NGLS Preannouncement Poor and NGL Worse
NGLS is writing down Coastal Straddles and likely former Atlas assets. Uncertainty going forward if commodity prices remain the same or drop further. Covered latest distribution at 1.15 times. NGL is pretty bad. Ebitda about 2/3 of what was forecasted in mid November and Q4 expectations (this upcoming quarter) seem wildly optimistic unless we get The Day After Tommorrow weather in Feb/March. I'd normally think this kind of bad news is already in the stock prices but based upon this week's activity suspect both will get hit Wednesday.