That's all true and the Family controls the Board......But times are changing as it relates Ownership and ability to remain Independent..A well financed activist Investor may have little interest in Family considerations and their ties to El Dorado,Arkansas
Only if/when you sell,which I don't intend to do.So I will continue to collect an 11% plus, growing Distribution until they Monetize the company.And then I will be hoping for a tax free exchange.
holder is Southeastern asset which has made some Activist moves with some of their other holdings, but strangely not this one..Guess they are satisfied that the Family controlled Management/BOD is doing the best they can with what they have to work with....
Sorry,but EPS is largely immaterial to MLP'S..DCF is the critical metric ...And an MLP can choose what proportion of Distributable Cash Flow they pay out...usually determined by their Financial position.
Just my opinion but ETE may be the only Bidder..In which case they are holding the high cards..And they may be having second thoughts since all Energy related stocks have been in a free-fall since they mad their Bid.
Based on what MPLX Management has said and implied the 2017 exit rate for the Dist. should be about $3.06 annualized....or nearly 5% to the MWE holder @ current prices..Top-Tier beyond 2017 should imply at least low-mid teens...So while it's a near term disappointment,it's probably better long-term than MWE holders could expect...Keeping a significant Denver presence as well as most of top Management was probably an important selling point to the Board..
Not sure I care about their reported earnings..They expect to Double their Dist every 2 1/2 years for quite some time so I'm going to be stressed over what they report in terms of net income