Embed Size (px)
Citation preview
PORTFOLIO ANALYZER OVERVIEW
AP
RIL 2
01
3
• O
VE
RV
IEW
• O
VE
RV
IEW
• O
VE
RV
IEW
• O
VE
RV
IEW
• O
VE
RV
IEW
• O
VE
RV
IEW
• O
VE
RV
IEW
• O
VE
RV
IEW
• O
VE
RV
IEW
• O
VE
RV
IEW
• O
VE
RV
IEW
• O
VE
RV
IEW
MLP Protocol MLP
1 MLP Protocol
This presentation and the information contained herein, as well as any additional documents and explanations (together the “Presentation”), are for
information purposes only, and MLP Protocol (“MLPP”) is not soliciting any action based upon it. Opinions expressed herein are MLPP’s present opinions
only. This Presentation is based upon information that MLPP considers reliable, but MLPP does not represent, guarantee, or warrant, expressly or implicitly,
that the Presentation is accurate, complete, or suitable for any particular purpose, and it should not be relied upon as such. MLPP is not obliged to update or
periodically review the Presentation. MLPP accepts no liability with respect to, or arising directly or indirectly out of, the Presentation.
In addition, there can be no guarantee that any projection, forecast or opinion in this presentation will be realized. Opinions expressed herein are subject to
change without notice. You are advised to make an independent review and reach your own conclusions regarding the economic risks and benefits of any
investment and the legal, credit, tax, accounting and other aspects of such investment in relation to your particular circumstances. We may from time to time
have long or short positions in such securities or in options, futures, or other derivative instruments based thereon. All trade names, trade marks, service
marks, and logos herein are the property of their respective owners who retain all proprietary rights over their use. No part of this document may be
reproduced in any manner without written permission. © 2011-2013 All rights reserved.
Contact Information
Philip Trinder PRESIDENT MLP Protocol
4020 MARLOWE
HOUSTON, TEXAS 77005
OFFICE: 832.408.5571
MOBILE: 713.854.7485
EMAIL: [email protected]
STOCKTWITS / TWITTER: @MLP_Protocol
DISCLAIMER
W W W . M L P P R O T O C O L . C O M
RECENT ARTICLES AND BLOG POSTS
QR Energy’s units offered value and we pounced
Tier 3 EPA Panic for Refiners
KNOT Offshore Partners LP Roadshow Slides
CenterPoint, OGE Energy and ArcLight Go Big in the MLP Game
Deloitte Oil and Gas Conference Summary Report
Investing as War
CVR Refining is poised to ride the shale boom
ADDITIONAL MLP PROTOCOL RESOURCES
Resources
Company Presentation Links
ARTICLES ADDRESSING KEY CONCEPTS
MLP IPO Review: Alon USA Partners, L.P. (“ALDW”)
Upstream MLP Protocol Rankings
Gathering and Processing MLP Protocol Rankings
MLPs and Relative Value Versus U.S. Treasuries
A Ranking Protocol for the MLP Space SUBSCRIBE
2 MLP Protocol
What is the MLP Protocol?
