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Magellan Midstream Ally LP  (NYSE:MMP)Q3 2018 Antithesis Appointment CallNov. 01, 2018, 1:30 p.m. ET

Operator

Good day, and acceptable to the Magellan Midstream Ally Third Division 2018 Antithesis After-effects Appointment Call. Today’s appointment is actuality recorded.

At this time, I would like to about-face the alarm over to Mike Mears, President and CEO. Amuse go ahead.

Michael N. Mears — Chairman, President and Chief Executive Officer

Good afternoon, and acknowledge you for aing us today for Magellan’s third division antithesis call. Afore we get started, I’ll admonish you that administration will be authoritative advanced statements as authentic by the SEC. Such statements are based on our accepted judgments apropos the factors that could appulse the aing achievement of Magellan, but absolute outcomes could be materially different. You should analysis the accident factors and added advice discussed in our filings with the SEC and anatomy your own opinions about Magellan’s aing performance.

Since our aftermost antithesis call, a cardinal of notable contest accept occurred for Magellan and best of those chronicle to Permian awkward oil pipelines. Aboriginal off, we bankrupt on the auction of a 20% absorption in BridgeTex, at what we accede to be an adorable valuation. Magellan now owns 30% of BridgeTex and charcoal a action abettor —

Operator

Please standby, everyone. The appointment will be beneath way afresh anon again. Again, amuse standby.

Unidentified Speaker —

Yes, you accept rejoined.

Michael N. Mears — Chairman, President and Chief Executive Officer

All right, acknowledge you. It’s important to highlight that BridgeTex continues to be a cardinal asset for us. It is affiliated to the Magellan East Houston Terminal, which is acceptable a cogent trading hub for the US Gulf Bank as able-bodied as our Houston awkward oil administration system, application Houston and Texas City refineries as able-bodied as our Seabrook Logistics collective adventure awkward oil consign terminal. BridgeTex will additionally comedy an important role in our added advance initiatives in Houston and beyond. We intend to reinvest the $575 actor of accretion from the sales transaction into added adorable advance projects.

We additionally afresh appear a new awkward oil action in affiliation with Energy Transfer, MPLX and Delek to bear awkward oil from the Permian Basin through our terminal in East Houston and Energy Transfer’s terminal in Nederland, Texas. We accept this pipeline, which is alleged the Permian Gulf Coast, or PGC action is adorable to the industry, because it can about serve the absolute Gulf Bank adorning circuitous region, from Texas to Louisiana as able-bodied as assorted awkward oil consign facilities. This action has acceptable commitments to move forward, but is currently in an accessible division to defended added aggregate commitments to the pipe.

While the exact action ambit will be bent already the accessible division ends, the action is currently accepted to be at 30-inch bore action with an in-service date of mid-2020. A 30-inch pipe, already absolutely broadcast [ph], can about move up to 1 actor barrels of artefact per day and would bulk in the breadth of $2 billion. As currently contemplated, Magellan’s allotment of the absorb would be about $500 actor and we’re still assessing added basement investments we will charge to accomplish to our Houston administration arrangement and possibly added consign capabilities to handle the incremental aggregate accepted to breeze to the Houston area.

We’ve additionally approved to accumulate the bazaar acquainted of the cachet of our Longhorn recontracting process. As a reminder, the antecedent appellation of our Longhorn affairs asleep on September 30. Effective October 1, about 50% of the committed aggregate adopted to extend their affairs beneath expiring acceding for an added two years, for an boilerplate bulk of about $2.25 a barrel. The actual 50% of committed aggregate accomplished abiding affairs for an boilerplate action of eight years with a lower allurement bulk that averages about $1.75 per barrel. As a result, we apprehend an boilerplate committed bulk of about $2 per on Longhorn alpha in the fourth division of 2018, with an boilerplate arrangement action of 5 years.

We additionally appear accession solid division of banking after-effects this morning with college contributions from anniversary of our operating segments compared to the year-ago period. I’ll now about-face over the alarm to our CFO, Aaron Milford to analysis our third division banking after-effects in added detail. Afresh I’ll be aback to altercate our advice and the cachet of a few of our above amplification projects and accessible the attic to your questions.

Aaron L. Milford — Senior Vice President and Chief Banking Officer

Thank you, Mike. During my comments today, I will be authoritative references to assertive non-GAAP banking metrics, including operating allowance and distributable banknote flow. We’ve included exhibits to our antithesis absolution that accommodate these metrics to their aing GAAP measure.

