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Inergy Midstream to Acquire the COLT Crude Oil Logistics Hub
Nov 5, 2012 8:20:00 AM
Copyright Business Wire 2012
Establishes New Midstream Platform in the Prolific Bakken Shale
KANSAS CITY, Mo.--(BUSINESS WIRE)-- Inergy Midstream, L.P. (NYSE:NRGM) (“Inergy Midstream”) and the owner of its general partner, Inergy, L.P. (NYSE:NRGY) (“Inergy”), announced today that Inergy Midstream has executed a definitive agreement to purchase Rangeland Energy, LLC (“Rangeland”), the owner and operator of the COLT crude oil rail terminal, storage, and pipeline facilities (the “COLT Hub”) for $425 million, subject to certain performance milestones and customary working capital adjustments. As discussed below, Inergy Midstream has entered into an agreement to sell $225 million of common units in a private placement and has obtained committed unsecured debt financing to fund the balance of the acquisition purchase price.
The COLT Hub is strategically located near the town of Epping in Williams County, North Dakota, in the heart of the Bakken and Three Forks shale oil-producing areas. The COLT Hub provides producers, refiners, and marketers with the largest open-access crude oil distribution hub in North Dakota. With 720,000 barrels of crude oil storage and two 8,700-foot rail loops, the COLT Hub can accommodate 120-car unit trains and is capable of moving more than 120,000 barrels per day by rail. COLT’s customers can source product via the eight-bay truck unloading rack, the COLT Connecter, a 21-mile, 10-inch bi-directional pipeline that connects the COLT Hub to the Enbridge and Tesoro pipelines at Dry Fork (Beaver Lodge/Ramberg junction), the Banner gathering system, and a planned connection to the Bear Tracker Energy gathering system.
“We are excited to announce the acquisition of a vital midstream asset in one of the most compelling shale basins in North America,” said John Sherman, President and CEO of Inergy Midstream. “The COLT Hub diversifies Inergy Midstream’s cash flow, expands our geographic footprint, complements our existing operations, and should lead to further expansion opportunities for our investors.”
Approximately 90% of the expected revenue at the COLT Hub will be derived from “take or pay” contracts that average 3.9 years in tenor and are with credit-worthy counterparties. These contracts underpin a growing and stable cash flow stream that is expected to be immediately accretive to distributable cash flow per common unit.
The COLT Hub acquisition is an expansion of Inergy Midstream’s shale-focused infrastructure portfolio and a natural extension of Inergy’s refinery and producer-services businesses. Additionally, the COLT Hub has a first-mover advantage in the Bakken and should lead to incremental crude oil and NGL investments.
“The COLT Hub is an attractive asset that provides refiners with crucial access to Bakken-sourced crude oil and offers producers reliable takeaway capacity to premium demand markets,” said Bill Gautreaux, President of Inergy Services. “We are excited to acquire and grow this business.”
To fund the Rangeland acquisition, Inergy Midstream has entered into an agreement with institutional investors to sell $225 million of common units in a private placement concurrent with, and conditioned upon, the closing of the transaction. Institutions participating in the private placement are funds managed by Kayne Anderson Capital Advisors, L.P., FAMCO MLP, a division of Advisory Research, Inc., Tortoise Capital Advisors, LLC, and Magnetar Capital, among others. In addition, Inergy Midstream has obtained $225 million of committed unsecured debt financing from Citigroup Global Markets Inc. and J.P. Morgan.
Jefferies & Company, Inc. acted as sole financial advisor to Inergy Midstream in connection with the transaction.
The transaction is expected to close in early December of 2012, subject to approval under the Hart-Scott-Rodino Act and other customary closing conditions.
Inergy Midstream and Inergy will host a live conference call and internet webcast to discuss the acquisition and Inergy Midstream’s business and financial outlook at 10:30 a.m. Central Time, Monday, November 5, 2012. The call-in number for the conference call is 1-877-405-3427, and the conference name is Inergy Midstream, L.P. The live internet webcast and the replay can be accessed on Inergy’s website, www.inergylp.com. A digital recording of the call will be available for one week following the call by dialing 1-855-859-2056 and entering the pass code 65212125.
About Inergy Midstream, L.P.
