We don’t cover it unfortunately, so I really can’t at the moment, but I’ll add it to my to-research list.

The KMI opart of the question has been answered I guess. The Magellan (MMP) distribution is a s safe as they come, and while the yield is accordingly more modest it will grow at least 10% next year. EQM is also exceptionally well covered and growing fast thanks to dropdowns; it’s a Marcellus gas play with an exceptionally well-financed sponsor and things there will only get better. I’d also look at AM, which has a somewhat similar profile, and APU in propane distribution.

I don’t think the WPZ distribution is secure because they can’t really issue equity at the current yield and do have a lot of 2016 spending needs. But I expect ETE’s Kelcy Warren to find a creative solution and even if WPZ needs to cut I expect it to have only a muted effect on cash flow at ETE. I expect that risk has already been priced into ETE’s own 9% yield given its long-term growth prospects.

The author’s not credible. The metric is EBITDA, not EBDA, and if I simply plug interest payments into his calculation the consolidated leverage looks to be in the 5.4x range. But keep in mind that while it may make some sense to look on a consolidated basis, in fact ETE affiliates like ETP service their own debt and are rated separately. I stand by the debt leverage info for both ETE and ETP that I provided here: http://www.investingdaily.com/energy-strategist/articles/24242/after-the-fall-3/ . And ETE provided some additional credit color from the agencies on page 18 of its Dec. 7 presentation: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjA0NzczfENoaWxkSUQ9MzE1ODkxfFR5cGU9MQ==&t=1

Oh, I think the market expects it to happen. Might not be happy about that, though. I too think the merger vote at Williams is mostly a formality at this point.

I think the ETE affiliate most likely to cut its distribution is WPZ, but I would expect only a muted affect on ETE cash flows even if that were to happen. As for ETP, it got more than $2B in cash from dropping down the rest of its retail assets to Sunoco recently, so even if they don’t want to increase debt leverage they could likely wait until next fall before needing to sell equity (need roughly $1B in equity financing next year of which roughly half is expected to be raised more or less automatically via DRIP). Bottom line is I think the odds of ETE cutting are maybe 10-1 against, and maybe 5-1 against for ETP. Moreover, I believe the market is currently pricing in much higher odds of a cut for both. But I also want to acknowledge that almost any MLP that needs to raise equity next year will have a hard time justifying the cost unless MLP equity prices recover. A distribution cut will look like an attractive alternative for some. But ETP has enough better options and the time to wait this out, I believe.

I’ll be posting a portfolio update on GLP in The Energy Letter later today and upgrading it to a buy. Think there’s very little chance they cut the distribution any time soon.