Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
|---|
| That's nothing new, but our team is doing a really good job |
| We've got really good contracts |
| The company is going to be stronger on a combined basis and the taxes |
| We expect it to continue that way, and we're going to take that, put it together with another really strong business and have an even stronger business |
| So when you put our business together, it's doing really well |
| And we're going to take that, and we're going to put it together with another really good business and have a stronger business |
| We believe that going forward, we're going to be able to find efficiencies through that entire value chain that we couldn't find independently |
| I think we have a really good reputation of being unitholder-friendly, discipline, focused on value, all those things that investors love |
| And we think that's a good thing |
| Very exciting developments with the Magellan story |
| If you look at the commodity environment this year, it's been really favorable for us |
| It's currently a good business and everything is going very well |
| It's going to be a really good business for a really long time |
| And we think we did a good job getting the hurdles of the breakup fee that someone might have to overcome in order to do that at the low end of the range |
| And I think we've done a reasonably good job of that through the years |
| And those things are: it's a full value; the combined company is more attractive, higher growth, more resilient than our business stand-alone; and the taxes are something you're going to owe anyway |
| So it's not only the value you get and you have to make sure that's fair, but it's also the value you see in the pro forma company that we're very excited about, frankly |
| So we're still highly confident in our business |
| This is a great year so far for us |
| Our business is doing well |
| And then to the extent we do better than that, which we expect to, it's really going to start making sense |
| So 2023 over 2022 grow 1%, but you also have to keep in mind that 2022 was a record |
| So it creates a good background for us where we're current at all times about what our options might be so that when you do get an opportunity that comes in, you're not starting from zero |
| And that's good |
| The first one is we've been very vocal over the last few years that we believe that we have been undervalued in the market |
| It just so happens that everything came together in this particular instance with ONEOK to combine and create the stronger, higher growth, more resilient company that we sort of had in mind |
| What I would highlight is, we think the [indiscernible] merger maximizes our unitholders' value, including on an after-tax basis |
| We think as we continue to talk about this, and we help people understand the equation that we see, we're going to be successful with this vote and get to closing |
| And if you look at what we think the value of that pro forma company can be, we think it's going to be higher than what we can achieve on our own |
| We have open minds, which is a good thing |
| Statement |
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| If you look at our crude oil business, it's had some challenges just with the overcapacity |
| So when you put that together with what is an unknown uplift, it becomes a difficult decision to make on a standalone basis because you really don't know how to measure the gives and gets |
| The second thing about taxes that's important, and this is probably the most difficult piece of the equation for our unitholders to really grasp, and that is, if you don't want to sell the unit and you want to just essentially defer these taxes, so don't sell it |
| Mortality is a difficult part of active management |
| But we also asked our self the question, what if we're wrong? What if there is somebody out there, even though we've done the work to determine that it's unlikely |
| So the point I would make is that, even with conservative synergy numbers, I don't think anyone would argue that those are heroic |
| What needs to be understood and what we're trying to make sure really clear is that, our unitholders from this point forward are going to face higher taxes each year |
| So you have to keep that 1% perspective, certainly not declining |
| And I think there's just a sense of sadness in some respective that there's going to come a point in time where you're not going to see a Magellan ticker symbol out there, and I think that that's an emotional thing from a lot of our investors |
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