Inergy Midstream, L.P., headquartered in Kansas City, Missouri, is a master limited partnership primarily engaged in the development and operation of natural gas and NGL storage and transportation assets. Inergy Midstream’s assets are located in the Northeast region of the United States.
About Inergy, L.P.
Inergy, L.P., headquartered in Kansas City, Missouri, is a publicly traded master limited partnership. Inergy’s operations include a natural gas storage business in Texas and an NGL supply logistics and marketing business that serves customers in the United States and Canada. Through its general partner interest and majority equity ownership interest in Inergy Midstream, L.P., Inergy is also engaged in the development and operation of natural gas and NGL storage and transportation business in the Northeast region of the United States.
This press release contains forward-looking statements, which are statements that are not historical in nature including statements concerning the expectation that the closing conditions will be satisfied and the Rangeland acquisition will close, the accretion expectations as a result of Rangeland, the availability and timing of any expansion possibilities at Rangeland, and the expectation that the acquisition will be funded by a combination of debt and equity. Forward-looking statements are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or any underlying assumption proves incorrect, actual results may vary materially from those anticipated, estimated, or projected. Among the key factors that could cause actual results to differ materially from those referred to in the forward-looking statements are: weather conditions that vary significantly from historically normal conditions; the general level of petroleum product demand; the demand for high deliverability natural gas storage capacity in the Northeast; our ability to successfully implement our business plan; our ability to generate available cash for distribution to unitholders; and the costs and effects of legal, regulatory, and administrative proceedings against us or which may be brought against us. These and other risks and assumptions are described in Inergy’s annual reports on Form 10-K, in Inergy Midstream’s prospectus dated December 15, 2011, filed with the United States Securities and Exchange Commission in accordance with Rule 424(b) of the Securities Act on December 16, 2011, and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
Corporate news, unit prices, and additional information about Inergy and Inergy Midstream, including reports from the United States Securities and Exchange Commission, are available on the company’s website, www.inergylp.com. For more information, contact Vince Grisell in Inergy’s Investor Relations Department at 816-842-8181 or via e-mail at investorrelations@inergyservices.com.
Inergy Midstream, L.P.
Vince Grisell, 816-842-8181
investorrelations@inergyservices.com
Source: Inergy Midstream, L.P.
----------------------------------------------
Inergy Midstream
L.P.
Vince Grisell
816-842-8181
investorrelations@inergyservices.com
My friend told me to take a look at this one when it opened below $18 today.
I wonder if someone is trading it as if the dividend did not take place?
Inergy Reports Third Quarter Results
Aug 2, 2012 6:46:00 AM
Copyright Business Wire 2012
Management to Host Conference Call Today at 10 a.m. CT
KANSAS CITY, Mo.--(BUSINESS WIRE)-- Inergy, L.P. (NYSE:NRGY) (“Inergy”) today reported results of operations for the quarter ended June 30, 2012, the third quarter of fiscal 2012. These results of operations are presented on a consolidated basis including the results of Inergy Midstream, L.P.
As discussed below, on August 1, 2012, Inergy closed on its definitive agreement to contribute its retail propane operations to Suburban Propane Partners, L.P. (NYSE:SPH) (“SPH”).
Inergy reported Adjusted EBITDA of $54.4 million for the quarter ended June 30, 2012, an increase of $12.0 million, or approximately 28%, from $42.4 million for the quarter ended June 30, 2011. Included in Adjusted EBITDA is a one-time business interruption insurance recovery amount of approximately $3.6 million received this quarter from an occurrence in our midstream operations in December 2010. Net loss was $17.7 million for the quarter ended June 30, 2012, and $35.5 million in the same quarter of last year.
For the nine-month period ended June 30, 2012, Adjusted EBITDA decreased approximately 17% to $279.1 million from $335.5 million for the same prior-year period. Net income was $22.7 million for the nine months ended June 30, 2012, and $39.6 million in the same prior-year period.
“Today’s announcement of the closing of the contribution of our retail propane operations to Suburban Propane is a major milestone for the partnership,” said John Sherman, President and CEO of Inergy. “Our investors participate in propane industry consolidation through the transaction, and Inergy’s balance sheet is strengthened considerably. From a position of financial strength and flexibility, we look forward to executing on our midstream growth strategy on behalf of our unitholders.”
