The Q4-15 earnings release numbers (which lack balance sheet info on debt):
Tesoro Logistics LP metrics
|Total DCF dollars||104||116||108||113||47||51.5||49.6||66||39||34.5||25.0||23.0|
|GP's DCF dollars||22||20||17||14||14||13.5||8.0||6.8||5||3.5||2.0||1.5|
|Net DCF dollars||82||96||91||99||33||38||41.6||59.2||34||31||23||215|
|Proceeds from asset sales||0||0||0||0||0||0||0||10||0||0||0||0|
|Adjusted Net DCF||79||90||91||99||33||34||41.6||49.2||34||31||23||21.5|
|Adjusted Net DCF/unit||$0.8653||$1.0381||$1.1335||$1.2332||$0.4434||$0.6069||$0.8849||$1.2524||$0.9753||$0.9739||$0.7452||$0.7432|
|Q2-15 DCF was 89 and pro forma DCF was 108 to include QEPM. Q1-14 DCF was 66 and pro forma DCF was 56.3 to subtract gain on asset sale|
|Reported coverage takes the total DCF and divides that number by total distributions and IDRs paid|
|Because the adjusted net DCF is divided by average shares in quarter X and reported coverage uses units at the time of distribution in quarter X+1 - they should not match up.|
|Short Term Debt||x||0||0||0||0||0|
I want you to note the DCF/unit calculations from the three brokerages. The numbers are all over the map. Thus your perception of the DCF coverage and DCF trends is totally dependent on the brokerage you use. Should things be that way? My answer is no - or specifically - "Hell no!". This unit holder of TLLP does not appreciate being left in the dark when it comes to the TLLP earnings release. At the same time, the lack of metric transparency in the TLLP numbers is not atypical. We are getting the same kind of reporting from many other MLPs.
I know that my numbers are not matching with the brokerage numbers. I want to have my numbers validated by being closely in alignment to the brokerage numbers. But when the brokerage number 'x' is not in alignment with other brokerage number 'y' - should I be concerned that my numbers are not in alignment with a mess?
Disclosure: I am/we are long TLLP.