 bps.

Click to enlarge

Historical MLP Month-End Yields:

Jan 05: 5.97% Feb: 6.10% Mar: 6.07% April: 6.15% May: 6.16% June: 6.03%
July 05: 5.87% Aug: 6.10% Sept: 6.07% Oct : 6.45% Nov: 6.79% Dec: 6.92%
Jan 06: 6.56% Feb: 6.68% Mar: 6.56% April: 6.68% May: 6.76% June: 6.82%
July 06: 6.61% Aug: 6.65% Sept: 6.70% Oct : 6.58% Nov: 6.44% Dec: 6.28%
Jan 07: 6.05% Feb: 5.96% Mar: 5.77% April: 5.54% May: 5.54% June: 5.43%
July 07: 5.44% Aug: 6.05% Sept: 6.26% Oct : 6.20% Nov: 6.64% Dec: 6.70%
Jan 08: 6.79% Feb: 6.79% Mar: 7.43% April: 7.08% May: 7.44% June: 7.56%
July 08: 8.16% Aug: 8.45% Sept: 10.76% Oct : 11.73% Nov: 16.53% Dec: 19.50%
Jan 09: 14.76% Feb: 14.54% Mar: 13.90% April: 14.66% May: 9.80% June: 9.59%
July 09: 8.39% Aug: 8.61% Sept: 7.96% Oct : 7.84% Nov: 7.62% Dec: 7.13%
Jan 10: 6.64% Feb: 6.50% Mar: 6.34% April: 6.23% May: 6.71% June: 6.27%
July 10: 5.85% Aug: 6.14% Sept: 5.89% Oct : 6.14%* Nov: 6.00% Dec: 5.79%
Jan 11: 5.87% Feb: 5.62% Mar: 5.65% April: 5.59% May: 5.95% June: 5.90%
July 11: 6.21% Aug: 6.73% Sept: 7.10%** Oct : 6.51% Nov: 6.80% Dec: 6.45%
Jan 12: 6.45% Feb: 6.43% Mar: 6.43% April: 6.42% May: 7.26% June: 7.06%
July 12: 6.81% Aug: 6.87% Sept: 6.75% Oct : 6.79% Nov: 7.08% Dec: 7.31%
Jan 13: x.xx% Feb: x.xx% Mar: x.xx% April: x.xx% May: x.xx% June: 6.14%
July 13: 6.18% Aug: 6.51% Sept: 6.39% Oct : 6.34% Nov: 6.21% Dec:
Click to enlarge

* The increase in month end yields occurring in the October 2010 stats was mainly due to APL and XTEX re-starting distributions, and not due to a decrease in the unit prices of the MLPs. And the same cause was evident in the increase in the MLP to ten year treasury spread.
** The deletion of low yielding DEP from the data base added 7 bps to the sector average yield - and thus had an impact on all spread numbers. Historical MLP to 10 Year Treasury Spreads:

Jan 05: 178 Feb: 152 Mar: 156 April: 195 May: 216 June: 211
July 05: 159 Aug: 208 Sept: 174 Oct : 177 Nov: 230 Dec: 252
Jan 06: 206 Feb: 213 Mar: 171 April: 161 May: 164 June: 167
July 06: 161 Aug: 192 Sept: 206 Oct : 198 Nov: 198 Dec: 158
Jan 07: 123 Feb: 138 Mar: 122 April: 89 May: 65 June: 40
July 07: 71 Aug: 152 Sept: 167 Oct : 172 Nov: 269 Dec: 267
Jan 08: 319 Feb: 327 Mar: 401 April: 335 May: 338 June: 358
July 08: 420 Aug: 463 Sept: 694 Oct : 801 Nov: 1360 Dec: 1728
Jan 09: 1191 Feb: 1152 Mar: 1294 April: 1154 May: 634 June: 606
July 09: 491 Aug: 551 Sept: 488 Oct : 485 Nov: 443 Dec: 329
Jan 10: 305 Feb: 288 Mar: 251 April: 257 May: 341 June: 333
July 10: 294 Aug: 367 Sept: 337 Oct : 354 Nov: 321 Dec: 250
Jan 11: 250 Feb: 224 Mar: 219 April: 230 May: 289 June: 273
July 11: 341 Aug: 454 Sept: 518 Oct : 439 Nov: 472 Dec: 457
Jan 12: 457 Feb: 421 Mar: 421 April: 450 May: 570 June: 546
July 12: 534 Aug: 531 Sept: 511 Oct : 510 Nov: 546 Dec: 555
Jan 13: Feb: Mar: April: May: June: 366
July 13: 360 Aug: 373 Sept: 378 Oct : 379 Nov: 347 Dec:
Click to enlarge