Quarterly Results
In the quarter ended June 30, 2012, retail propane gallon sales were 38.9 million gallons compared to 45.7 million gallons sold in the same quarter of the prior year. Retail propane gallon sales in the current period were negatively impacted by the above-average temperatures experienced in our areas of operations as well as customer conservation. Retail propane gross profit, excluding certain items as discussed below, was $48.3 million for the quarter ended June 30, 2012, compared to $49.0 million for the quarter ended June 30, 2011. Items excluded from retail propane gross profit are certain non-cash charges of $0.5 million and $0.1 million, respectively, and depreciation and amortization. Gross profit (excluding depreciation and amortization) from other propane operations, including wholesale, appliances, service, transportation, distillates, and other was $25.3 million in the quarter ended June 30, 2012, compared to $23.3 million for the same quarter in the prior year.
Gross profit (excluding depreciation and amortization) from midstream operations increased to $57.0 million for the quarter ended June 30, 2012, from $44.8 million for the same quarter in the prior year.
For the quarter ended June 30, 2012, operating and administrative expenses increased to $83.1 million compared to $77.4 million in the same period of fiscal 2011.
Year-to-Date Results
For the nine-month period ended June 30, 2012, there were 222.0 million retail propane gallons sold compared to 282.5 million gallons sold during the same period in the prior year. Retail propane gallon sales in the current period were negatively impacted by the above average temperatures experienced in our areas of operations. Weather during the nine months ended June 30, 2012, was approximately 21% warmer than the prior year period and approximately 20% warmer than normal. Retail propane gross profit, excluding certain items as discussed below, was $262.0 million for the nine months ended June 30, 2012, compared to $345.6 million for the nine months ended June 30, 2011. Items excluded from retail propane gross profit as discussed are certain non-cash gains of $0.1 million and $0.2 million, respectively, and depreciation and amortization. Gross profit (excluding depreciation and amortization) from other propane operations, including wholesale, appliances, service, transportation, distillates, and other was $85.7 million in the nine months ended June 30, 2012, compared to $85.8 million for the same prior-year period.
Gross profit (excluding depreciation and amortization) from midstream operations increased to $162.9 million for the nine months ended June 30, 2012, from $133.1 million in the prior year.
For the nine months ended June 30, 2012, operating and administrative expenses increased to $247.1 million compared to $243.6 million in the same period of fiscal 2011.
Inergy and Inergy Midstream, L.P. (NYSE:NRGM) will host a joint conference call and internet webcast today August 2, 2012, at 10 a.m. Central Time to discuss the results of operations for the quarter ended June 30, 2012, and its business outlook. The call-in number for the earnings call is 1-877-405-3427, and the conference name is Inergy. The live internet webcast and the replay can be accessed on Inergy’s website, www.inergylp.com. A digital recording of the call will be available for one week following the call by dialing 1-855-859-2056 and entering the pass code 15034986.
Recent Events
As previously announced, the Board of Directors of Inergy’s general partner declared Inergy’s quarterly cash distribution of $0.375 per limited partner unit ($1.50 annually) for the quarter ended June 30, 2012. The distribution will be paid on August 14, 2012.
As previously announced, Inergy closed on its definitive agreement and contributed its retail propane operations to SPH in exchange for consideration of approximately $1.8 billion. Under the terms of the agreement, Inergy received approximately 14.2 million SPH common units; and SPH exchanged $1.187 billion of Inergy’s outstanding senior notes for $1.0 billion of new SPH senior notes and cash paid to note holders tendering in the exchange. Inergy has agreed to distribute approximately 14.1 million of the SPH common units it received to Inergy unitholders on a pro rata basis at a future record date to be determined by the board of directors of NRGY’s managing general partner, which management expects to occur within the next 30-45 days.
About Inergy, L.P.
Inergy, L.P., headquartered in Kansas City, Missouri, is a publicly traded master limited partnership. Inergy’s operations include a natural gas storage business in Texas and an NGL supply logistics, transportation, and wholesale marketing business that serves customers in the United States and Canada. Through its general partner interest and majority equity ownership interest in Inergy Midstream, L.P. (NYSE:NRGM), Inergy is also engaged in the development and operation of natural gas and NGL storage and transportation business in the Northeast region of the United States.
