KMI: Snap Take

Someone asked me for my general thoughts on KMI today, thought it would be appropriate to offer them here as well. We are (as of today) owners of KMI, in the interest of full disclosure. KMI is currently trading at a 3.76% yield, KMP is currently trading at a 6.4% yield. If we assume that KMP grows it's distribution 4.5% per year for the next 5 years,

Heinz vs. Hinds: Taxes on Foreign MLP Investors

I have been asked before by foreign investors, can I buy MLPs?  I knew they could buy them, but didn’t have a cohesive answer on what the tax implications would be to a foreign investor directly investing in a publicly-traded partnership or MLP.  So, I tried to find out on the internet and by going through SEC filings of MLPs or FAQ sections of MLP

Return of KMI: Kinder Morgan Files GP IPO

While the rest of the sector has been zigging, Kinder Morgan is planning to zag.  After a rash of consolidations in the publicly-traded MLP GP subsector in the past year that saw EPE, NRGP, BGH, PVG (pending) and MGG (2009) all get consolidated into their subsidiary MLPs, Kinder Morgan has filed to take its general partner holding company public.  The

You Choose: All Three 7.5% Yield!

It has been several months since my last post, and although it's cliche, I have been very busy.  I do plan to continue to write regular blog postings on MLPs once things settle down (probably starting in October). One topic I would love to write about in detail if I had the time today would be this: I own 3 very different MLPs (EEP, NRGY and RGNC), all

Lingering ENP Questions

Ordinarily an article about a company I own is taboo, but this posting is not about “talking my book”, it’s about opening a dialogue about a company with many questions, and about which not many people are talking.  Encore Energy Partners (ENP) is the often overlooked E&P MLP subsidiary of Encore Acquisition Company (EAC), which was recently

MLP Basics V – Subsector Overview

This post will initiate what I hope to be a routine Wednesday post.  This week, I’ll continue with the MLP basics series of posts.  Other posts on the subject of MLP basics will include: history of performance, discussion of prevailing valuation techniques, a discussion of publicly traded general partners, and a summary of institutional ownership of

Curbstone 4Q Letter

Dear Internet...It's been a while since my last post, but I plan to get back on a regular posting schedule next week.  For now, click the link below to read Curbstone's latest quarterly market commentary, written by Ryan Krueger and myself.  I look forward to feedback from you people of the internet. Curbstone Quarterly Letter_4Q2009

MLP Basics IV – FAQ

I’m still loading up the blog with posts on the basics of MLPs, and this is no exception.  But the plan is to eventually dig into current MLP topics, discuss specific MLP’s, etc.  So, stay tuned.  For today’s post, I wanted to add some more detail on MLP structure by answering some common questions about MLPs. Why do companies create

MLP Basics III – IPOs

It's been almost 20 months since the last MLP IPO (May 2008). 2009 was the third year since 1995 that there were no MLP IPOs, the other two years being 1997 and 2003. There are no IPOs in the registration process as of now, but the strength of the equity markets leads me to believe that at least 1 MLP will go public in 2010. I thought it might be