If half the US shale E&P's go bankrupt there will be thousands of miles of pipe and all other midstream assets that will not be useable. This is what the banks have figured out. At a minimum all growth projections are now gone. CEQP is amongst the weakest. It is highly likely the large integrated will buy bankrupt midstream assets out of bankruptcy to enhance their own drilling activities. The integrated model is the only survivor in this absolute beat down.
Just listened to el pollo loco call and it was malo! Basically stated their customers are running from them to lower price alternatives and their franchisees won't accept lower menu prices. This has to be a plus for Del. Also, if you haven't, get on Del Twitter feed. Literally hundreds of posts from milleniels stating how. Great Del is. Been pretty bleak for us longs but there is a cavalry and they are coming.
Yahoo shows they owned over 77 million as of 30 September when the shares converted. This filing shows that they reduced shares by approximately 1 million. Think I got it right but looking for confirmation? Also, on 11/10 looks like the mgt received another free load as "phantom units" issued. Lets see how quickly they dispose of them like they did in March when they got their annual free load. No insider buys since December of 2014 and they sell routinely as they get their undeserved free units. Don't worry, Phillips is doing great.