About Inergy Midstream, L.P.
Inergy Midstream, L.P., headquartered in Kansas City, Missouri, is a master limited partnership engaged in the development and operation of natural gas and NGL storage and transportation assets. Inergy Midstream’s assets are located in the Northeast region of the United States.
EBITDA is a non-GAAP financial measure and is defined as income before income taxes plus net interest expense, early extinguishment of debt, and depreciation and amortization expense. Adjusted EBITDA represents EBITDA excluding the gain or loss on derivative contracts associated with retail propane fixed price sales contracts, the gain or loss on the disposal of assets, long-term incentive and equity compensation expenses, and transaction costs. Transaction costs are third party professional fees and other costs that are incurred in conjunction with closing a transaction.
EBITDA and Adjusted EBITDA should not be considered an alternative to net income, income before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with generally accepted accounting principles as those items are used to measure operating performance, liquidity, and our ability to service debt obligations. We believe that EBITDA provides additional information for evaluating our ability to make the minimum quarterly distribution and is presented solely as a supplemental measure. We believe that Adjusted EBITDA provides additional information for evaluating our financial performance without regard to our financing methods, capital structure, and historical cost basis. Further, EBITDA and Adjusted EBITDA, as we define them, may not be comparable to EBITDA and Adjusted EBITDA or similarly titled measures used by other corporations or partnerships.
This press release contains forward-looking statements, which are statements that are not historical in nature. Forward-looking statements are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or any underlying assumption proves incorrect, actual results may vary materially from those anticipated, estimated, or projected. Among the key factors that could cause actual results to differ materially from those referred to in the forward-looking statements are: weather conditions that vary significantly from historically normal conditions; the general level of petroleum product demand and the availability of propane supplies; the price of propane to the consumer compared to the price of alternative and competing fuels; the demand for high deliverability natural gas storage capacity in the Northeast; our ability to successfully implement our business plan; the outcome of rate decisions levied by the Federal Energy Regulatory Commission; our ability to generate available cash for distribution to unitholders; and the costs and effects of legal, regulatory, and administrative proceedings against us or which may be brought against us. These and other risks and assumptions are described in Inergy’s annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
Inergy, L.P. and Subsidiaries
Consolidated Statements of Operations
For the Three Months and Nine Months Ended June 30, 2012 and 2011
(in millions, except unit and per unit data)
(Unaudited) (Unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
2012 2011 2012 2011
Revenues:
Propane $ 203.7 $ 220.4 $ 1,132.3 $ 1,187.9
Other 167.9 168.3 570.3 517.3
371.6 388.7 1,702.6 1,705.2
Cost of product sold (excluding depreciation and amortization as shown below):
Propane 148.2 164.0 851.2 819.1
Other 93.3 107.7 340.7 321.4
241.5 271.7 1,191.9 1,140.5
Expenses:
Operating and administrative 83.1 77.4 247.1 243.6
Depreciation and amortization 38.2 48.0 136.6 141.8
Loss on disposal of assets 2.2 0.5 5.8 3.1
Operating income (loss) 6.6 (8.9 ) 121.2 176.2
Other income (expense):
Interest expense, net (22.8 ) (27.2 ) (73.2 ) (87.5 )
Early extinguishment of debt (1.7 ) (0.2 ) (26.6 ) (49.6 )
Other income 0.1 1.1 1.5 1.2
Income (loss) before income taxes (17.8 ) (35.2 ) 22.9 40.3
Benefit (provision) for income taxes 0.1 (0.3 ) (0.2 ) (0.7 )
Net income (loss) (17.7 ) (35.5 ) 22.7 39.6
Net (income) loss attributable to non-controlling partners
(4.1
)
-
(7.8
)
28.2
Net income (loss) attributable to partners $ (21.8 ) $ (35.5 ) $ 14.9 $ 67.8
Total limited partners’ interest in net income (loss) $ (21.8 ) $ (35.5 ) $ 14.9 $ 67.8
Net income (loss) per limited partner unit:
