MLPs Recommendations

Energy Transfer Partners L.P.

Darren Horowitz, Raymond James (11/21/13) "ETP has positioned itself as a premier, vertically integrated midstream services provider."

Energy Transfer Equity L.P.

Darren Horowitz, Raymond James (11/21/13) "ETE, in our view, remains an attractive total return value proposition."

Energy Transfer Partners L.P.

Stephen Maresca, Morgan Stanley (11/20/13) "We see upside with ETP."

Energy Transfer Equity L.P.

Stephen Maresca, Morgan Stanley (11/20/13) "ETE is one of the top multi-year growth stories in our coverage."

Energy Transfer Partners L.P.

Darren Horowitz, Raymond James (11/6/13) "ETP continues to position itself as a premier, vertically integrated midstream operator."

Energy Transfer Equity L.P.

Darren Horowitz, Raymond James (11/6/13) "We believe ETE could outperform the broader market on a total return basis."

Energy Transfer Partners L.P.

Stephen Maresca, Morgan Stanley (11/6/13) "ETP increased distribution growth in Q3/13, the first time since Q2/08."

Energy Transfer Equity L.P.

Stephen Maresca, Morgan Stanley (11/6/13) "ETE has strong growth potential given organic project opportunities."

Ethan Bellamy, Baird Equity Research (10/14/13) "We like ETE for its deal-making prowess and growth potential."

Energy Transfer Partners L.P.

Sadif Research (8/15/13) "ETP is growing at a faster pace than its industry."

Darren Horowitz, Raymond James (8/9/13) "ETP continues its consistent, organic, growth program."

Energy Transfer Equity L.P.

Darren Horowitz, Raymond James (8/8/13) "ETE remains an attractive, total return value proposition."

Energy Transfer Partners L.P.

Jeremy Tonet, J.P. Morgan (8/8/13) "A continued growth rate should drive a revaluation in ETP's unit price."

The Energy Report Interview with Rodney Stevens (7/16/13) "The midstream segment should benefit from low interest rates. A midstream company we like is ETP."

Acorn Energy Inc.

James McIlree, Dominick & Dominick LLC (5/13/13) "ACFN has positioned itself to benefit from and drive the longer-term changes in the energy market."

Rudolf Hokanson, Barrington Research (5/13/13) "ACFN is on the Barrington Research Best Ideas List for 2013."

Energy Transfer Equity L.P.

Dividend Monk, Seeking Alpha (4/15/13) "ETE is in a position to produce higher total returns."

Energy Transfer Partners L.P.

Dividend Monk, Seeking Alpha (4/15/13) "ETP's operations will let it increase its distribution over time."

Zacks Investment Research (4/15/13) "Operating environment and growth prospects seem bright for ETP."

Zacks Equity Research (3/25/13) "ETP is well positioned to compete in the natural gas midstream and transportation and storage businesses."

Energy Transfer Equity L.P.

Stephen Maresca, Morgan Stanley (3/21/13) "We reiterate our Overweight rating for ETE and raise our target price."

Energy Transfer Partners L.P.

Stephen Maresca, Morgan Stanley (3/21/13) "We see upside to ETP shares and think a distribution increase is coming in H2/13."

Curt Launer, Deutsche Bank (3/1/13) "ETP's new deal with Regency Energy will contribute to long-term growth."

Energy Transfer Equity L.P.

Michael Blum, Wells Fargo Securities (2/28/13) "ETE has simplified its corporate structure with its latest transaction."

Energy Transfer Partners L.P.

Michael Blum, Wells Fargo Securities (2/28/13) "ETP has sold assets to Regency Energy at an attractive multiple."

Energy Transfer Equity L.P.

Jeffrey Birnbaum, UBS Securities (2/27/13) "We are increasing our distribution estimates for ETE."

John Cusick, Wunderlich Securities (2/26/13) "We estimate a total potential return of 10.2% for ETE."

