The fluctuating price of oil and natural gas can cause unpleasant swings in the stocks of companies that are closely tied to the price of the underlying commodity. These large price swings can be unpleasant for investors. For those investors who wish to invest in energy related entities without the risk tied to commodity prices, the midstream Master Limited Partnerships (MLPS) offer high yields for stable income plus capital appreciation.
MLPs handle the storage and transportation of oil and natural gas related products through their terminals and pipelines. They receive fees in return for providing these services. They are the toll takers of the commodity world. It doesn't matter if oil is priced at $85 or $120. The oil still needs to travel from point A to point B. These partnerships are among the most consistent long-term energy investments.
?
Yield
Price/Net Asset Value per unit
Operating
Cash Flow
Kinder Morgan (KMP)
6.4%
3.69
$3.01 Billion
Magellan (MMP)
5%
5.2
$519.7 Million
Enbridge (EEP)
7.3%
2.15
$1.04 Billion
ONEOK (OKS)
4.8%
2.67
$1.07 Billion
Energy Transfer (ETP)
8.2%
1.53
$1.31 Billion
Kinder Morgan Energy Partners has raised its cash distribution every year since 1997. This should be a key consideration for choosing a reliable MLP so that you can gauge what to expect in the form of payouts. KMP operates about 29,000 miles of pipelines and 175 terminals. KMP is fairly valued on the low end with solid cash flow and a healthy 6.4% cash distribution yield.
Magellan Midstream Partners had 40 cash distribution increases since its IPO in 2001. MMP operates 9,600 miles of petroleum pipelines, 1,100 miles of ammonia pipeline, and various terminals. It has a great balance of high yield along with capital appreciation.
Enbridge Energy Partners operates over 14,000 miles of pipelines for crude oil and natural gas. It also has a storage capacity of over 18 million barrels. EEP is attractively undervalued as it trades under 3 times net asset value per share. It has steadily increased cash distributions over time since 1996.
ONEOK Partners increased its cash distributions by about 59% since 2006. The partnership expects to achieve 15% - 20% annual distribution growth in 2013 and 2014. It is undervalued as it trades at less than 3 times net asset value per unit. ONEOK owns one of the premier U.S. natural gas liquids (NGL) systems connecting the mid-continent and Rocky Mountain regions to key markets.
Energy Transfer Partners is one of the highest yielding MLPs. Although the yield is high, the partnership has not increased the payout since 2008. The partnership is undervalued as it trades at only 1.53 times net asset value per unit.
ETP operates approximately 23,500 miles of natural gas pipelines and over 1,400 NGL pipelines. It recently announced that it would acquire Sunoco which diversifies the partnership into crude oil.
(click to enlarge)
Conclusion:
Master Limited Partnerships are a great way to collect steady income from cash distributions. All of these look like compelling long-term energy investments. Magellan has done well with capital appreciation over time, but it is currently valued higher than the others. However, it is still fairly valued and looks like a solid combination of yield and capital appreciation well into the future.
Overall, there may not be a right or wrong answer with these partnerships. Investors just need to choose the one they feel most comfortable with.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Reaxys announces winners of the 2012 Reaxys Ph.D. PrizePublic release date: 19-Jun-2012 [ | E-mail | Share ]
Contact: Tom Reller t.reller@elsevier.com 215-239-3508 Elsevier
The Reaxys Ph.D. Prize awards original and innovative research in organic, organometallic and inorganic chemistry
Neuchtel, Switzerland, June 19, 2012 - Reaxys announces the winners of the Reaxys PhD Prize. Awarding innovative and original research in organic, organometallic and inorganic chemistry, the Reaxys PhD Prize celebrates the top research being performed by leading young chemists across the globe.
The 2012 Reaxys PhD Prize Winners are:
Gregory Hamilton at University of California, Berkeley USA
Debashis Mandal at Nagoya University, Japan
Craig Stivala, University of California, Santa Barbara, USA
The winners have been selected from 45 finalists (see http://prize.reaxys.com/ for details of all the finalists) by the Chairs of the Review Board: Professors Tony Barrett (Imperial College, UK), Barry Trost (Stanford, USA) and Henry Wong (Chinese University Hong Kong, China).
