MMP - News and Analysis from Seeking Alpha © seekingalpha.com. Use of this feed is limited to personal, non-commercial use and is governed by Seeking Alpha's Terms of Use (http://seekingalpha.com/page/terms-of-use). Publishing this feed for public or commercial use and/or misrepresentation by a third party is prohibited. SeekingAlpha.com http://seekingalpha.com/symbol/mmp MLPs And Interest Rates, How Right Is Mr. Gundlach? http://seekingalpha.com/article/1444591-mlps-and-interest-rates-how-right-is-mr-gundlach?source=feed 1444591 Jeff Gundlach appeared on CNBC on May 9th and made the following interesting statement:

So many people are moving away from bond investments for obvious reasons but are going into things that are like going from the frying pan into the fire. Look at [Master Limited Partnerships] MLPs. If interest rates rise you are going to get killed on a lot of these vehicles because they have a lot of leverage and a lot of interest-rate risk…. Similarly housing - if rates rise… the affordability of homes is going to go extraordinarily to the downside. It's not just bondholders who are picking up nickels in front of steamrollers, but a lot of other assets that are priced off of bonds.

I am an investor in the MLP space so naturally being told that I am going to "get killed" in a rising interest rate environment gets my attention. I

]]> Fri, 17 May 2013 16:36:17 -0400 Philip Trinder By Philip Trinder:

Jeff Gundlach appeared on CNBC on May 9th and made the following interesting statement:

So many people are moving away from bond investments for obvious reasons but are going into things that are like going from the frying pan into the fire. Look at [Master Limited Partnerships] MLPs. If interest rates rise you are going to get killed on a lot of these vehicles because they have a lot of leverage and a lot of interest-rate risk…. Similarly housing - if rates rise… the affordability of homes is going to go extraordinarily to the downside. It's not just bondholders who are picking up nickels in front of steamrollers, but a lot of other assets that are priced off of bonds.

I am an investor in the MLP space so naturally being told that I am going to "get killed" in a rising interest rate environment gets my attention. I


Complete Story »]]> EPD ETE ETP KMP KMR LINE MMP MWE OKS PAA Philip Trinder Time For Investors To Reassess Their MLP Holdings http://seekingalpha.com/article/1431981-time-for-investors-to-reassess-their-mlp-holdings?source=feed 1431981 One of the few investors that I follow, Jeffrey Gundlach, made an interesting comment the other day about MLPs.

So many people are moving away from bond investments for obvious reasons but are going into things that are like going from the frying pan into the fire. Look at MLPs. If interest rates rise you are going to get killed on a lot of these vehicles because they have a lot of leverage and a lot of interest-rate risk.

It really got me thinking and looking into the space. Then I decided to look at the performance of the JPMorgan Alerian MLP Index ETN (AMJ).

(click to enlarge)

As you can see, the place to be in the last few years has been in the MLP space as performance has been great. But I'm now seeing the same thing that Gundlach sees. MLPs have performed well because we've been

]]> Tue, 14 May 2013 00:39:44 -0400 Asean Century ByAsean Century:

One of the few investors that I follow, Jeffrey Gundlach, made an interesting comment the other day about MLPs.

So many people are moving away from bond investments for obvious reasons but are going into things that are like going from the frying pan into the fire. Look at MLPs. If interest rates rise you are going to get killed on a lot of these vehicles because they have a lot of leverage and a lot of interest-rate risk.

It really got me thinking and looking into the space. Then I decided to look at the performance of the JPMorgan Alerian MLP Index ETN (AMJ).

(click to enlarge)

As you can see, the place to be in the last few years has been in the MLP space as performance has been great. But I'm now seeing the same thing that Gundlach sees. MLPs have performed well because we've been


Complete Story »]]> MMP PAA Asean Century A Closer Look At Buckeye Partners' Distributable Cash Flow As Of Q1 2013 http://seekingalpha.com/article/1421541-a-closer-look-at-buckeye-partners-distributable-cash-flow-as-of-q1-2013?source=feed 1421541 This article analyzes the most recent quarterly and the trailing twelve months ("TTM") results of Buckeye Partners L.P. (BPL) and looks "under the hood" to properly ascertain sustainability of DCF. The task is not easy because the definitions of "Adjusted EBITDA" and Distributable Cash Flow ("DCF"), terms typically used by master limited partnerships ("MLPs") to denote the primary measures to evaluate their operating results, are complex. In addition, each MLP may define these terms differently which makes comparison across MLPs very difficult. Nevertheless, this is an exercise that must be undertaken to ascertain what portions of the distributions being received are really sustainable. For example, MLPs distributions that are funded by issuing debt or through issuance of additional partnership units cannot be considered sustainable. In a downside scenario, MLPs that finance distributions from unsustainable sources or are totally reliant on debt and equity to finance growth capital will suffer significantly

]]> Thu, 09 May 2013 18:02:57 -0400 Ron Hiram By Ron Hiram:

