Monthly Archives: February 2013
MLP Protocol 022213
Key adjustments from last week: Adjusted KMP for a 4.0 million unit equity offering at $86.35 on February 21. As mentioned in the Investing as War post, the paid subscriber version of the Weekly Snapshot included a short section ranking … Continue reading
Investing as War
One analogy that comes to mind when thinking about the market in a big picture sense is that of all-out war. Every market participant wants to win that war and generate better returns than their competitors and make no mistake, … Continue reading
MLP Protocol 021513
Key adjustments from last week: Renamed the Propane segment the Propane & NGL Logistics segment to broaden it and be more reflective of the business models of NGL Energy Partners, L.P. (“NGL”) and Inergy, L.P. (“NRGY”) (now that NRGY is no longer … Continue reading
MLP Protocol 020813
Key adjustments from last week: Adjusted EPD for an 8.0 million unit equity offering at $54.56 on February 4 (also for all equity offerings the adjustments always assume that the full 15% overallotment is sold in addition to the base deal). Adjusted … Continue reading
Northern Tier Energy (NTI) 4Q12 Distribution Estimate
The new class of variable rate MLPs that contain refining assets are having an excellent run of things since their IPOs. Their distributions are entirely dependent upon their effective crack spreads for the quarter so trying to put together a solid estimate … Continue reading
MLP Protocol 020113
Key adjustments from last week: Congratulations to all of the very patient Copano Energy, LLC (CPNO) unitholders on the acquisition announcement by Kinder Morgan Energy Partners, LP (KMP) at a 23.5% premium to Copano’s closing price on January 29. Adjusted VNR … Continue reading
MLP Protocol 
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