MLP Protocol – Subscriber Analytics
The MLP Protocol includes analytical reports covering substantially all of the energy related Master Limited
Partnerships. The full Monthly Analytics reports include the following:
• Forward Yield After Tax (“FYAT”) projections, Valuation Coverage Ratios (“VCR”), FYATs / VCR and segment
rankings on all metrics (updated rankings in subscriber version of the Weekly Snapshot reports)
• Long term trend charts including the MLP index yield spread to treasury yields
• Distribution history chart showing years that each MLP has maintained or increased their distributions (color
coded by segment within the MLP coverage universe)
• Recent IPO scorecard, IPO forward calendar and IPO reviews
• Full peer group analysis for 12 comparable group segments with relative value analysis, and valuation and
leverage vs. yield charts, segment rankings by key metrics
• Distribution Coverage Ratio (“DCR”) studies for each segment comparing DCRs to historical distribution growth,
current yields, projected distribution growth and resulting 3 year forward yield after tax, maintenance capex,
Total Enterprise Valuation, and Distributable Cash Flow per L.P. unit
• DCR Watchlist for MLPs with a concerning Distribution Coverage Ratio trend, which may lead to distribution cuts
• Paid subscribers also receive the enhanced Weekly Snapshot reports
Allows comparison of the estimated minimum yield investors net across the broad MLP group and is based upon
the following assumptions for each MLP:
• Distribution growth rates
• Estimated “tax deferral” of the distributions
• Highest effective current individual tax rate of 43.4%
Forward Yield After Tax (“FYAT”)
Segment Comp Groups
Ke
y E
nerg
y T
ren
d D
ata
L
on
g T
erm
Tre
nd
s
Se
gm
en
t R
an
kin
gs
Relative valuation tools for investors to use to make more informed MLP investment decisions
3 MLP Protocol
PO
RT
FO
LIO
AN
ALY
ZE
R O
VE
RV
IEW
MLP Protocol Portfolio Analyzer
The MLP Protocol Portfolio Analyzer is a tool that is intended to help analyze MLP portfolios. It is essentially a
spreadsheet tool created with key data and metrics from the 106(1) entities covered by the full MLP Protocol
reports. The data includes analysis of the Alerian MLP Index (ticker AMZ) to use as a benchmark for comparison
to a Current and Proposed MLP portfolio, allowing you to easily conduct what-if analysis on portfolio changes.
Note: Spreadsheet created using Microsoft Excel 2010 and contains extensive use of newer functionality so it is
not compatible with older versions of Excel.
Full annual subscribers will receive one FREE version of the Portfolio Analyzer that they can request at any time
