2018 capitalization rate study gas pipelines · gas pipelines - weighted average cost of capital...

Gas Pipelines

2018 Capitalization Rate Study

Completed: March 26, 2018

Page G-2

Capital Structure

Equity 60.00% Page GP-4

Debt 40.00% Page GP-4

Equity Cost of Capital

Capital Asset Pricing Model 10.86% Page GP-5

Dividend Growth Model (g = Earnings Growth) 13.20% Page GP-9

Dividend Growth Model (g = Dividend Growth) 12.05% Page GP-9

11.60%

Debt Cost of Capital

Mergent's Corporate Bond Yields:

A 4.00%

Baa - Corporate (Annual Avg) 4.44%

Baa - Corporate (4th Qtr Avg) 4.27%

Baa - Corporate (December) 4.22%

4.44%

Source of

Capital

Capital

Structure Cost of Capital

Marginal Tax

Rate

After-tax Cost

of Capital Weighted Cost

Equity 60.00% 11.60% 11.60% 6.96%

Debt 40.00% 4.44% 24.00% 3.37% 1.35%

WACC 100.00% 8.31%

WACC (Rounded) 8.40%

Gas Pipelines - Weighted Average Cost of Capital (WACC)

2018 Assessment Year

Industry: Gas Pipelines

Yield Capitalization Rate Study

MONTANA DEPARTMENT OF REVENUE

GP-3

Capital Structure

Equity 60.00% Page GP-4

Debt 40.00% Page GP-4

Equity Cost of Capital

NOI After-tax 5.40% Page GP-11

GCF 11.85% Page GP-11

Debt Cost of Capital

Calculated Current Yield 4.40% Page GP-12

Source of

Capital

Capital


Marginal Tax

Rate

After-tax Cost


Equity 60.00% 5.40% 5.40% 3.24%

Debt 40.00% 4.40% 24.00% 3.34% 1.34%

Total 100.00% 4.58%

Total (Rounded) 4.60%

Source of

Capital

Capital


Marginal Tax

Rate

After-tax Cost


Equity 60.00% 11.85% 11.85% 7.11%

Debt 40.00% 4.40% 24.00% 3.34% 1.34%

WACC 100.00% 8.45%

Total (Rounded) 8.50%

Gas Pipelines - GCF Direct Capitalization Rate



Direct Capitalization Rate Study


Gas Pipelines - NOI After-tax Direct Capitalization Rate

GP-4

A B C D E F G H I J K L M N

Company

Ticker

Symbol

Industry

Group

Financial

Strength

Shares

Outstanding

End of

Year

Closing

Stock

Price**

MV Common

Stock

MV Preferred

Stock*

MV Long

Term Debt*

PV of

Operating

Leases

Total

Common,

Preferred,

LT Debt, &

OpLeases % Common

%

Preferred

% Debt &

OpLeases

Value Line Value Line 10-K Yahoo ExF 10-K 10-K 10-K G+H+I+J G/K H/K (I+J)/K

(000) ($000) ($000) ($000) ($000) ($000)

Boardwalk BWP PIPEMLP B 250,297 12.91 3,231,331 0 3,889,400 22,642 7,143,374 45% 0% 55%

Enbridge Energy Partners LLP EEP PIPEMLP B 326,517 13.81 4,509,201 0 7,253,000 9,024 11,771,225 38% 0% 62%

Energy Transfer ETP PIPEMLP B+ 1,164,113 17.92 20,860,897 1,491,000 34,280,000 214,468 56,846,366 37% 3% 61%

EnLink Midstream Partners LP ENLK PIPEMLP B 349,702 15.37 5,374,925 1,259,200 3,579,000 86,002 10,299,127 52% 12% 36%

Enterprise Products EPD PIPEMLP B+ 2,161,089 26.51 57,290,482 0 26,644,400 336,940 84,271,822 68% 0% 32%

