That will be an ATM offering sold over time to partially finance projects
If it were for a DRIP you could fund about 50% of 1 full years distributions with that amount of shares.... And most unit holders take their distribution in cash.... Insanity not to
Because EPDs shelf statements are never "news" to big money
$1.9 Billion..... Which at current prices is 70 mil shares.... Which is 3% dilution
This is going to create some overhang
Yeah its a win win for EPD and the industry.....
EPD is insured for the assets and lost income....
Oil and nat gas supplies are disrupted and we should see a pop in their prices
Another interesting example of a big MLP that was hammered is ETE.... It lost about 90% of its value.... And has rallied 225% above its low yet it remains about 75% off its high
A) EPD did not drop as much as many smaller MLPs with much lower share/units outstanding
B) EPD has about 2.3 Billion units outstanding.... And is $10 above its low.... That equates to a $23 BILLION increase in Market capitalization...
In your list of 16 "stocks" ( always good to remember that EPD is not a stock) how many have had market caps increase by more than $23 BILLION?.... Its a very relevent question
For example KMI (a stock) has about a similar share/unit count as EPD and is about 63% above its lows whih is about a $16.1 Billion increase in mkt cap
EPD has recoverd about 53% above its lows and has a market cap increas of $23 BILLION
So while KMI Has had a better % rally off its lows.... EPD has had a far greater rally in $ terms relative to its lows
All things are not equal and you must weigh many factors besides % gain from low
Using KMI again it lost 75% off its high.... EPD lost 56% off its high
KMI is currently 59% off its high after the rebound while EPD is 36% off its high
Taking all of the above into consideration EPD had outperformed KMI across the board whit raising its distribution and KMI cut theirs by 75%