during their annual subscription. The most current Portfolio Analyzer (using the most recent weekly data) can also
be purchased on a one-time basis for $50 (please see the Subscribe page for payment/ordering options).
The spreadsheet contains the following tabs, which are explained in greater detail on the following pages:
• Inputs: The tab where you will input your MLP related units/shares owned, typically the only tab where you
will input data
• Results: Weighted average results and charts for the AMZ Index and your Current and Proposed portfolios
• AMZ: Alerian MLP Index calculations
• Current: Current portfolio calculations
• Proposed: Proposed portfolio calculations
• Data: Data input Tab to allow future updates
• AMZ 031513: Alerian MLP Index constituents data, as per Alerian’s March 15, 2013 quarterly rebalancing
(1) Total coverage will increase as additional MLPs become publicly traded.
4 MLP Protocol
INPUTS
Alerian MLP Index (“AMZ”) Current Proposed
Ticker Company Segment Price Units / Portfolio Portfolio Units / Portfolio Portfolio Units / Portfolio Portfolio
3/22/13 Shares Percentage Dollars Shares Percentage Dollars Shares Percentage Dollars
INPUTS INPUTS
1 ACMP Access Midstream Partners, L.P. Gath & Process 40.98$ 62.3 1.11% 2,553.00$ 0.0 -$ 0.0 -$
2 AHGP Alliance Holdings GP, L.P. General Partners 51.50$ - -$ 0.0 -$ 0.0 -$
3 ALDW Alon USA Partners, L.P. Downstream & Marketing 24.35$ - -$ 0.0 -$ 1,026.7 12.50% 25,000.00$
4 AMID American Midstream Partners, L.P. Gath & Process 17.57$ - -$ 0.0 -$ 0.0 -$
5 APL Atlas Pipeline Partners L.P. Gath & Process 33.63$ 57.8 0.84% 1,942.78$ 0.0 -$ 0.0 -$
6 APU AmeriGas Partners L.P. Propane & NGL Logistics 44.13$ 38.9 0.75% 1,717.68$ 0.0 -$ 0.0 -$
7 ARLP Alliance Resource Partners L.P. Coal 63.57$ 20.6 0.57% 1,308.83$ 0.0 -$ 0.0 -$
8 ARP Atlas Resource Partners, L.P. Upstream 24.13$ - -$ 0.0 -$ 0.0 -$
9 ATLS Atlas Energy L.P. General Partners 43.50$ - -$ 0.0 -$ 0.0 -$
10 BBEP BreitBurn Energy Partners L.P. Upstream 19.93$ 97.5 0.84% 1,943.70$ 0.0 -$ 0.0 -$
11 BIP Brookfield Infrastructure Partners, L.P. Other 37.62$ - -$ 0.0 -$ 664.5 12.50% 25,000.00$
12 BKEP Blueknight Energy Partners, L.P. Terminal & Storage 8.39$ - -$ 0.0 -$ 0.0 -$
13 BPL Buckeye Partners L.P. Crude & Ref Prod Pipes 60.15$ 96.8 2.53% 5,820.67$ 0.0 -$ 0.0 -$
14 BWP Boardwalk Pipeline Partners, L.P. Nat Gas & NGL Pipes 28.59$ 102.7 1.28% 2,936.98$ 0.0 -$ 0.0 -$
15 CEP Constellation Energy Partners, LLC Upstream 1.75$ - -$ 0.0 -$ 0.0 -$
16 CLMT Calumet Specialty Products Partners, L.P. Downstream & Marketing 38.99$ 45.8 0.77% 1,784.80$ 0.0 -$ 0.0 -$
17 CMLP Crestwood Midstream Partners, L.P. Gath & Process 23.70$ 21.1 0.22% 499.75$ 0.0 -$ 0.0 -$
18 CPLP Capital Product Partners L.P. Marine 8.27$ - -$ 0.0 -$ 0.0 -$
