Looks accreative up to 1.25 units in exchange...@ Current offer would add about $0.50/unit to DCF based on 2014 TLP expectations and coverage as expressed in previous comments...Great deal for NGL on the surface.
Like you I prefer the G.P.'s here. ETE,KMI.PAGP,GLOG..Of the MLP'S I like DLNG and FELP here PSXP AND VLP have overrun my expectations,but I hate paying taxes and they're still short-term..I am also looking forward to the Shell offering.
Yahoo Finance...In the last 30 days AVG. EPS estimate has dropped from $1.86 to $1.50...And IN THE past week I,ve seen published numbers as low as $1.20.
Quiet period is officially over. Investment Bankers are obligated to initiate with favorable ratings. would NOT take anything you hear today seriously !
I didn't mention Earnings.Distributable Cash Flow hasn't covered Distributions for each of the last 5 quarters.They are borrowing to fund the shortfall..May not be a big deal,but keeps me away from this one..I own 23 partnerships and have owned Some of them since 1996.I understand the Accounting.
I'm not long or short.. I was mistaken,however,Refining was 73% of EBITDA in 2013.. Nothing "special" about the Product mix..Most disturbing fact is that they haven't covered the Dist. in 5 quarters.
Don't think the Market likes TGP'S arrangement with BG. BG has been a major source of Equipment/Long Term Contracts for GLOG.
Pricing for 3q Met Coal not good,but eventually will improve. Agree they're not going away. More concerned that the weak Met market will outlast the current Dist...
ONE,WTI can't be exported.TWO,their Jones act tankers can't leave the U.S. THREE Splitter output is dedicated to BP under long term fixed fee Contract.(which is a good thing)......Agree with your conclusion,but not for any of the Catalysts you mentioned.