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MarkWest Energy Partners, L.P. Message Board

finepilsner 8 posts  |  Last Activity: May 20, 2016 4:11 PM Member since: May 12, 2014
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  • Reply to

    earnings v/s dividend

    by hipthreevet May 20, 2016 3:41 PM
    finepilsner finepilsner May 20, 2016 4:11 PM Flag

    HIP,
    It does not matter...there are no promises and anything said today can be retracted or ignored without apology tomorrow. .eg: LINN and BBEP, both had production hedges in place that would get them through this year...now BK. MPLX was still touting 25% dist growth AFTER the oil market had collapsed and now? DYODD!

    good luck all,
    finepilsner

  • Reply to

    1% divvy rise very very weak

    by cpaacctg Apr 19, 2016 7:43 AM
    finepilsner finepilsner Apr 21, 2016 1:07 PM Flag

    BW,
    Glad to see you're still wearing those rose-colored glasses. In case you haven't noticed, we're trading at about 50% of the price when the merger was announced, about 50% of the MWE dist. MWE was 80 last June, the MWE dist. would have been about $4.00/annum by now. Latest forcast was for 12-15% dist increase. I don't consider a 1/2 cent raise a raise....it doesn't cover inflation. You don't have to read far to find better performance, EPD down only 2%('16), EEP down 17%, BWP UP 17% AMLP down 6% and we're down 24%. Additionally we now have a partner to whom we will be paying ever increasing IDRs. Sorry...looking for a way out.
    GLTA
    finepilsner

    Sentiment: Sell

  • Reply to

    1% divvy rise very very weak

    by cpaacctg Apr 19, 2016 7:43 AM
    finepilsner finepilsner Apr 19, 2016 12:43 PM Flag

    Very,Very week?
    Greatest understatement of all especially on the heels of "dist cash flow for 2016 @$917m-1.1b, EBIDTA to double, distributions +12-15% ( after being cut from 25-30%), all this and the price is up....tell me what am I missing? Q: What is the difference between the current increase and a decrease in distribution? A: About 1 cent! Where's the earnings from MWE? Over 70% were fee based with $600+ million EBIDTA 2016. I think we've seen this play before....Act1-Over-hype, Act2-Underdeliver, Act3-Improvements next qtr, Act4-BIG improvements next year, Act5-SURPRISE-distribution cuts. $917M dist with coverage @1.1 = $833M, with approx. 320M units = $2.60 per unit. Where's the beef?
    PS: see message 3/27
    GLTA
    finepilsner

  • finepilsner finepilsner Mar 17, 2016 11:41 AM Flag

    By the numbers: Independent board members? If they had done this deal say last June for the same price it would have cost MPLX approx. 10M units (@60$) plus approx. $20M in dist/annum plus the IDRs. With the current unit value used ($26.09) its going to cost approx 23M units plus $46 million in dist/annum. plus IDRs. This represents almost an 8% dilution of MPLX "so it won't need to go to the market for this years funding"? Yakov Smirnoff would love this "deal". How much of a dist. increase do you think we'll see at this rate? Why don't they price the deal in number of shares just as with MWE?....use your imagination, now @ $30. Money...help me see! Guess that's why they sold it @ such a great deal @ only 5x EBIDTA
    GLTA
    finepilsner

    Sentiment: Hold

  • finepilsner finepilsner Mar 15, 2016 1:47 PM Flag

    What a nice gesture! The deal doesn't close until 3/31 and MPC will waive 1st quarter IDR's and distributions on the new units which haven't been issued yet!!!. If the marine business is so good, then why unload it to MPLX? Clean up the balance sheets at inflated prices, more IDRs, more dilution at depressed prices? Stay tuned .......more to come.
    GLTA
    finepilsner

  • Reply to

    Bought MPLX

    by equitybot Mar 2, 2016 4:11 PM
    finepilsner finepilsner Mar 3, 2016 11:30 AM Flag

    Bot,
    Just curious, why today rather than 2-3 weeks ago at around $18. Yield was better and price was better,
    (37% better)
    GLTA
    finepilsner

    Sentiment: Hold

  • finepilsner by finepilsner Mar 1, 2016 12:04 PM Flag

    Board,
    Looking at Jun 30 calls, volume is some 3700 but OI is only 1700. Does this imply approx. 2000 are naked?Where does the difference come from?
    TIA
    finepilsner

    Sentiment: Hold

  • Reply to

    why the big run up today?

    by hipthreevet Feb 16, 2016 10:58 AM
    finepilsner finepilsner Feb 26, 2016 1:43 PM Flag

    Money,
    Sorry wrong symbol & price...my bad. Premise is still the same regarding pension liabilities , overpriced dropdowns and DCF numbers. Recent article said MWE would not contribute any $ to DCF this year ...doesn't sound realistic
    GLTA
    finepilsner