B&W you are definitely using rose colored glasses.Lots of ifs it the potential increases from MPLX. At least with MWE you know you are getting growth not CAGR. How many times has MWE missed on its estimates? Any guarantees MPLX won't do the same?
If we move to 2019 we have Semple retiring. That makes a buyout easier. Normalized interest rates and low NGL pricing might well hurt volumes starting in 2016. MWE having volume issues now in parts of SW. Also remember that the bigger the MKP the more it must grow to keep up. EPD now 5B just to grow at 5 percent. Kinder has same issue. We will see what happens. Ultimately I think more Kinder and Williams deals. Last when interest rates normalize MWE will pay about 2-3 percent more. Also painful part of MAPs
My response was to say you whine every quarter about the distribution policy when EPD said they would reexamine yearly. As to ROI. My reference was to EPDs EF buy. You comnent was misplaced as it had nothing to do with me personally. Have you spoken with EPD? What did they say about distribution policy? As many have said here- retained earnings means for millions less new units and almost no secondaries.
EPD stated years ago they would reevaluate for distribution changes in July or August each year. OK? Next where is there and our money best used? Keep it for a return of some 15 percent compounded or pay more out? I get the short term frustration, but their retention of capital has eliminated the need for some 100,000,000 units to be missed. As to issuing units-they almost never have a secondary with new units mostly to existing bondholders at a discount. That benefits those that hang in. Today MLPs are out of favor.but my adjusted cost of under $1a unit is amazing. Right now EPD does not care much about short term price moves in the unit price.