The loss on the puts is a non-cash charge. They paid cash for the puts, essentially, they paid cash to lock in a bottom on NGL liquids prices. The market price has since risen and the puts value is being marked to market downward, but they are not out any additional cash, the value of the puts is down if the were to try to sell the puts, however, with the price of the liquids higher than the put price, they will sell the liquids at the market price. Think of it this way, they paid cash upfront for the puts, regardless of whether or not NGL liquids prices fall or rise. If NGL liquids prices come back down, the non-cash charge will reverse itself but XTXI will not be any richer, just like the non-cash charge did not make them any poorer. So, when the deal closes, and prices remain the same, XTXI may be reaping an additional 18 million in cashflow annually from the El Paso assets than they projected. I would suspect, that this additional cash will not be distributed but rather spent on internal projects or on debt service because they only have puts that lock in lower prices...in other words, if prices collapse, they don't have to cut the distribution because they have the puts to fall back on that give them a floor price. So, the extra cashflow is nice because they can use it to pre-fund small organic projects.
That should be XTEX rather than XTXI in my previous post. Of course, even if XTEX holds onto that cash rather than distributing it, because it is volatile and may or may not be durable in nature, it will simply help finance an organic project that is stable and will contribute to the distribution.