Q4 '10 DCF = $571M; No one-time items were reported = $571M Q4 '10 retained DCF = $92M Q4 '10 Distribution Coverage = 1.2x
Q3 '11 DCF = $856M minus $190M one-time asset sales = $666M Q3 '11 retained DCF = $541M minus $190M = $151M Q3 '11 Distribution Coverage = 1.3x after backing out one-time items.
Q4 '11 DCF = $1409M Minus $593M one-time asset sales = $816M Q4 '11 retained DCF = $879M minus $593M = $286M Q4 '11 distribution coverage on the sustainable $816M number = 1.5x after backing out one-time items.
At Q4 2011, the Q/Q DCF growth rate = 22%. YOY DCF growth rate = 43%
I think the buyouts of Teppco, DEP, and EPE have obscured the real growth going on here as your chart indicates. Unit count going up to absorb these 3 in recent years. Not that these were bad buys. quite the contrary. Retained DCF being used to fund organic projects further kept EPD under the radar.