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  • rrb1981 rrb1981 Jul 25, 2011 4:13 PM Flag

    Citi report on propane

    Yes, but margins are much higher on the midstream. Propane margins are thin. So even though the propane revenues are high, the overall contribution is only about 10% higher than midstream (say 55% vs 45%).

    Think of it like a gas station, where a $3.50/gal price only nets the gas station $.15/gal in profit.