19 CPNO Copano Energy LLC Gath & Process 39.29$ 76.9 1.31% 3,020.49$ 0.0 -$ 0.0 -$
20 CQP Cheniere Energy Partners, L.P. Terminal & Storage 25.83$ - -$ 0.0 -$ 0.0 -$
21 CVRR CVR Refining, L.P. Downstream & Marketing 33.63$ - -$ 0.0 -$ 0.0 -$
22 DKL Delek Logistics Partners, L.P. Terminal & Storage 30.50$ - -$ 0.0 -$ 0.0 -$
23 DPM DCP Midstream Partners L.P. Gath & Process 45.80$ 55.0 1.09% 2,518.77$ 0.0 -$ 0.0 -$
24 EEP Enbridge Energy Partners L.P. Crude & Ref Prod Pipes 29.22$ 203.5 2.58% 5,945.23$ 0.0 -$ 0.0 -$
25 EEQ Enbridge Energy Management LLC Crude & Ref Prod Pipes 29.54$ - -$ 0.0 -$ 0.0 -$
26 EPB El Paso Pipeline Partners, L.P. Nat Gas & NGL Pipes 42.97$ 122.7 2.29% 5,273.90$ 0.0 -$ 0.0 -$
27 EPD Enterprise Products Partners L.P. Nat Gas & NGL Pipes 58.84$ 567.8 14.51% 33,409.51$ 0.0 -$ 0.0 -$
28 EQM EQT Midstream Partners, L.P. Gath & Process 39.00$ - -$ 0.0 -$ 0.0 -$
29 EROC Eagle Rock Energy Partners, L.P. Upstream 9.58$ - -$ 0.0 -$ 0.0 -$
30 ETE Energy Transfer Equity, L.P. General Partners 58.14$ 209.9 5.30% 12,202.89$ 0.0 -$ 0.0 -$
31 ETP Energy Transfer Partners L.P. Nat Gas & NGL Pipes 49.35$ 250.5 5.37% 12,364.48$ 0.0 -$ 0.0 -$
32 EVEP EV Energy Partners L.P. Upstream 53.69$ 37.9 0.88% 2,033.78$ 0.0 -$ 0.0 -$
33 EXH Exterran Holdings, Inc. General Partners 26.83$ - -$ 0.0 -$ 0.0 -$
34 EXLP Exterran Partners, L.P. Gath & Process 25.14$ 29.1 0.32% 731.43$ 0.0 -$ 0.0 -$
35 FGP Ferrellgas Partners L.P. Propane & NGL Logistics 20.05$ 51.7 0.45% 1,037.39$ 0.0 -$ 0.0 -$
36 FUN Cedar Fair, L.P. Other 38.78$ - -$ 0.0 -$ 0.0 -$
37 GEL Genesis Energy L.P. Terminal & Storage 48.26$ 66.0 1.38% 3,187.26$ 0.0 -$ 0.0 -$
38 GLP Global Partners, L.P. Downstream & Marketing 36.62$ - -$ 682.7 12.50% 25,000.00$ 0.0 -$
39 GMLP Golar LNG Partners, L.P. Marine 31.99$ - -$ 0.0 -$ 0.0 -$
40 GSJK Compressco Partners, L.P. Gath & Process 19.50$ - -$ 0.0 -$ 0.0 -$
41 HCLP Hi-Crush Partners, L.P. Other 18.41$ - -$ 0.0 -$ 0.0 -$
42 HEP Holly Energy Partners L.P. Crude & Ref Prod Pipes 39.82$ 31.4 0.54% 1,249.47$ 0.0 -$ 0.0 -$
43 KMI Kinder Morgan Inc. General Partners 37.62$ - -$ 0.0 -$ 0.0 -$
44 KMP Kinder Morgan Energy Partners L.P. Nat Gas & NGL Pipes 88.15$ 230.6 8.83% 20,326.74$ 283.6 12.50% 25,000.00$ 283.6 12.50% 25,000.00$
45 KMR Kinder Morgan Management LLC Nat Gas & NGL Pipes 86.00$ 101.2 3.78% 8,704.25$ 0.0 -$ 0.0 -$
46 LGCY Legacy Reserves L.P. Upstream 26.77$ 47.1 0.55% 1,259.93$ 0.0 -$ 0.0 -$
47 LGP Lehigh Gas Partners, L.P. Downstream & Marketing 23.00$ - -$ 0.0 -$ 0.0 -$
48 LINE LINN Energy, LLC Upstream 36.40$ 196.5 3.10% 7,151.15$ 686.8 12.50% 25,000.00$ 0.0 -$
49 LNCO LinnCo, LLC Upstream 38.44$ - -$ 0.0 -$ 0.0 -$
50 LRE LRR Energy, L.P. Upstream 17.08$ - -$ 0.0 -$ 0.0 -$