Basic (j) $ (0.15 ) $ (0.32 ) $ 0.17 $ 0.67
Diluted $ (0.17 ) $ (0.32 ) $ 0.11 $ 0.60
Weighted average limited partners’ units outstanding (in thousands):
Basic 125,818 112,538 124,698 101,215
Diluted 125,818 112,538 131,556 113,077
(Unaudited) (Unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
2012 2011 2012 2011
Supplemental Information:
Retail gallons sold 38.9 45.7 222.0 282.5
Cash and cash equivalents $ 4.9 $ 158.6
Outstanding debt:
Inergy credit agreement:
Term loan facility $ - $ 300.0
Revolving loan facility 170.2 -
Inergy senior unsecured notes 1,200.8 1,466.1
Inergy fair value hedge adjustment on senior unsecured notes - 4.8
Inergy net bond/swap discount (e) (f) 10.8 (4.3 )
Inergy other debt 2.0 1.2
NRGM credit facility (h) 324.2 -
Total debt $ 1,708.0 $ 1,767.8
Total partners’ capital $ 1,229.9 $ 1,283.7
Limited partner units outstanding (in thousands):
Common units 125,827 119,087
Class B units (g) 5,882 11,963
Total common and Class B limited partner units 131,709 131,050
EBITDA:
Net income (loss) $ (17.7 ) $ (35.5 ) $ 22.7 $ 39.6
Interest expense, net 22.8 27.2 73.2 87.5
Early extinguishment of debt 1.7 0.2 26.6 49.6
Provision (benefit) for income taxes (0.1 ) 0.3 0.2 0.7
Depreciation and amortization 38.2 48.0 136.6 141.8
EBITDA (a) $ 44.9 $ 40.2 $ 259.3 $ 319.2
Non-cash (gain) loss on derivative contracts 0.5 0.1 (0.1 ) (0.2 )
Long-term incentive and equity compensation expense 3.6 1.5 9.8 4.4
Loss on disposal of assets 2.2 0.5 5.8 3.1
Transaction costs 3.2 0.1 4.3 9.0
Adjusted EBITDA (a) $ 54.4 $ 42.4 $ 279.1 $ 335.5
Distributable cash flow:
Adjusted EBITDA (a) $ 54.4 $ 42.4 $ 279.1 $ 335.5
Cash interest expense (b) (21.1 ) (25.6 ) (68.2 ) (82.7 )
Maintenance capital expenditures (c) (2.5 ) (4.1 ) (9.3 ) (9.8 )
Income tax benefit (expense) 0.1 (0.3 ) (0.2 ) (0.7 )
Inergy Midstream distributions declared and paid for minority unitholders (i)
(7.1
)
-
(14.7
)
-
Distributable cash flow (d) $ 23.8 $ 12.4 $ 186.7 $ 242.3
EBITDA:
Net cash provided by operating activities $ 58.7 $ 8.7 $ 253.2 $ 130.5
Net changes in working capital balances (28.5 ) 9.9 (63.1 ) 77.7
Non-cash early extinguishment of debt (1.7 ) - (10.0 ) (11.2 )
Provision for doubtful accounts (1.4 ) (2.4 ) (1.8 ) (2.6 )
Amortization of deferred financing costs, swap premium and net bond discount
(1.2
)
(1.9
)
(3.9
)
(5.7
)
Long-term incentive and equity compensation expense (3.6 ) (1.5 ) (9.8 ) (4.4 )
Loss on disposal of assets (2.2 ) (0.5 ) (5.8 ) (3.1 )
Deferred income tax 0.4 0.2 0.5 0.2
Interest expense, net 22.8 27.2 73.2 87.5
Early extinguishment of debt 1.7 0.2 26.6 49.6
Provision (benefit) for income taxes (0.1 ) 0.3 0.2 0.7
EBITDA $ 44.9 $ 40.2 $ 259.3 $ 319.2
Non-cash (gain) loss on derivative contracts 0.5 0.1 (0.1 ) (0.2 )
Long-term incentive and equity compensation expense 3.6 1.5 9.8 4.4
Loss on disposal of assets 2.2 0.5 5.8 3.1
Transaction costs 3.2 0.1 4.3 9.0
Adjusted EBITDA $ 54.4 $ 42.4 $ 279.1 $ 335.5
(a) EBITDA is defined as income (loss) before taxes plus net interest expense, early extinguishment of debt, and depreciation and amortization expense. As indicated in the table, Adjusted EBITDA represents EBITDA excluding the gain or loss on derivative contracts associated with retail propane fixed price sales contracts, the gain or loss on the disposal of assets, long-term incentive and equity compensation expenses, and transaction costs. Transaction costs are third party professional fees and other costs that are incurred in conjunction with closing a transaction. EBITDA and Adjusted EBITDA should not be considered an alternative to net income, income before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with generally accepted accounting principles as those items are used to measure operating performance, liquidity, and our ability to service debt obligations. We believe that EBITDA provides additional information for evaluating our ability to make the minimum quarterly distribution and is presented solely as a supplemental measure. We believe that Adjusted EBITDA provides additional information for evaluating our financial performance without regard to our financing methods, capital structure, and historical cost basis. EBITDA and Adjusted EBITDA, as we define them, may not be comparable to EBITDA and Adjusted EBITDA or similarly titled measures used by other corporations or partnerships.