This article analyzes the most recent quarterly and the trailing twelve months ("TTM") results of Buckeye Partners L.P. (BPL) and looks "under the hood" to properly ascertain sustainability of DCF. The task is not easy because the definitions of "Adjusted EBITDA" and Distributable Cash Flow ("DCF"), terms typically used by master limited partnerships ("MLPs") to denote the primary measures to evaluate their operating results, are complex. In addition, each MLP may define these terms differently which makes comparison across MLPs very difficult. Nevertheless, this is an exercise that must be undertaken to ascertain what portions of the distributions being received are really sustainable. For example, MLPs distributions that are funded by issuing debt or through issuance of additional partnership units cannot be considered sustainable. In a downside scenario, MLPs that finance distributions from unsustainable sources or are totally reliant on debt and equity to finance growth capital will suffer significantly


Complete Story »]]> BWP EPB EPD ETP KMP MMP NGLS NRGY PAA RGP SPH WPZ BPL Ron Hiram A Closer Look At Boardwalk Pipeline Partners' Distributable Cash Flow As Of Q1 2013 http://seekingalpha.com/article/1410701-a-closer-look-at-boardwalk-pipeline-partners-distributable-cash-flow-as-of-q1-2013?source=feed 1410701 Boardwalk Pipeline Partners, LP (BWP) provided its 10-Q report for the quarter ended 3/31/13 on April 29, 2013. The report enables a close look at, and an analysis of, the Distributable Cash Flow ("DCF") generated by this partnership. This article will assess how BWP's reported DCF figures compare with what I call sustainable DCF for the periods being reviewed and whether distributions were funded by additional debt or issuing additional units. Given quarterly fluctuations in revenues, working capital needs and other items, it makes sense to focus more intently on trailing 12 months ("TTM") numbers for the purpose of analyzing changes in reported and sustainable distributable cash flows; however, insights can also be derived from quarterly numbers and I therefore also analyze those.

Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses ("EBITDA") for 1Q13, 1Q12 and the TTM ending 3/31/13 and 3/31/12

]]> Tue, 07 May 2013 16:18:11 -0400 Ron Hiram By Ron Hiram:

Boardwalk Pipeline Partners, LP (BWP) provided its 10-Q report for the quarter ended 3/31/13 on April 29, 2013. The report enables a close look at, and an analysis of, the Distributable Cash Flow ("DCF") generated by this partnership. This article will assess how BWP's reported DCF figures compare with what I call sustainable DCF for the periods being reviewed and whether distributions were funded by additional debt or issuing additional units. Given quarterly fluctuations in revenues, working capital needs and other items, it makes sense to focus more intently on trailing 12 months ("TTM") numbers for the purpose of analyzing changes in reported and sustainable distributable cash flows; however, insights can also be derived from quarterly numbers and I therefore also analyze those.

Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses ("EBITDA") for 1Q13, 1Q12 and the TTM ending 3/31/13 and 3/31/12


Complete Story »]]> BPL EPB EPD ETP KMP MMP NGLS NRGY PAA RGP SPH WMB WPZ BWP Ron Hiram Magellan Midstream Partners LP Management Discusses Q1 2013 Results - Earnings Call Transcript http://seekingalpha.com/article/1396301-magellan-midstream-partners-lp-management-discusses-q1-2013-results-earnings-call-transcript?source=feed 1396301 Magellan Midstream Partners LP (MMP)

Q1 2013 Earnings Call

May 02, 2013 1:30 pm ET

Executives

Michael N. Mears - Chairman of Magellan GP LLC, Chief Executive Officer of Magellan GP LLC, President of Magellan GP LLC and Chief Operating Officer of Magellan Gp LLC

John D. Chandler - Chief Financial Officer of Magellan Gp Llc, Principal Accounting Office of Magellan Gp Llc, Senior Vice President of Magellan Gp Llc and Treasurer of Magellan Gp Llc

Analysts

Edward Rowe

Brian J. Zarahn - Barclays Capital, Research Division

Steven C. Sherowski - Goldman Sachs Group Inc., Research Division

Sharon Lui - Wells Fargo Securities, LLC, Research Division

John Edwards - Crédit Suisse AG, Research Division

James Jampel

Connie Hsu - Morningstar Inc., Research Division

Norman Kramer

John K. Tysseland - Citigroup Inc, Research Division

Elvira Scotto - RBC Capital Markets, LLC, Research Division

Ketul Sakhpara - TPH Asset Management, LLC

Presentation

]]> Thu, 02 May 2013 18:00:07 -0400 Magellan Midstream Partners LP (MMP)

Q1 2013 Earnings Call

May 02, 2013 1:30 pm ET

Executives

Michael N. Mears - Chairman of Magellan GP LLC, Chief Executive Officer of Magellan GP LLC, President of Magellan GP LLC and Chief Operating Officer of Magellan Gp LLC

John D. Chandler - Chief Financial Officer of Magellan Gp Llc, Principal Accounting Office of Magellan Gp Llc, Senior Vice President of Magellan Gp Llc and Treasurer of Magellan Gp Llc

