Saturday, October 14, 2017 1:15:21 PM
The new owner of the GP is Delek Holdings (DK) with 100% of the GP and 81.6% or our partnership units. (remember WNR had only 38% of NTI)
Delek added DK people to the executive positions at ALDW post buyout. They are motivated to see the value of their 81% raised along with ours. The distributions on those 81% of the units go to the GP and fund growth projects, acquisitions, etc.
The catalyst for near term change is two fold. Crude recovery and Hurricane Harvey. We saw the spike when Harvey missed ALDW but slowed the Gulf coast production driving prices higher with demand outstripping supply. The Q3 crack spread and margin have double and the distribution could double also. Other positives are yet to be realized in increased asphalt sales, infrastructure construction, and tax reform. The new administration has already reduced regulations on the energy industry and are focused on job creation and economic growth.
If DK wants to remain in complete control yet raise money for any reason (especially after the market reacts and raises the value here, to lets say 20-30 range) they could offer some of the 81% units to the general public without dilution or loss of control.
Without getting to far ahead of myself here I will safely predict the mid teens by December. I certainly hope I am being conservative.
Go Trump! lol
"You’ve got to be very careful if you don’t know where you are going because you might not get there."
"The future ain’t what it used to be" "A nickel ain’t worth a dime anymore."
-so long Yogi, we will miss you-
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