The Tyler Courier-Times from Tyler, Texas • 36

Tyler SUNDAY, OCTOBER 4, 1987 Sec.4 OIL Continued From Page 1- apjjixj mfm MSP they are taxed only on the individual level. In contrast, stock ownership Is taxed on the corporate level COMMODITIES COMMODITIES We are happy to announce that aged partnerships have now learned to live within their cash flow." Because of the change in strategy by the partnerships, Kehl said future investors in MLPs can look for a combination of lower yields, higher growth options and no dilution. The change in strategy is reflected by a number of steps announced by the partnerships this year. "What people have learned in the past few difficult years is that the level of distribution is very important but it has to be realistic in the light of the cash flow," said Roger Plank, a spokesman for Apache Petroleum distributions from the MLP back into the partnership by purchasing newly issued nits. The infusion of capital helped the partnerships survive the downturn but was not sufficient to prevent cuts in cash distributions.

The newly issued units also had a negative effect of diluting the value of the "units held by the public. "The high payout rates, the threat of liqui dation and dilution all had a negative impact on the market performance of oil and gas partnerships," says Philip Kehl, investment analyst with Dean Witter Reynolds in New York. He said many of the better-man-. tribution twice, and with its annual payout now at 70 cents, trading in Apache's units has slumped to around $7. Although the experience has been painful for Apache and other partnerships that were formed in 1985 when oil sold for $28 a barrel and natural gas was at $3 per thousand cubic feet, some analysts say lessons learned by the MLPs eventually will woo investors back to the oil partnerships.

In many of these partnerships the corporate parent would reinvest virtually all of its share of the cash as well us on the individual level. The MLPs often sell at a premium to their asset value because they pay out a large percentage of the partnership's cash flow to unit holders in the form of cash distributions. Apache Petroleum, a Minnesota-based natural gas company that pioneered' the master limited partnership, noticed an immediate reaction from investors when it was forced to conserve cash by reducing its distributions. In 1985 when Apache was paying a $2.10 distribution, its partnership units were trading in the 920 range. Since then Apache has cut Its dis MIKE TABAEE has joined STOTLER COMPANY as an Investment Executive Specializing in Commodity.

Computer Trading and Managed Ac counts. To receive our market letter and further in RATINGS cntinued From page i formation please call: (214) 387-4447 US Watts 800-527-5385 I Tx. Watts 800-442-5828 12700 Park Central Place Suite 21 5 Dallas, Tx 75251 IBM AT COMPATIBLE COMPUTER DOWNTOWN L1 network has a strong following in East Texas, KLTV General Manager Larry Harris said. Harris said he is pleased with the performance ratings of its syndicated programs, particularly "Wheel of Fortune" at 6:30 p.m. week-nights.

"We believe we have the strongest syndicated lineup around," he said. Phil Hurley, manager of KETK, said he is pleased with the station's steady ratings growth and in particular the audience it has gained for the strong NBC prime time and late night lineup of shows. "It's not just an indication of -NBC's popularity but that people are beginning to find us," he said. "We've made some stong inroads in programming and attraction an rating, 5 share. Weekdays from 10:30 p.m.

to midnight: KLTV 6 rating, 24 share; KLMG 1 rating, 5 share; KETK 3 rating, 12 share. Sign on-sign off, which represents daily ratings from throughout the month: KLTV 8 rating, 26 share; KLMG 2 rating, 5 share; KETK 3 rating, 9 share. A ratings point represents the percentage of all householdp with a television set in the three-county area that are tuned into a station. A share more specifically represents the percentage of all household television sets in the three-county area in use that are tuned into a particular station. Stations use ratings to help determine the rates they charge advertisers.

Although ABC is frequently second or third in national ratings, the WLOR MEDICAL lO CENTER Open 7 day a week from 8 A.M. to 10 RM. See the doctor without an appointment. Employees re turned to job with minimum time loss. Worker's Compensation and other approved insurance accepted.

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"uooSsm The French Quarter, next to Eckerd Drugstore. 581-4300. I TS cntinued From Page hanger at Tyler Pounds Field, $100,000, Athens Steel Building. COMPLETE SYSTEM 1,350.00 ADDITIONAL 1.2ITWQ FLOPPY DISK DRIVE 152.00 ADDITIONAL SEAGATE 20 MEG HARD DISK DRIVE 326.00 THE BEST COMPUTER VALUES IN EAST TEXAS IIIIIIK 1 I ULIJULU JULM-M. 839-6905 RDC 1100 HIGHWAY 110 NORTH WHITEHOUSE, TX.

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If you're thinking about stepping up to laser printing, you definitely.need to see the remarkable LaserJet Series II printer from HR air conditioning, one for a swimming pool, 15 for signs, two for storage tankspumps, 33 for residential repairs, and 18 for commercial repairs, $463,598. Major building permits issued in September included: Remodel Mother Frances Hospital emergency room, 800 Dawson, $100,000. Don HilJ Construction; Build a 10-room, residence at 701 Kingswood, $150,000, Crane Construction; Build a 19-room, residence at 709 Gabriel, $150,000, Robinwood Building and Development; Add 1,200 square feet to a residence, 609 Purdue, $130,000, The Remodelers; Remodel the third floor of Mother Frances Hospital, 800 E. Dawson, $165,000, Don Hill Construction; Build a seven-room, residence at 5803 Stoneleigh, $140,000, Rex Matthews; Build a brick doctor's office at 1129 Medical Drive. $491,000, Client Construction; Build a 10-room, residence at 3404 Pinecreek, $173,500, Colley Construction; Build an warehouse at 1902 Patridge, $150,000, Noah's Steel Construction; Add a parking garage roof at 6101 S.

Broadway, $250,000, Client Construction; Build a metal Insurance Group Schedules Seminar The Tyler Association of Insurance Women will sponsor a seminar that will include information on the new laws affecting notaries as well as the duties and responsibilities of a notary public Thursday at the Sheraton Tyler Inn Towers, 2843 WNW Loop 323. Literature on notary errors and omissions also will be The classes will be held from 9 a.m. to 11:30 a.m. Thursday and 1:30 p.m. to 4 p.m.

Thursday. Each class will be limited to 50. Speaker for the seminars will be Colleen Lloyd of the Texas secretary of state's paralegal department. More information can be obtained by calling Barbara Cockerell at 597-0380. FOR BUSINESS AND INDUSTRY: Helping to optimize productivity, avoid layoffs, and cope with fluctuating business conditions.

FOR AMERICA'S WORKING PUBLIC: Providing varied work assignments, scheduling flexibility, and job fulfillment for millions of Americans each year. FOR OUR COMMUNITY: HEWLETT PACKARD MicroAge CQMPUTer srores "The Solution 5021 So. Broadway Times Square Center 581-4993 Donating thousands of hours of temporary help and volunteer leadership to the United Way and other worthy community service endeavors. MANPOWER 3T TEMPORARY SERVICES Association 1 I CALL 581-5288 3910 BR00KSIDE DRIVE CENTRE Suite 101 turn Ma mi iim immw 6 EL37Z3ID D8D VXnDUiDliliEli mux GETO it QGflHU, (3031(11 gnSRDtfi (HSmiU GuHGMfc v2Z3t)(U 3tD3IiQ.