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Wrong James Murchie?

James J. Murchie

Founder, Chief Executive Officer and Portfolio Manager

Energy Income Partners LLC

HQ Phone:  (203) 276-9344

Direct Phone: (203) ***-****direct phone

Email: j***@***.com

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I agree to the Terms of Service and Privacy Policy. I understand that I will receive a subscription to ZoomInfo Community Edition at no charge in exchange for downloading and installing the ZoomInfo Contact Contributor utility which, among other features, involves sharing my business contacts as well as headers and signature blocks from emails that I receive.

Energy Income Partners LLC

10 Wright Street

Westport, Connecticut,06880

United States

Company Description

Energy Income Partners, LLC manages investments in energy infrastructure such as pipelines, storage and terminals. Investments are publicly traded with a particular focus on Master Limited Partnerships (MLPs) and their affiliates, Yield Corporations (YieldCos)...more

Background Information

Employment History

Managing Director

Tiger Foundation


Principal

Sanford C. Bernstein


Affiliations

EIP

Founder


Clark Refining & Marketing Inc.

Board Member


Marketing Company

Board Member


Research Department's

Recommendation Review Committee


Education

BA

History and Anthropology

Rice University


MA

Energy Planning

Harvard University


Web References(21 Total References)


EIP Funds | Energy Income Partners

www.eipfunds.com [cached]

. . . we believe that quality wins in the long run. - Jim Murchie
". . . we invest in non-cyclical infrastructure providing services to the energy industry - it's like selling pick-axes to the miners" - Jim Murchie Portfolio Management James J. Murchie President, Founder and CEO


About Energy Income Partners and Team | EIP Funds

www.eipfunds.com [cached]

Energy Income Partners, LLC is a Delaware limited liability company and an SEC-registered investment advisor, founded in October 2003 by James J. Murchie to provide professional asset management services.
EIP's research focuses on investments in energy infrastructure such as pipelines, power utilities, storage and terminals. Investments are publicly traded with a particular focus on Master Limited Partnerships (MLPs) and their affiliates, Yield Corporations (YieldCos) pipeline and power utilities in the U.S. and Canada. The EIP management team is made up of the five principals: James Murchie, Eva Pao, Linda Longville, Saul Ballesteros, and John Tysseland. James Murchie, Eva Pao, Linda Longville, John Tysseland, Sam Brothwell, Saul Ballesteros, Lisa Sacerdote James Murchie, Eva Pao, John Tysseland James Murchie, Eva Pao, Linda Longville, Saul Ballesteros, John Tysseland James J. Murchie President, Founder and CEO View Profile


James J. Murchie - EIP Funds

www.eipfunds.com [cached]

James J. Murchie
James Murchie President, Founder and CEO James Murchie is the President, Founder and CEO of Energy Income Partners and Portfolio Manager of EIP's Funds. He founded EIP in 2003 and is the portfolio manager for all of its funds which are concentrated on on high-payout energy infrastructure securities within asset classes such as Master Limited Partnerships (MLPs), MLP affiliates, Utilities and Yield Corporations (YieldCos) and Energy Infrastructure Real Estate Investment Trusts (REITs). From 2005 to mid-2006, Jim and the EIP investment team was affiliated with Pequot Capital Management. In July 2006, EIP re-established its independence. From 1998 to 2003 he managed a long/short equity fund that invested in energy and cyclical equities and commodities as head of Lawhill Capital. From 1995 to 1997, he was a managing director at Tiger Management where his primary responsibility was investments in energy, commodities and related equities. From 1990-1995 Jim was a principal at Sanford C. Bernstein where he was a top-ranked energy analyst and sat on the Research Department's Recommendation Review Committee. Before joining Bernstein, Jim spent 8 years at British Petroleum in 7 operating and staff positions of increasing responsibility. He has served on the board of Clark Refining and Marketing Company and as President and treasurer of the Oil Analysts Group of New York. Jim holds degrees from Rice University and Harvard University.


www.golfmemberpro.com

Many MLPs are riskier than you may believe, so careful selection is critical, says Jim Murchie of Energy Income Partners
MLPs invested in such non-cyclical, fee-for-service businesses, however, represent a small minority of the 120-plus energy-related MLPs, says Jim Murchie, founder of Energy Income Partners (EIP). "What people need to understand is that an MLP is just a structure, a way of financing a business," he says. "It doesn't tell you what kind of business it's operating." Risk-sensitive, income-seeking investors should consider focusing on MLPs that are more impervious to economic ups and downs, Murchie advises. Blending these in with other high-yielding equities formed as normal, taxable, "C"-corporations will allow such investors "to create a portfolio where the chaos of cyclical businesses is kept outside," he says. Just 20 to 30 of the 120 or so MLPs in the marketplace qualify, he believes--mainly those that own pipelines and related infrastructure. These MLPs, he says, are protected from competition and essentially permitted to collect tolls from users to move oil, gas and other commodities in good times and bad. As for the others, he dismisses them: "MLPs operating cyclical businesses must either have a low dividend payout ratio, promise only a variable - versus a steady - dividend or someday they will have to cut the dividend." Investment managers who invest solely in MLPs can get derailed by carrying too much speed through a turn, Murchie says. Instead of sticking with steady infrastructure-related businesses, they own MLPs involved in exploration and production or other endeavors that depend on either strong commodity prices or a strong economy. "Some portfolio managers who are competing with an index think they're doing investors a disservice not to own these high-beta names," he says. "I try to get investors to view our strategy as old- fashioned utility investing where you have regulated assets that are not sensitive to the economy," Murchie says. "The company puts down $1 billion, and they get a 10%-to- 15% (government allowed) rate of return. So the charge for the service, whether it's electricity, gas transmission, oil transmission or whatever, is $100 million to $150 million--plus the operating cost. EIP likes to own these businesses housed by companies that have high dividend-payout ratios (typically 65% to 95% of earnings), because they view a high payout ratio as a sign of capital-spending discipline. While it may seem as though the allowed rate of return of such companies limits an investor's return potential to the same 10% to 15%. But Murchie contends that with the right leadership, companies potentially can ascend along a steeper growth trajectory. "If a company can find growth opportunities it can fund with either cash or new securities where the returns on invested capital exceed the cash funding costs (that is, the dividends and interest on newly issued equity and debt)," he says, its shareholder returns can exceed the allowed rate of return on equity. He says the best management teams are the ones who stay out of trouble, avoiding the dumb mistakes that lower returns. What's more, he says, "eventually, those management teams will take advantage of somebody else's dumb things [and get] above-average returns for their shareholders." By investing in the well-run, income-generating businesses that he prefers, Murchie says, appropriate investors may be able to capture most of the return potential of a pure MLP portfolio in boom years while avoiding a lot of the downside during in bad years. Indeed, the success of the energy MLPs since the mid-1990s has been driven by MLPs invested in non-cyclical infrastructure businesses. The vast majority of MLPs in the 1980s, which were mostly oil and gas producers, were train wrecks when oil prices declined in 1986. Likewise, Murchie says, the best performing gas and power utilities since the mid-1990s have been those that avoided getting into such cyclical businesses as merchant power generation and energy trading. Both groups have similar long-term shareholder returns. It's why EIP sees itself as a conservative investor in utility-type businesses, Murchie says, and why it doesn't have "an MLP mandate."


www.cfala.org

Jim Murchie CEO, Energy Income Partners LLC


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