EQT Midstream Partners LP EQM PIPEMLP B++ 80,582 73.10 5,890,527 0 1,186,100 0 7,076,627 83% 0% 17%

Spectra Energy Partners, LP SEP PIPEMLP B++ 312,400 39.54 12,352,296 0 6,211,000 158,971 18,722,267 66% 0% 34%

Western Gas Equity Partners, LP WGP PIPEMLP B+ 218,933 37.16 8,135,556 0 3,622,177 18,664 11,776,396 69% 0% 31%

Western Gas Partners LP WES PIPEMLP B+ 152,602 48.09 7,338,635 0 3,594,177 18,664 10,951,476 67% 0% 33%

Williams Partners WPZ PIPEMLP B 956,953 38.78 37,110,620 0 18,112,000 216,873 55,439,493 67% 0% 33%

All Companies 162,094,470 2,750,200 108,371,254 1,082,247 274,298,172 59% 1% 40%

Average 59% 1% 39%

Median 66% 0% 34%

Trimmed Average 59% 0% 39%

High 83% 12% 62%

Low 37% 0% 17%

Say 60% 40%

*Market value of preferred stock assumed to equal book value. Market value of long term debt is fair value.

**End of year closing price was used instead of 4th quarter average to better reflect investor expectations as a result of tax policy changes.

Notes/Rational for Changes to Guideline Companies

2018 Guideline Company Changes

ONEOK Partners, L.P. (OKS) removed. Acquired by ONEOK, Inc.


Support for Capital Structure



GP-5

EU

k e = Cost of Equity 10.86%

R f = Risk Free Rate 2.58%

β = Beta 1.38

ERP = Equity Risk Premium (Rm - Rf) 6.00%

R m = Market Rate of Return 8.58%

Risk Free Rate Measures (Rf):

The Value Line Investment Survey: Selection & Opinion1

January 5, 2018 Page 2573

Selected Yields on Taxable U.S. Treasury Securities

10-year 2.41%

30-year 2.75%

Federal Reserve Statistical Release2 and U.S. Department of the Treasury, Daily Treasury Yield Curve Rates

3

U.S. government securities, Treasury constant maturities, Nominal, December 29, 2017

10-year 2.40%

20-year 2.58%

30-year 2.74%

Risk Free Rate Selected 2.58%

1

2https://www.federalreserve.gov/datadownload/Choose.aspx?rel=H.15

3https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldYear&year=2017

"Value Line Selection & Opinion", Value Line (January 5, 2018)


Capital Asset Pricing Model (CAPM)



k e = R f + β x ERP

GP-6

https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldYear&year=2017






Equity Risk Premium Measures (ERP = Rm - Rf)

DOR 3 Stage Dividend Growth Model, S & P 500, See Exhibit

Rm4

Rm Rf ERP

ERP - Ex Ante 8.39% 8.39% 2.58% 5.81%

Duff & Phelps, 2018 Valuation Handbook

Rm4

Rm Rf ERP

ERP "Historical" - Ex Post Arithmetic Avg. 9.65% 9.65% 2.58% 7.07%

ERP "Supply-side" - Ex Post Arithmetic Avg. 8.62% 8.62% 2.58% 6.04%

ERP "Conditional" - Ex Ante 8.50% 3.50% 5.00%

Damodaran Implied ERP (Jan 1, 2017)

Rm4

Rm Rf ERP

Implied Premium (FCFE) - Ex Ante 7.66% 7.49% 2.41% 5.08%

Implied Premium (FCFE with sustainable payout) - Ex Ante 7.33% 7.16% 2.41% 4.75%

Rm4

Rm Rf ERP

Average 8.33% 8.30% 5.63%

Median 8.39% 8.45% 5.45%

High 9.65% 9.65% 7.07%

Low 7.33% 7.16% 4.75%

Equity Risk Premium Selected 8.58% 2.58% 6.00%

4R m estimated using selected Risk Free Rate (R f )

