Tortoise Energy Capital Corp. (NYSE:TYY) has cut its first quarter 2009 distribution from $0.43/share to $0.40/share. For the full year, Tortoise expects to be able to pay investors at least $0.38/share quarterly.
Tortoise Energy Capital is one of four investment vehicles managed by Tortoise Capital Advisors LLC. Each of the others also announced distribution decreases. Tortoise Energy Infrastructure Corp. (NYSE:TYG) decreased distributions by $0.02 to $0.54, and expects at least $0.52 for the rest of 2009. Tortoise North American Energy Corp. (NYSE:TYN) reduced distributions by $0.05/share to $0.37 and expects a floor of $0.36 for the rest of the year. Tortoise Capital Resources Corp. (NYSE:TTO) dropped its distribution by $0.035.
Tortoise Energy Capital’s CEO put it this way, “While we expect the next year to be challenging for almost every industry, including the energy infrastructure sector, we continue to believe the flow of energy commodities remains critical to our economy and that the long term prospects for MLP investments are attractive.”
He’s probably right, but remember Keynes: “In the long term, we’re all dead.”
Paul Ausick
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