51 MCEP Mid-Con Energy Partners, L.P. Upstream 23.52$ - -$ 0.0 -$ 0.0 -$
52 MEMP Memorial Production Partners, L.P. Upstream 19.43$ - -$ 0.0 -$ 0.0 -$
53 MMLP Martin Midstream Partners L.P. Terminal & Storage 37.44$ 21.0 0.34% 784.80$ 0.0 -$ 0.0 -$
54 MMP Magellan Midstream Partners L.P. Crude & Ref Prod Pipes 51.29$ 226.1 5.03% 11,594.28$ 487.4 12.50% 25,000.00$ 0.0 -$
55 MPLX MLPX, L.P. Crude & Ref Prod Pipes 37.60$ - -$ 0.0 -$ 0.0 -$
56 MWE MarkWest Energy Partners L.P. Gath & Process 61.07$ 127.7 3.39% 7,798.21$ 0.0 -$ 0.0 -$
57 NGL NGL Energy Partners, L.P. Propane & NGL Logistics 25.40$ - -$ 0.0 -$ 0.0 -$
58 NGLS Targa Resources Partners L.P. Gath & Process 44.66$ 86.7 1.68% 3,871.04$ 0.0 -$ 0.0 -$
59 NKA Niska Gas Storage Partners LLC Terminal & Storage 12.57$ - -$ 0.0 -$ 0.0 -$
60 NMM Navios Maritime Partners, L.P. Marine 14.34$ 49.5 0.31% 709.55$ 0.0 -$ 1,743.4 12.50% 25,000.00$
61 NRGM Inergy Midstream, L.P. Terminal & Storage 24.00$ - -$ 0.0 -$ 0.0 -$
62 NRGY Inergy, L.P. Propane & NGL Logistics 20.48$ - -$ 0.0 -$ 0.0 -$
63 NRP Natural Resource Partners L.P. Coal 23.57$ 71.8 0.74% 1,693.22$ 0.0 -$ 0.0 -$
64 NS NuStar Energy L.P. Crude & Ref Prod Pipes 52.76$ 63.8 1.46% 3,368.19$ 0.0 -$ 0.0 -$
65 NSH NuStar GP Holdings, LLC General Partners 31.43$ 34.3 0.47% 1,079.41$ 0.0 -$ 0.0 -$
66 NSLP New Source Energy Partners L.P. Upstream 19.95$ - -$ 0.0 -$ 0.0 -$
67 NTI Northern Tier Energy, L.P. Downstream & Marketing 30.49$ - -$ 0.0 -$ 0.0 -$
68 OILT Oiltanking Partners, L.P. Terminal & Storage 50.99$ - -$ 0.0 -$ 0.0 -$
69 OKS ONEOK Partners, L.P. Nat Gas & NGL Pipes 56.00$ 124.4 3.02% 6,964.51$ 0.0 -$ 0.0 -$
70 OXF Oxford Resource Partners, L.P. Coal 2.66$ - -$ 0.0 -$ 0.0 -$
71 PAA Plains All American Pipeline L.P. Crude & Ref Prod Pipes 56.16$ 309.3 7.54% 17,372.40$ 0.0 -$ 445.2 12.50% 25,000.00$
72 PDH PetroLogistics, L.P. Variable Rate 14.64$ - -$ 0.0 -$ 0.0 -$
73 PNG PAA Natural Gas Storage, L.P. Terminal & Storage 20.95$ 30.0 0.27% 629.26$ 0.0 -$ 0.0 -$
74 PSE Pioneer Southwest Energy Partners L.P. Upstream 24.25$ - -$ 0.0 -$ 0.0 -$
75 PVR Penn Virginia Resource Partners L.P. Gath & Process 23.69$ 94.8 0.97% 2,245.38$ 0.0 -$ 0.0 -$
76 QRE QR Energy, L.P. Upstream 17.28$ 50.7 0.38% 876.93$ 0.0 -$ 0.0 -$
77 RGP Regency Energy Partners L.P. Gath & Process 24.94$ 142.3 1.54% 3,548.30$ 0.0 -$ 0.0 -$
78 RNF Rentech Nitrogen Partners, L.P. Variable Rate 34.21$ - -$ 0.0 -$ 0.0 -$
79 RNO Rhino Resource Partners, L.P. Coal 13.75$ - -$ 0.0 -$ 0.0 -$
80 RRMS Rose Rock Midstream, L.P. Terminal & Storage 38.68$ - -$ 0.0 -$ 0.0 -$
81 SDLP Seadrill Partners, LLC Marine 27.75$ - -$ 0.0 -$ 0.0 -$
82 SEP Spectra Energy Partners, L.P. Nat Gas & NGL Pipes 38.56$ 40.0 0.67% 1,540.84$ 0.0 -$ 0.0 -$
