It does not matter...there are no promises and anything said today can be retracted or ignored without apology tomorrow. .eg: LINN and BBEP, both had production hedges in place that would get them through this year...now BK. MPLX was still touting 25% dist growth AFTER the oil market had collapsed and now? DYODD!
good luck all,
~Give up being a cheerleader. MLPs right now dead money with interest rates about to rise and everyone wondering if the move up in oil prices can hold.
money - am still on holiday. Hope all is well in the US. Spain looks fine on the surface but unemployment geting worse and new jobs appear to be public sector make work sort. The convertable issue is probably OK as it takes care of funding. As for patience, the thing I noticed is DCF is predicted to be $1B or so in 2016. Isn't that about where MWE as standalone was predicting for 2014? No numbers at hand, so may not be correct. This sugests contracts renegotiated as MWE was up to 80% fixed fee and volumes continue good. Frustration would be more the issue. PMed Marv as well. No reply. akebono is fine.
Money: I only know nymarv through the message boards and don't have any info of whereabouts. Another missing person that appears to have disappeared is akebono.
stay well, friend.
b&w with them reiterating a 12-15% distribution growth for 2016 (on as paid bases ie 1st quarter 2016 paid in 2nd quarter 2016, 4th quarter 2106 paid in 1st quarter 2017) we should 11% to 14% remaining paid growth into 1st quarter 2017 ie another $.05 to $.07 total over next 3 quarters
also b&w afraid something happened to nymarv. as totally disappeared from this an IV board and have tried contacting with IV PMs, but no response.
It's hard to track down since the MWE-MPLX merger but the capital expenditures for the MWE buildout was expected to be about $1.5 B per annum for the next 5 years (If I remember correctly). That's probably the main reason that MWE went looking for a deep pockets merger partner when energy prices collapsed. In addition MPLX has other capital needs going forward. When energy prices recover MPLX (with MWE hidden inside) will be cranking out massive distributions going forward.
The key word here is patience.
Preferred Private Placement continues a seemingly unending appetite for Equity issuance..Glad to see acceptance by high quality lenders,but at some point Dilution may become an issue.
Don't know how long I'll be here. The markets showing to much strength. With the dividend coming up next week I willing to take a chance. I also believe there is a lot of cash on the sideline.
Finepilsner: You are still not happy. if that's true Why are you still here? Sell and take your loss Write it off against all the stocks you sell that you have huge gains in. In case you haven't noticed energy prices have collapsed in the past year Many companies have gone Bankrupt. Stop crying about $80 last June. You should have sold and given the IRS and State about $40 of each unit you owned and given up all the income received since then.
Here are the facts as I see them I received $6.20 per MWE unit about 15+ % in cash that money was deployed into other securities that is cranking out 10% and 12.5% which is being dripped into additional shares. My projected 2016 income is about 20% more than what I received in 2015 (And that's not counting the $6.20 per MWE unit from the merger) Also at the merger I received 109 MPLX units for each 100 MWE units, That's a 9% bonus. So what did I receive in total?
1) $6.20 in cash--That was 1 1/2 years MWE income up front to cover the shortfall going forward
2) A 9% MPLX unit bonus
3) The opportunity to pick up additional MPLX units at firesale prices as low as $16 per unit if you had stopped bellyaching and put on the rose colored glasses and paid attention.
MPLX is still cheap today so you can still add to your holdings if you want to ---OR----
If you object to paying the IDR's to MPC--- Why don't you sell your MPLX units and buy MPC shares and then you will be collecting the IDR's and screwing the MPLX holders like you believe MPC is doing. There is always opportunity to make money. But bellyaching won't make you money.
Glad to see you're still wearing those rose-colored glasses. In case you haven't noticed, we're trading at about 50% of the price when the merger was announced, about 50% of the MWE dist. MWE was 80 last June, the MWE dist. would have been about $4.00/annum by now. Latest forcast was for 12-15% dist increase. I don't consider a 1/2 cent raise a raise....it doesn't cover inflation. You don't have to read far to find better performance, EPD down only 2%('16), EEP down 17%, BWP UP 17% AMLP down 6% and we're down 24%. Additionally we now have a partner to whom we will be paying ever increasing IDRs. Sorry...looking for a way out.
In case noone has noticed, the energy arena has been having difficulties the past year or so. A number of companies have filed bankruptcy. More will probably do so in the near future. The adjusted price of MPLX at the merger was $32.36. The current price is $32.17 and we have received a $0.50 distribution in Feb 2016 a total of $32.67 slightly ahead of the merger price. MPLX has retraced the huge selloff down to $16 in Jan to March. They just increased the distribution again so they are way ahead of many of their peers. Not exactly what we want but still making progress. Don't be surprised if MPLX gets close to $40 before year end with the 2016 distribution being raised quarter after quarter. Considering MPLX was at $16.53 on Feb 11, 2016, $40 or anywhere close to $40 by year end looks pretty good to me.
They did keep their promise. They stated if market did not reward them with lower yield they would adjust. Looks like they did
I would expect to see a couple of downgrades..Sold in the 60's in the wake of the Stupid Acquisition and have been looking to re enter...No more.
Greatest understatement of all especially on the heels of "dist cash flow for 2016 @$917m-1.1b, EBIDTA to double, distributions +12-15% ( after being cut from 25-30%), all this and the price is up....tell me what am I missing? Q: What is the difference between the current increase and a decrease in distribution? A: About 1 cent! Where's the earnings from MWE? Over 70% were fee based with $600+ million EBIDTA 2016. I think we've seen this play before....Act1-Over-hype, Act2-Underdeliver, Act3-Improvements next qtr, Act4-BIG improvements next year, Act5-SURPRISE-distribution cuts. $917M dist with coverage @1.1 = $833M, with approx. 320M units = $2.60 per unit. Where's the beef?
PS: see message 3/27