Professor Wong said, "The prize goes from strength to strength. The three winners feel very proud to have been selected from such a strong and diverse field of applicants. I am personally very pleased to see such a diverse set of chemistries represented. This year there were a significant number of inorganic and organometallic submissions in addition to the usual strong organic submissions. I am sure that all of these young chemists have extremely bright futures ahead of them."
Launched in January 2010 the Reaxys PhD Prize has received over 900 submissions from well over 400 of the world's top chemistry institutions. This year a record 350 submissions were received from 39 countries. Submissions consisted of a representative peer-reviewed piece of published research, PhD supervisor's recommendation letter and a CV. Entries were closely scrutinized by a review board of over 80 international chemists from academia and industry. The reviewers judged the entries for originality, innovation, importance to the field, applicability, rigor of approach and publication quality.
The three winners and 42 other finalists have each been invited to attend the Reaxys PhD Prize Symposium at the 244th American Chemical Society Meeting in Philadelphia, on Sunday August 19 2012. The winners are invited to give an oral presentation of their research, and the finalists will participate in a special poster session and reception. The symposium will also feature presentations from Professors Martin Jansen (Max-Planck, Stuttgart, Germany) and Barry Trost (Stanford, USA)
###
To learn more about the Reaxys PhD Prize please visit http://prize.reaxys.com.
To learn more about Reaxys please visit www.reaxys.com. Reaxys and the Reaxys trademark are owned and protected by Reed Elsevier Properties SA and used under license.
About Reaxys
Reaxys is a workflow solution for research chemists. Offering a wealth of experimentally validated information, Reaxys combines reaction and substance data in organic, organometallic, inorganic and physical chemistry with synthesis planning. Researchers can get the information they need in a single overview, from source publications carefully selected for their importance and relevance to research chemists. Elsevier continues to engage with the chemistry community to ensure that Reaxys continues to reflect how chemists think and work. For more information please visit https://www.reaxys.com/info/.
Reaxys and the Reaxys trademark are owned and protected by Reed Elsevier Properties SA and used under license.
About Elsevier
Elsevier is a world-leading provider of scientific, technical and medical information products and services. The company works in partnership with the global science and health communities to publish more than 2,000 journals, including The Lancet and Cell, and close to 20,000 book titles, including major reference works from Mosby and Saunders. Elsevier's online solutions include ScienceDirect, Scopus, Reaxys, MD Consult and Mosby's Nursing Suite, which enhance the productivity of science and health professionals, and the SciVal suite and MEDai's Pinpoint Review, which help research and health care institutions deliver better outcomes more cost-effectively.
A global business headquartered in Amsterdam, Elsevier employs 7,000 people worldwide. The company is part of Reed Elsevier Group PLC, a world-leading publisher and information provider, which is jointly owned by Reed Elsevier PLC and Reed Elsevier NV. The ticker symbols are REN (Euronext Amsterdam), REL (London Stock Exchange), RUK and ENL (New York Stock Exchange).
About Reed Elsevier Properties SA
Reed Elsevier Properties SA is a centre of excellence within Reed Elsevier for the management, development and protection of intellectual property. Reed Elsevier Properties SA owns the PharmaPendium and Reaxys databases. Trademarks including Reaxys, PharmaPendium, Targetinsights, The Lancet and World Travel Market are owned and protected by Reed Elsevier Properties SA and used under licence.
Media contact
Tom Reller
Vice President, Global Corporate Relations, Elsevier
+1 215 239 3508
t.reller@elsevier.com
[ | E-mail | Share ]
?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Reaxys announces winners of the 2012 Reaxys Ph.D. PrizePublic release date: 19-Jun-2012 [ | E-mail | Share ]
Contact: Tom Reller t.reller@elsevier.com 215-239-3508 Elsevier
The Reaxys Ph.D. Prize awards original and innovative research in organic, organometallic and inorganic chemistry
Neuchtel, Switzerland, June 19, 2012 - Reaxys announces the winners of the Reaxys PhD Prize. Awarding innovative and original research in organic, organometallic and inorganic chemistry, the Reaxys PhD Prize celebrates the top research being performed by leading young chemists across the globe.