GP-7






Inflation and Growth Estimates5

Inflation

(CPI)

Real Growth

(GDP)

Nominal

Growth Low High

Livingston Survey5

2.37% 2.16% 4.53%

Survey of Professional Forecasters6

2.29% 2.16% 4.45%

Congressional Budget Office7

2.40% 1.90% 4.30%

OASDI Trustee Report8

2.60% 2.20% 4.80%

Average 2.42% 2.11% 4.52%

Median 2.39% 2.16% 4.55%

High 2.60% 2.20% 4.80%

Low 2.29% 1.90% 4.19%

Say 2.40% 2.15% 4.55% 4.19% 4.80%

Rounded 5.00%

2008 1.1428

2009 0.75% 1.1342

2010 1.21% 1.1205

2011 2.02% 1.0978

2012 1.81% 1.0780

2013 1.59% 1.0609

2014 1.76% 1.0421

2015 1.07% 1.0310

2016 1.26% 1.0180

2017 1.77% 1.0000

5Federal Reserve Bank of Philadelphia The Livingston Survey December 15, 2017 Table 3 Inflation Rate and Real GDP mean

https://www.philadelphiafed.org/research-and-data/real-time-center/livingston-survey

6Federal Reserve Bank of Philadelphia Survey of Professional Forecasters December 15, 2017 Table 8 and Table 9 Average over next 10-Year mean

https://www.philadelphiafed.org/-/media/research-and-data/real-time-center/survey-of-professional-forecasters/2018/spfq118.pdf?la=en

7Congressional Budget Office Real GDP Economic Projections Table C-1 pg 88 The Budget and Economic Outlook 2017-2027 2017-2021 1.86% Average Percentage Change From Year to Year 2022-2027 1.90%

http://www.cbo.gov/publication/52370

8Social Secirity AdministrationOASDI Trustee Report", Board of Trustees of the Federal Old-Age Survivors Insurance and Federal Disability Insurance Trust Funds (July 13, 2017)

https://www.ssa.gov/oact/TR/2017/tr2017.pdf

9Bureau of Economic Analysis, U.S. Department of Commerce. Table 1.1.9 Implicit Price Deflators for Gross Domestic Product

https://bea.gov/iTable/iTable.cfm?reqid=19&step=3&isuri=1&1921=survey&1903=13#reqid=19&step=3&isuri=1&1910=x&0=-99&1921=survey&1903=13&1904=2008&1905=2018&1906=a&1911=0

113.419

Nominal Growth

Annual Percent

Change

Conversion

FactorGDP Annual Implicit Price Deflator

9Year

99.246

100

101.221

103.311

105.214

106.913

108.832

110.012

111.416

GP-8

https://www.philadelphiafed.org/research-and-data/real-time-center/livingston-survey

http://www.cbo.gov/publication/52370

https://www.ssa.gov/oact/TR/2017/tr2017.pdf

https://bea.gov/iTable/iTable.cfm?reqid=19&step=3&isuri=1&1921=survey&1903=13#reqid=19&step=3&isuri=1&1910=x&0=-99&1921=survey&1903=13&1904=2008&1905=2018&1906=a&1911=0

A B C D E

Company

Ticker

Symbol

Industry

Group

Financial

Strength Beta

Value Line Value Line Value Line

Boardwalk BWP PIPEMLP B 1.00

Enbridge Energy Partners LLP EEP PIPEMLP B 1.35

Energy Transfer ETP PIPEMLP B+ 1.55

EnLink Midstream Partners LP ENLK PIPEMLP B 1.75

Enterprise Products EPD PIPEMLP B+ 1.30

EQT Midstream Partners LP EQM PIPEMLP B++ 1.25

Spectra Energy Partners, LP SEP PIPEMLP B++ 0.90

Western Gas Equity Partners, LP WGP PIPEMLP B+ 1.50

Western Gas Partners LP WES PIPEMLP B+ 1.40

Williams Partners WPZ PIPEMLP B 1.60

Average 1.36

Median 1.38

Trimmed Average 1.37

High 1.75

Low 0.90

Say 1.38



Support for Beta Selection in CAPM


GP-9

Ke = Cost of Equity g = Expected Long Term Growth

D1 = Expected Dividend P0 = Current Price Per Share

A B C D E F G H I J K

Company Name Ticker

End of Year

Closing

Stock Price

2017

Expected

Dividend Taxable

Entity?

