Also keep in mind that this increase was without an increase in the distribution at ETP or RGNC. If/when ETP and RGNC begin raising their distributions, that will drive a good deal of cash into ETE via the IDRs as well as the common LP units that they hold in those respective MLPs.
I would not expect further distribution increases for the forseeable future unless the new pipeline with ETP is a fully finaced deal. OTOH, once it starts flowing, the cash flow to ETP/ETE should bode well for future distribution increases for both entities.
I have been following your posts and appreciated your information for over 6 years (way back with the initial Transmontaigne recomendation) and wondered whether you thought prices for MLPs might be getting a bit rich? I know yield is tough to come by in this market but this has been a great run and some of the MLP yields are quite low historically (though a somewhat brief history).
Would you mind sharing what you are interested in or following now? What do you think of the new CVR MLP (fertilizer)?
I do worry about yields, but I think this will be an issue to worry about in a few years, and I am not convinced that the MLPs will not be able to roll with the punches.
As for the fertilizer MLP, it appears to have a fat yield that will float based on their performance. I prefer the steady and predictable pipeline MLPs, even if it means receciving a few less percent return because I know over the long run, the stable assets will do better. That being said, I don't follow the fertilizer business enough to really have an opinion. I know that TNH did really well.
I have been expecting further consolidation in the MLP sector. I still believe ETE and ETP will merge and eventually RGNC will be rolled into the mix as well. Same for NS and NSH.
TLP seems like a candidate to be bought, Morgan Stanley doesn't really have an interest in growing TLP. They have incredible assets that would mesh well with KMP, MMP and others.