83 SGU Star Gas Partners, L.P. Propane & NGL Logistics 4.58$ - -$ 0.0 -$ 0.0 -$
84 SMLP Summit Midstream Partners, L.P. Gath & Process 27.20$ - -$ 919.1 12.50% 25,000.00$ 0.0 -$
85 SPH Suburban Propane Partners L.P. Propane & NGL Logistics 44.18$ 56.8 1.09% 2,508.79$ 0.0 -$ 0.0 -$
86 STON StoneMor Partners. LP Other 26.58$ - -$ 0.0 -$ 0.0 -$
87 SUSP Susser Petroleum Partners, L.P. Downstream & Marketing 32.39$ - -$ 0.0 -$ 0.0 -$
88 SXCP SunCoke Energy Partners, L.P. Coal 20.74$ - -$ 0.0 -$ 1,205.4 12.50% 25,000.00$
89 SXE Southcross Energy Partners, L.P. Gath & Process 25.46$ - -$ 0.0 -$ 0.0 -$
90 SXL Sunoco Logistics Partners L.P. Crude & Ref Prod Pipes 64.24$ 68.7 1.92% 4,415.75$ 0.0 -$ 0.0 -$
91 TCP TC Pipelines L.P. Nat Gas & NGL Pipes 47.93$ 35.6 0.74% 1,707.94$ 0.0 -$ 0.0 -$
92 TGP Teekay LNG Partners L.P. Marine 41.41$ 43.4 0.78% 1,798.41$ 0.0 -$ 0.0 -$
93 TLLP Tesoro Logistics, L.P. Terminal & Storage 55.36$ 28.4 0.68% 1,570.31$ 0.0 -$ 0.0 -$
94 TLP TransMontaigne Partners L.P. Terminal & Storage 47.90$ - -$ 521.9 12.50% 25,000.00$ 0.0 -$
95 TNH Terra Nitrogen Company, L.P. Variable Rate 221.00$ - -$ 0.0 -$ 0.0 -$
96 TOO Teekay Offshore Partners L.P. Marine 30.09$ 56.3 0.74% 1,694.41$ 0.0 -$ 0.0 -$
97 TRGP Targa Resources Corp. General Partners 65.47$ - -$ 381.9 12.50% 25,000.00$ 0.0 -$
98 UAN CVR Partners, L.P. Variable Rate 25.17$ - -$ 0.0 -$ 0.0 -$
99 USAC USA Compression Partners, L.P. Gath & Process 19.20$ - -$ 0.0 -$ 1,302.1 12.50% 25,000.00$
100 VNR Vanguard Natural Resources, LLC Upstream 28.45$ 67.6 0.84% 1,923.72$ 0.0 -$ 0.0 -$
101 WES Western Gas Partners L.P. Gath & Process 58.14$ 53.4 1.35% 3,105.39$ 430.0 12.50% 25,000.00$ 0.0 -$
102 WGP Western Gas Equity Partners, L.P. General Partners 33.89$ - -$ 0.0 -$ 737.7 12.50% 25,000.00$
103 WPZ Williams Partners L.P. Nat Gas & NGL Pipes 50.13$ 110.8 2.41% 5,555.18$ 0.0 -$ 0.0 -$
104 XTEX Crosstex Energy L.P. Gath & Process 18.31$ 56.4 0.45% 1,033.26$ 0.0 -$ 0.0 -$
105 XTXI Crosstex Energy Inc. General Partners 19.05$ - -$ 0.0 -$ 0.0 -$
Totals / Weighted Averages 100.0% 230,314.35$ 100.0% 200,000.00$ 100.0% 200,000.00$
Target Yield 6.00% Target Yield 7.00%
Target Yield Not Achieved Target Yield Achieved
RED tickers indicate a past distribution cut. ORANGE tickers indicate VARIABLE distributions. Alerian MLP Index (AMZ) units/share weightings as of the March 15, 2013 rebalancing.
1. Only change the BLUE inputs for the Portfolio Units / Shares and Target Yield in order to strategize/analyze a hypothetical portfolio.2. Price / DCF LP column will bold values that are lower than the portfolio average. 3YR FYAT and 3YR FYAT / VCR columns will bold values that are higher than the portfolio average.