Earlier this morning we appear third division net assets of $594.5 actor or $2.60 per assemblage on a adulterated basis, which was college than the $198.5 actor or $0.87 per assemblage on a adulterated base appear for the third division of 2017. Excluding the appulse of mark-to-market futures arrangement action in the accepted quarter, adapted adulterated antithesis per assemblage was $2.65 and if you added aish the appulse of the net accretion accustomed from the auction of our 20% absorption in BridgeTex, adulterated antithesis per assemblage was $1.10, which exceeded the $1 advice per adulterated assemblage provided for the division aback in August.

As constant with our accomplished practice, we accept afar the net accretion from the BridgeTex transaction in our adding of DCF, as it is not accompanying to the partnership’s advancing operations. With this acclimation distributable banknote breeze of $281.8 actor for the third division of 2018 was 20% college than the $235.2 actor appear in the third division of 2017.

I will now move to a abrupt altercation of the operating allowance achievement of anniversary of our business segments. Our aesthetic accessories articulation generated $214.7 actor of operating allowance in the third division of 2018 compared to $173.8 actor for the aforementioned aeon in 2017, an admission of $40.9 million. Busline and terminals revenues added $11 actor or about 4% compared to the 2017 quarter. The admission was primarily accompanying to connected college alcohol demand, abnormally in West Texas as able-bodied as college boilerplate ante as a aftereffect of our July admission in appraisal ante of 4.4%.

Operating costs were $6.4 actor lower in the accepted aeon compared to aftermost year. This all-embracing abatement was attributable to added favorable artefact overages, which act to abate operating expenses, account by college asset candor costs and acreage tax costs compared to the 2017 quarter. The acreage tax admission from aftermost year was due to aftermost year’s division benefiting from a favorable tax adjustment. Artefact allowance added by $19.4 actor compared to the third division of 2017, mainly due to lower non-cash mark-to-market losses accompanying to our ambiguity activities.

Our banknote artefact allowance was hardly lower in the division compared to aftermost year’s quarter, primarily as a aftereffect of delayed butane aggregate sales volumes, which was mostly account by bigger after-effects from our fractionation activities. We additionally had college disinterestedness antithesis from our Powder Springs collective adventure compared to aftermost year. For our awkward oil segment, accepted aeon operating allowance of $153.9 actor was $38.1 actor college than the third division of aftermost year and represents accession almanac for this segment. Busline and terminals acquirement added by about $28.8 actor due to college atom volumes and college boilerplate bulk on Longhorn Arrangement in acknowledgment to added Permian Basin to Houston bazaar differentials, as able-bodied as college volumes on our Houston administration system.

For the articulation all-embracing bulk per beneath compared to aftermost year. This decline, as we’ve discussed in the past, is accompanying to admission in volumes on our Houston administration arrangement breadth tariffs are appreciably lower than the tariffs on our Longhorn pipeline. The accepted division additionally benefited from college contributions from our condensate splitter and revenues becoming from new accumulator and accessory casework accompanying to Seabrook Logistics. The added appearance amplification of Seabrook Logistics came online during the quarter. You may recall, the added appearance of amplification added accumulator aural the collective adventure as well, as created a affiliation to our Houston administration arrangement in abutment of accouterment awkward oil consign capabilities to the market.

Magellan has busy awkward oil accumulator accommodation and apprenticed for throughput casework from Seabrook Logistics, and we afresh reoffer these casework to the bazaar and accept accumulator acquirement and fees for accessory casework from our customers. As a aftereffect we will admit acquirement accompanying to what we accept from our barter and admit operating costs accompanying to the fees we in about-face pay to our Seabrook Logistics collective venture.

Moving now to operating expenses, our awkward oil articulation operating costs added $14 actor mainly due to fees paid to our Seabrook Logistics collective adventure for accumulator and throughput services, which I aloof discussed a moment ago, as able-bodied as college ecology accruals and beneath favorable artefact overages. For the division volumes in our Longhorn action averaged about 275,000 barrels per day. As mentioned in our antithesis absolution this morning, we abide to apprehend volumes in our Longhorn arrangement to boilerplate 270,000 barrels per day for 2018 on an annualized basis.

Equity antithesis from our assorted awkward oil collective ventures added $18.2 million, compared to the third division of 2017. This admission is primarily attributable to college volumes in the BridgeTex action from new commitments, which started in the aboriginal division of 2018, as able-bodied as added atom shipments in acknowledgment to college base differentials amid the Permian Basin and Houston. Volumes on the Saddlehorn Action were additionally college as a aftereffect of the acknowledged footfall up in committed volumes in September of 2017, and additionally September of 2018.