2017

Expected

Dividend

Adj for Tax

Dividend

Yield

Multistage

Long Term

Earnings

Growth

Estimate

Multistage

Long Term

Dividends

Growth

Estimate

Cost of

Equity

Cost of

Equity

P 0 D 1 If taxable =

"No"

D 1 x (1-.24)

D 1 /P 0 g =

Earnings g

g =

Dividends g

K e

g = Earnings g

Ke

g = Dividend g

Yahoo Value Line F/C

Multi Stg g

Wrksht

Multi Stg g

Wrksht G+H G+I

Boardwalk BWP 12.91 0.40 No 0.30 2.35% 9.55% 12.07% 11.91% 14.42%

Enbridge Energy Partners LLP EEP 13.81 1.40 No 1.06 7.70% 18.67% -3.34% 26.38% 4.36%

Energy Transfer ETP 17.92 2.20 No 1.67 9.33% 7.03% 5.15% 16.37% 14.48%

EnLink Midstream Partners LP ENLK 15.37 1.56 No 1.19 7.71% 3.20% 2.63% 10.91% 10.35%

Enterprise Products EPD 26.51 1.72 No 1.31 4.93% 9.55% 7.98% 14.48% 12.91%

EQT Midstream Partners LP EQM 73.10 4.37 No 3.32 4.54% 8.61% 11.44% 13.15% 15.98%

Spectra Energy Partners, LP SEP 39.54 3.05 No 2.32 5.86% 5.15% 5.78% 11.01% 11.64%

Western Gas Equity Partners, LP WGP 37.16 0.00 No 3.20% 3.20%

Western Gas Partners LP WES 48.09 3.77 No 2.87 5.96% 10.18% 6.09% 16.14% 12.05%

Williams Partners WPZ 38.78 1.95 No 1.48 3.82% 3.20% -1.14% 7.02% 2.68%

Average 5.80% 7.83% 4.98% 14.15% 10.98%

Median 5.86% 7.82% 5.46% 13.15% 12.05%

Trimmed Average 5.79% 7.06% 5.14% 13.42% 11.46%

High 9.33% 18.67% 12.07% 26.38% 15.98%

Low 2.35% 3.20% -3.34% 7.02% 2.68%

Say 13.20% 12.05%



Ke = (D1 / P0) + g


Support for Yield Capitalization Cost of Equity Component - Based on Dividend Growth Model

GP-10

Company Boardwalk Pipeline BWP Company Enbridge Energy Part. EEP Compnay EnLink Midstream Part. ENLK

Value Line 5 yr est. earnings growth 12.50% Value Line 5 yr est. earnings growth 27.00% Selected Inflation Rate - CAPM 2.40%

LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55%

Multi-Stage Weighted Average 9.55% Multi-Stage Weighted Average 18.67% Multi-Stage Weighted Average 3.20%

Value Line 5 yr est. div'd growth 16.50% Value Line 5 yr est. div'd growth -8.00% Value Line 5 yr est. div'd growth 1.50%


Multi-Stage Weighted Average 12.07% Multi-Stage Weighted Average -3.34% Multi-Stage Weighted Average 2.63%

Company Enterprise Products EPD Company EQT Midstream Part. EQM Company Energy Transfer Part. ETP

Value Line 5 yr est. earnings growth 12.50% Value Line 5 yr est. earnings growth 11.00% Value Line 5 yr est. earnings growth 8.50%



