NGL Energy Partners LP (NGL)

[jugs]

For the benefit of those not in the know:

Last week I spoke with NGL's IR head. We spoke at length about various issues some of us here on the board have recognized as stumbling blocks for the investor community. These include:

1. An admission of culpability from the company after having led us to expect an expanding distribution basis leading to higher yields.
2. Guidance that should be more realistic---not too hot, not too cold.
3. Reasons to remain optimistic regarding NGL's future.
4. An apology for having been less than candid on a number of issues.

There was more but I think these cover the more important items.

Yesterday Reuters disclosed the surfacing of a revised earnings call dating back a ways. Each of the above items was covered with clarity. The tone was definitely conciliatory as we'd discussed on the phone. In all, I was pleased with the revision although I still believe a formal 8-K or PR would have accomplished more than a revised conference call minutes. However, today's trading was superb so I believe I misread the underlying value of a conference call revision.

So today we tacked on 65 cents which represents a strong rise. More important, though, is that we've seen a nice reversal in terms of sentiment. I could believe we'll continue today's rise tomorrow.

Good fortune!