(b) Cash interest expense is book interest expense less amortization of deferred financing costs.
(c) Maintenance capital expenditures are defined as those capital expenditures which do not increase operating capacity or revenues from existing levels.
(d) Distributable cash flow is defined as Adjusted EBITDA, less cash interest expense, maintenance capital expenditures, and income taxes. Distributable cash flow should not be considered an alternative to cash flows from operating activities or any other measure of financial performance calculated in accordance with generally accepted accounting principles as those items are used to measure operating performance, liquidity, or the ability to service debt obligations. We believe that distributable cash flow provides additional information for evaluating our ability to declare and pay distributions to unitholders. Distributable cash flow, as we define it, may not be comparable to distributable cash flow or similarly titled measures used by other corporations and partnerships. Subsequent to the Inergy Midstream, L.P. initial public offering, this amount includes the distributable cash flow of Inergy Midstream except that which has been paid or declared payable to the public unitholders of Inergy Midstream.
(e) In April 2008, the Company announced the placement of a $200 million add-on to its existing 8.25% senior unsecured notes under Rule 144A to eligible purchasers. The proceeds from the bond issuance were $204 million, representing a premium of $4 million to par. The $4 million premium will be amortized on a non-cash basis over the term of the senior notes.
(f) In February 2009, the Company closed on a $225 million offering of senior notes under Rule 144A to eligible purchasers. The 8¾% notes were issued at 90.191%, which resulted in a discount of $22.1 million. The discount will be amortized on a non-cash basis over the term of the senior notes.
(g) The Class B units have similar rights and obligations of Inergy, L.P. common units except that the units will pay distributions in kind rather than in cash for a certain period of time. For a complete description of the Class B units, please see the Third Amended and Restated Agreement of Limited Partnership of Inergy, filed on Form 8-K on November 5, 2010.
(h) Inergy and each of its wholly owned subsidiaries do not provide credit support nor do they guarantee any amounts outstanding under the NRGM Credit Facility.
(i) The amount of distributions for the three and nine months ended June 30, 2012, includes amounts that are to be received by Inergy Midstream’s minority unitholders based on the $0.38 distribution per limited partner unit declared on July 26, 2012. The amount of distributions for the nine months ended June 30, 2012, also includes the $0.04 and $0.37 distributions per limited partner unit paid to Inergy Midstream’s minority unitholders on February 14, 2012, and May 15, 2012, respectively.
(j) Basic net income applicable to partners’ common interest is increased for the disproportionate ownership of Class B units in the undistributed earnings relative to their ownership of distributed earnings. This impact resulted in an increase to basic net income per limited partner unit of $0.02 and $0.05 for the three and nine month periods ended June 30, 2012, respectively.
Inergy, L.P.
Mike Campbell, 816-842-8181
investorrelations@inergyservices.com
Source: Inergy, L.P.
----------------------------------------------
Inergy
L.P.
Mike Campbell
816-842-8181
investorrelations@inergyservices.com
Conference Call Transcript April 26, 2012
http://seekingalpha.com/article/567131-inergy-s-ceo-hosts-investor-conference-call-transcript?source=email_portfolio&ifp=0
Got that right!!! We love it at my house!!!
