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Victor Cheng

Disclosure: I am in full compliance with all ethics and other policies for Market Realist research analysts. I am not invested in securities that I cover on Market Realist.

More From Victor Cheng

  • uploads///Onshore Crude Oil Pipelines Operating Margin
    Company & Industry Overviews

    EPD’s Crude Oil Pipeline Has Been Increasing since 2010

    The operating margin of EPD’s crude oil pipeline segment has been increasing since 2010 due to increases in volume, average tariffs, and other fees.

    By Victor Cheng
  • uploads///US crude oil production
    Company & Industry Overviews

    How US Oil Production Impacts MLPs

    Oil production in the US has increased drastically due to new technologies and the application of hydraulic fracturing and horizontal drilling.

    By Victor Cheng
  • uploads///Various ways to invest in MLPs
    Company & Industry Overviews

    How to Invest in Master Limited Partnerships

    An investor can invest in MLPs directly by purchasing the units from the stock exchange or through exchange-traded funds, exchange-traded notes, and mutual funds.

    By Victor Cheng
  • uploads///Most MLPs are focussed on Natural Resources
    Company & Industry Overviews

    Most MLPs Today Focus on the Oil and Gas Sector

    Currently close to 130 MLPs that trade on major exchanges have a primary focus on oil and gas midstream and downstream activities.

    By Victor Cheng
  • uploads///Petrochemical Segment Operating Income
    Company & Industry Overviews

    How EPD Increased Operating Income in Its Petrochemical Segment

    EPD’s Petrochemical segment’s operating income has been increasing since 2010 due to higher propylene sales margins and lower maintenance expenses.

    By Victor Cheng
  • uploads///William Partners EBITDA by Business Segment
    Earnings Report

    Analyzing How Williams Partners’ Segments Performed in 1Q15

    For the quarter, the Atlantic-Gulf segment’s adjusted EBITDA increased by 25.9% to $335 million—compared to $266 million for 1Q14.

    By Victor Cheng
  • uploads///Western Gas Partners Cash Distribution
    Earnings Report

    Western Gas Partners Reports Higher Cash Distribution in 1Q15

    Western Gas Partners increased its cash distribution from $0.16 per unit in August 2008 to $0.72 per unit in April 2015.

    By Victor Cheng
  • uploads///Crude Oil Terminals
    Company & Industry Overviews

    EPD’s Onshore Crude Oil Pipelines & Services Segment

    EPD’s Onshore Crude Oil Pipelines & Services segment includes approximately 5,400 miles of onshore crude oil pipelines, crude oil storage terminals, and crude oil marketing activities.

    By Victor Cheng
  • uploads///Offshore Hub Platforms
    Company & Industry Overviews

    EPD’s Offshore Pipelines & Services Segment

    EPD’s Offshore Pipelines & Services segment includes approximately 2,350 miles of offshore natural gas and crude oil pipelines and six offshore hub platforms.

    By Victor Cheng
  • uploads///William Partners Quarterly Capital Spending
    Earnings Report

    Williams Partners’ Expected Capex Outlook for Fiscal 2015

    Williams Partners’ capex (capital expenditure) for 1Q15 was $735 million—1.5% higher than 1Q14. It expects the total capex for the rest of 2015 to be ~$3,955 million.

    By Victor Cheng
  • uploads///William Partners Adj EBITDA and EBITDA Margin
    Earnings Report

    Why Williams Partners’ Stock Dipped after Its 1Q15 Earnings

    Williams Partners’ (WPZ) stock price decreased 1.1% from $49.90 per share to $49.40 per share after it announced its fiscal 1Q15 results on April 30, 2015.

    By Victor Cheng
  • uploads///NGL Pipelines Gross Operating Margin
    Company & Industry Overviews

    EPD’s Natural Gas Liquids Pipeline Segment Shows Marginal Increase

    EPD’s natural gas processing subsegment has been declining since 2013 due to low natural gas prices in 2013 and 2014.

    By Victor Cheng
  • uploads///NGL Fractionation Facility
    Company & Industry Overviews

    Why NGL Fractionation Is an Important Subsegment for EPD

    Fractionation is the process through which mixed natural resources are separated into pure form that can be taken up by the end users.

