Sunday, February 10, 2019 11:50:52 AM
In November of 2017 they began to shift out of retail propane with the first partial sale of assets to DCC, an Irish based international company for 220 Million. They continued to supply propane wholesale to DCC.
From that Nov 7, 2017 announcement:
https://www.businesswire.com/news/home/20171106006537/en/NGL-Energy-Partners-LP-Announces-Agreement-Sell
When they sold the rest of their retail propane for 900 million in 2018 they likely kept looking for wholesale propane opportunities for their Liquid Logistics operating segment, as the retail propane business was their largest of 5 segments, and being vertically integrated, they needed to replace that business if and when they were not longer the sole supplier. (My assumption)
The current deal for terminals and wholesale propane more than completes the loop.
If you add the Nov. 9, 2017 sale of their 50% share of Glass Mountain Pipeline for $300 Million to BlackRock it brought the cash generated total to $1.42 Billion ... before they divested the South Pecos water business, which became "low hanging fruit" by their acquisition of the NM ranches with 122,000 acres of water and Permian oil rights.
https://seekingalpha.com/news/3418569-ngl-energy-partners-divest-south-pecos-water-disposal-assets
16 month total $ generated $1.658 billion, ...While retaining the other 4 segments of the partnership.
Anyone else see a disconnect between market cap and true valuation?
JMO.
-pete
"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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