Good Morning.
A bunch of ex-dis MLPS this morning including Atlas, Buckeye, Sunoco Logistics, and Valero among others. No news this morning of any consequence. Teppco filed and 8k for an investors conference...I scanned through it and saw nothing new but if you wish you can scan for yourselves. If I missed something let me know.

Last nights Northern Borders issued its earnings and its seems its more of the same. While they raised guidance for the rest of this year they also set guidiance for next year which at first glance is lower than 05.

"Our results for 2006 are expected to be fairly consistent with 2005 from a base business perspective excluding non-recurring items," Cordes continued. "We anticipate net income to be in the range of $2.50 per unit to $2.60 per unit and distributable cash flow to be in the range of $3.65 per unit to $3.85 per unit."

It seems to me that they are playing the game of laying low expectations on the base earnings, this way they can raise guidance as they go along like they did this year. Most important is the DCF of 3.65-3.85 a unit which means that at least the 3.20 distribution is safe. Any upward revisions in DCF might mean (heaven forbid i say it!) a distribution increase? At least with these guys i'm in prove it to me mode. At a 45 closing price yield is at 7%. With the rising 10 year yield this and Teppco continue to look like dead money. I might get interested here if the yield returns to 8 % which means a price down near 40 dollars.

On to some side but related issues. Supposing you are at work or perhaps a smart dinner party surrounded buy those who say we need a windfall profits tax on oil and gas companies because they are so evil. Well thanks to Instapundit he provides a link to give you the necessary points to counteract socialist drivel!

Also if you haven't been to The Oil Drum lately we recommend that you check out recent posts regarding energy consumption.

Also from the strandpoint of political speech please read this blog..and call or email your congressman about protecting the right to blog.

Breaking news on Enbridge with great earnings and a 15% dividend increase! Is it possible that Cramer is right on this one???

Watching the open...