IDRS go to max with last distribution increase to $2.48 exceeding $2.40 trigger-2nd quarter results strong. Reconfirmed prior guidance
which on distribution was APL projecting 2013 distributions between $2.50/$2.60 per share 10% to 14% increase, so looks like one more increase to go this year
2nd quarter results
"- Distributable Cash Flow for second quarter 2013 of $58.0 million, a 77.0% increase year-over-year
- Partnership reaffirms 2013-2014 previously stated guidance
- Previously announced distribution of $0.62 per common limited partner unit, a 10.7% increase year-over-year"
"...We saw significant increase in our distributable cash flow and increased our distribution over 5% from last quarter to $0.62 to our limited partner unit. This is 11% increase from our second quarter distribution last year. We continue to expect a full year 2013 distribution to total between $2.50 and $2.60 per limited partner units with 2014 distribution guidance remaining at 2.75 to 2.85 per unit. We are forecasting additional increases in our quarterly distribution this year, as noted by our annual guidance and driven by volume growth in South Texas and West Texas, additional processing efficiencies in Western Oklahoma and firm deliveries of Velma..."
BAC/Merrill projecting APL 2015 distribution at $3...despite IDRs kicking in, Merrill obviously thinks that the big growth in DCF will continue..after reading the Pioneer CC transcript you have to believe that the just announced 200mmcuft/d Permian Basin cryo plant will be followed with even more,too. It's kind of amusing to think about how lucky APL has been: the Cohens almost bankrupted APL through a hedging bet gone sour..then the Marcellus takes off through nothing APL did but allowing APL to sell its' holdings there to Williams for lots...redeploying assets to the SW in time for fracking taking off helped a bunch,too. So,today Merrill ranks APL as one of its' top MLP picks, and APL mgmt can brag about how great it's performed in the past t here years or so. I'm delighted to go along for the increasing distributions!