No. NS sold it's San Antonio refinery to CLMT, plus some other assets in the EagleFord. CLMT forked over the borrowed cash. Plus ALL the NS pipelines are full of crude, headed into an expanded 3 Rivers area. Then there is all those asphalt sales in the North East, and east coast from Sandy. It will no doubt be hard to get the 50% out of the Goldberg asphalt venture, but Goldberg eventually has to pay up. Goldberg is slow pay no pay company, despite having tons of cash on it's balance sheet. That is a problem.
NS is hitting on all cylinders, except for Goldberg. It is odd how if you actually look at the 3rd and 4th quarter cash flows they are way up, from all the new pipelines and facilities.
NS has an unusual problem. They can not take on anymore oil in their piplines. All space leased up. Mostly pay or take contracts.
The St. James terminal is running at capacity, in Lousiana. Even the expanded version.
Any LNG exports help NS ship to the gulf coast. And there is trillions of feet of liquids rich gas comming out the EagleFord, with no place to go, except into NS's pipes. EagleFord passed Bakken in oil production in August or Sept., and the well count will go up 15% to 20% or more.
That is where they are going to get the dividened.
It's a bouncing off the walls situation for NS. They are in the middle of the EagleFord with more oil and NGLs than they can handle.
Plenty of dividened coverage materialized in the 2nd half.