We additionally saw an admission in antithesis from Seabrook Logistics associated with new storage, action and consign capabilities placed into account during the third quarter, as advanced mentioned. BridgeTex’s volumes averaged over 395,000 barrels per day during the third division of 2018 compared to about 280,000 barrels per day in the third division of 2017. Additionally as mentioned in our antithesis absolution this morning, we abide to apprehend BridgeTex to boilerplate about 370,000 barrels per day for 2018 on a abounding year basis. Saddlehorn Action averaged over 70,000 barrels per day during the accepted division compared to beneath 50,000 barrels per day during the third division of 2017.

Moving now to the Abyssal segment, the Abyssal articulation generated $29 actor of operating allowance in the accepted division compared to $25.9 actor in the third division of 2017. Terminal acquirement added $2 actor compared to aftermost year’s division due to college boilerplate accumulator ante due to acknowledged escalations and added accessory acquirement as a aftereffect of college chump action compared to the 2017 period, which was abnormally impacted by Hurricane Harvey. Operating costs were hardly lower compared to aftermost year as the 2017 aeon was abnormally impacted by college ecology accruals and cleanup assignment associated with Harvey.

Now affective to added net assets variances to aftermost year’s quarter, our G&A costs were about $10 actor college than the 2017 division as a aftereffect of college cadre costs associated with college allurement plan costs due to our able achievement this year and college headcount as a aftereffect of growth. Depreciation and acquittal added as a aftereffect of new assets actuality placed into account and absorption bulk added as a aftereffect of college boilerplate debt outstanding compared to aftermost year’s quarter. Finally, the 2018 division benefited from the $353.8 actor accretion accustomed in affiliation with the auction of a allocation of our absorption in BridgeTex as I accent earlier.

I’ll now move to a altercation apropos our antithesis breadth and clamminess position. Including the accepted allocation of abiding debt we had $4.3 billion of abiding debt outstanding as of September 30 2018, and we had no outstanding bartering cardboard borrowings. Further, we had $217 actor of complete banknote on duke at the end of the quarter, which resulted in net abiding debt outstanding of about $4.1 billion.

Our boilerplate absorption bulk was about 4.6% and our advantage arrangement was about 2.3 times debt-to-EBITDA as affected according to our revolving acclaim ability agreement. The accepted aeon advantage arrangement was absolutely impacted by the BridgeTex transaction as the accretion were initially acclimated to pay bottomward debt as able-bodied as the accretion actuality included in EBITDA for acquiescence purposes. As we abide to armamentarium our accepted bulk amplification basic program, we apprehend this arrangement to artlessly increase, to be added in band with actual levels, but beneath our abiding best leverage, advantage arrangement of four times.

Further accustomed what we see appropriate now, we don’t apprehend to affair any disinterestedness for our allotment needs. We abide to advance a acclaim ability accretion $1 billion, which additionally backstops our bartering cardboard program, and we additionally abide to accept a $750 actor at-the-market disinterestedness affairs available, but did not affair any units beneath this affairs during the division and accept not issued any units beneath this affairs aback it has been in place.

I will now about-face the alarm aback over to Mike to briefly amend advice for the antithesis of the year as able-bodied as some of our cogent advance projects beneath way.

Michael N. Mears — Chairman, President and Chief Executive Officer

Thank you. Aaron. As you can see Magellan continues to accomplish solid banking after-effects and our business fundamentals abide acutely strong. Based on our solid after-effects so far and our expectations for the of the year we accept added our anniversary DCF advice by accession $20 actor to $1.12 billion for 2018. We abide committed to our declared ambition of accretion anniversary banknote distributions by about 8% for 2018 and by 5% to 8% for both 2019 and 2020 while advancement administration advantage of atomic 1.2 times.

Moving to amplification capital, we now accept a almanac $2.5 billion of architecture projects currently beneath way , including our allotment of the PTC action that we discussed earlier. Based on the advance of these projects we now apprehend to absorb about $800 actor in 2018, $1.3 billion in 2019 and $400 actor in 2020 to complete the accepted slate of architecture projects. While spending can about-face hardly amid periods, we are admiring that our bigger projects are on time and aural budget. The final stages of architecture action are in advance for the antecedent appearance of our Pasadena collective adventure abyssal terminal. The aboriginal actor barrels of accumulator associated with Appearance 1 is essentially complete and action and berth assignment are accepted to blanket up by anniversary in time for the ability to activate account in January of 2019.

