When oil prices drop, GLP generally does better, and prices dropped in Q2 big time. This should be a pick up for GLP, but I don't expect the benefit until Q3. I thought the biggest price drop was later in the quarter, too late to save the Q's profits. Also, unless GLP was perfectly hedged, the price drop should have hurt the sale of higher cost inventory. I know this can't be much, because GLP turns inventory so quickly and because of its hedging program, but I still think it will be a small hurt for Q2.
But eventually the price drop should benefit earnings; my question is whether it will be Q2 or Q3.
The distribution raise sort of implies that Q2 will be OK. And since Q1 was a disaster, that's pretty good news by itself.
Have to agree with the dist being raise that it must not be that bad.I`m kind of shocked they raised it though.I don`t have any shares at the moment, and was looking for a pullback under $20.I guess thats not happening. I will say, that anyone who has held from beginning, has done all right.Went to $40+, down to below $8 and we are right back where we started.That`sa massive amount of 45 cent average dist!