Energy Transfer Partners L.P.

Daniel Katzenberg, Oppenheimer & Co. (2/26/13) "ETP reports sharply higher Q4/12 results."

John Cusick, Wunderlich Securities (2/26/13) "ETP's expansion could result in distribution growth."

Energy Transfer Equity L.P.

Michael Blum, Wells Fargo Securities (2/25/13) "The Trunkline project is a significant positive for ETE."

Energy Transfer Partners L.P.

Richard Gross, Barclays (2/25/13) "ETP reported an in-line Q4/12."

Energy Transfer Equity L.P.

Richard Gross, Barclays (2/25/13) "In Q4/12, ETE reported 109% coverage on its current distribution."

Energy Transfer Partners L.P.

Selman Akyol, Stifel Nicolaus (2/22/13) "ETP's reported distributable cash flow is up 23.2% YOY."

Energy Transfer Equity L.P.

Stephen Maresca, Morgan Stanley (2/21/13) "ETE has strong growth potential given organic project and consolidation opportunities."

Energy Transfer Partners L.P.

Stephen Maresca, Morgan Stanley (2/21/13) "Sunoco is a game changer for ETP."

Gabe Moreen, Merrill Lynch (2/19/13) "We forecast that ETP will resume cash distribution growth in Q2/13."

Energy Transfer Equity L.P.

Michael Blum, Wells Fargo Securities (1/28/13) "We are maintaining our Outperform rating on ETE."

Energy Transfer Partners L.P.

Michael Blum, Wells Fargo Securities (12/3/12) "ETP has evolved into a diversified MLP with exposure to NGLs, crude oil and refined products."

Richard Gross, Barclays (11/19/12) "ETP's growth prospects have materially improved."

Energy Transfer Equity L.P.

Michael Blum, Wells Fargo Securities (11/16/12) "We forecast five-year distribution growth (compound annual growth rate) of 8% for ETE."

Energy Transfer Partners L.P.

Michael Blum, Wells Fargo Securities (11/16/12) "ETP could increase its distribution by 1.1% year over year in Q4/13."

Stephen Maresca, Morgan Stanley (11/15/12) "ETP is worth owning in the near term."

Daniel Katzenberg, Oppenheimer & Co. (11/15/12) "ETP has transformed itself into a diverse operator."

Energy Transfer Equity L.P.

Ethan Bellamy, Robert W. Baird & Co. (11/14/12) "We reiterate our Outperform rating on ETE."

Curt Launer, Deutsche Bank (11/14/12) "We rate ETE a Buy."

Energy Transfer Partners L.P.

Curt Launer, Deutsche Bank (11/14/12) "We rate ETP a Buy."

Energy Transfer Equity L.P.

Michael Blum, Wells Fargo Securities (11/13/12) "We are increasing our distributable cash flow estimates on ETE."

Gabe Moreen, Bank of America Merrill Lynch (11/12/12) "We remain constructive on ETE given its attractive growth prospects."

Energy Transfer Partners L.P.

The Energy Report Interview with Darren Schuringa (9/11/12) "Its Sunoco buyout should be finalized by year-end. We anticipate that ETP will increase its distribution in the near future."

Energy Transfer Equity L.P.

The Energy Report Interview with Darren Schuringa (9/11/12) "ETE serves as a leveraged way to play both ETP and RGNC."

The Energy Report Interview with Stephen Maresca (7/26/12) "ETE is very well positioned for the increasing oil production flows in the U.S."

Energy Transfer Partners L.P.

Tanjila Shafi, Standard & Poor's (7/14/12) "We see gross margins at ETP's midstream segment increasing 5–6%."

Energy Transfer Equity L.P.

Richard Gross, Barclays (7/9/12) "ETE has reduced its capex funding burden."

Energy Transfer Partners L.P.

Daniel Katzenberg, Oppenheimer & Co. (6/28/12) "ETP's SUN acquisition should be immediately accretive to cash flow."

