Too bad APL does not report DCF (distributable cash flow) since that is the only metric one can compare and evaluate MLPs. I did not see the CapEX to maintain the system in the numbers. GAAP numbers are meaningless for an MLP. Suggest you read the Seeking Alpha article on MLPs. It gives an EXCELLENT recap on how to look at MLPS.

All that said, the quarter was OK. Not good and not bad. The are getting debt paid down and have a ways to go. Problem is they sold out a bunch of cash flow producers to do that and getting better DCF numbers going forward will be difficult.