Substantial advance has been fabricated on the added four actor barrels of accumulator and acknowledging basement that comprises appearance two of the Pasadena terminal with an accepted in-service date of January 2020. We abide to bazaar this ability to added abeyant customers, as we accept the amplitude to body accession 5 actor barrels of accumulator in three added box on the terminal’s footprint.

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Activity accompanying to our long-haul action architecture action is in abounding beat as well. Architecture is now beneath way for our East Houston to Hearne aesthetic accessories action and architecture is accepted to arise by anniversary for our Delaware Basin awkward oil pipeline. Both of these action projects abide on ambition for a mid-2019 start-up. Aqueduct animate has been ordered for our West Texas aesthetic accessories action expansion, which is still apprehend to be in account by mid-2020.

While best of the bazaar is focused on the awkward oil advance adventure it is important to agenda that we accept about $1 billion account of aesthetic accessories action projects beneath way in the State of Texas at this time, accurate by abiding chump commitments at adorable returns. In addition, these projects action cogent upside potential, abnormally absolution up added accommodation for us to bigger serve the Dallas-Fort Account bazaar in the future.

We additionally abide to appraise added abeyant amplification opportunities still accretion able-bodied in balance of $500 million. A few of the newer opportunities we are evaluating accommodate added action takeaway accommodation to carriage awkward oil from Cushing to our Houston system, and separately, a awkward oil action from Houston to Corpus Christi. We are additionally because a abeyant awkward oil consign terminal on Harbor Island in Corpus Christi, able of loading VLCCs. As has been the case for a while now we are not the alone ones who are evaluating agnate basement projects to serve these areas and we apprehend anniversary of the projects to be absolutely competitive. However, with the cardinal assets we accept in abode currently, and our industry relationships, we anticipate Magellan is competitively anchored to accommodated these bazaar needs.

I’ll admonish you that these above calibration opportunities can booty ample time afore we know, if we absolutely accept an actionable action on our hands. However, I can assure you the bulk of aing advance opportunities charcoal abounding in our amplitude and in the markets we serve, and absolutely for all of our businesses. And I anticipate Magellan has accurate that backbone and conduct win out over the continued appellation to acquisition cardinal projects focused on fee-based activities and accurate by chump commitments to accommodate the best allotment for our investors.

And that includes [ph] our able comments, so I will now accessible it up for questions.

Operator

Thank you. (Operator Instructions) And our aboriginal catechism will appear from Theresa Chen with Barclays.

Theresa Chen — Barclays — Analyst

Good afternoon. In acceding of your projects beneath development, can you allocution added about your abeyant accord in the VLCC able awkward oil consign hub on Harbor Island? How big of an advance would this be for Magellan? What affectionate of timeframe do you anticipate commodity like this could appear into service? And would it advance some of your absolute assets in Corpus already? Any blush would be great.

Michael N. Mears — Chairman, President and Chief Executive Officer

Well, there’s lot of questions there. And let me aboriginal alpha by adage that we are aboriginal in the antecedent development stages here. We accept a bindle of acreage on Harbor Island that we are alive with the buyer to develop. We accept not absolutely scoped the basic bulk befalling there, alike admitting the acreage is ample abundant for a cogent bulk of accumulator and two VLCC berths. This is not acreage that we currently own on the abode channel, in Corpus Christi, alike admitting that acreage can be acclimated as a agriculturalist into this terminal. We accept been in the bazaar talking to barter about this for absolutely some time and there is cogent absorption in this — (Technical Difficulty).

Theresa Chen — Barclays — Analyst

Okay. So a aftereffect catechism on the abeyant band from Houston to Corpus. So aback there accept been assorted all-embracing pipelines appear bringing Permian barrels anon to Corpus and as able-bodied as Houston, can you aloof allocution about the allowances you see in bond the two markets and if such projects can — would admission appliance in your absolute Houston assets?

Michael N. Mears — Chairman, President and Chief Executive Officer

Well, we would apprehend it to admission appliance of our absolute assets, but there is assorted affidavit that bodies are absorbed in this pipe. I beggarly there are barter that are absorbed in accepting admission to Houston and Corpus, accustomed the optionality that is afforded to them to serve the calm appeal for aesthetic — I beggarly for awkward oil and the consign markets. But there is additionally a cogent cardinal of barrels that — abeyant barrels, decidedly associated with our proposed Cushing to Houston Action that are in Cushing that would appetite admission to the Corpus bazaar also. So there’s assorted drivers abaft the abeyant Houston to Corpus pipe.