Analysts

Edward Rowe

Brian J. Zarahn - Barclays Capital, Research Division

Steven C. Sherowski - Goldman Sachs Group Inc., Research Division

Sharon Lui - Wells Fargo Securities, LLC, Research Division

John Edwards - Crédit Suisse AG, Research Division

James Jampel

Connie Hsu - Morningstar Inc., Research Division

Norman Kramer

John K. Tysseland - Citigroup Inc, Research Division

Elvira Scotto - RBC Capital Markets, LLC, Research Division

Ketul Sakhpara - TPH Asset Management, LLC

Presentation

<br/><a href='http://seekingalpha.com/article/1396301-magellan-midstream-partners-lp-management-discusses-q1-2013-results-earnings-call-transcript?source=feed'>Complete Story &raquo;</a>]]> MMP Plains All American Pipeline: How High Is Too High For This MLP? http://seekingalpha.com/article/1384621-plains-all-american-pipeline-how-high-is-too-high-for-this-mlp?source=feed 1384621 Let's get one thing clear: Since the Fed lowered interest rates to 0% at the end of 2008, high-yielding securities have seen an across-the-board rise in bid prices.

For some, it appears the economy is continuing to get better, despite the lingering problems in the United States and around the world.

In fact, Jeffrey Lacker, President of the Richmond Federal Reserve, recently said that if it were up to him, he'd abolish the Fed's bond-buying program immediately.

Apparently, he thinks the economy doesn't need the Fed's help anymore.

But if Lacker is right and the Fed takes his advice, then interest rates are guaranteed to shoot back up again.

And that's problematic for dividend investors.

We know rising rates lead to bigger yields from safer investments.

Which, in turn, leaves all those riskier, high-yielding investments - ones that shareholders have piled into over the past five years - in

]]> Tue, 30 Apr 2013 12:36:25 -0400 Dividends & Income Daily By Dividends & Income Daily:

Let's get one thing clear: Since the Fed lowered interest rates to 0% at the end of 2008, high-yielding securities have seen an across-the-board rise in bid prices.

For some, it appears the economy is continuing to get better, despite the lingering problems in the United States and around the world.

In fact, Jeffrey Lacker, President of the Richmond Federal Reserve, recently said that if it were up to him, he'd abolish the Fed's bond-buying program immediately.

Apparently, he thinks the economy doesn't need the Fed's help anymore.

But if Lacker is right and the Fed takes his advice, then interest rates are guaranteed to shoot back up again.

And that's problematic for dividend investors.

We know rising rates lead to bigger yields from safer investments.

Which, in turn, leaves all those riskier, high-yielding investments - ones that shareholders have piled into over the past five years - in


Complete Story »]]> MLPS MMP SXL PAA Dividends & Income Daily Performance Comparison Of Selected MLPs http://seekingalpha.com/article/1368061-performance-comparison-of-selected-mlps?source=feed 1368061 Distributable cash flow ("DCF") is a quantitative standard viewed by investors, analysts and the general partners of many master limited partnerships ("MLPs") as an indicator of the MLP's ability to generate cash flow at a level that can sustain or support an increase in quarterly distribution rates. Since DCF is not a Generally Accepted Accounting Principles ("GAAP") measure, its definition is not standardized. In fact, as shown in a prior article, each MLP may define DCF differently.

I use the term sustainable DCF to distinguish my definition from those used by the MLPs. Since "sustainability" is not a clearly defined term, my definition is a subjective one. In that respect, it is not different. But by minimizing deviations from the GAAP term "net cash from operating activities", I create a measurement tool that provides better consistency in evaluating an individual MLP's performance. See a prior article for a

]]> Wed, 24 Apr 2013 16:46:10 -0400 Ron Hiram By Ron Hiram:

Distributable cash flow ("DCF") is a quantitative standard viewed by investors, analysts and the general partners of many master limited partnerships ("MLPs") as an indicator of the MLP's ability to generate cash flow at a level that can sustain or support an increase in quarterly distribution rates. Since DCF is not a Generally Accepted Accounting Principles ("GAAP") measure, its definition is not standardized. In fact, as shown in a prior article, each MLP may define DCF differently.

I use the term sustainable DCF to distinguish my definition from those used by the MLPs. Since "sustainability" is not a clearly defined term, my definition is a subjective one. In that respect, it is not different. But by minimizing deviations from the GAAP term "net cash from operating activities", I create a measurement tool that provides better consistency in evaluating an individual MLP's performance. See a prior article for a


Complete Story »]]> BPL BWP EPB EPD ETE ETP KMP MMP NGLS NRGY PAA RGP SPH WPZ Ron Hiram 56 Dividend Contenders With Yields Double That Of 10-Year Treasuries http://seekingalpha.com/article/1332001-56-dividend-contenders-with-yields-double-that-of-10-year-treasuries?source=feed 1332001 This is a companion article to my one the other day on Dividend Champions with yields that are 50% greater than that on a 10-year Treasury.

So many Champions (41 out of 105) qualified under that standard that I have raised the qualifying hurdle for Challengers from 150% of the Treasury yield to 200%.

As I write this, the yield on the 10-year Treasury is 1.74%. (Source = Bloomberg. A few days ago when I wrote the other article, it was 1.86%.) So a yield twice as much as the current 10-year Treasury would be 3.48%. For simplicity, I will use 3.5% as the cutoff.

So the stocks in the table below are Dividend Contenders with yields of 3.5% or more. Since these are Dividend Contenders, each has raised its annual dividend for at least 10 consecutive years.

The scorecard is that 56 Contenders out of 201 qualify.

In

]]> Wed, 10 Apr 2013 08:43:55 -0400 David Van Knapp By David Van Knapp:

This is a companion article to my one the other day on Dividend Champions with yields that are 50% greater than that on a 10-year Treasury.

So many Champions (41 out of 105) qualified under that standard that I have raised the qualifying hurdle for Challengers from 150% of the Treasury yield to 200%.

As I write this, the yield on the 10-year Treasury is 1.74%. (Source = Bloomberg. A few days ago when I wrote the other article, it was 1.86%.) So a yield twice as much as the current 10-year Treasury would be 3.48%. For simplicity, I will use 3.5% as the cutoff.

So the stocks in the table below are Dividend Contenders with yields of 3.5% or more. Since these are Dividend Contenders, each has raised its annual dividend for at least 10 consecutive years.

The scorecard is that 56 Contenders out of 201 qualify.

In


Complete Story »]]> ARLP LNT GAS AROW ARTNA AUBN AVA BBL BPL CCFN.PK JCS CBU COP D EPD FKYS.OB GEL HAS JUVF.OB KMP LG LDR LARK LMT MMP MDP MCHP NHI NNN NRP NJR NTT NIDB.OB DCM NS OHI PBCT PAA PPL O RGCO SCG SJR SO SBSI TCP TSH TRI UNS UBA VGR WPC WM WFIFF.OB WHG WMB David Van Knapp 2 Long-Term Catalysts To Consider When It Comes To Plains All American, L.P. http://seekingalpha.com/article/1329141-2-long-term-catalysts-to-consider-when-it-comes-to-plains-all-american-l-p?source=feed 1329141 On Monday, April 8th, Plains All American Pipeline, L.P. (PAA) announced that it had "boosted its quarterly cash distribution by 2.2% Q/Q to 57.5 cents/unit, to be paid May 15 to unit holders of record as of May 3rd". In the wake of the company's positive dividend related news, I wanted to examine several catalysts behind my decision to establish a position in Plains All-American Pipeline, L.P.

Overview: Based in Houston, Texas, Plains All American Pipeline, L.P., "engages in the transportation, storage, and marketing of crude oil and refined products in the United States and Canada. The company operates in three segments: Transportation, Facilities, and Supply and Logistics". (Yahoo! Finance)

Shares of PAA, which currently possess a market cap of $18.90 billion, a P/E ratio of 23.43 and a PEG ratio of 3.32, settled at $56.23/share on Monday. One of the things to point out for growth

]]> Tue, 09 Apr 2013 06:14:50 -0400 Heather Ingrassia ByHeather Ingrassia:

On Monday, April 8th, Plains All American Pipeline, L.P. (PAA) announced that it had "boosted its quarterly cash distribution by 2.2% Q/Q to 57.5 cents/unit, to be paid May 15 to unit holders of record as of May 3rd". In the wake of the company's positive dividend related news, I wanted to examine several catalysts behind my decision to establish a position in Plains All-American Pipeline, L.P.

Overview: Based in Houston, Texas, Plains All American Pipeline, L.P., "engages in the transportation, storage, and marketing of crude oil and refined products in the United States and Canada. The company operates in three segments: Transportation, Facilities, and Supply and Logistics". (Yahoo! Finance)

Shares of PAA, which currently possess a market cap of $18.90 billion, a P/E ratio of 23.43 and a PEG ratio of 3.32, settled at $56.23/share on Monday. One of the things to point out for growth


Complete Story »]]> MMP PAA Heather Ingrassia A Closer Look At Magellan Midstream Partners' Distributable Cash Flow As Of 4Q 2012 http://seekingalpha.com/article/1321051-a-closer-look-at-magellan-midstream-partners-distributable-cash-flow-as-of-4q-2012?source=feed 1321051 Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (EBITDA) reported by Magellan Midstream Partners, L.P. (MMP) for 4Q12, 2012 and prior periods are summarized in Table 1:

(click to enlarge)

Table 1: Figures in $ Millions

All the operating parameters in Table 1 exhibited modest increases in 2012 vs. 2011. In the last 3 years MMP has not increased significantly the number of limited partner units outstanding, a significant accomplishment when compared to most of the master limited partnerships ("MLPs") that I follow.

Effective January 1, 2013, MMP has redesigned its internal management reports to correspond to a new organizational structure that reflects redefined reporting segments. The new reporting segments are: 1) refined products pipeline and terminals; 2) crude pipeline and terminals; and 3) marine storage.

The refined products pipeline and terminals segment incorporates most of MMP's petroleum pipeline system, the inland

]]> Thu, 04 Apr 2013 12:53:24 -0400 Ron Hiram By Ron Hiram:

Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (EBITDA) reported by Magellan Midstream Partners, L.P. (MMP) for 4Q12, 2012 and prior periods are summarized in Table 1:

(click to enlarge)

Table 1: Figures in $ Millions

All the operating parameters in Table 1 exhibited modest increases in 2012 vs. 2011. In the last 3 years MMP has not increased significantly the number of limited partner units outstanding, a significant accomplishment when compared to most of the master limited partnerships ("MLPs") that I follow.