Value Line 5 yr est. div'd growth 10.00% Value Line 5 yr est. div'd growth 15.50% Value Line 5 yr est. div'd growth 5.50%



Company Spectra Energy Part. SEP Company Western Gas Part. WES Company Western Gas Equity Partners LPWGP

Value Line 5 yr est. earnings growth 5.50% Value Line 5 yr est. earnings growth 13.50% Selected Inflation Rate - CAPM 2.40%



Value Line 5 yr est. div'd growth 6.50% Value Line 5 yr est. div'd growth 7.00% Selected Inflation Rate - CAPM 2.40%



Company Williams Partners L.P. WPZ Selected inflation rate is substituted where Value Line did not report a growth estimate for selected companies

Selected Inflation Rate - CAPM 2.40%

LT nominal economic growth rate 4.55%

Multi-Stage Weighted Average 3.20%

Value Line 5 yr est. div'd growth -4.50%

LT nominal economic growth rate 4.55%

Multi-Stage Weighted Average -1.14%


Support for Yield Capitalization Cost of Equity Component - Multi-Stage Growth Model



Earnings Growth Earnings Growth Earnings Growth

Earnings Growth Earnings Growth Earnings Growth

Dividend Growth Dividend Growth Dividend Growth

Dividend Growth

Dividend Growth Dividend Growth Dividend Growth

Dividend GrowthDividend GrowthDividend Growth

Earnings GrowthEarnings GrowthEarnings Growth

Earnings Growth

GP-11

A B C D E F G H I J K L M N O

Company

Ticker

Symbol

End of

Year

Closing

Stock

Price

VL Historic

EPS VL Est EPS

VL Historic

P/E Ratio

VL Est P/E

Ratio

Ke

Estimate -

Earnings

(Hist. P/E)

Ke

Estimate -

Earnings

(Est. P/E)

VL Historic

Cash Flow

Per Share

VL Est

Cash Flow

Per Share

VL Historic

P/CF Ratio

VL Est

P/CF

Ratio

Ke

Estimate -

Cash Flow

(Hist. P/CF)

Ke

Estimate -

Cash Flow

(Est. P/CF)

Yahoo Value Line Value Line C/D C/E 1/F 1/G Value Line Value Line C/J C/K 1/L 1/M

Boardwalk BWP 12.91 1.16 1.20 11.13 10.76 8.99% 9.30% 2.48 2.50 5.21 5.16 19.21% 19.36%

Enbridge Energy Partners LLP EEP 13.81 0.73 0.85 18.92 16.25 5.29% 6.15% 1.98 2.25 6.97 6.14 14.34% 16.29%

Energy Transfer ETP 17.92 0.90 0.95 19.91 18.86 5.02% 5.30% 2.35 2.60 7.63 6.89 13.11% 14.51%

EnLink Midstream Partners LP ENLK 15.37 0.05 0.35 307.40 43.91 0.33% 2.28% (0.46) 1.60 9.61 10.41%

Enterprise Products EPD 26.51 1.30 1.55 20.39 17.10 4.90% 5.85% 1.92 2.05 13.81 12.93 7.24% 7.73%

EQT Midstream Partners LP EQM 73.10 5.19 5.70 14.08 12.82 7.10% 7.80% 8.31 8.60 8.80 8.50 11.37% 11.76%

Spectra Energy Partners, LP SEP 39.54 0.52 3.55 76.04 11.14 1.32% 8.98% 5.04 5.45 7.85 7.26 12.75% 13.78%

Western Gas Equity Partners, LP WGP 37.16 1.72 0.00 21.60 4.63% 3.05 0.00 12.18 8.21%

Western Gas Partners LP WES 48.09 1.59 2.00 30.25 24.05 3.31% 4.16% 5.46 5.85 8.81 8.22 11.35% 12.16%

Williams Partners WPZ 38.78 0.85 1.85 45.62 20.96 2.19% 4.77% 2.60 3.40 14.92 11.41 6.70% 8.77%

