MLP Protocol 041213

Key adjustments from last week:

  • Added KNOT Offshore Partners LP (“KNOP”) to the Marine MLP segment after its very successful IPO at $21 on April 9.
  • Adjusted the Markets and Levels data to just utilize the commodity spot prices provided by the Energy Information Administration, instead of a mix of futures prices for most recent data. The EIA data is slightly behind so there will still be a discrepancy in the most recent data that gets resolved over the following week. After watching the data for a while the futures vs. spot price discrepancy is larger than the small 4 day lag in EIA data.
  • Adjusted ALDW, CVRR and NTI data to use estimated next twelve months EBITDA to more conservatively use lower forward estimates in a declining crack spread environment, to take into account various turnaround schedules and also to parallel the use of estimated next twelve months of Distributable Cash Flow that is already being used to calculate the DCF / LP unit metric.
  • First quarter 2013 distribution announcements have started so the Quarter-over-Quarter and Year-over-Year distribution change page will be in Weekly Snapshot throughout the announcement period, so far 7 distributions have been announced.
  • AMID remains my best short idea, if you are long please look closely at the recent SEC filings and consider selling.

The MLP Protocol Monthly Analytics Report for April is now available, the May 2013 report will be available after April 26th.

MLP Protocol Weekly Snapshot report: MLPP 041213 Snapshot vFree

About Philip Trinder

President of MLP Protocol, investor, trader, and proponent of Master Limited Partnerships.
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