Yield + CAGR Total Return Expectations

 

 


Company Q4-13 Consensus Total Bonds DCF My Total Rtn Consensus Pr Impl Distrib
    Yield CAGR Return Ratings Accr RRRs - RRR Ratings CAGR / DCF
Large Cap Midstream
Buckeye BPL 6.16% 4.00% 10.16% BBB- 2.30 10.40 -0.24 2.5 4.24 89.77
Boardwalk BWP 8.70% 1.50% 10.20% BBB 3.20 10.70 -0.50 2.9 2.00 104.93
El Paso EPB 7.59% 2.00% 9.59% BBB- 1.20 10.30 -0.71 2.9 2.71 95.59
Enbridge EEP 7.48% 2.70% 10.18% BBB 2.40 10.50 -0.32 2.5 3.02 97.93
Enterprise EPD 4.40% 6.70% 11.10% BBB+ 1.20 9.70 1.40 1.7 5.30 67.81
Energy Trans ETP 6.89% 3.50% 10.39% BBB- 3.00 10.70 -0.31 2.5 3.81 78.87
Kinder Morgan KMP 6.81% 4.50% 11.31% BBB 1.00 10.00 1.31 2.7 3.19 94.41
Magellan MMP 3.76% 8.80% 12.56% BBB 1.00 10.00 2.56 2.5 6.24 75.34
NuStar NS 8.75% 1.50% 10.25% BB+ 4.00 12.00 -1.75 3.3 3.25 114.36
OneOK OKS 5.59% 6.70% 12.29% BBB 1.50 10.50 1.79 3.0 4.91 88.15
Plains All-Am PAA 4.75% 8.50% 13.25% BBB 1.00 10.00 3.25 1.9 5.25 71.64
Williams WPZ 7.05% 5.40% 12.45% BBB 3.00 11.00 1.45 2.3 3.95 99.15

Average   6.49% 4.65% 11.14%         2.56

Company Q4-13 Consensus Total Bonds DCF My Total Rtn Consensus Pr Impl Distrib
    Yield CAGR Return Ratings Accr RRRs - RRR Ratings CAGR / DCF
Small Cap Midstream
BlueKnight BKEP 5.48% 9.00% 14.48% NR 4.00 13.00 1.48 3.5 7.52 47.57
Genesis GEL 4.01% 8.70% 12.71% BB- 2.70 11.80 0.91 1.8 7.79 70.37
Holly HEP 6.04% 6.00% 12.04% BB 1.30 11.20 0.84 3.3 5.16 87.56
Spectra SEP 4.89% 6.80% 11.69% BBB 2.20 10.50 1.19 2.9 5.61 72.46
Sunco SXL 3.57% 8.90% 12.47% BBB- 1.00 10.00 2.47 2.7 6.43 54.08
TCPipelines TCP 7.11% 3.00% 10.11% BBB 1.00 10.00 0.11 3.2 2.89 89.26
Transmontaigne TLP 6.51% 3.00% 9.51% NR 1.20 10.00 -0.49 1.7 3.49 72.22

Average   5.37% 6.49% 11.86%         2.73

Company Q4-13 Consensus Total Bonds DCF My Total Rtn Consensus Pr Impl Distrib
    Yield CAGR Return Ratings Accr RRRs - RRR Ratings CAGR / DCF
Gathering & Processing
Access ACMP 4.03% 9.60% 13.63% BB- 1.50 12.00 1.63 1.7 7.97 67.72
American AMID 6.93% 4.50% 11.43% NR 5.00 12.50 -1.07 1.4 5.57 80.09
Atlas Pipelines APL 7.22% 9.10% 16.32% B+ 5.00 13.50 2.82 1.4 6.28 83.22
Crestwood CMLP 6.76% 5.00% 11.76% B- 3.70 12.50 -0.74 2.1 5.74 80.60
DCP Partners DPM 6.15% 6.70% 12.85% BBB- 2.70 11.50 1.35 2.1 5.35 85.21
Eagle Rock EROC 11.41% 0.10% 11.51% B 5.00 13.50 -1.99 2.6 2.09 100.00
Exterran EXLP 7.34% 3.00% 10.34% B- 2.20 11.50 -1.16 2.5 4.16 79.03
Mark West MWE 5.36% 8.70% 14.06% BB 3.20 12.50 1.56 1.7 7.14 69.39
Targa NGLS 5.94% 6.90% 12.84% BB 1.70 12.20 0.64 1.9 6.26 84.44
Regency RGP 7.77% 4.00% 11.77% BB- 3.20 12.00 -0.23 2.6 4.23 88.68
Western WES 3.86% 9.30% 13.16% BBB- 1.70 11.20 1.96 1.9 7.34 77.59
Cross-Tex XTEX 5.06% 8.50% 13.56% B+ 4.00 13.50 0.06 2.3 8.44 82.50