No matter what anyone says about the energy sector no one can argue with NRGY's 70 cent dividend :)
~ $NRGY ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $NRGY ~ Earnings expected on Tuesday *
This Week In Earnings: Earnings are coming or are already posted! This is what the charts look like! If you play the earnings these posts can be very helpful to you!
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=NRGY&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=NRGY&p=W&b=3&g=0&id=p54550695994
~ Barchart: http://barchart.com/quotes/stocks/NRGY?
~ OTC Markets: http://www.otcmarkets.com/stock/NRGY/company-info
~ Google Finance: http://www.google.com/finance?q=NRGY
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=NRGY#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=NRGY+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=NRGY
Finviz: http://finviz.com/quote.ashx?t=NRGY
~ BusyStock: http://busystock.com/i.php?s=NRGY&v=2
~ CandlestickChart: http://www.candlestickchart.com/cgi/chart.cgi?symbol=NRGY&exchange=US
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~ MarketWatch: http://www.marketwatch.com/investing/stock/NRGY/profile
~ E-Zone Chart: http://www.windchart.com/ezone/signals/?symbol=NRGY
~ 5-Min Wind: http://www.windchart.com/stockta/analysis?symbol=NRGY
~ 10-Min Wind: http://www.windchart.com/stockta/analysis?symbol=NRGY&size=l&frequency=10&color=g
~ 30-Min Wind: http://www.windchart.com/stockta/analysis?symbol=NRGY&size=l&frequency=30&color=g
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http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
Scoreboard for the week: -3.27%
The share price is basically stagnant and well off the highs of 2010.
'Tis the energy season... I am not surprised about insider buys at this time of year! TY!!!
Inergy, L.P. (NYSE:NRGY) , a propane gas supplier, reported that on November 21, 2011, its officer, W. Gautreaux, bought 20,000 shares of the company for a total value of $469,000 at an average value of $23.45 per share. Shares declined 1.79 percent, or $0.43, to trade at $23.56.
http://www.newsystocks.com/news/4107982
October has recovered substantially...
Very longterm topping action best seen on the weekly chart is rather troubling.
So, I think NRGY's transition from Propane distributor to "Mid Stream Operations Provider" is smart.
The question is - Can they ramp up the Mid-Stream business faster than the Propane business erodes away?
For the week: -0.93%
+0.45% is the scorecard for the week...
Correction is still ongoing.
I missed your Q but that one is best for a tax pro... I am unable to answer but I like the IRA idea a whole lot and I have an account for my IRA where I could do the same. Can you post again if you find out? TIA.
My friends, for the week: +4%!!!
Dividend Question on NRGY:
Is the dividend that the company pays a regular 1099-DIV item or is it a 'distribution' of a partnership?
I once held Mesa Limited Partnership and got all kinds of tax forms (distributions, expenses, etc.) that was complicated for figuring income taxes.
Just wondering if this is the same here. I would be adding some NRGY to my IRA portfolio, and wonder if that would matter.
TIA
3-4 times ones investment catching that low 2 years ago... this is a solid cash cow...
Nice little run over the last month or so... the charts are starting to look better.
Any guesses as to what the distribution might be? This is a big quarter for NRGY.
Positive for the Gas Storage operation:
http://www.businessweek.com/news/2010-12-28/hedge-funds-bet-gas-will-fall-in-warm-new-year-energy-markets.html
SUGAR LAND, TX -- (MARKET WIRE) -- 11/30/10 -- Researched by Industrial Info Resources (Sugar Land, Texas) -- On Monday, propane and midstream natural gas company Inergy LP (NYSE:NRGY) (Kansas City, Missouri) reported fourth-quarter and full-year results for the company's 2010 fiscal year, which ended September 30, 2010. Inergy reported earnings before interest, taxes, depreciation and amortization (EBITDA) of $325.6 million for the year, up almost 10% from the 2009 fiscal year. Currently, Industrial Info is tracking more than $290 million worth of gas transmission projects belonging to Central New York Oil and Gas Company LLC (Owego, New York), a subsidiary of Inergy LP, including construction of the Marc I Hub natural gas pipeline. Information on this and other Oil & Gas Terminals and Transmission projects can be found in Industrial Info's North American Project Database.