Effective January 1, 2013, MMP has redesigned its internal management reports to correspond to a new organizational structure that reflects redefined reporting segments. The new reporting segments are: 1) refined products pipeline and terminals; 2) crude pipeline and terminals; and 3) marine storage.

The refined products pipeline and terminals segment incorporates most of MMP's petroleum pipeline system, the inland


Complete Story »]]> MMP Ron Hiram Make Lotsa Profits With MLPs: Focus On 'Yield On Cost' http://seekingalpha.com/article/1310881-make-lotsa-profits-with-mlps-focus-on-yield-on-cost?source=feed 1310881 Make Lotsa Profits with MLPs. Most new, young investors just don't get it. They're constantly swinging for the fences on every pitch, seeking that elusive home run. Alas, it doesn't come very often, if at all.

Maybe it takes living through a few market crashes to learn the hard way. I know; that's how I learned to pursue the art of hitting singles, consistently through dividend/distribution growth investing. The main goal here is growing your income stream from a cantor into a gallop from your stable of investments. Capital growth on the value of the portfolio becomes just the icing on the cake over the long term.

Master Limited Partnerships, or MLPs, are publicly listed companies, mostly found in the energy sector. They pay no corporate income taxes because they pay out a minimum of 90% of their profits to unit holders who then pay taxes

]]> Mon, 01 Apr 2013 05:31:06 -0400 George Schneider ByGeorge Schneider:

Make Lotsa Profits with MLPs. Most new, young investors just don't get it. They're constantly swinging for the fences on every pitch, seeking that elusive home run. Alas, it doesn't come very often, if at all.

Maybe it takes living through a few market crashes to learn the hard way. I know; that's how I learned to pursue the art of hitting singles, consistently through dividend/distribution growth investing. The main goal here is growing your income stream from a cantor into a gallop from your stable of investments. Capital growth on the value of the portfolio becomes just the icing on the cake over the long term.

Master Limited Partnerships, or MLPs, are publicly listed companies, mostly found in the energy sector. They pay no corporate income taxes because they pay out a minimum of 90% of their profits to unit holders who then pay taxes


Complete Story »]]> MMLP MMP CLMT George Schneider Intermediate Pipeline Companies: Going Bargain Hunting And Spotting The Black Sheep (Part II) http://seekingalpha.com/article/1304191-intermediate-pipeline-companies-going-bargain-hunting-and-spotting-the-black-sheep-part-ii?source=feed 1304191 Introduction

The growing oil and gas production due to horizontal drilling and hydraulic fracturing (fracking) has resulted in an increasing need for the expansion of the outdated North American pipeline network, which can not accommodate the new volumes any more. Apparently, the pipeline operators belong to the primary beneficiaries of this booming production, and their stocks have risen significantly during the last 6 months. However, the investors have to bear in mind that this rise can not continue if the fundamentals are absent. This time will not be different, and this is not a never ending euphoria.

The careful examination of the key metrics of the balance sheet combined with the growth catalysts for each case separately is necessary for all those who aspire to beat the index and do not want to be caught unaware.

I determine as intermediate pipeline companies those companies with market cap from ~$5 billion

]]> Wed, 27 Mar 2013 12:42:53 -0400 Value Digger ByValue Digger:

Introduction

The growing oil and gas production due to horizontal drilling and hydraulic fracturing (fracking) has resulted in an increasing need for the expansion of the outdated North American pipeline network, which can not accommodate the new volumes any more. Apparently, the pipeline operators belong to the primary beneficiaries of this booming production, and their stocks have risen significantly during the last 6 months. However, the investors have to bear in mind that this rise can not continue if the fundamentals are absent. This time will not be different, and this is not a never ending euphoria.

The careful examination of the key metrics of the balance sheet combined with the growth catalysts for each case separately is necessary for all those who aspire to beat the index and do not want to be caught unaware.

I determine as intermediate pipeline companies those companies with market cap from ~$5 billion


Complete Story »]]> MMP NGLS NS RGP SXL Value Digger The Easiest Way I Know To Make Money In Stocks http://seekingalpha.com/article/1289011-the-easiest-way-i-know-to-make-money-in-stocks?source=feed 1289011 By Paul Tracy

I call it the "apple tree" loophole. I think it's one of the best ways I know to make money in the market, especially if you don't want to fuss over your investments every day.

But before I tell you what the loophole is, let me first tell you what it's not...

It's not illegal. It's not confusing. And it's not a get-rich-quick scheme.

When used properly, this loophole can greatly reduce the risk of losing money in any market.

But before I go on, I must say that there are a few caveats to how you use it. First, you have to follow this simple strategy exactly as I'll outline below. Second, it only works with high-yield stocks and funds.

It all started with a simple saying I heard years ago…

"The best time to plant a tree was 20 years ago. The second-best time is

]]> Wed, 20 Mar 2013 09:48:04 -0400 StreetAuthority By StreetAuthority:

By Paul Tracy

I call it the "apple tree" loophole. I think it's one of the best ways I know to make money in the market, especially if you don't want to fuss over your investments every day.

But before I tell you what the loophole is, let me first tell you what it's not...