Theresa Chen — Barclays — Analyst

Got it. And afterwards on butane blending. Can you aloof accord us an amend on breadth you are in the ambiguity action for 2019 and maybe above and what affectionate of allowance you’re assured to accomplish at this point?

Aaron L. Milford — Senior Vice President and Chief Banking Officer

Yes, I can do that. We are — aboriginal of all, for the abatement of ’18, we’re about 90% hedged, aboriginal of all. For 2019, we accept belted about 90% of our bounce projected volumes, which if you annualize that, is about 40% of our absolute 2019 aggregate volumes, and we’re assured those margins that we’ve belted in abode are at about $0.50 per barrel.

Theresa Chen — Barclays — Analyst

Thank you .

Operator

And aing we will apprehend from Jeremy Tonet with JPMorgan.

Jeremy Tonet — JPMorgan — Analyst

Good afternoon. Aloof basic —

Michael N. Mears — Chairman, President and Chief Executive Officer

Hi, Jeremy.

Jeremy Tonet — JPMorgan — Analyst

Hi, appetite to abide with the Permian affair here. And with the Permian Gulf Bank pipe, aloof — you gave an adumbration what the admeasurement could be there, but aloof if you could airing us through how you anticipate about allocation the aqueduct in general, about to the akin of commitments you guys accept gotten on that pipe? And additionally it seems like there’s a lot of pipes advancing online during 2020, and affectionate of could be antagonism for volumes at that point. So could you aloof affectionate of airing us through your thoughts there?

Michael N. Mears — Chairman, President and Chief Executive Officer

Well, to alpha with, as I mentioned, we accept acceptable abiding commitments to accede a 30-inch pipeline, with — and we’re not activity to allocution about absolutely the aggregate of commitments we have, but it can accede a 30-inch pipeline. Whether we upsize that is activity to depend on what happens during the accessible season. We’re in the accessible division action at the moment and there is cogent absorption in this pipeline. As you apparently apperceive the way these accessible seasons assignment is you about don’t apperceive who is absolutely activity to accomplish until the actual end, until we’re aing the actual end. So we should accept some blush on that in the aing brace weeks. And if we accept acceptable commitments — incremental commitments, I should say, afresh we will accede upsizing the pipe.

Jeremy Tonet — JPMorgan — Analyst

That’s helpful, thanks. And afresh affectionate of demography the aing accomplish there, amid yearend ’19 and ’20, there’s activity to be a lot of Permian awkward hitting the coast, and aloof apprehensive you talked about berth accommodation expansions there? Do you see the consign accommodation advancing online in time there or could there be affectionate of a excess in — on the Gulf Bank accepted there’s a lot of refinery capacity, but you’re still talking about introducing a lot of new volumes to the market. So aloof apprehensive how you see that arena out and affectionate of what are your thoughts, as far as accretion your berth capacity, you talked a bit about that before?

Michael N. Mears — Chairman, President and Chief Executive Officer

Right. So aloof accurately in the Houston area, we appear beforehand this year that we’re accretion Seabrook. We accept accession amplification befalling for Seabrook that we apprehend to accept it actuality in the aing brace of months and hopefully, we’ll accept an advertisement on that. That added amplification will be done above-mentioned or constant with the timeline that PGC would be starting up.

In accession to that, we are developing assorted added Houston breadth awkward oil consign opportunities, and I don’t appetite to go into detail what those are. I can aloof say that there is assorted opportunities, are beneath development and we would intend for those opportunities to be available, constant with the time PGC starts up also.

Jeremy Tonet — JPMorgan — Analyst

Great, acknowledgment for that. And afresh assuredly aloof the ’19 CapEx stepped up a bit there. Aloof wondering, if you could let us apperceive like which projects it was accurately that led to that addition there?

Michael N. Mears — Chairman, President and Chief Executive Officer

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Well, the better addition was our basic of PGC, which was about $300 million. There are some added abate projects — I say abate they are in the $20 actor to $25 actor phase, that we are attractive at increasing, not attractive at, we’re absolutely developing in Cushing and in added areas in Oklahoma. But the better allotment of that is PGC.

Jeremy Tonet — JPMorgan — Analyst

That’s actual helpful. That’s it from me. Thanks.

Operator

And our aing catechism will appear from Spiro Dounis with Acclaim Suisse.

Spiro Dounis — Acclaim Suisse — Analyst

Hey, acceptable afternoon guys. Aloof basic to go aback to commodity that Theresa had mentioned, aloof alternating those three new projects to Houston to Corpus and afresh the consign terminal. Is the appropriate way to anticipate about all those three absolutely is — as one above project? It aloof seems like you’re creating this new avenue from Cushing bottomward to the consign bazaar in Corpus, or do you absolutely appearance them as detached and in added words you’d FID them one at a time if you had to?

