Keyera(TSX:KEY:UN)
"Keyera operates one of the largest natural gas midstream businesses in Canada. Its three business lines consist of: natural gas gathering and processing; the processing, transportation, and storage of natural gas liquids (NGLs) and crude oil; and the marketing of NGLs."
Market Value: C$1.090 billion
P/E: 6.9
Yield: 10.381%(C$0.15/month)
Payout Ratio: 78%(9m/2008),63%(FY2007)
Revenues: 1.479 billion(Marketing 84.5%, Gathering and Processing 12.5%, NGL Infrastructure 3%)
Total Assets: 1.618 billion(goodwill 71 million)
Total Liabilities: 1.021 billion
-"Diluent Key to Keyera’s Oil Sands Strategy: In-situ oil sands producers require diluent to enable bitumen to flow to upgraders for processing->Condensate is the preferred diluent"
-"Likely to consider a conversion to a corporate structure in 2011 or 2012"
-Keyera Midstream 101 video
Pembina Pipeline Income Fund (TSX:PIF.UN)
"Pembina’s business is structured in three key segments: Conventional Pipelines, Oil Sands Infrastructure and Midstream. Pembina has an extensive network of conventional pipelines in Alberta and British Columbia ("BC") that provide dependable, cost effective transportation service to approximately 65 customers. During 2007, these pipelines collectively moved approximately 450,000 barrels per day of conventional crude oil and natural gas liquids (NGLs).Pembina has 775,000 bpd of fully contracted synthetic crude oil transportation capacity in three distinct pipelines serving customers in the Athabasca oil sands region. The Midstream & Marketing business consists of Pembina's 50 percent non-operated interest in the Fort Saskatchewan Ethylene Storage Facility and the wholly-owned terminalling, storage and hub services operated across segments of Pembina's conventional pipeline systems."
Market Value: C$1.888 billion
P/E 12.11
Yield: 11.040%(C$0.13/month)
Payout Ratio: 97%(9m/2008), 95%(FY2007)
Revenues(2007) C$504,788 million(Conventional pipelines 49.5%, Midstream business 38.5%, oil sands infrastructure 12%)
Total Assets: 2.121 billion(goodwill 356 million)
Total Liabilities: 1.222 billion
*"Plans to convert to a dividend paying corporation by the end
of 2010"
Inter Pipeline Fund(TSX:IPL.UN)
"Inter Pipeline is an integrated energy infrastructure business that owns and operates four business segments:Conventional Oil Pipelines, Oil Sands Transportation, NGL Extraction, Bulk Liquid Storage"
Market Value: 1.754 billion
P/E: 7.33
Yield: 11.053%(C$0.07/month)
Payout Ratio: 63.5%(9m/08), 83.8%(FY2007)
Revenues: 1.144 billion(Oil sands transportation 9.5%, NGL extraction 66%, Conventional oil pipelines 11%, Bulk liquid storage 13.5%)
Total Assets: C$3.964 billion(including 220 million of goodwill)
Total Liabilities: C$2.889 billion
-"Canada’s largest oil sands gathering business", Oil Sands production volume is estimated to grow ~200% by 2020
-Conventional oil pipeline and NGL extraction revenues are partly based on commodity prices(~30% of '08 cashflow)
Fort Chicago(TSX:FCE.UN)
"Fort Chicago Energy Partners L.P. is a publicly traded limited partnership.Fort Chicago owns and operates energy infrastructure assets across North America within three principal business segments - pipeline transportation, natural gas liquids ("NGL") extraction, and power."
Market Value: 1.046 billion
P/E: 9.94
Yield: 12.815%(C$0.083/month)
Payout Ratio: 72%(9m/2008),70%(FY2007)
Revenues: 589 million(Pipeline Business 61.5%, NGL Business 34.5%, Power Business 4%)
Total Assets: 3.013 billion(goodwill 19.9 million)
Total Liabilities: 2.216 billion
-"Based on WTI crude price of US $40 to US $60 per barrel and a Henry Hub
natural gas price of US $6 to $8 per mmbtu, Forecast 2009 distributable cash expected to be in the range of $0.94-$1.23, down from 2008 due to market turmoil"
-"No required debt refinancing in 2009"
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