Thank you for your patience, and for the question. When Hedgeye issued similar criticisms of Kinder Morgan last fall we covered them in some detail and followed up when management addressed these one by one and essentially demolished them. For instance, maintenance capex doesn’t include maintenance accounted for under operating expenses, and Kinder Morgan’s solid safety record also suggests they’re not skimping on required fixes. The weak price action has had more to do with the slowdown in distribution growth at KMP, which in turn had to do with the heavy spending (and related unit issuance) related to new growth projects. As there come on line in the next year or two I expect concerns to diminish.

Apologies for the belated reply, but we did cover Atlas Resource Partners in the Portfolio Update section of the new issue that came out the same day as your question. As you probably saw, our confidence in ARP remains high despite the temporary weather issues they experienced in the first quarter. Management still expects sufficient distributable cash flow to fully cover their annual distribution guidance, and the new assets they acquired are expected to be accretive.

KMR offers the same distribution as KMP except that it makes it in KMR units rather than cash. This avoids the issue of unrelated business income for IRA accounts, but otherwise the financial proposition is similar to that of KMP.