Average 56.53 19.54 4.31% 6.06% 9.57 8.46 11.59% 12.75%

Median 21.00 17.10 4.77% 5.85% 8.80 8.22 11.37% 12.16%

Trimmed Average 30.85 17.31 4.22% 6.14% 9.43 8.29 11.20% 12.53%

High 307.40 43.91 8.99% 9.30% 14.92 12.93 19.21% 19.36%

Low 11.13 10.76 0.33% 2.28% 5.21 5.16 6.70% 7.73%

Say 5.40% 11.85%


Support for Direct Capitalization Cost of Equity (ke)



GP-12

A B C D E F G H I J K

2018 YE 2018 YE 2017 YE 2017 YE 2018 YE 2018 2018 Avg 2018 2018 Avg

Company Ticker Interest Exp. MV LT Debt BV LT Debt MV LT Debt BV LT Debt MV LT Debt Current Yield BV LT Debt MTBR

Source 10-K 10-K 10-K 10-K 10-K (D+F)/2 (C/H) (E+G)/2 (H/J)

($000) ($000) ($000) ($000) ($000) ($000) ($000)

Boardwalk Pipeline BWP 171,000 3,709,200 3,567,500 3,889,400 3,695,600 3,799,300 4.50% 3,631,550 1.05

Enbridge Energy Part. EEP 525,000 7,753,800 7,066,000 7,253,000 6,682,900 7,503,400 7.00% 6,874,450 1.09

EnLink Midstream Part. ENLK 187,900 3,231,900 3,274,600 3,579,000 3,471,900 3,405,450 5.52% 3,373,250 1.01

Enterprise Products EPD 984,600 23,424,400 22,324,400 26,644,400 24,654,400 25,034,400 3.93% 23,489,400 1.07

EQT Midstream Part. EQM 42,981 981,585 985,732 1,186,100 1,167,352 1,083,843 3.97% 1,076,542 1.01

Energy Transfer Part. ETP 1,365,000 33,850,000 32,930,000 34,280,000 33,090,000 34,065,000 4.01% 33,010,000 1.03

Spectra Energy Part. SEP 265,000 6,455,000 6,272,000 6,211,000 5,850,000 6,333,000 4.18% 6,061,000 1.04

Western Gas Part. WES 142,386 3,196,199 3,091,461 3,594,177 3,464,712 3,395,188 4.19% 3,278,087 1.04

Western Gas Equity Partners LP WGP 144,615 3,224,199 3,119,461 3,622,177 3,492,712 3,423,188 4.22% 3,306,087 1.04

Williams Partners L.P. WPZ 855,000 18,907,000 18,470,000 18,112,000 16,497,000 18,509,500 4.62% 17,483,500 1.06

All Companies 4,683,482 106,552,269 4.40% 101,583,865 1.05

Average 4.61% 1.04

Median 4.21% 1.04

Trimmed Average 4.40% 1.04

High 7.00% 1.09

Low 3.93% 1.01

Say 4.40% 1.04



Support for Direct Capitalization Cost of Debt Component - Calculated Current Yield


GP-13

Ticker Company Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17

End of

Year

Closing

4th Qtr

Average

Annual

Average

BWP Boardwalk high 18.93$ 18.95$ 18.63$ 18.78$ 18.79$ 18.34$ 18.29$ 16.66$ 15.30$ 15.24$ 14.77$ 13.95$ 12.91$ 13.86$ 16.49$

low 17.53$ 17.92$ 17.30$ 17.78$ 17.39$ 16.60$ 16.51$ 14.40$ 14.50$ 13.40$ 13.01$ 12.79$

EEP Enbridge Energy Partners LLP high 26.17$ 20.00$ 19.04$ 19.64$ 19.47$ 16.96$ 16.63$ 16.00$ 16.17$ 16.34$ 15.55$ 15.07$ 13.81$ 14.47$ 16.81$

low 18.55$ 17.80$ 16.95$ 17.83$ 16.35$ 14.68$ 15.52$ 13.87$ 15.08$ 14.04$ 12.25$ 13.55$

