There's much more to ALDW than the refining segment although it's certainly the primary driver. There are a number of other marketable attributes, however, and none should be discounted.
You're right in connecting the crack spread to the overall price but only because it's what most people are doing. It will not dictate how things go in terms of cash flow, else all refiners would fare equally. We know that's not going to be the case. So there are leveraging factors here that will spell the difference. And when it comes to the company's tax structure requiring at least 90% of the bottom line going to "partners," there will be those that reward more generously than others, thanks to greater efficiencies and economies of scale.
Having hit my 5,000 unit goal, I don't think I'll be adding significantly. However, your point is well taken---if the price were to drop beneath $9, I'd have to add, but very carefully as I have other targets also on the radar screen.
I can't wait for that day---fairly soon, I expect---when ALDW surges forward. It won't take much to launch things.
Forgive me while I drool. lol
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