A Closer Look At Magellan Midstream Partners' Distributable Cash Flow As Of 1Q 2012

By Ron Hiram:In an article titled, "Distributable Cash Flow ("DCF")," I present the definition of DCF used by Magellan Midstream Partners, L.P. (MMP) and provide a comparison to definitions used by other master limited partnerships.

By Ron Hiram:Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (EBITDA) reported by Magellan Midstream Partners, L.P. (MMP) for 4Q12, 2012 and prior periods are summarized in Table 1: (click to enlarge) Table 1: Figures in $ Millions

By Ron Hiram:Revenues in 1Q 2012 declined 2.9% vs. the prior quarter and increased 10.5% vs. 1Q 2011 (by comparison, revenues in 1Q 2011 increased 6.3% vs. 4Q 2010 and were up 19% over 1Q 2010). Earnings before interest expense, depreciation & amortization and income taxes (EBITDA) in 1Q 2012 decreased 8.7% vs. the prior quarter and were up 24% over the prior year period.

By Ron Hiram:Revenues in 1Q 2012 increased 3.8% vs. the prior quarter and 19.8% vs. 1Q 2011 (by comparison, revenues in 1Q 2011 increased 6.4% vs. 4Q 2010 and were up 25.6% over 1Q 2010). Earnings before interest expense, depreciation & amortization and income taxes (EBITDA) in 1Q 2012 decreased 1% vs. the prior quarter and were up 17.2% over the prior year period. However, adjusted EBITDA in 1Q12 was 18% above the $400 million mid-point of the guidance provided by management for that quarter.

By Ron Hiram:In a prior article dated January 2, 2012, I reviewed results for Targa Resources Partners LP (NGLS) for the period ended 9/30/11 and noted that given the rapid growth in revenues and the large fluctuations between 2nd and 3rd quarter working capital needs, it makes sense to redo the analysis based on 12 month numbers rather than draw possibly prem

By Ron Hiram:In an article titled "Distributable Cash Flow ("DCF")," I present the definition of DCF used by Enterprise Products Partners L P (EPD) and provide a comparison to definitions used by other master limited partnerships (MLPs).

By Ron Hiram:On October 31, 2012, Magellan Midstream Partners, L.P. (MMP) reported results of operations for 3Q 2012. Revenues, operating income, net income and earnings before interest, depreciation & amortization and income tax expenses (EBITDA) for 3Q 2012 and for the trailing 12 months ("TTM") is summarized in Table 1:

By Ron Hiram:In an article titled Distributable Cash Flow ("DCF") I present the definition of DCF used by Plains All American Pipeline L.P. (PAA) and provide a comparison to definitions used by other master limited partnerships.