The 2012 Reaxys PhD Prize Winners are:
Gregory Hamilton at University of California, Berkeley USA
Debashis Mandal at Nagoya University, Japan
Craig Stivala, University of California, Santa Barbara, USA
The winners have been selected from 45 finalists (see http://prize.reaxys.com/ for details of all the finalists) by the Chairs of the Review Board: Professors Tony Barrett (Imperial College, UK), Barry Trost (Stanford, USA) and Henry Wong (Chinese University Hong Kong, China).
Professor Wong said, "The prize goes from strength to strength. The three winners feel very proud to have been selected from such a strong and diverse field of applicants. I am personally very pleased to see such a diverse set of chemistries represented. This year there were a significant number of inorganic and organometallic submissions in addition to the usual strong organic submissions. I am sure that all of these young chemists have extremely bright futures ahead of them."
Launched in January 2010 the Reaxys PhD Prize has received over 900 submissions from well over 400 of the world's top chemistry institutions. This year a record 350 submissions were received from 39 countries. Submissions consisted of a representative peer-reviewed piece of published research, PhD supervisor's recommendation letter and a CV. Entries were closely scrutinized by a review board of over 80 international chemists from academia and industry. The reviewers judged the entries for originality, innovation, importance to the field, applicability, rigor of approach and publication quality.
The three winners and 42 other finalists have each been invited to attend the Reaxys PhD Prize Symposium at the 244th American Chemical Society Meeting in Philadelphia, on Sunday August 19 2012. The winners are invited to give an oral presentation of their research, and the finalists will participate in a special poster session and reception. The symposium will also feature presentations from Professors Martin Jansen (Max-Planck, Stuttgart, Germany) and Barry Trost (Stanford, USA)
###
To learn more about the Reaxys PhD Prize please visit http://prize.reaxys.com.
To learn more about Reaxys please visit www.reaxys.com. Reaxys and the Reaxys trademark are owned and protected by Reed Elsevier Properties SA and used under license.
About Reaxys
Reaxys is a workflow solution for research chemists. Offering a wealth of experimentally validated information, Reaxys combines reaction and substance data in organic, organometallic, inorganic and physical chemistry with synthesis planning. Researchers can get the information they need in a single overview, from source publications carefully selected for their importance and relevance to research chemists. Elsevier continues to engage with the chemistry community to ensure that Reaxys continues to reflect how chemists think and work. For more information please visit https://www.reaxys.com/info/.
Reaxys and the Reaxys trademark are owned and protected by Reed Elsevier Properties SA and used under license.
About Elsevier
Elsevier is a world-leading provider of scientific, technical and medical information products and services. The company works in partnership with the global science and health communities to publish more than 2,000 journals, including The Lancet and Cell, and close to 20,000 book titles, including major reference works from Mosby and Saunders. Elsevier's online solutions include ScienceDirect, Scopus, Reaxys, MD Consult and Mosby's Nursing Suite, which enhance the productivity of science and health professionals, and the SciVal suite and MEDai's Pinpoint Review, which help research and health care institutions deliver better outcomes more cost-effectively.
A global business headquartered in Amsterdam, Elsevier employs 7,000 people worldwide. The company is part of Reed Elsevier Group PLC, a world-leading publisher and information provider, which is jointly owned by Reed Elsevier PLC and Reed Elsevier NV. The ticker symbols are REN (Euronext Amsterdam), REL (London Stock Exchange), RUK and ENL (New York Stock Exchange).
About Reed Elsevier Properties SA
Reed Elsevier Properties SA is a centre of excellence within Reed Elsevier for the management, development and protection of intellectual property. Reed Elsevier Properties SA owns the PharmaPendium and Reaxys databases. Trademarks including Reaxys, PharmaPendium, Targetinsights, The Lancet and World Travel Market are owned and protected by Reed Elsevier Properties SA and used under licence.
Media contact
Tom Reller
Vice President, Global Corporate Relations, Elsevier
+1 215 239 3508
t.reller@elsevier.com
[ | E-mail | Share ]
?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
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Science and medicine are supposedly based on rigor—a rigor where theories are only correct if you can replicate results. It turns out, though, that the software used to analyze medical images of your brain gives wildly different answers if it's run on Mac or PC. More »
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VATICAN CITY (AP) ? The Vatican's No. 2 official on Monday blamed the media ? and the devil ? for fueling the scandal over leaked Vatican documents.
