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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 (155213)	8/17/2011 4:59:01 PM
From: Dennis Roth	2 Recommendations Read Replies (1) \| Respond to of 206085

CS Take on MLPs 2Q Earnings Recap: Pipe Dreams and Storage Nightmares 28 pages, 45 exhibits Download Link: http://www.sendspace.com/file/twg55i 2Q Earnings Recap: The MLPs generally reported strong 2Q11 earnings with EBITDA growing 15% (y/y) in aggregate for the companies under our coverage. Areas of strength included crude oil & NGL transportation while areas of weakness included natural gas storage and natural gas and product pipelines. Infrastructure opportunities were a focus throughout earnings season as companies target bottlenecks and wide price differentials across the onshore NGL and crude oil system. As noted in our 2Q11 earnings preview, with competing project proposals, the race to secure shipper commitments has begun (e.g. Cushing-Gulf Coast, Conway-Mt. Belvieu, Marcellus ethane, and Permian & Eagle Ford liquids) and continues to be a key area to watch, Drilling Activity in Shale Plays Remains Strong: Eagle Ford leads the group with 176 rigs. As noted above, development of the shales is creating infrastructure opportunities for the MLPs. Our top picks focused on the shales include DPM, EPD, NGLS, SXL and TLLP... ...Please note, “CS Take on MLPs” will not be published the last two weeks of August and will return the week of September 5th. ----------- FUNDamental Insights 15 August 2011 ¦ 29 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.