A Closer Look At Williams Partners' Distributable Cash Flow As Of Q4 2013
- Results have deteriorated for 2 years in a row. 2013 compares unfavorably with 2012, and even more so with 2011.
- Low DCF coverage resulting from increased distributions in the face of an adverse NGL pricing environment and significant equity issuances.
- In latest drop-down transaction, WPZ is acquiring assets with commodity risk.
- Cash flows in 2014 will get a boost from payments related to Geismar business interruption insurance policies.
- If achieved, the ~60% increase in DCF projected to materialize from 2013 to 2015 will reward patient investors.