ENLK EnLink Midstream Partners LP high 18.76$ 19.47$ 19.59$ 18.97$ 18.01$ 17.38$ 17.56$ 17.06$ 16.90$ 17.02$ 16.33$ 16.22$ 15.37$ 15.61$ 16.90$

low 17.35$ 17.94$ 17.10$ 17.64$ 16.57$ 15.07$ 16.29$ 14.43$ 15.82$ 14.97$ 14.45$ 14.66$

EPD Enterprise Products high 30.25$ 29.09$ 28.50$ 28.26$ 27.97$ 27.62$ 27.93$ 27.49$ 26.54$ 26.87$ 25.23$ 26.70$ 26.51$ 25.06$ 26.70$

low 26.70$ 27.61$ 26.83$ 26.92$ 26.11$ 25.78$ 26.68$ 24.84$ 25.36$ 23.84$ 23.59$ 24.10$

EQM EQT Midstream Partners LP high 78.80$ 82.99$ 80.44$ 79.93$ 78.58$ 75.58$ 78.75$ 77.77$ 77.12$ 77.42$ 74.28$ 73.52$ 73.10$ 70.92$ 74.90$

low 73.76$ 76.48$ 75.67$ 75.44$ 72.51$ 69.28$ 74.33$ 71.75$ 72.94$ 68.76$ 64.42$ 67.13$

ETP Energy Transfer high 26.47$ 26.73$ 25.86$ 24.71$ 24.35$ 22.30$ 20.96$ 21.68$ 19.49$ 18.83$ 17.88$ 18.21$ 17.92$ 17.07$ 21.06$

low 23.71$ 25.05$ 22.90$ 23.42$ 21.45$ 18.31$ 19.70$ 17.85$ 18.05$ 16.06$ 15.25$ 16.20$

SEP Spectra Energy Partners, LP high 47.49$ 46.24$ 45.10$ 45.50$ 45.39$ 44.13$ 46.18$ 46.47$ 45.04$ 45.70$ 45.00$ 42.99$ 39.54$ 42.10$ 43.75$

low 44.79$ 44.43$ 41.56$ 42.94$ 42.71$ 40.75$ 42.96$ 42.51$ 43.21$ 41.00$ 38.42$ 39.46$

WES Western Gas Partners LP high 64.50$ 67.44$ 63.41$ 61.78$ 59.35$ 56.78$ 57.15$ 53.22$ 52.51$ 52.89$ 47.48$ 48.50$ 48.09$ 46.86$ 54.45$

low 57.81$ 60.75$ 58.21$ 58.02$ 54.25$ 51.65$ 51.43$ 48.04$ 49.30$ 45.59$ 42.68$ 44.03$

WGP Western Gas Equity Partners, LP high 46.64$ 47.82$ 46.54$ 47.40$ 46.03$ 44.00$ 43.72$ 42.51$ 41.74$ 40.93$ 39.34$ 37.50$ 37.16$ 37.40$ 41.83$

low 41.77$ 43.64$ 43.24$ 43.81$ 41.84$ 40.33$ 40.85$ 38.71$ 38.80$ 37.44$ 33.92$ 35.30$

WPZ Williams Partners high 42.32$ 41.48$ 41.42$ 42.25$ 41.95$ 40.39$ 41.54$ 41.59$ 40.00$ 40.06$ 38.20$ 39.21$ 38.78$ 37.33$ 39.27$

low 37.98$ 39.10$ 38.54$ 40.31$ 38.41$ 36.25$ 39.62$ 37.02$ 38.20$ 35.96$ 34.74$ 35.82$


Support of Stock Price - From YAHOO Finance



GP-14

2018 capitalization rate study gas pipelines · gas pipelines - weighted average cost of capital...

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