I know one and have mentioned before. When MMP bought Longhorn out of BK they thought they could do what the prior owner who was forced into BK couldn't do which was monetize Longhorn based upon the original flow direction. MMP was unable to do so and came up with the idea of reversal of Longhorn which now has turned into a hugely accretive acquisition because MMP paid very little for Longhorn from BK.
Management conceded they were wrong but found the right "direction" to go in. That is the mark of a great management team. I have also owned as long as you having bought more when two firms downgraded MMP claiming they were overpaying to buyout their GP.
More importantly... back when we bought if I recall the distribution growth was 6% and then raised to 8% and as time has gone on now we are seeing solid double-digit distribution growth. We both more than doubled versus the closest competitor to MMP, BPL which has more or less languished.... always following MMP....\
BPL paid over double the ebitda to buyout its GP. BPL was unable to capitalize on BP's distress when they bought assets versus MMP that literally stole assets from BP when BP was at its highest stress point.
Great management teams do these things for their shareholders and we get the reward of significant capital growth and significant income growth.
How about a Good News/Bad News MMP event/non event? Perhaps you recall when MMP was pushing a $3+ Billion ethyl alcohol pipeline extending from the cornfields of Iowa etc over to refineries in the MidWest? The objective was to make shipping ethyl alcohol to gasohol blending centers easier and safer. The corn farmers loved it. However, the technical/political issues led MMP to insist on Federal loan guarantees before the pipeline was built. The Feds declined, and MMP hit the road. I thought this project failure was wonderful news; other folks thought it was bad news. Ethyl alcohol from corn is political rather than economical..there's no way this can compete with ethyl alcohol from sugar cane,for example....and I am pleased that MMP has no part in it.
They haven't lost any money on hedging. Mark to market losses in one quarter are offset by higher commodity sales in a future quarter. That's how hedges work. A hedge locks in a future sales price. If the actual price goes higher than the locked in price, then the company has to pay the difference - but the locked in price (and gain) doesn't change. No money is lost