It's not illegal. It's not confusing. And it's not a get-rich-quick scheme.

When used properly, this loophole can greatly reduce the risk of losing money in any market.

But before I go on, I must say that there are a few caveats to how you use it. First, you have to follow this simple strategy exactly as I'll outline below. Second, it only works with high-yield stocks and funds.

It all started with a simple saying I heard years ago…

"The best time to plant a tree was 20 years ago. The second-best time is


Complete Story »]]> MO MMP StreetAuthority Occidental Petroleum: A Solid Grower With A 3% Yield http://seekingalpha.com/article/1259291-occidental-petroleum-a-solid-grower-with-a-3-yield?source=feed 1259291 One of the largest oil and gas companies in the US, Occidental Petroleum (OXY), has a relatively mature market cap of $65 B, yet is still small enough to support meaningful growth. The company has very strong fundamentals including a diverse asset portfolio, solid balance sheet, and a pleasing dividend policy, which is a fabulous bonus. With respect to the stock's underperformance over the past year relative to peers, OXY seems ripe for the picking.

Basic Overview:

  • Production Growth and Assets:

OXY is focused on growing liquids production. In 2012, oil production grew by over 10% while NGL's grew 10%, offset by a decline in natural gas. In total for 2012, liquids accounted for about 70% of total production on a volume basis, while liquids accounted for 72% of proved reserves.

Management expects to devote 46% of capital spending on US-based oil and gas, as well as an impressive 9%

]]> Fri, 08 Mar 2013 11:50:01 -0500 Clayton Rulli ByClayton Rulli:

One of the largest oil and gas companies in the US, Occidental Petroleum (OXY), has a relatively mature market cap of $65 B, yet is still small enough to support meaningful growth. The company has very strong fundamentals including a diverse asset portfolio, solid balance sheet, and a pleasing dividend policy, which is a fabulous bonus. With respect to the stock's underperformance over the past year relative to peers, OXY seems ripe for the picking.

Basic Overview:

  • Production Growth and Assets:

OXY is focused on growing liquids production. In 2012, oil production grew by over 10% while NGL's grew 10%, offset by a decline in natural gas. In total for 2012, liquids accounted for about 70% of total production on a volume basis, while liquids accounted for 72% of proved reserves.

Management expects to devote 46% of capital spending on US-based oil and gas, as well as an impressive 9%


Complete Story »]]> MMP OXY Clayton Rulli Magellan Midstream Partners' CEO Presents at Bank of America Merrill Lynch Refining Conference (Transcript) http://seekingalpha.com/article/1257631-magellan-midstream-partners-ceo-presents-at-bank-of-america-merrill-lynch-refining-conference-transcript?source=feed 1257631 Magellan Midstream Partners, L.P. (MMP)

Bank of America Merrill Lynch Refining Conference

March 07, 2013 12:15 pm ET

Executives

Al Swanson - Chief Financial Officer of Plains All American GP LLC and Executive Vice President of Plains All American GP LLC

Michael N. Mears - Chairman of Magellan GP LLC, Chief Executive Officer of Magellan GP LLC, President of Magellan GP LLC and Chief Operating Officer of Magellan Gp LLC

Eric Slifka - Chief Executive Officer of Global GP LLC, President of Global GP LLC and Director of Global GP LLC

Analysts

Gabriel P. Moreen - BofA Merrill Lynch, Research Division

Presentation

Gabriel P. Moreen - BofA Merrill Lynch, Research Division

Welcome to the Infrastructure portion here of today's Refining Conference. We're pleased to have with us 3 significant players on the midstream side of Infrastructure, put you on the crude oil and refined products side of things. With us

]]> Thu, 07 Mar 2013 18:00:05 -0500 Magellan Midstream Partners, L.P. (MMP)

Bank of America Merrill Lynch Refining Conference

March 07, 2013 12:15 pm ET

Executives

Al Swanson - Chief Financial Officer of Plains All American GP LLC and Executive Vice President of Plains All American GP LLC

Michael N. Mears - Chairman of Magellan GP LLC, Chief Executive Officer of Magellan GP LLC, President of Magellan GP LLC and Chief Operating Officer of Magellan Gp LLC

Eric Slifka - Chief Executive Officer of Global GP LLC, President of Global GP LLC and Director of Global GP LLC

Analysts

Gabriel P. Moreen - BofA Merrill Lynch, Research Division

Presentation

Gabriel P. Moreen - BofA Merrill Lynch, Research Division

Welcome to the Infrastructure portion here of today's Refining Conference. We're pleased to have with us 3 significant players on the midstream side of Infrastructure, put you on the crude oil and refined products side of things. With us

<br/><a href='http://seekingalpha.com/article/1257631-magellan-midstream-partners-ceo-presents-at-bank-of-america-merrill-lynch-refining-conference-transcript?source=feed'>Complete Story &raquo;</a>]]> MMP A Closer Look At Inergy L.P.'s Distributable Cash Flow As Of 1Q FY2013 http://seekingalpha.com/article/1200541-a-closer-look-at-inergy-l-p-s-distributable-cash-flow-as-of-1q-fy2013?source=feed 1200541 On February 5, 2013, Inergy L.P. (NRGY) reported results of operations for the first quarter of fiscal 2013 (1QFY13) ending 12/31/12. Revenues, operating income, net income, earnings before interest, depreciation & amortization and income tax expenses (EBITDA) and other key parameters for 1QFY13 and for the trailing 12 months ("TTM") ended 12/31/12, as well as for the respective prior year periods, are provided in Table 1:

(click to enlarge)

Table 1: Figures in $ Millions, except weighted average units outstanding

Comparisons across periods are difficult because the numbers for the 3-months ending 12/31/11 include the contribution from the retail propane business sold to Suburban Propane Partners (SPH) on August 1, 2012, while the numbers for the 3-months ending 12/31/12 do not; numbers for the TTM ending 12/31/11 include 12 months of contribution from that business while those for the TTM ending 12/31/12 include just 7 months of contribution; and also

]]> Mon, 18 Feb 2013 09:52:13 -0500 Ron Hiram By Ron Hiram:

On February 5, 2013, Inergy L.P. (NRGY) reported results of operations for the first quarter of fiscal 2013 (1QFY13) ending 12/31/12. Revenues, operating income, net income, earnings before interest, depreciation & amortization and income tax expenses (EBITDA) and other key parameters for 1QFY13 and for the trailing 12 months ("TTM") ended 12/31/12, as well as for the respective prior year periods, are provided in Table 1:

(click to enlarge)

Table 1: Figures in $ Millions, except weighted average units outstanding

Comparisons across periods are difficult because the numbers for the 3-months ending 12/31/11 include the contribution from the retail propane business sold to Suburban Propane Partners (SPH) on August 1, 2012, while the numbers for the 3-months ending 12/31/12 do not; numbers for the TTM ending 12/31/11 include 12 months of contribution from that business while those for the TTM ending 12/31/12 include just 7 months of contribution; and also


Complete Story »]]> BPL BWP EPB EPD ETP KMP MMP NGLS NRGM PAA RGP SPH WPZ NRGY Ron Hiram An Unexpected Surge In U.S. Condensate Production: From Eagle Ford To Canada http://seekingalpha.com/article/1188401-an-unexpected-surge-in-u-s-condensate-production-from-eagle-ford-to-canada?source=feed 1188401 Investing in Condensate Part I explained what this hot new commodity is. Part II outlined the bullish case for Canadian condensate demand, and in this third and final article on condensate, I review American efforts to move their glut of condensate north.

Condensate is making uneconomic gas wells profitable for producers in the shale basins of northern BC and Alberta, and creating some great investment opportunities for informed investors.

The reason condensate is king in Canada is that oil sands producers need piles of this light oil to dilute their heavy bitumen for transport, and Canadian production can't keep up with demand.

How long can this party last? Shale oil and gas basins in the United States are churning out condensate, where demand is very limited. A glut is developing.

That glut is needed up north, so infrastructure players are busy planning, permitting and

]]> Fri, 15 Feb 2013 13:56:30 -0500 Oil and Gas Investments Bulletin Investing in Condensate Part I explained what this hot new commodity is. Part II outlined the bullish case for Canadian condensate demand, and in this third and final article on condensate, I review American efforts to move their glut of condensate north.

Condensate is making uneconomic gas wells profitable for producers in the shale basins of northern BC and Alberta, and creating some great investment opportunities for informed investors.

The reason condensate is king in Canada is that oil sands producers need piles of this light oil to dilute their heavy bitumen for transport, and Canadian production can't keep up with demand.

How long can this party last? Shale oil and gas basins in the United States are churning out condensate, where demand is very limited. A glut is developing.

That glut is needed up north, so infrastructure players are busy planning, permitting and


Complete Story »]]> ENB KMI PAA MMP CPNO Oil and Gas Investments Bulletin A Closer Look At Suburban Propane Partners' Distributable Cash Flow As Of 1QFY 2013 http://seekingalpha.com/article/1172931-a-closer-look-at-suburban-propane-partners-distributable-cash-flow-as-of-1qfy-2013?source=feed 1172931 Suburban Propane Partners LP (SPH) markets and distributes fuel oil, kerosene, diesel fuel and gasoline to residential and commercial customers, and is now the third largest retail marketer of propane in the United States, measured by retail gallons sold.

SPH typically sells ~ 2/3 of its retail propane volume and ~ 3/4 of its retail fuel oil volume during the peak heating season of October through March. Consequently, sales and operating profits are concentrated in the first and second fiscal quarters (ending ~December 31 and ~March 31, respectively). Cash flows from operations are greatest during the second fiscal quarter and the third (ending ~June 30) when customers pay for product purchased during the winter heating season. Lower operating profits and net losses (or lower net income) are generated in the third quarter and the fourth (ending ~September 30). To the extent necessary, SPH reserves cash from the second and

]]> Mon, 11 Feb 2013 15:55:31 -0500 Ron Hiram By Ron Hiram:

Suburban Propane Partners LP (SPH) markets and distributes fuel oil, kerosene, diesel fuel and gasoline to residential and commercial customers, and is now the third largest retail marketer of propane in the United States, measured by retail gallons sold.