    By Victor Cheng
  • uploads///NGL Pipelines Services Volumetric Data
    Company & Industry Overviews

    EPD’s Most Profitable Segment: NGL Pipelines & Services

    EPD’s Natural Gas Liquid Pipelines & Services segment involves natural gas processing plants and NGL marketing activities.

    By Victor Cheng
  • uploads///Crude Oil Transportation Volume
    Company & Industry Overviews

    How EPD’s Crude Oil Transportation Volume Affects Revenue

    Transported volumes have increased significantly for EPD’s Crude Oil Pipelines and Services segment due to expansion of the Eagle Ford Crude Oil Pipeline system and the Seaway Pipeline.

    By Victor Cheng
  • uploads///US Natural gas
    Company & Industry Overviews

    How the Changing Natural Gas Scenario Affects MLPs

    Since significant pipeline capacity will be added in the coming years, it will directly affect midstream MLPs with a good cash position, strong parent companies, and a clear growth outlook.

    By Victor Cheng
  • uploads///Impact of Commodity Price on MLPs
    Company & Industry Overviews

    How Commodity Prices Impact MLPs

    MLPs involved in oil and gas production, gathering and processing, and coal have significant exposure to commodity price fluctuations.

    By Victor Cheng
  • uploads///Largest MLPs and Their Yield
    Company & Industry Overviews

    An Introduction to MLPs: A Framework for Investment

    Master Limited Partnerships (or MLPs) are publicly traded partnerships that generally operate in the energy and natural resources sectors.

    By Victor Cheng
  • uploads///Structure of the IDRs
    Company & Industry Overviews

    The Importance of Incentive Distribution Rights for MLPs

    Incentive distribution rights (or IDRs) determine the share of cash distribution paid to the general partner (or GP) for managing the operations of the MLPs.

    By Victor Cheng
  • uploads///Percentahe Of Distribution paid to Gp
    Company & Industry Overviews

    The Pros and Cons of Incentive Distribution Rights

    Most MLPs restructure the IDRs when they reach high splits, as growth is capped. The markets view IDR restructuring favorably.

    By Victor Cheng
  • uploads///Comparison
    Company & Industry Overviews

    How Master Limited Partnerships Are Structured

    A MLP’s ownership structure consists of a decision-making general partner (or GP) and a limited partner (or LP).

    By Victor Cheng
  • uploads///MLPs Funds Come in Various Ways
    Company & Industry Overviews

    How MLPs Fund their Growth

    MLPs fund their growth by raising more capital every year, as they distribute major portions of their cash flow to unit holders.

    By Victor Cheng
  • uploads///How is cash flow calculated
    Company & Industry Overviews

    The Importance of the Distribution Coverage Ratio

    The distribution coverage ratio is the most important ratio for MLPs, as it highlights the cash available to the LP unit holders divided by the cash distributed to LP unit holders.

    By Victor Cheng
  • uploads///Partnership distribution are tax efficient
    Company & Industry Overviews

    What Are the Tax Implications of Investing in MLPs?

    The IRS considers MLPs to be pass-through entities, so they are not required to pay corporate level federal income taxes.

    By Victor Cheng
  • uploads///List of companies backed by parent Co
    Company & Industry Overviews

    Why It’s Important that MLPs Have a C-Corp as a Parent

    Having a C-Corp as a parent company helps the MLP grow when there is fierce competition for new acquisitions and when new projects are difficult to build.

    By Victor Cheng
  • uploads///Alerian Performance Compared to other Asset Classes
    Company & Industry Overviews

    The Advantages and Disadvantages of Investing in MLPs

    MLPs clearly stand out when compared to other asset classes because of their structure, yields as compared to other asset classes, and stability of cash distribution.

    By Victor Cheng
  • uploads///Midstream Service Contract Types
    Company & Industry Overviews

    How Different Contracts Affect Master Limited Partnerships

    There are various types of contracts in energy MLPs that each have their own advantages and disadvantages.

    By Victor Cheng
  • uploads///How Dropdown works
    Company & Industry Overviews

    How Do Master Limited Partnerships Grow?

    MLPs normally pay out all the available cash to the unit holders in the form of quarterly cash distribution. They hold only the maintenance capital expenditure.

    By Victor Cheng
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