Preliminary Review Of El Paso Pipeline Partners' Results For 3Q 2014
- Operating income and EBITDA per unit have declined in each of the last 5 quarters compared to the corresponding prior year periods.
- Adjusted EBDA decreased in 5 of the last 6 quarters when measured on a per-unit basis.
- DCF per unit increased by 12% in 3Q14 vs. the corresponding prior year period, achieving 1x coverage.
- Main concern: how the market will value KMI on a post-transaction basis.