Re: ET
The thing that shareholders in some of the high debt midstream companies need to worry about is the debt for equity swap. It is going to happen at some point for some companies . The problem for ET is that there are no buyers. Nobody can take 52 billion in debt. It is unfortunate in the midstream that even stock based purchases have to deal with the debt. Nobody can take 52 billion in debt. Midstream companies are built for growth and it’s a declining industry- everybody knows about electric vehicles and ESG and renewables but you should pay attention to fuel cells. Having said all that this is why prices are so low - also I don’t expect Kelly to agree to a debt for equity swap until he gets a lot of the debt- just my opinion