3. The best portfolio balance will be the one that has the lowest weighted average Risk Score coupled with the highest projected weighted average Current Yield, 3 YR FYAT or 3YR FYAT / VCR and/or lowest weighted average Price / Distributable Cash Flow per LP Unit (or share), as adjusted by your personal risk tolerance.
INPUTS
Alerian MLP Index (“AMZ”) Current Proposed
Ticker Company Segment Price Units / Portfolio Portfolio Units / Portfolio Portfolio Units / Portfolio Portfolio
3/22/13 Shares Percentage Dollars Shares Percentage Dollars Shares Percentage Dollars
INPUTS INPUTS
1 ACMP Access Midstream Partners, L.P. Gath & Process 40.98$ 62.3 1.11% 2,553.00$ 0.0 -$ 0.0 -$
2 AHGP Alliance Holdings GP, L.P. General Partners 51.50$ - -$ 0.0 -$ 0.0 -$
3 ALDW Alon USA Partners, L.P. Downstream & Marketing 24.35$ - -$ 0.0 -$ 1,026.7 12.50% 25,000.00$
4 AMID American Midstream Partners, L.P. Gath & Process 17.57$ - -$ 0.0 -$ 0.0 -$
1. Only change the BLUE inputs for the Portfolio Units / Shares and Target Yield in order to strategize/analyze a hypothetical portfolio.2. Price / DCF LP column will bold values that are lower than the portfolio average. 3YR FYAT and 3YR FYAT / VCR columns will bold values that are higher than the portfolio average.
3. The best portfolio balance will be the one that has the lowest weighted average Risk Score coupled with the highest projected weighted average Current Yield, 3 YR FYAT or 3YR FYAT / VCR and/or lowest weighted average Price / Distributable Cash Flow per LP Unit (or share), as adjusted by your personal risk tolerance.
PO
RT
FO
LIO
AN
ALY
ZE
R O
VE
RV
IEW
Inputs Tab
• The Inputs Tab is where you provide
your “Current” MLP portfolio
holdings and can do “what-if”
analysis by completing a “Proposed”
portfolio as well.
• Only change inputs cells that have
BLUE text.
102 WGP Western Gas Equity Partners, L.P. General Partners 33.89$ - -$ 0.0 -$ 737.7 12.50% 25,000.00$
103 WPZ Williams Partners L.P. Nat Gas & NGL Pipes 50.13$ 110.8 2.41% 5,555.18$ 0.0 -$ 0.0 -$
104 XTEX Crosstex Energy L.P. Gath & Process 18.31$ 56.4 0.45% 1,033.26$ 0.0 -$ 0.0 -$
105 XTXI Crosstex Energy Inc. General Partners 19.05$ - -$ 0.0 -$ 0.0 -$
Totals / Weighted Averages 100.0% 230,314.35$ 100.0% 200,000.00$ 100.0% 200,000.00$
Target Yield 6.00% Target Yield 7.00%
Target Yield Not Achieved Target Yield Achieved
RED tickers indicate a past distribution cut. ORANGE tickers indicate VARIABLE distributions. Alerian MLP Index (AMZ) units/share weightings as of the March 15, 2013 rebalancing.
• If the spreadsheet doesn’t
automatically update after you input
your positions hit the F9 key to
calculate the file.
• Also provides Target Yield inputs at
the bottom of the page to further
assist in “what-if” analysis.
5 MLP Protocol
PO
RT
FO
LIO
AN
ALY
ZE
R O
VE
RV
IEW
Results Tab
• Weighted average metrics for each portfolio.
– “Best” relative score, so highest or lowest depending on
the metric, is automatically bold
• Best portfolio balance will be the one that has:
– Lowest/best Risk Metrics (larger average Enterprise
Value is typically considered comparatively safer)
– Lowest Valuation Metrics
– Highest Yield / Return Metrics
– As adjusted by your personal risk tolerance
• Breakout and comparison of portfolios by Risk Rating.
• Breakout and comparison of portfolios by MLP Segment
(as per MLP Protocol peer groupings).
