12 Months ago the PPS WAS 75.50......not up as much as the market,but better than most MLP'S...And on a total return basis (includes Div./Dist.) it's about equaled the DJI... So not so dead after all.
Absolutely NO difference between Distributions and Dividends except the way they're taxed..No impact on cash flow before payouts.."Cash problems" are immediately known regardless..NOT like KMR,KMP and KMI DIDN'T have the same Management AND Financial mgt./Budgeting process...And whether you call it "coverage" or payout ratio is entirely semantics.
Can't estimate costs until suits have been filed ...Their insurance deductible will be the determining factor.
Keep in mind PSX isn't a pure Refiner,..which is why Analysts recommend it (less cyclicality)..The majority of their Capital is going to Midstream and Chemicals..So going forward Refining will continue to get smaller as a % of the mix .
Guess RK isn't aware of Grave danger his Company is facing...Let's see. who's opinion should I listen too ? Chairman who has been very Credible since founding the company in the 1990's or a #$%$ Ant Short talking his Book and drawing wild conclusions based on the same data/info we are all privy to.?? Who you think has the most accurate info ? Who you think is best able to evaluate and draw a profitable conclusion ?? Gee,I don't KNOW which way to go !!
Agree it's inexpensive..They have a good Bakken Midstream position and Hess sold 50% of theirs to GIP (PRIVATE $$)today for 18X EBITDA.....Double the current OKS Valuation !!
The answer is 10.3x....Well below what Private $$ is willing to pay for Bakken Midstream....On this basis,KMI is way below Transaction value.
I think that with Kinder out of the mix EPD is the largest Cap.MLP and subject to being sold off by ETF'S and Index players when sentiment changes $$ flows..The fact that they've increased the Dist. nearly every Quarter for the past 10 years allows me to be patient in view of Energy,and all Energy related being the most "out of favor" segment of the Market....As frustrating as it is.
AGREE real industry issues are on Intl.routes....I haven't seen such price cutting on Business and First class for a long time !!...