Average   6.49% 6.28% 12.77%         2.02

Click to enlarge

I include EPS stats because I perceive that the audience wants them. I ingore these numbers - and only use valuations based on DCF projections.

MLP P/E Stats by Category 12-20
 

 

  Earnings / Share Earn. Growth P/E Ratios 13 EPS Range
Co. 2010 2011 2012 2013 2014 11-13 12-13 13-14 2012 2013 2014 High Low Range
Large Capped MLPs
BPL 341 333 293 324 373 -12.01% 10.58% 15.12% 23.84 21.56 18.72 360 273 26.85%
BWP 139 133 131 119 121 -1.50% -9.16% 1.68% 18.69 20.57 20.23 149 108 34.45%
EPB 195 212 215 189 206 1.42% -12.09% 8.99% 15.93 18.12 16.63 248 191 30.16%
EEP 150 140 99 76 110 -29.29% -23.23% 44.74% 29.35 38.24 26.42 117 52 85.53%
EPD 188 210 271 281 298 29.05% 3.69% 6.05% 23.13 22.31 21.03 335 269 23.49%
ETP 128 155 442 234 243 185.16% -47.06% 3.85% 11.88 22.44 21.61 293 119 74.36%
KMP 147 180 231 243 274 28.33% 5.19% 12.76% 34.31 32.62 28.93 294 218 31.28%
MMP 140 179 202 251 278 12.85% 24.26% 10.76% 29.40 23.66 21.36 236 206 11.95%
NS 293 292 73 107 186 -75.00% 46.58% 73.83% 68.56 46.78 26.91 207 135 67.29%
OKS 167 287 304 232 269 5.92% -23.68% 15.95% 17.08 22.38 19.30 241 197 18.97%
PAA 143 251 335 306 270 33.47% -8.66% -11.76% 15.10 16.53 18.73 358 269 29.08%
WPZ 263 366 189 167 217 -48.36% -11.64% 29.94% 26.33 29.80 22.94 255 118 82.04%

Average         10.84 -3.77 17.66 26.13 26.25 21.90

  Earnings / Share Earn. Growth P/E Ratios 13 EPS Range
Co. 2010 2011 2012 2013 2014 11-13 12-13 13-14 2012 2013 2014 High Low Range
Small Capped MLPs
BKEP 0 5 33 41 53 560.00% 24.24% 29.27% 27.09 21.80 16.87 38 27 26.83%
GEL 96 109 126 120 187 15.60% -4.76% 55.83% 41.35 43.42 27.86 180 128 43.33%
HEP 103 126 129 97 118 2.38% -24.81% 21.65% 25.30 33.65 27.66 135 109 26.80%
SEP 168 166 169 169 256 1.81% 0.00% 51.48% 25.01 25.01 16.51 213 119 55.62%
SXL 183 260 412 337 300 58.46% -18.20% -10.98% 17.11 20.92 23.50 443 236 61.42%
TCP 281 306 251 209 233 -17.97% -16.73% 11.48% 18.14 21.79 19.55 272 209 30.14%
TLP 250 209 231 183 222 10.53% -20.78% 21.31% 17.29 21.83 18.00 223 212 6.01%