Energy Transfer Equity L.P.

Gabe Moreen, Merrill Lynch (6/18/12) "ETE will return to being a pure-play general partner."

Energy Transfer Partners L.P.

Theodore Durbin, Goldman Sachs (6/11/12) "ETP's organic growth capital should further its transformation into a more diversified partnership."

Energy Transfer Equity L.P.

Gabe Moreen, Merrill Lynch (5/25/12) "We see ETE as undervalued."

Energy Transfer Partners L.P.

Ronald Barone, UBS Securities (5/15/12) "We maintain our Buy rating on ETP."

Richard Gross, Barclays (5/14/12) "ETP has a well-diversified asset base and strong project economics."

Pan Orient Energy Corp.

David Popowich, Macquarie Capital Markets (3/21/12) "POE has drilled two successful wells into a new discovery called L53-D East."

Enbridge Energy Partners L.P.

Sharon Lui, Wells Fargo Securities (3/9/12) "EEP is well positioned to expand mainline capacity."

Richard Gross, Barclays (3/9/12) "EEP is set for favorable liquids opportunity growth."

John Tysseland, Citigroup (3/7/12) "EEP has multiple years of distribution growth potential ahead."

TransGlobe Energy Corp.

Mike Kozak, Cormark Securities (2/22/12) "With over $100M cash flow expected, TGL is in a strong position for 2012."

WesternZagros Resources Ltd.

Gavin Wylie, Scotia Capital (2/16/12) "WZR's results did confirm hydrocarbons that could be additional contributors to a larger discovery."

Molopo Energy Ltd.

Ivor Ries, Baillieu Holst Ltd (2/13/12) "MPO offers exposure to high impact unconventional oil and gas exploration campaigns."

New Zealand Energy Corp.

Bill Newman, Mackie Research Capital (2/9/12) "NZ has high-quality light oil production."

Enbridge Energy Partners L.P.

The Energy Report Interview with Yves Siegel (2/7/12) "EEP and EPD are reversing the Seaway pipeline at an extremely reasonable cost."

Jeremy Tonet, J.P. Morgan (1/31/12) "EEP's significant project portfolio will drive further organic growth."

Michael Blum, Wells Fargo Securities (1/26/12) "Our positive outlook and Outperform rating for EEP remain unchanged."

Royal Dutch Shell Plc

Quirijn Mulder, ING Securities (1/19/12) "We initiate coverage of RDS with a Buy recommendation."

Enbridge Energy Partners L.P.

The Energy Report Interview with John Edwards (1/10/12) "We believe all of EEP's 2012 projects will contribute to its longer-range growth prospects."

Royal Dutch Shell Plc

Irene Himona, Société Générale (1/2/12) "RDS has had top exploration performance in 2011."

Linn Energy LLC

Sol Palha, Seeking Alpha (12/7/11) "LINE has an incredible quarterly earnings growth rate of 20,117.90% YOY."

Michael Blum, Wells Fargo Securities (12/6/11) "LINE expects its tax deferral shield to remain high."

Energy Transfer Partners L.P.

Michael Blum, Wells Fargo Securities (12/6/11) "ETP's growth should accelerate in 2013."

Enbridge Energy Partners L.P.

Sharon Lui, Wells Fargo Securities (12/6/11) "EEP announced a $145M investment to expand capacity of its North Dakota crude system."

Teekay Offshore Partners L.P.

Christopher Combe, J.P. Morgan (12/2/11) "We initiate coverage of TOO, a high-payout MLP with attractive fundamentals and growth potential."

Linn Energy LLC

Christopher Sighinolfi, UBS Securities (12/1/11) "With distribution growth and tremendous downside protection, LINE remains our favorite upstream MLP."

Michael Ray, Seeking Alpha (11/30/11) "LINE has become one of the top independent U.S. oil and gas companies."