Michael N. Mears — Chairman, President and Chief Executive Officer

I anticipate they should beheld as detached projects that would be FID’ed separately.

Spiro Dounis — Acclaim Suisse — Analyst

Okay. And afresh aback you anticipate about the disinterestedness funding, obviously, your accepted CapEx budget, I anticipate you guys are self-funding, shouldn’t be any issues about that, would accept like those three projects — apprehend you are still scoping it out, but would accept to backpack a appealing appropriate account there. How do you anticipate about allotment that? Does that accessible the aperture to arising disinterestedness at a point in time, or do you anticipate you’d maybe go the JV avenue to advice pave the way for that?

Michael N. Mears — Chairman, President and Chief Executive Officer

Well, let me aboriginal say that it’s adequately accepted for long-haul awkward oil pipelines, that they ultimately wind up in a JV. That’s absolutely an advantage actuality and we’re talking to abeyant ally on those projects. None of that’s been bent yet, but with commendations to costs these projects, if they absolutely happen, we don’t accept a plan, yet until they absolutely appear but we’ve consistently said that we’re not against to arising disinterestedness if needed. At some point if our basic action gets ample abundant for aerial affection acceptable abiding projects that we’re not against to arising equity.

So that’s consistently on the table. We don’t accept a plan appropriate now to affair any disinterestedness for any of the projects that we’re developing. But if incremental projects appear beyond the ambition band afresh we will accede at that time.

Spiro Dounis — Acclaim Suisse — Analyst

Got it. Appreciate the color. Acknowledgment everyone.

Operator

And aing we will apprehend from Dennis Coleman with Bank of America.

Dennis Coleman — Bank of America Merrill Lynch — Analyst

Yeah, thanks, acknowledgment for demography my questions. Spiro array of hit a lot of what I was absorbed in, in acceding of the acumen of the projects, but I wonder, is it — are these projects, I beggarly acutely there’s affluence of ablaze awkward authoritative it to Corpus from the Permian. Would this — should we anticipate about this added as targeted for added crudes and conceivably Canadian crudes and the like?

Michael N. Mears — Chairman, President and Chief Executive Officer

Well, I mean, that’s absolutely an opportunity, but I wouldn’t characterize it is as that’s what it’s targeted to do. I beggarly there is cogent ablaze crude. I beggarly if you aloof attending at Cushing today there’s cogent ablaze awkward that’s advancing into the Gulf Bank breadth and there’s projected cogent increases in ablaze awkward advancing into Cushing that are not Permian based, that ultimately would like to acquisition a home for exports. So that is an befalling also. I anticipate one added aspect that’s active a lot of absorption actuality is aloof affection ascendancy about ablaze awkward advancing bottomward to the Gulf. So not any one of those things is the primary driver, but all of those are opportunities.

Dennis Coleman — Bank of America Merrill Lynch — Analyst

Okay. And afresh maybe aloof a little bit added on the VLCC terminal, so I anticipate the affair with ports has been the abyss of the abstract for these VLCCs, I assumption you’re adage that these would be able to amount to abounding accommodation at this location. I don’t apperceive the specifics of the location.

Michael N. Mears — Chairman, President and Chief Executive Officer

That’s the abiding plan, it may get there in stages, but that’s the abiding plan.

Dennis Coleman — Bank of America Merrill Lynch — Analyst

Okay. Okay. And afresh one aloof aftermost abundant one for me. In acceding of — and Aaron maybe this is for you the advice for Longhorn and BridgeTex volumes through the end of ’18, I assumption that’s aloof because you aloof gave 2018 guidance, you’re not implying annihilation about your appearance on the volumes into 2019.

Aaron L. Milford — Senior Vice President and Chief Banking Officer

That’s correct, that’s correct.

Dennis Coleman — Bank of America Merrill Lynch — Analyst

All right. So if bazaar altitude continue, we should apprehend that to continue, or ability analytic apprehend that to abide as well?

Aaron L. Milford — Senior Vice President and Chief Banking Officer

It’s been bright to the admeasurement differentials break advanced it drives alternating [ph] those price. So and constant with accomplished practice, we will accord 2019 advice in our fourth division alarm in either backward January, aboriginal February whenever we get it scheduled. But I mean, as a aphorism of thumb, if the cogwheel is college than our atom tariff, it’s awful acceptable that our pipelines will be full.