Average         90.11 -8.72 25.72 24.47 26.92 21.42

  Earnings / Share Earn. Growth P/E Ratios 13 EPS Range
Co. 2010 2011 2012 2013 2014 11-13 12-13 13-14 2012 2013 2014 High Low Range
G&P MLPs
ACMP 138 135 111 124 161 -17.78% 11.71% 29.84% 47.86 42.84 32.99 206 118 70.97%
AMID 0 5 33 5 5 560.00% -84.85% 0.00% 79.15 522.40 522.40 38 27 220.00%
APL 5 574 138 5 105 -75.96% -96.38% 2000.00% 24.91 687.40 32.73 209 155 1080.00%
CMLP 123 122 77 16 56 -36.89% -79.22% 250.00% 31.10 149.69 42.77 68 41 168.75%
DPM 141 199 228 184 240 14.57% -19.30% 30.43% 20.55 25.46 19.52 259 144 62.50%
EROC 30 35 11 5 5 -68.57% -54.55% 0.00% 47.82 105.20 105.20 16 5 220.00%
EXLP 7 10 84 137 124 740.00% 63.10% -9.49% 34.23 20.99 23.19 135 101 24.82%
MWE 114 220 169 64 162 -23.18% -62.13% 153.13% 37.53 99.09 39.15 145 124 32.81%
NGLS 87 175 134 90 156 -23.43% -32.84% 73.33% 36.81 54.80 31.62 139 69 77.78%
RGP 27 45 18 27 47 -60.00% 50.00% 74.07% 134.39 89.59 51.47 37 5 118.52%
WES 158 167 84 170 231 -49.70% 102.38% 35.88% 71.61 35.38 26.04 171 102 40.59%
XTEX 5 5 5 5 46 0.00% 0.00% 820.00% 521.80 521.80 56.72 10 5 100.00%

Average         79.92 -16.84 288.10 90.64 196.22 81.98

  Earnings / Share Earn. Growth P/E Ratios 13 EPS Range
Co. 2010 2011 2012 2013 2014 11-13 12-13 13-14 2012 2013 2014 High Low Range
Marine Transport MLPs
NMM 151 140 132 85 68 -5.71% -35.61% -20.00% 14.55 22.60 28.25 91 76 17.65%
MMLP 72 122 132 123 160 8.20% -6.82% 30.08% 31.42 33.72 25.92 219 143 61.79%
TGP 180 158 236 219 214 49.37% -7.20% -2.28% 17.67 19.05 19.49 268 183 38.81%

Average         17.28 -16.54 2.60 21.21 25.12 24.55

Click to enlarge
MLP Price/DCF Stats by Category 12-20
 

 

  DCF / Unit DCF Growth Price/DCF Ratios
Co. 2008 2009 2010 2011 2012 2013 2014 2015 11-13 12-13 13-14 14-15 2012 2013 2014 2015
Large Capped MLPs
BPL 3.50 4.05 4.13 3.62 3.76 4.36 4.79 5.14 3.87% 15.96% 9.86% 7.31% 18.57 16.02 14.58 13.59
BWP 2.05 1.67 2.16 1.95 2.17 2.03 2.03 2.08 11.28% -6.45% 0.00% 2.46% 11.28 12.06 12.06 11.77
EPB 1.41 1.69 2.27 2.45 2.60 2.61 2.72 2.88 6.12% 0.38% 4.21% 5.88% 13.17 13.12 12.59 11.89
EEP 2.29 2.13 2.27 2.20 1.96 1.84 2.22 2.47 -10.91% -6.12% 20.65% 11.26% 14.83 15.79 13.09 11.77
EPD 2.68 2.60 3.17 3.55 3.45 3.84 4.07 4.35 -2.82% 11.30% 5.99% 6.88% 18.17 16.32 15.40 14.41
ETP 4.32 3.55 3.40 3.50 3.70 4.00 4.59 4.32 5.71% 8.11% 14.75% -5.88% 14.19 13.13 11.44 12.16
KMP 4.17 4.15 4.40 4.70 5.23 5.35 5.72 5.99 11.28% 2.29% 6.92% 4.72% 15.15 14.81 13.86 13.23
MMP 1.78 1.51 1.83 2.03 2.23 2.70 2.96 3.34 9.85% 21.08% 9.63% 12.84% 26.63 21.99 20.06 17.78
NS 5.86 4.89 4.45 4.60 3.13 3.31 3.83 4.63 -31.96% 5.75% 15.71% 20.89% 15.99 15.12 13.07 10.81
OKS 2.98 2.31 2.32 3.30 3.30 2.92 3.29 3.82 0.00% -11.52% 12.67% 16.11% 15.73 17.78 15.78 13.59
PAA 2.01 2.05 2.05 2.63 3.10 3.26 3.35 3.09 17.87% 5.16% 2.76% -7.76% 16.31 15.51 15.10 16.37
WPZ 3.65 2.98 3.74 4.25 3.40 3.18 3.54 3.80 -20.00% -6.47% 11.32% 7.34% 14.64 15.65 14.06 13.10

