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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 (150980)	5/18/2011 11:08:27 AM
From: Dennis Roth	2 Recommendations Read Replies (1) \| Respond to of 206093

CS Take on MLPs Weekly Analysis MLPs Swoon Again in May 34 pages, 49 exhibits Download Link: sendspace.com MLPs Swoon Again in May: The AMZ is down 7.4% for May versus 1.9% for the S&P 500. We do not see this correction as the start of a bear market for MLPs as underlying trends still are constructive in our view. The bull case would emphasize that distribution growth appears to be accelerating to 5% from 2.6% in 2009 and 3.0% in 2010 and this, coupled with an average yield of 6%, should equate to relatively attractive returns, especially given still benign interest rates. The bear case would point to interest rates that may be poised to rise as the Fed wraps up QE2 and inflation expectations creep higher. A further concern may be the potential for high oil prices to dampen demand and choke the economic recovery. And finally, the potential for tax reform to negatively impact the status of MLPs – we again stress that we do not view this as a likely event (See page 3). Use Pullback to Accumulate MLPs with Visible Distribution Growth: Our top picks are DPM, EPD, ETE, PAA and NGLS. ==== OT: FUNDamental Insights CEF Highlights 16 May 2011 ¦ 28 pages citigroupgeo.com In this report, we aim to provide investors with a regular update and our latest views of the closed-end fund (CEF) sector.

To: Dennis Roth who wrote (150980)	9/20/2011 8:11:09 AM
From: Dennis Roth	2 Recommendations Respond to of 206093

NGL Supply Chain to Benefit From Integrated Growth Targa To Spend $250 Million On Propane Export Project 19 September 2011 ¦ 14 pages citigroupgeo.com Project Announcement — NGLS announced expansion of its marine terminal at Galena Park, TX to provide export capability for 5,000+ bbl/hr of international grade propane. The project also involves adding a propane de-ethanizer, additional salt dome storage and refrigeration equipment at partnership's Mt. Belvieu complex to support the propane export capability. The project is expected to be operational in Q3-2013. Propane Supply/Demand Balance — About 470 Mbbl/d of new NGL fractionation capacity is expected to come-on-line at Mt. Belvieu over the next couple of years increasing propane supply in the region by up to 130 Mbbl/d. The additional propane export capability would provide an outlet for this new supply bringing the supply/demand gap closer and hence provide support to the Mt. Belvieu prices. Positive For NGL Value Chain — In addition to NGLS & TRGP this project is also a positive for producers & other midstream players with connectivity to Mt. Belvieu. In the last few months, a number of new NGL pipeline and fractionation facilities have been announced at Mt. Belvieu and utilization of these facilities should improve as a result of propane export capability. Among our coverage APL, EEP, EPD, DPM & OKS should benefit the most. They have either new investments tied to Belvieu or processing assets that would have better connectivity to Belvieu as a result of these new facilities. Reiterate Buy — We reiterate our 1H rating on NGLS as we view the partnership as undervalued considering the growth opportunities such as the one announced today and also better than average yield of 6.50%. Additionally, we reiterate our 1H rating on TRGP, the GP of NGLS. We view TRGP as a leveraged play on NGLS well positioned to provide 40% growth in the next 12 months.