ARE THEY BORROWING THE MONEY TO PAY THE DIVIDEND ?
Read the reports and project cash flow. Standard business stuff. Look for special situations. If this was normal old Valero stuff, it would be hard to work out. The new structure of Valero is easy for them and us. Which is why they did it.
There is another point that some folks miss about NS, it supplies most of the crude to Valero Refineries in the USA. Main lining full pipes to Valero. How sweet is that. For instance.
Valero/NS is not hard to understand with basice business skills. That St. James Rail Terminal main lines light sweet bakken crude to Valero LA. Rather than heavy crude by sea from S.A.
Light Sweet Bakken Spreads mmmmmmm.