Average               0.03% 3.29% 9.54% 6.84% 16.22 15.61 14.26 13.37

  DCF / Unit DCF Growth Price/DCF Ratios
Co. 2008 2009 2010 2011 2012 2013 2014 2015 11-13 12-13 13-14 14-15 2012 2013 2014 2015
Small Capped MLPs
BKEP 0.00 0.00 0.00 0.00 0.70 0.70 1.03 1.03 na 0.00% 47.14% 0.00% 12.77 12.77 8.68 8.68
GEL 2.21 1.94 2.16 2.00 2.27 2.44 2.97 3.36 13.50% 7.49% 21.72% 13.13% 22.95 21.35 17.54 15.51
HEP 1.65 1.72 1.75 1.83 2.10 2.10 2.25 2.33 14.75% 0.00% 7.14% 3.56% 15.54 15.54 14.51 14.01
SEP 1.62 2.09 2.00 2.05 2.08 2.10 2.85 2.46 1.46% 0.96% 35.71% -13.68% 20.32 20.12 14.83 17.18
SXL 1.94 2.13 1.94 2.90 3.70 4.55 4.66 4.46 27.59% 22.97% 2.42% -4.29% 19.06 15.50 15.13 15.81
TCP 4.18 4.00 3.90 4.00 3.86 3.63 3.63 3.87 -3.50% -5.96% 0.00% 6.61% 11.80 12.55 12.55 11.77
TLP 3.15 3.24 3.44 3.30 3.61 3.50 3.60 3.53 9.39% -3.05% 2.86% -1.94% 11.07 11.41 11.10 11.32

Average               10.53% 3.74% 19.50% 0.48% 18.92 18.21 15.72 15.71

  DCF / Unit DCF Growth Price/DCF Ratios
Co. 2008 2009 2010 2011 2012 2013 2014 2015 11-13 12-13 13-14 14-15 2012 2013 2014 2015
G&P MLPs
ACMP 0.00 0.00 1.54 1.80 2.20 2.68 3.16 3.29 22.22% 21.82% 17.91% 4.11% 24.15 19.82 16.81 16.15
AMID 0.00 0.00 0.00 0.00 1.90 1.44 2.26 2.26 na -24.21% 56.94% 0.00% 13.75 18.14 11.56 11.56
APL 3.85 0.90 1.67 2.30 2.48 2.50 2.98 3.33 7.83% 0.81% 19.20% 11.74% 13.86 13.75 11.53 10.32
CMLP 1.66 2.07 1.97 2.00 2.07 1.87 2.01 2.16 3.50% -9.66% 7.49% 7.46% 11.57 12.81 11.92 11.09
DPM 2.42 2.69 2.48 2.77 2.68 2.85 3.38 3.71 -3.25% 6.34% 18.60% 9.76% 17.48 16.44 13.86 12.63
EROC 2.34 1.62 1.05 1.00 1.00 0.74 0.60 0.68 0.00% -26.00% -18.92% 13.33% 5.26 7.11 8.77 7.74
EXLP 3.14 2.19 2.26 2.50 2.46 2.73 2.67 2.41 -1.60% 10.98% -2.20% -9.74% 11.69 10.53 10.77 11.93
MWE 3.36 2.94 3.48 4.30 3.78 3.64 4.90 5.80 -12.09% -3.70% 34.62% 18.37% 16.78 17.42 12.94 10.93
NGLS 3.14 2.55 2.65 3.30 3.17 2.86 3.47 3.85 -3.94% -9.78% 21.33% 10.95% 15.56 17.24 14.21 12.81
RGP 2.54 1.59 1.82 1.90 1.86 1.94 2.12 2.01 -2.11% 4.30% 9.28% -5.19% 13.01 12.47 11.41 12.03
WES 1.40 1.58 2.21 2.40 2.67 2.49 2.99 3.22 11.25% -6.74% 20.08% 7.69% 22.53 24.16 20.12 18.68
XTEX 2.52 1.37 1.64 2.00 1.65 1.40 1.60 1.86 -17.50% -15.15% 14.29% 16.25% 15.81 18.64 16.31 14.03

Average               0.39% -4.64% 18.06% 7.70% 16.49 17.14 14.56 13.63

  DCF / Unit DCF Growth Price/DCF Ratios
Co. 2008 2009 2010 2011 2012 2013 2014 2015 11-13 12-13 13-14 14-15 2012 2013 2014 2015
Marine Transport MLPs
NMM 1.60 1.70 1.90 2.10 1.89 1.75 1.46 1.50 -10.00% -7.41% -16.57% 2.74% 10.16 10.98 13.16 12.81

Average               -3.33% -2.47% -5.52% 0.91% 3.39 3.66 4.39 4.27
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