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Albert Alfonso  

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  • Williams: Energy Transfer Equity Is Going Hostile [View article]
    rllrll,

    Its a merger. So, the dilution from the added shares is more than offset by the assets added by WMB.

    This deal is very accretive for ETE unitholders. WMB, even with the 30% premium, still generates more DCF than ETE.
    Jul 8, 2015. 12:52 PM | 1 Like Like |Link to Comment
  • Williams: Energy Transfer Equity Is Going Hostile [View article]
    Mr.Sceptic,

    I own WMB already. I would probably hold onto the new ETE-C given its projected 20% dividend growth rate.
    Jul 8, 2015. 12:01 PM | 1 Like Like |Link to Comment
  • The Battle For Williams Heats Up [View article]
    Ray Merola,

    To rephrase this a bit, ETE is fairly valued while WMB was very much undervalued.

    ETE is more expensive compared to WMB based on current levels of DCF generation. Even with the 30% premium, ETE expects this merger to be very accrertive on a per unit basis.
    Jul 7, 2015. 12:14 PM | 3 Likes Like |Link to Comment
  • The Battle For Williams Heats Up [View article]
    Marv63,

    ETE is proposing a new c-corp version of the stock for the WMB shareholders. Think of it like the old KMP/KMR or EEQ/EEP.
    Jul 7, 2015. 12:11 PM | Likes Like |Link to Comment
  • The Battle For Williams Heats Up [View article]
    WMB is pretty much 100% tied to the success of WPZ. WPZ is not going to be abandoned. Rather, the fight is over who gets control of its fast growing cash flows.
    Jul 7, 2015. 05:03 AM | 2 Likes Like |Link to Comment
  • The Battle For Williams Heats Up [View article]
    6438921,

    You hit on my primary concern. ETE is using its overvalued equity to buy the undervalued WMB. That is why I would want a cash component in any revised offer.
    Jul 7, 2015. 05:01 AM | 3 Likes Like |Link to Comment
  • The Battle For Williams Heats Up [View article]
    KMP/KMR to KMI was a LP to C-corp conversion. Those cannot be tax free.

    WMB to ETE (via the new ETE-c) would be a c-corp to c-corp exchange.
    Jul 7, 2015. 04:59 AM | 2 Likes Like |Link to Comment
  • The Battle For Williams Heats Up [View article]
    gawilley,

    What ETE wants is WMB's share of WPZ's fast growing DCF. If the merger goes through, WPZ would contribute the majority of the cash flows for the combined company, even more than ETP.
    Jul 7, 2015. 04:57 AM | 3 Likes Like |Link to Comment
  • Some Much Needed Good News For Linn Energy [View article]
    rmdonovan,

    There are some articles which plot LINE's cash flows out for a few years. One big challenge for doing this are the hedges. In addition, you'll need to factor in lower LOE expenses which are down 15-25% over the whole E&P complex. Also, I find that getting accurate NGL pricing is very hard, prices are all over the place depending on the source.

    I did a very rough estimate for Q2 2015 in my earlier article linked below. I estimated a ~$20M cash shortfall in DCF for the quarter.

    http://seekingalpha.co...

    Jul 6, 2015. 01:09 PM | 1 Like Like |Link to Comment
  • Some Much Needed Good News For Linn Energy [View article]
    rlp2451,

    Yup, debt seems like the obvious choice for the cash. Though, LINE did not note any specific uses for the proceeds.
    Jul 6, 2015. 01:02 PM | Likes Like |Link to Comment
  • A Few Thoughts On Textainer Group Holdings [View article]
    dkMazz,

    TGH is a dividend paying c-corp, though the dividends are sometimes labeled a return of capital, which would reduced the basis.
    Jul 6, 2015. 12:54 PM | 1 Like Like |Link to Comment
  • Enterprise Products Partners: A High Quality Midstream Now On Sale [View article]
    Rose,

    Yup, I've has that happen several times. I do my own taxes, so it did not cost me much other than time.
    Jul 4, 2015. 07:40 AM | Likes Like |Link to Comment
  • Pengrowth - Asset Sales And An Update On Lindbergh [View article]
    You can read my thoughts on AAPL here:

    http://seekingalpha.co...

    I have held AAPL since late 2012. No plans to sell. They are the cheapest growth stock out there.
    Jul 2, 2015. 11:43 AM | 1 Like Like |Link to Comment
  • Panic Selling Has Put Magellan Midstream Partners On Sale [View article]
    gfmn2000,

    My only concern on PAA is the recent oil spill. This may force them to cut the 2015 guidance. Also, they have a GP and thus a higher cost of capital. MMP and EPD are better picks.
    Jul 2, 2015. 11:40 AM | 1 Like Like |Link to Comment
  • Panic Selling Has Put Magellan Midstream Partners On Sale [View article]
    JustGiveMeTheDividends,

    Yup, MMP is pretty much against issuing equity. They do sell some small amounts, but they consider the retained DCF and incremental debt as more than enough.
    Jul 2, 2015. 11:02 AM | Likes Like |Link to Comment
COMMENTS STATS
2,487 Comments
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