Damn!
I've been going bonkers with NGL this morning but CVRR grabbed my attention and I had to jump to find out why it's up 47 cents.
Did I miss a brilliant opportunity in this one because I've been so wrapped (warped?!?!?) up in ALDW and NGL?
Has CVRR just announced a massive 4th Q distribution putting my ALDW into a corner of shame for a piddling eleven cents? Mind you, Wall Street Rocker is the sweetest guy around and I really hoped he'd come out smelling like the rose he is.
Unfortunately, and I really do mean this in all sincerity---
CVR Refining will not pay a cash distribution for the 2016 fourth quarter. CVR Refining is a variable distribution master limited partnership. As a result, its quarterly distributions, if any, will vary from quarter to quarter due to several factors, including, but not limited to, its operating performance, fluctuations in the prices paid for crude oil and other feedstocks, as well as the prices received for finished products, RINs' expense and cash reserves deemed necessary or appropriate by the board of directors of its general partner.
In a nutshell, once again CVRR will not disappoint by deviating from its chosen path of now more than a year---no payouts. No distribution. No nothing other than for complaints and defenses and whatever else Carl can muster up as he grabs the meat and potatoes for himself. I don't envision him sucking his gut in as he stands impatiently at the door of President Trump with hat in hand.
I was ready to pounce on this yesterday in advance of any announcement. Today I'm pleased to note that I got lucky in a way. I just wish things hadn't gone this way so that my friends could celebrate something more positive.
My take-away is this:
HOW COME ALDW MANAGED TO COME UP WITH ELEVEN CENTS?
Given that CVRR is more exposed to the forces of evil known as RINs than is ALDW, and the bottom line effect is that RINs have fallen by more than half over a year ago--- something stinks here in ICAHN-Land.
I know crude is higher. Is it not higher for all the refiners?
Your thoughts?
And again, WSR, I was really hoping you'd come out good on this play. Not to be, at least not for the foreseeable future. But, there's other fishies to be fried, right?