SPH typically sells ~ 2/3 of its retail propane volume and ~ 3/4 of its retail fuel oil volume during the peak heating season of October through March. Consequently, sales and operating profits are concentrated in the first and second fiscal quarters (ending ~December 31 and ~March 31, respectively). Cash flows from operations are greatest during the second fiscal quarter and the third (ending ~June 30) when customers pay for product purchased during the winter heating season. Lower operating profits and net losses (or lower net income) are generated in the third quarter and the fourth (ending ~September 30). To the extent necessary, SPH reserves cash from the second and


Complete Story »]]> BPL BWP EPB EPD ETP KMP MMP NGLS NRGY PAA RGP WPZ SPH Ron Hiram Magellan Midstream Partners' CEO Discusses Q4 2012 Results - Earnings Call Transcript http://seekingalpha.com/article/1159131-magellan-midstream-partners-ceo-discusses-q4-2012-results-earnings-call-transcript?source=feed 1159131

Magellan Midstream Partners, L.P. (MMP)

Q4 2012 Earnings Call

February 5, 2013 1:30 am ET

Executives

Michael N. Mears – Chairman, President and Chief Executive Officer

John D. Chandler – Senior Vice President and Chief Financial Officer

Analysts

Brian J. Zarahn – Barclays Capital, Inc.

Steve Sherowski – Goldman Sachs

Noah Lerner – Hartz Capital, Inc.

Sharon Lui – Wells Fargo Advisors LLC

Stephen C. Tabb – Tocqueville Asset Management LP

Elvira Scotto – RBC Capital Markets

Dennis Coleman – Bank of America Merrill Lynch

Presentation

Operator

Good day, and welcome to the Magellan Midstream Partners Fourth Quarter 2012 Earnings Conference Call. As a reminder, today's conference call is being recorded. At this time, I would like to turn the conference over to Mr. Mike Mears, President and Chief Executive Officer. Please go ahead, sir.

Michael N. Mears

Good afternoon and thank you for joining us today to discuss Magellan’s

]]> Tue, 05 Feb 2013 23:25:13 -0500

Magellan Midstream Partners, L.P. (MMP)

Q4 2012 Earnings Call

February 5, 2013 1:30 am ET

Executives

Michael N. Mears – Chairman, President and Chief Executive Officer

John D. Chandler – Senior Vice President and Chief Financial Officer

Analysts

Brian J. Zarahn – Barclays Capital, Inc.

Steve Sherowski – Goldman Sachs

Noah Lerner – Hartz Capital, Inc.

Sharon Lui – Wells Fargo Advisors LLC

Stephen C. Tabb – Tocqueville Asset Management LP

Elvira Scotto – RBC Capital Markets

Dennis Coleman – Bank of America Merrill Lynch

Presentation

Operator

Good day, and welcome to the Magellan Midstream Partners Fourth Quarter 2012 Earnings Conference Call. As a reminder, today's conference call is being recorded. At this time, I would like to turn the conference over to Mr. Mike Mears, President and Chief Executive Officer. Please go ahead, sir.

Michael N. Mears

Good afternoon and thank you for joining us today to discuss Magellan’s

<br/><a href='http://seekingalpha.com/article/1159131-magellan-midstream-partners-ceo-discusses-q4-2012-results-earnings-call-transcript?source=feed'>Complete Story &raquo;</a>]]> MMP The Silver Bullets Of The North American Energy Transport Infrastructure (Part III) http://seekingalpha.com/article/1152581-the-silver-bullets-of-the-north-american-energy-transport-infrastructure-part-iii?source=feed 1152581 The boom in U.S. onshore oil and liquids production has not been coupled by an analogous boom in pipeline projects and these logistical challenges have not allowed the onshore oil to get the right price in comparison to Brent and LLS (Louisiana Light Sweet) thus far. Regarding the WTI, LLS and Brent prices, this is an interesting chart that depicts what was going on back in November 2012.

However, things seem to change rapidly as several major pipeline projects are currently being constructed with the target to relieve the capacity constraints now affecting producers in the oil-producing regions. After the first and second part, this is the last part of this series which consolidates and presents the most significant pipeline projects of North America with a completion date in 2013-2014.

The projects

1) Bakken NGL pipeline: This 525-mile pipeline of ONEOK Partners (OKS)

]]> Sun, 03 Feb 2013 05:37:17 -0500 Value Digger ByValue Digger:

The boom in U.S. onshore oil and liquids production has not been coupled by an analogous boom in pipeline projects and these logistical challenges have not allowed the onshore oil to get the right price in comparison to Brent and LLS (Louisiana Light Sweet) thus far. Regarding the WTI, LLS and Brent prices, this is an interesting chart that depicts what was going on back in November 2012.

However, things seem to change rapidly as several major pipeline projects are currently being constructed with the target to relieve the capacity constraints now affecting producers in the oil-producing regions. After the first and second part, this is the last part of this series which consolidates and presents the most significant pipeline projects of North America with a completion date in 2013-2014.

The projects

1) Bakken NGL pipeline: This 525-mile pipeline of ONEOK Partners (OKS)


Complete Story »]]> MMP OKS OXY PAA SXL Value Digger