Secretary of State Cardinal Tarcisio Bertone told an Italian Catholic weekly that journalists reporting on the leaks scandal are "pretending to be Dan Brown ... inventing stories and replaying legends." The reference to Brown is particularly acute; Brown wrote "The Da Vinci Code" and "Angels and Demons" the best-selling fictional accounts of power struggles and scandals inside the Catholic Church.
The Vatican has been on the defensive ever since sensitive documents alleging corruption and exposing power struggles began appearing in the Italian media in January. A recent book containing dozens of documents from Pope Benedict XVI's own desk has compounded what many see as a plot to undermine Bertone's authority.
Several top Vatican officials have castigated the media for fueling the scandal, and to be sure Italian newspapers in particular have been on a feeding frenzy reporting details of the Vatican's investigation into the leaks that the Vatican spokesman routinely shoots down.
Pope Benedict XVI himself has complained about media reports that "went well beyond the facts, offering an image of the Holy See that doesn't correspond to reality."
But Bertone's interview with Famiglia Cristiana took the complaints to a new level, blasting the "vehemence" of some Italian newspapers in seeking to create divisions between the pope and his collaborators where there weren't any.
"The truth is that there's a will to create division that comes from the devil," he said. The interview is due on newsstands Thursday but was made available to journalists Monday.
Bertone admitted the Holy See isn't perfect and that "none of us wants to hide the church's shadows and defects." But he said the Italian media in particular had gone too far, violating the privacy rights of both the pope and the people who correspond with him by publishing leaked documents.
Contrary to media reports depicting factions opposed to him within the Vatican bureaucracy, Bertone said he enjoys "an extraordinary climate of communion" with his colleagues. "Personally, I don't sense any sign of cardinals or church personalities being involved in any conquest of some phantom power," he said.
So far only one person has been arrested in the case: the pope's butler, Paolo Gabriele, a 46-year-old father of three who was arrested May 23 and accused of aggravated theft after reams of papal documents were found in his Vatican City apartment.
The Vatican spokesman, the Rev. Federico Lombardi, said Monday that a commission of cardinals investigating the leaks scandal had so far interrogated 23 people, including Gabriele as well as other lay and clergy, Vatican superiors and employees. The commission members reported back to the pope on Saturday about their investigation and are continuing their work.
Gabriele continues to be held inside the Vatican police barracks accused of aggravated theft, though he was allowed out on Sunday as usual to attend Mass with his family.
The attempt by the Vatican to blame the media for the leaks is to some degrees a repeat of 2010, when several Vatican officials blamed journalists for fueling the sex abuse scandal that had re-ignited that year. Thousands of people came forward, mostly in Europe, with reports that priests had raped and molested them when they were children.
Eventually, Benedict himself put the blame-game to rest when he admitted that the abuse was "born from the sins within the church," not from the media.
The leaks scandal broke in January when Italian journalist Gianluigi Nuzzi revealed letters from a former top Vatican administrator who begged the pope not to transfer him for having exposed alleged corruption that cost the Holy See millions of euros (dollars) in higher contract prices. The prelate was transferred and is now the Vatican's U.S. ambassador.
The scandal widened over the following months with documents leaked to Italian journalists that laid bare power struggles and differences of opinion inside the Vatican over its efforts to show greater financial transparency and comply with international norms to fight money laundering.
The scandal reached a peak last month when Nuzzi published an entire book based on a trove of new documentation, including personal correspondence to and from the pope and his private secretary, much of which painted Bertone in a negative light.
Lombardi was asked Monday about the campaign to blame journalists for reporting on documents that someone inside the Vatican chose to leak. Lombardi said that he didn't want to make any "general condemnation" but that in such tense times, objectivity and fact-checking seem to have fallen by the wayside.
While ruling out power struggles per se, he did admit there have been "strong tensions" of late, particularly concerning the harsh ouster of the president of the Vatican bank, Ettore Gotti Tedeschi. He was fired after the bank's board accused him of failing to do his job and leaking documents. Subsequently a letter from a psychotherapist working for the bank was leaked in which the doctor expressed concerns about Gotti Tedeschi's mental health.
___
Follow Nicole Winfield at www.twitter.com/nwinfield
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Public release date: 19-Jun-2012
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