RE:RE:RE:RE:RE:SDE haltedThe defensive nature of TWM's cashflow is offset by the scattered nature of their assets and low counterparty quality. This resurge in product pricing likely isn't benefitting them at all yet. Maybe some more Westbrick production goes to BRC? NGL extraction is likely expensive at these gas prices, and Pipestone is fully contracted.
The PGR acquisition is particularly unglamorous, which I why I kind of believe Joel's telling of the story that they just sort of lucked into it at sub 3x ebitda. TWM isn't an obvious fit for anyone.
I expect DCF generation will continue to be underwhelming relative to their net debt, but a partnership around the Pipestone plant to fund an expansion could provide some momentum for the out years.