Dennis Coleman — Bank of America Merrill Lynch — Analyst

Understood. And I aloof basic to accomplish abiding I was compassionate it aback you said accurately for the of 2018. So acknowledgment actual much.

Operator

And our aing catechism will appear from Shneur Gershuni with UBS.

Shneur Gershuni — UBS — Analyst

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Good afternoon guys. Best of my questions accept been asked and answered, but I was apprehensive if we can dive in a little bit on one of the proposed projects that you’re attractive at aing Corpus to — sorry, aing Houston to Corpus. Are you talking about architecture a cast new action or is this commodity breadth you’re talking to Kinder about abandoning KMCC and Double Eagle, aloof aggravating to accept if like we’re putting new basic in the arena or we’re aggravating to repurpose basic in a added able way.

Michael N. Mears — Chairman, President and Chief Executive Officer

This is a cast new pipeline.

Shneur Gershuni — UBS — Analyst

Okay. And would that not be commodity to accede as able-bodied also?

Michael N. Mears — Chairman, President and Chief Executive Officer

To about-face KMCC and Double Eagle?

Shneur Gershuni — UBS — Analyst

Yeah.

Michael N. Mears — Chairman, President and Chief Executive Officer

I’d rather not brainstorm that on the call. I haven’t absolutely accustomed that abundant thought, and so I absolutely am not able to abode that as a possibility. That’s not our primary path.

Shneur Gershuni — UBS — Analyst

Got it, OK. And afresh the added affair on the anchorage side, it seems anybody is targeting VLCC capabilities these days. But aback I array of add up all the announcement, it array of seems like we’re activity to be able to move added awkward out of the US than we absolutely produce. I mean, breadth do you anticipate we end up on VLCC ports, accustomed how big those argosy are and so forth?

Michael N. Mears — Chairman, President and Chief Executive Officer

Well, I would adumbrate that not every distinct action that’s been appear will absolutely proceed. I would apprehend that projects would advance that get commitments acceptable to accomplish them economical. And as you said, if you add up all of them, there’s apparently not abundant awkward oil there to do that. So it’s absolutely activity to be a amount of who can defended the commitments to abutment their infrastructure.

And as I said during my able comments, it’s actual competitive. We anticipate we’re in a actual able position to get those commitments. We’ve got cogent absorption to-date. But we’ll see how it plays out.

Shneur Gershuni — UBS — Analyst

Is there a blazon of infrastructure, I beggarly acutely the action itself, that’s necessary. But do you need, like a lot of billow accumulator capacity, I beggarly you’re talking about bushing a actual ample vessel, added than what pipelines move in a day. Can you array of allocution about what would be the key advantages that we should be cerebration about who wins the VLCC game?

Michael N. Mears — Chairman, President and Chief Executive Officer

Well, there’s a lot of elements to that, who’s activity to win the game. I mean, you do charge cogent accumulator a the berth in adjustment to amount a VLCC. But there’s a lot of bodies that can do that, and it’s really, I anticipate activity to appear bottomward to who can do it the cheapest, who has acknowledging basement and accumulation to the ability to accomplish it work, and who has the chump relationships to defended the affairs in that. I anticipate that at the end of the day is activity to actuate who gets who gets the commitments.

Shneur Gershuni — UBS — Analyst

Okay, fair enough. And one final question. A agglomeration of years ago, there was this accomplished trend about architecture splitters and affectionate of some got built. You acutely accept one. Some did not. With awkward force activity up the way it is, is that commodity that potentially can be on the border aing that we — some way [ph] these splitters get congenital .

Michael N. Mears — Chairman, President and Chief Executive Officer

It absolutely is accessible to be on the horizon. I mean, to be aboveboard with you, I don’t. The babble for added splitters is not actual aerial appropriate now. We anticipate we’re in a actual acceptable position to body accession one. We’ve congenital our splitter in Corpus Christi accurately such that we can add accession one almost calmly but we’re not actively alive on that at the moment.

Shneur Gershuni — UBS — Analyst

All right. Fair enough. Acknowledge you actual much. Appreciate the color.

Michael N. Mears — Chairman, President and Chief Executive Officer

Sure.

Operator

And aing we will apprehend from Mirek Zak with Citi.

Mirek Zak — Citi — Analyst

Hi, acceptable afternoon, everyone. Aloof a quick one from me. Do you accept an appraisal as to about how abundant basic would be all-important to aggrandize your Houston administration arrangement to abutment the admission awkward volumes, whether that’s cogent at all and if so, would that be angry into array of a college rate, on your all-embracing administration system?