Inergy, L.P. Q4 2010 Inergy, L.P. Earnings Conference Call
Monday, November 29, 2010 10:00 a.m. CT
Event Details
http://investor.inergypropane.com/phoenix.zhtml?p=irol-eventDetails&c=132026&eventID=3530443
Inergy Acquires Pennington Gas Service
Expands Retail Propane Operations in Core Markets
http://investor.inergypropane.com/phoenix.zhtml?c=132026&p=irol-newsArticle&ID=1498823&highlight=
KANSAS CITY, Mo., Nov 19, 2010 (BUSINESS WIRE) --
Inergy, L.P. (NYSE:NRGY) announced today that its wholly-owned subsidiary, Inergy Propane, LLC (the "Company") has purchased all of the propane assets of Pennington Gas Service ("Pennington"), headquartered in Morenci, Michigan. Pennington delivers propane to nearly 15,000 customers from seven locations in Michigan and northwestern Ohio and would rank among the top 35 retail propane companies in the United States.
Also, in a separate transaction, the Company has acquired the propane assets of Schenck Gas Services, LLC ("Schenck"), based in East Hampton, New York. Schenck delivers propane to nearly 2,000 customers from Montauk to East Hampton Bays.
The acquisitions of Pennington and Schenck represent the Company's 88th and 89th acquisitions since its founding in 1996. Both transactions are expected to be immediately accretive to Inergy unitholders on a distributable cash flow per unit basis.
"We have much respect for the way Mark Pennington and his family have grown Pennington Gas Service over many years," said John Sherman, President and CEO of Inergy. "These transactions represent an attractive opportunity for Inergy to further strengthen its operations. We welcome the employees of both companies to the Inergy team."
Rock solid uptrend continues.
TY... sorry for the delay in responding. Catch you on dividends.
Futures looks like we have alot ion common besides NRGY, come join me in Dividends thread. Cheers and God Bless
correction to the bottom bollinger band and jumps up like a scalded cat...
Absolutely ON FREAKIN' FIRE!!!
That was quite an outside reversal candle yesterday!
This share price has been strong for 1.5 years... a great set of charts!!!
Most of this year is sideways to down... no collapse so it looks to be consolidating.
A year long string of succeess...
Yep, unstoppabull!
Looks to be rockin' the rest of the year...
Yes, that was quite the climb this year...
That 11 dollar low last year is long gone!!!
This range still holds...
Yep, the consolidating continues... nice and steady.
The Inergy family of companies includes two separate, publicly traded securities on the NASDAQ stock exchange – Inergy, L.P. (NRGY) and Inergy Holdings, L.P. (NRGP) – which offer investors two distinct ways to invest in Inergy’s growth objectives.
About the management -
http://www.inergypropane.com/about/leadership_corporate.asp
Financials were released on the 12th -
http://finance.yahoo.com/q/is?s=nrgy
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The Inergy family of companies includes two separate, publicly traded securities on the NASDAQ stock exchange – Inergy, L.P. (NRGY) and Inergy Holdings, L.P. (NRGP) – which offer investors two distinct ways to invest in Inergy’s growth objectives. Inergy, L.P. (Nasdaq: NRGY) Inergy, L.P. (NRGY) is a rapidly growing propane marketing and distribution company that proudly serves over 700,000 customers in the Midwest, South, Southeast and Northeast United States. Inergy L.P. sells and leases propane, propane supplies and equipment to retail consumers (residential, commercial, industrial and agricultural) under a number of regional brand names. In addition to its retail business, the company also operates a natural gas storage business and provides wholesale propane supply, price risk management and distribution services to customers throughout the United States and Canada. Inergy Holdings, L.P. (Nasdaq: NRGP) Inergy Holdings, L.P.’s (NRGP) cash-generating assets primarily consist of its partnership interests, including incentive distribution rights, in Inergy, L.P. (NRGY), which operates a rapidly growing, geographically diverse retail and wholesale propane supply, marketing and distribution business. Inergy Holdings’ primary objective is to increase distributable cash flow to its unitholders through ownership of partnership interests in Inergy. Inergy Holdings, L.P.’s aggregate partnership interests in Inergy consist of the following:
Through these two distinct securities, Inergy is committed to generating industry-leading returns to its unitholders. |
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