GuruFocus Premium Membership

Serving Intelligent Investors since 2004. Only 96 cents a day.

Free Trial

Free 7-day Trial
All Articles and Columns »

Copano Energy L.L.C. Reports Operating Results (10-K)

February 25, 2011 | About:
10qk

10qk

18 followers
Copano Energy L.L.C. (CPNO) filed Annual Report for the period ended 2010-12-31.

Copano Energy L.l.c. has a market cap of $2.33 billion; its shares were traded at around $35.44 with a P/E ratio of 708.8 and P/S ratio of 2.8. The dividend yield of Copano Energy L.l.c. stocks is 6.5%. Copano Energy L.l.c. had an annual average earning growth of 2.8% over the past 5 years.Hedge Fund Gurus that owns CPNO: Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

As of June 30, 2010, the aggregate market value of our voting and non-voting common equity held by non-affiliates of the registrant was approximately $1.7 billion based on $27.48 per common unit, the closing price of our common units as reported on The NASDAQ Global Select Market.

Expansion of NGL-handling capability. On January 18, 2011 we announced that we had entered into a long-term agreement for storage, fractionation and sale of mixed NGLs extracted at our Houston Central processing plant, and that we had formed Liberty Pipeline Group, LLC (a 50/50 joint venture with a subsidiary of Energy Transfer Partners) to construct, own and operate a 12-inch NGL pipeline (the Liberty pipeline). The Liberty pipeline will extend approximately 83 miles, from our Houston Central complex in Colorado County, Texas, first to an NGL product storage facility in Matagorda County, Texas, and then to Formosa Hydrocarbons Companys petrochemical facility in Calhoun County, Texas. The pipeline will have initial capacity of 75,000 barrels per day, 37,500 of which will be committed to us under a firm throughput agreement. Construction costs for the Liberty pipeline are expected to total approximately $52 million, of which we will contribute $26 million.

Declaration of distribution. On January 12, 2011, our Board of Directors declared a cash distribution for the three months ended December 31, 2010 of $0.575 per common unit. The distribution, totaling $38.5 million, was paid on February 11, 2011 to all common unitholders of record at the close of business on February 1, 2011.

Expansion of Eagle Ford Gathering. On January 6, 2011, we announced plans to expand the scope of our Eagle Ford Gathering joint venture with Kinder Morgan through construction of additional pipeline facilities and a long-term agreement with Formosa for processing and fractionation services. In addition to 111 miles of pipeline currently under construction, which is on schedule to be completed in the third quarter of 2011, Eagle Ford Gathering will build a 54-mile, 24-inch crossover pipeline between existing Kinder Morgan pipelines, a 5,000 horsepower compressor station and an additional 20-mile, 20-inch diameter pipeline that will enable the joint venture to deliver gas to Formosa. Kinder Morgan will construct and operate the two additional pipelines, which are expected to be complete by the fourth quarter of 2011. Construction costs for the crossover pipeline are expected to total approximately $100 million, of which we will contribute $50 million.

Read the The complete Report

About the author:

10qk
GuruFocus - Stock Picks and Market Insight of Gurus

Rating: 3.3/5 (3 votes)

Comments

Please leave your comment:


Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK