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MLP GP Data Using Q2 Distributions - 4-28-14

Notes: (1) WMB has yet to declare its Q2-14 distribution -- so the Q1-14 number is currently being used for the Q1-14 number. (2) The data under the "Year-to-Date Percent Change" header is for changes in the projections or numbers since the first of the year. The is one exception to that. (3) The change in the distribution is the year over year change. PAGP did not pay distributions in 2013 - it had yet to IPO. For PAGP only, the percent change compared the Q2-14 distribution divided by the Q1-14 distribution.

Publicly Traded GP's for MLPs 04-28-14



    12-31-13 Current Distrib/ Q2 Dist Dist/dcf Dist/dcf Year-to-Date Percent Change
  Price Price Quarter Yield 2014 2015 Price Pr+Dist EPS Target DCF Dist* cagr

Atlas Energy, L.P ATLS 46.85 40.73 0.4600 4.52 75.10 53.80 -13.06 -12.08 0.00 0.00 0.41 48.39 -8.00
AllianceHoldings GP, L.P. AHGP 58.63 65.25 0.8475 5.20 96.31 90.40 11.29 12.70 -2.26 0.00 0.57 11.22 0.00
Energy Transfer Equity, L.P. ETE 81.74 93.48 0.7176 3.07 89.98 72.67 14.36 15.21 -7.75 5.30 -0.31 11.26 16.67
Kinder Morgan, Inc. KMI 36.00 32.38 0.4200 5.19 91.30 86.15 -10.06 -8.92 -1.38 -2.32 -2.13 10.53 -18.75
NuStar GP Holdings, LLC NSH 28.09 34.63 0.5450 6.30 98.64 96.89 23.28 25.22 6.43 8.37 0.45 0.00 25.00
ONEOK Inc. OKE 62.18 62.42 0.5600 3.59 99.56 84.21 0.39 1.03 -14.21 -3.35 -6.25 55.56 -20.00
Plains GP Holdings, L.P. PAGP 26.77 27.31 0.1705 2.50 96.06 77.50 2.02 2.61 -26.76 4.93 1.43 6.70* 5.88
Targa Resources Corp. TRGP 88.17 107.25 0.6475 2.41 81.96 69.25 21.64 22.33 38.83 13.00 0.32 30.81 0.00
Western Gas Equity Partners, LP WGP 39.51 47.75 0.2500 2.09 88.50 68.49 20.86 21.44 3.09 4.03 0.89 39.86 0.00
Williams Companies, Inc. WMB 38.57 41.71 0.4025 3.86 71.56 63.89 8.14 9.18 -2.63 6.21 -4.26 14.18 0.00
EnLink Midstream, LLC XTXI 36.16 35.21 0.1800 2.04 74.23 77.42 -2.63 -2.21 0.00 34.05 10.23 50.00 -16.00

The GP Average     3.71 87.56 76.43 6.93 7.92 -0.60 6.38 0.12 27.85  
Click to enlarge

Yield + CAGR Total Return Expectations

Company Q2-14 Consensus Total Bonds DCF My Total Rtn Consensus Pr Impl
    Yield CAGR Return Ratings Accr RRRs - RRR Ratings CAGR

Atlas Energy, L.P ATLS 4.52% 23.00% 27.52% B 5.00 16.00 11.52 2.3 11.48
AllianceHoldings GP, L.P. AHGP 5.20% 9.00% 14.20% none 3.00 13.50 0.70 3.0 8.30
Energy Transfer Equity, L.P. ETE 3.07% 14.00% 17.07% BBB- 3.00 10.50 6.57 1.9 7.43
Kinder Morgan, Inc. KMI 5.19% 6.50% 11.69% BBB 1.00 10.50 1.19 2.3 5.31
NuStar GP Holdings, LLC NSH 6.30% 2.50% 8.80% BB+ 4.00 12.00 -3.20 3.0 5.70
ONEOK Inc. OKE 3.59% 16.00% 19.59% BBB 1.50 10.00 9.59 2.2 6.41
Plains GP Holdings, L.P. PAGP 2.50% 18.00% 20.50% BBB 2.00 9.50 11.00 2.2 7.00
Targa Resources Corp. TRGP 2.41% 18.50% 20.91% BB 2.00 13.00 7.91 2.5 10.59
Western Gas Equity Partners, LP WGP 2.09% 24.50% 26.59% none 3.00 11.50 15.09 1.6 9.41
Williams Companies, Inc. WMB 3.86% 16.50% 20.36% BBB 3.00 11.00 9.36 2.2 7.14
EnLink Midstream, LLC XTXI 2.04% 21.00% 23.04% B+ 4.00 16.00 7.04 3.0 13.96

Average   3.71% 15.41% 19.12%         2.38  
Click to enlarge