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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (149762)	4/21/2011 7:32:20 AM
From: Dennis Roth	2 Recommendations Respond to of 206093

Liquid Transportation & Storage MLPs Upstream Crude Infrastructure & Butane Blending Attractive; SXL to Buy & NS to Hold 21 April 2011 ¦ 39 pages citigroupgeo.com Upstream Volumes Growing & Margins Improving Downstream Volume Recovery & Butane Blending Windfall Rating Changes — We are raising SXL to Buy from Hold as we expect current crude oil fundamentals to drive strong results and attractive opportunities that will help support the partnership’s above average distribution growth of 7% and its premium valuation. We are lowering NS to Hold from Buy based on its recent refinery acquisition that will likely drive additional working capital needs along with another layer of volatility. While we believe NS remains an attractive value, both sub-par growth and increased risk have moved us to the sidelines. We maintain our Buy recommendations on PAA & MMP based on our outlook for crude fundamentals and butane blending margins, while we maintain Hold ratings on BPL & TLP.

To: Dennis Roth who wrote (149762)	4/27/2011 8:27:02 AM
From: Dennis Roth	4 Recommendations Read Replies (2) \| Respond to of 206093

CS Take on MLPs Weekly Analysis DOWning More Ethane 22 pages, 37 exhibits Download Link: sendspace.com DOW to Provide a Home for Incremental NGLs: Last week, DOW announced that it is restarting its St. Charles ethylene cracker in 2012 (610 MM Lbs/yr) and building a new world scale facility by 2017 (3.0-3.4 MM Lbs/yr). We estimate that the St. Charles facility will result in ~18 Mbpd of incremental ethane demand (2% of total demand) and the world scale facility will result in ~90 Mbpd of incremental ethane demand (~9.5% of total demand). DOW also plans to build a new world-scale on-purpose propylene facility by 2015 (500-600KT/yr) while looking to commercialize its propane to propylene technology for a separate new facility in 2018. This would provide an additional outlet for the incremental propane produced from liquids-rich shales (propane is the second largest NGL component, comprising ~ 28% of the NGL barrel). See CS Chemical’s team 4/21/11 note.