Stock acting well today....presenting @ a London Shipping Conference..Somebody must like what they're saying.
There was never a $64 offer.The offer was for a fixed number of ETE Shares which have declined even adjusted for a 2-1 split...That offer today is considerably less than $64,....in fact below $50.
Market isn't indicating what it wants.Market is indicating what has already been decided.Deal is done,Just not announced..
Agree.Adjusted that offer is $48.02.based on closing ETE price.WMB is @ a normal ARB discount from that....
Cheniere may lose their Butt,however they have contracted volume commitments that will be honored and it will take MANY Tankers to move product...At least one of which belongs to Dynagas..BTW Jim is wrong about LNG demand growth, but Cheniere is so overvalued and LNG producer margins so thin that I like his position better than I like Icahn's.
You know the infusions are in DCP,LLC,not DCP Midstream partners (DPM)..Although the 2 pipeline systems will be dropdowns to DPM at some future date.
Stabilized..Probably an opportunity on offerings to fund the pipeline drop-downs from DCP..Junk Debt attractive.
If SXL traded like other comparable 20% growers (mplx,vlp) it would be in the mid-50'S based on the projected 2016 Distributions
Or more likely the $20B in organic growth projects planned for the next 5 years.Those will add ~$2B to EBITDA..