Seeking Alpha Seeking Alpha Portfolio App for iPad Profile| Send
Message| (13)    Eagle Rock Energy Partners (EROC) has dropped
significantly in price due to the dividend reduction announced
in October from 22 cents to 15 cents/quarter, a 32% reduction.
In the past few years it has have run into some major
difficulties largely tied to their having too much exposure to
commodity prices. Mainly the problem lies with dry natural gas
prices which have been severely depressed in the US. This caused
distributable cash flow to fall to 16 cents per share in the 3rd
quarter.  EROC hoped to grow their way out of their problems by
expanding the midstream business as quickly as possible and by
switching their gathering and processing contracts to fee-based
as they come up for renegotiation. EROC now has 6500 miles of
gathering pipeline in the Texas Panhandle with 11 processing
plants. Midstream is now about 46% of the business based on 3rd
quarter EBDA, up from 20% only a few years ago, and EROC
recently purchased some e