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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Dennis Roth who wrote (183259)	3/31/2014 4:00:42 AM
From: Dennis Roth	3 Recommendations of 206150

Master Limited Partnerships Large Cap Midstream and Liquids & Transportation 28 March 2014 ¦ 148 pages ir.citi.com Assuming Coverage — We are assuming coverage of the large cap midstream, liquids and transportation MLPs and corporations. In this note, we are downgrading Genesis Energy (GEL) and Rose Rock (RRMS) from Buy to Neutral. Our downgrades reflect our view of moderating crude oil differentials between Cushing and the Gulf Coast, which we believe will put pressure on margins for companies that have generated excess profits by optimizing their asset base. Despite our view of narrowing differential, we continue to be bullish on domestic oil and natural gas liquids production growth, which we believe favors the group of stocks in this report over the long-run. WPZ Preferred Pick — WPZ is our preferred pick in the group. We believe units of WPZ will recover over the next 12 months as management focuses on repairing the cost of equity of WPZ and moving the coverage ratio back up above 1.0x. We estimate WPZ currently trades at a distribution yield of 8.3% in our 2018 forecasts.

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