so...Coal stabilized...but so did everything else.. I didn't see this coming, pummeling probably deserved. It doesn't change my overall view, but we probably can't expect a distribution increase anytime soon.
interesting comments from passandshoot on the IV MLP board...
In the first quarter of 2012, PVR issued 2013 EBITDA guidance of 480 - 540 MM.
After the second quarter of 2012, PVR revised down that 2013 EBITDA guidance to 415 - 480 MM, primarily as a result of the Chief acquisition and its effect on the company.
After the fourth quarter of 2012, PVR revised down that 2013 EBITDA guidance to 335 - 395 MM, primarily due to coal and issues in midstream, including weather.
This week, PVR revised down that 2013 EBITDA guidance to 295 - 340 MM, blaming producers, frack water being recycled (instead of shipped through its JV), and coal.
Over those three revisions, that is a 27% drop at the midpoint, in a 16 month period.
I'm okay with today's report. Cash flow from ops is what counts, and that was up sharply from last year.
It's just taking longer than expected for new wells to get tied in to new pipelines. Happens all the time, nothing to be concerned about.
everything you say makes sense; why was it down so much?