Monthly Archives: September 2013

MLP Protocol 092713

Key Adjustments: Adjusted Northern Tier Energy (NTI) for the revised guidance provided on September 23 after the recent fire in one of their crude units. (Press Release) News Items: On September 24, Capital Product Partners (CPLP) announced that it has … Continue reading

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Short Interest Trends for the Kinder Morgan Group 092513

I plan to track the total number of shares and units sold short across the four Kinder Morgan entities as an indicator of how much traction Hedgeye’s short thesis is achieving in the market place. The following chart shows the total … Continue reading

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MLP Protocol 092013

Key Adjustments: Adjusted Navios Maritime Partners (NMM) for the delivery on the Navios Joy, additional detail below. Adjusted NGL Energy Partners (NGL) for a 4.1 million common unit offering at $32.28 on September 19 (4.3% discount to prior close). Adjusted Navios Maritime Partners … Continue reading

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MLP Protocol 091313

Key Adjustments: Adjusted Enbridge Energy Partners (EEP) and Enbridge Energy Management (EEQ) for an 8 million EEQ share offering announced on September 9 at an estimated average price of $29 per share (down 3% from prior close). Adjusted Inergy Midstream (NRGM) for an 11 … Continue reading

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Additional MLP Maintenance Capex Charts

Here are some additional charts showing Trailing Twelve Month Maintenance Capex amounts and Maintenance Capex as a Percentage of TTM EBITDA. The first chart shows the Natural Gas & NGL Pipeline and the Crude & Refined Products Pipeline peer groups sorted … Continue reading

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Pipeline MLPs’ Maintenance Capex and DCRs

Here is a chart showing the Natural Gas & NGL Pipeline MLP peer group and the Crude Oil & Refined Products Pipeline peer group sorted by Trailing Twelve Month Maintenance Capital Expenditures as a percentage of Trailing Twelve Month EBITDA … Continue reading

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MLP Protocol 090613

Key Adjustments: Adjusted SunCoke Energy Partners (SXCP) for its acquisition of Lakeshore Coal Handling Corporation on August 30, 2013. SXCP purchased Lakeshore from privately held Beemsterboer Corporation for an all cash price of $28.6 million. (Press Release) Adjusted NGL Energy Partners (NGL) for its … Continue reading

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OCIR IPO Preview Sept 2013

OCI Resources, LP (ticker OCIR) is currently out on its IPO roadshow and looking to raise $100 million by selling 5.0 million common units (before the over-allotment) at a mid-point price of $20 with an indicated mid-point yield of 10.0%. They expect … Continue reading

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MLP Protocol 083013

Key Adjustments: Increased forward distribution growth outlook for EMES based on the information management provided at an event at the New York Stock Exchange. During the course of that presentation, Messrs. Shearer and Lane provided certain information about the Partnership that … Continue reading

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