FORT CHICAGO ENERGY PARTNERS L.P. $8.47 (Toronto symbol FCE.UN; Units outstanding: 136.3 million; Market cap: $1.1 billion; SI Rating: Extra Risk) owns and operates energy infrastructure across North America. One of its major holdings is a 50% interest in the Alliance natural-gas pipeline, which runs 3,000 kilometres from Fort St. John, B.C., to Chicago. Enbridge Inc. owns the other 50%.
Fort Chicago and Enbridge also own 85.4% of the Aux Sable natural gas liquids plant. As well, Fort Chicago owns 100% of the 1,324-kilometre Alberta Ethane Gathering System.
Fort Chicago has added to its power-plant holdings over the last couple of years. It now owns natural gas-fired cogeneration plants in Ontario, California and Colorado, plus power plants in Ontario and Prince Edward Island.
In the three months ended June 30, 2009, Fort Chicago’s revenue fell 16.5%, to $149.3 million from $178.7 million a year earlier. Cash flow per unit fell 6.5%, to $0.29 from $0.31. The recession pushed down Fort Chicago’s selling prices. That lowered its revenue and hurt profit margins and cash flow.
Fort Chicago’s units yield 11.6%. About $0.018 of its $0.0833 monthly distribution can be subject to U.S. withholding taxes. U.S. dividends paid in an RRSP are not subject to the 15% U.S. withholding tax. Outside of an RRSP, you may need to submit extra paperwork at tax time to get a Canadian income-tax credit to offset the withholding tax.
Despite the lower quarterly results, Fort Chicago’s outlook remains sound. Profit margins at Aux Sable are already rising. Plus, Fort Chicago’s new power-generation assets help diversify the trust’s operations. Fort Chicago’s expected payout ratio of about 90% for 2009 should keep monthly distributions steady.
Fort Chicago is still a buy.
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