RESULTS
Data as of: 3/22/13
Portfolio Weighted Averages AMZ Index Current Proposed
Number of Positions 50 8 8
Risk Metrics
Risk Score 1.66 2.75 2.63
Net Debt / EBITDA 3.9x 2.6x 1.7x
Trailing Twelve Month Distribution Coverage Ratio 1.26x 1.26x 1.11x
Valuation Metrics
Enterprise Value (“EV”) in billions $24.8 $11.6 $12.1
EV / ADJ EBITDA (Adjusted EBITDA = EBITDA less GP distributions) 17.0x 16.2x 14.2x
Price / DCF per LP Unit 16.1x 18.1x 15.7x
Yield / Return Metrics
Weighted Average Current Yield 5.53% 5.21% 8.40%
3 Year Forward Distribution Growth 4.75% 9.13% 9.21%
3 Year Forward Yield After Tax 16.93% 16.19% 21.93%
3 Year FYAT / Valuation Coverage Ratio 1.50 1.47 3.90
Best metric score is bold (highest or lowest depending upon the metric).
Portfolio by Risk Rating AMZ Index Current Proposed
Baseline 49.6% 25.0% 37.5%
DCR < 1.0x 7.8% 0.0% 0.0%
Risky 27.5% 50.0% 12.5%
Very Risky 10.7% 25.0% 12.5%
Extremely Risky 4.4% 0.0% 37.5%
Total 100.0% 100.0% 100.0%
Portfolio by Segment AMZ Index Current Proposed
Nat Gas & NGL Pipes 42.9% 12.5% 12.5%
Crude & Ref Prod Pipes 21.6% 12.5% 12.5%
Gath & Process 14.3% 25.0% 12.5%
Upstream 6.6% 12.5% 0.0%
General Partners 5.8% 12.5% 12.5%
Terminal & Storage 2.7% 12.5% 0.0%
Propane & NGL Logistics 2.3% 0.0% 0.0%
Marine 1.8% 0.0% 12.5%
Coal 1.3% 0.0% 12.5%
Variable Rate 0.0% 0.0% 0.0%
Downstream & Marketing 0.8% 12.5% 12.5%
Other 0.0% 0.0% 12.5%
Total 100.0% 100.0% 100.0%
0%
20%
40%
60%
80%
100%
AMZ Index Current Proposed
Extremely Risky
Very Risky
Risky
DCR < 1.0x
Baseline
0%
20%
40%
60%
80%
100%
AMZ Index Current Proposed
Other
Downstream & Marketing
Variable Rate
Coal
Marine
Propane & NGL Logistics
Terminal & Storage
General Partners
Upstream
Gath & Process
Crude & Ref Prod Pipes
Nat Gas & NGL Pipes
AMZ yield calculated here will be different than the index yield reported by Alerian due to changes in index constituents over time and differences in estimated current yields, as a result the calculated AMZ index yield is currently lower than the yield reported by Alerian.
6 MLP Protocol
PO
RT
FO
LIO
AN
ALY
ZE
R O
VE
RV
IEW
Portfolio Tabs
• The Tabs after the Results Tab calculate the metrics for the AMZ Index, Current and Proposed Portfolios.
• On the Current and Proposed Tabs:
– Price / DCF LP column will bold values that are lower than the portfolio average
– 3YR FYAT and 3YR FYAT / VCR columns will bold values that are higher than the portfolio average
– Current Yields that are higher than the Target Yield will also be bold
7 MLP Protocol
PO
RT
FO
LIO
AN
ALY
ZE
R O
VE
RV
IEW
Data Input and Alerian MLP Index Constituents
• The Data Input Tab is there to allow full updates, as needed.
– You can update data in that Tab yourself with info provided in MLP Protocol Monthly reports
– All of the data in this Tab flows through to the rest of the spreadsheet
• The Alerian MLP Index Constituents data will be updated quarterly as Alerian rebalances this index.
