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Energy Transfer Partners, L.P. Message Board

  • moneyonomics moneyonomics Jan 24, 2013 8:13 PM Flag

    What SXL means to ETP-very good analysis by arb

    from mlp iv board

    Msg 28323 of 28324 at 1/24/2013 6:21:26 PM by ARB

    In response to msg 28320 by fbincome

    What SXL means to ETP.
    For those of us trying to translate this increase to ETP here goes an attempt. It is a bit complicated as some of the increase is at a 37% split and some at 50%.

    The distribution is going up .03. .075 of the increase is at a 37% IDR split and the other .0225 at the 50% split. Using 103M units outstanding this means an additional $1M on the 34.4% of SXL that ETP owns and an IDR of $450K on the 37% split amount and $1.550M on the 50% split amount. The GP got $21M last quarter so ETP will receive about $25M this quarter. Note my figures could be off +/- $1M.

    The big deal is this means about $120-130M for ETP in dcf from SXL in 2013. That is about .10 per unit per quarter.

    ARB

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    • There is a typo - .075 should be .0075. The rest is correct. Would guess no change but good coverage in the 1.05-1.1X area in what will be a tough quarter for midstreamers with ethane effective worth zero. Could go up a bit. The problem is if they raised but only to say .90 then they get slammed for having a meaningless increase. Almost better to hold on till next quarter. Also have no idea how to calculate the contribution from "holdco" or the other SUN assets owned seperately.

      ARB

    • Good Analysis. Good summary of the Analysis.Raises my confidence level of an earlier/greater Dist. increase.

    • I'm a bit confused.

      If they are getting .10/quarter why is the distribution only going up .03?

      Is SXL the ONLY contributor to ETP incremental increases in distributions? What happened to all the other acquisitions?

      I still don't know what the $200M fhey issued with Merrill Lynch this week will add to distributions.

 
ETP
55.97+0.03(+0.05%)Mar 27 4:03 PMEDT