Review on considering investing...

Interested because numbers very favorable. Distribution high with good track record of growth. Always worth investigating.

Started out as a pipeline company. Base operation is stable, profitable and slow growing. Most of growth has been through acquisitions. But acquisitions have not been in the same line of business. Moved heavily into terminal services, a slightly more risky business. Now moving heavily into "Energy Services". With energy services as over 2/3 of revenue, this is no longer really a pipeline company. GP has incentive to maximize distributions. Share in upside higher than share in downside. This is encouraging expanding into riskier areas. Attempting to control commodity risk of new business through use of derivatives. Returns likely to be good, but this is no longer the low risk utility it used to be.