A comment on your "value of inventory" statement.Paa doesn't take ownership of the oil but stores it for a fixed fee. It's someone elses inventory.
If you don't mind playing the Spot Market for LNG Tankers ....as well as risking a Div. reduction ...Go for it !!
According to their 2015 guidance the low end barely covers the Dist..So if they had the Balance Sheet to do it they could arguably continue the current Payout. But as you point out they need liquidity to service the principle..IMO they would be smart to take the $80mm in Debt payments out of the current Dist,,,,which implies about a 50% to $0.70 reduction.Not hedging their oil and gas Acquisition was a real mistake in retrospect..
Good to see. Additional equity likely but still nicely accreative.
Wonder who cares..EPS is a component of DCF but it's a derivative..DCF is the only number that's really important...
Guidance is no guarantee but the call stated that coverage would be above 1.0 in the 2nd half of 2015'......and OKE has the Discretion to reduce their IDR'S if necessary to supplement coverage.. So it sounds like the environment will have to get considerably worse to put Distributions at risk..