if an mlp merges with an mlp (etp into ete or rgc into etp), it is a like kind exchange for tax purposes so not a taxable transaction on unit for units.
If an mlp merges into a c corp (kmp into kmi) it is not a like kind exchange for tax purposes so that was a taxable transaction on units for shares
Sorry for bad typing and id big fingers on smart phone
even with a significant capital budget cut in 2015 anticipated and which capital budget will be back-end loaded in 2015 and will be drilling in west part of ohio in liquids rich wells as biggest part of 2015 drilling, listen to presentation direct of on iv mlp board
to me anyway, looks like bid-ask, etc they have been heavy into atms since 1st of year
ot and mhr has 4 rig contracts with third parities expiring end of 2015, one that expired Oct 2014 and one they have contracted to themselves that expires July 2015
link posted on iv boards of mlp and bry
chrx KA held 13.6 mm units end of Sept 2014 and around that same amount end of June 2014, so would have added .5 mm to be at 14.1 mm
in marcellus and utica
would be wise during this chaos and will not help the stock price to raise distribution as market wants stability right now
wiser to preserve cash
As producers shift focus to sweet spots in Permian Basin, Eagle Ford, (etc) they should need more gas processing capacity, not less. RBN example of NGLS and APL
Look for gathers, processors, transporters, etc who have a preponderance of acreage commitments to the sweet spot producers rather than the fringe producers for the near term would be my observation.
To me its not about the absolute price of oil but about producers being able to develop and produce and sell at the margin or better. Free market forces are the best for dictating a fair oil price. Right now with no exports its produce and consume (or process and convert to other products and export) or suffer and shut in if exporting by products is not at the margin or better. US exporting oil would provide an outlet for captive oil produced at the margin and then we would see the free market price of oil and those in US producing at the margin would be able to recover their cash costs without having to shut in.
hi nosweat, thanks for your thoughts; but let me suggest it may not get to this. if one would goes back and revisits the 2 and 5 years response to the 1985/1986 oil price crises when Saudi Arabia took it upon themselves to defend production 29 years ago to month of this 2014 defense of production; one can see the crises began to remedy itself (took several years to fully resolve) after two distinct oil price bottoms over the first 7 months, oil production dropping after a 2 month delayed response etc. etc I would suggest this may be a somewhat similar response. The graphs ( 2 year, 5 year and 29 year) can be seen on either the investorvillage mlp or bry baords under my id