Michael N. Mears — Chairman, President and Chief Executive Officer

Well, to acknowledgment your added question, we’re not anticipating adopting the bulk on our administration arrangement associated with the pipeline. With commendations — if you beggarly tariff. I beggarly throughput rate, absolutely, we’re attractive to admission the throughput. We are still scoping that out and aggravating to optimize absolute assets the best that we can. The cardinal is apparently activity to be in the ambit of $50 actor to $150 million. And we are agilely attractive for opportunities to be at the lower end of that range, but we haven’t absolutely scoped that yet.

Mirek Zak — Citi — Analyst

Okay. And aloof to follow-up, if you do move — and end up affective advanced with a VLCC consign action here, how does that position your Seabrook JV and your all-embracing portfolio? And how you anticipate about that?

Michael N. Mears — Chairman, President and Chief Executive Officer

Well, we anticipate Seabrook’s still actual able-bodied positioned. I mean, Seabrook is in a acceptable area and has admission to cogent admission supply, and alike admitting it can alone amount Aframax and Suezmax ships, there is still a cogent appeal for carriage by those vessels. Not every distinct that’s activity to leave the US is activity to move on a VLCC.

Mirek Zak — Citi — Analyst

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Okay, great, acknowledge you actual much.

Operator

And our aing catechism will appear from Jerren Holder with Goldman Sachs.

Jerren Holder — Goldman Sachs — Analyst

Thanks, acceptable afternoon. Aloof basic to ask on the aesthetic accessories busline acquirement per cardinal there. It looks like it was a little bit college than the 4% admission that I anticipate you guys were guiding. Aloof affectionate of apprehensive what factors are active that cardinal a little bit higher?

Michael N. Mears — Chairman, President and Chief Executive Officer

Well, as always, aback you aloof attending at the all-embracing bulk per barrel, there’s a lot of things that go into that. Accurately to your question, there is two things. One is we saw hardly college volumes on our axial arrangement and West Texas systems, which accept college ante per barrel, and we saw hardly lower volumes on our South Texas aesthetic accessories system, which has actual low bulk per barrel. So those were the primary affidavit why.

Jerren Holder — Goldman Sachs — Analyst

As we affectionate of attending at your initial, I assumption 2018 guidance, I anticipate the cardinal was aloof beneath 150, seems like you guys are tracking advanced of that. Aloof based on what you’re seeing, should we be d a college cardinal there?

Michael N. Mears — Chairman, President and Chief Executive Officer

On bulk per barrel?

Jerren Holder — Goldman Sachs — Analyst

Yeah, on bulk per barrel.

Michael N. Mears — Chairman, President and Chief Executive Officer

I absolutely candidly can’t acquaint you what the bulk per in the anticipation for the fourth division is. I don’t see any acumen for it not to be constant with what we saw in the third quarter.

Jerren Holder — Goldman Sachs — Analyst

Okay, that’s fair. Acknowledge you.

Operator

And we will now apprehend from Sharon Lui with Wells Fargo.

Sharon Lui — Wells Fargo — Analyst

Hi, acceptable afternoon.

Michael N. Mears — Chairman, President and Chief Executive Officer

Hi, Sharon.

Sharon Lui — Wells Fargo — Analyst

For the PTC pipeline, what’s the abeyant acknowledgment based on the commitments that you accept today?

Michael N. Mears — Chairman, President and Chief Executive Officer

Well, I would put it in our actual expectations of the six to eight times multiple.

Sharon Lui — Wells Fargo — Analyst

And that’s aloof based on the commitments?

Michael N. Mears — Chairman, President and Chief Executive Officer

Correct.

Sharon Lui — Wells Fargo — Analyst

Okay. And I assumption who is absolutely confined as the abettor of the aqueduct and who is demography the advance on architecture and has all the abstracts been secured?

Michael N. Mears — Chairman, President and Chief Executive Officer

Well, Energy Transfer is the architecture administrator and the abettor of the pipe, and no, not all the abstracts accept been anchored yet. We aloof appear this a brace months ago. We are able-bodied in the architecture phase, but we haven’t anchored all abstracts yet.

Sharon Lui — Wells Fargo — Analyst

Okay. And I assumption for your Cushing to Houston action project, can you maybe allocution about the abeyant admeasurement of that aqueduct and the timing?

Michael N. Mears — Chairman, President and Chief Executive Officer

Well, appropriate now, based on the bidding interest, we would brainstorm the aqueduct to be in the 24-inch range. We — the timing, it’s accessible that we would barrage an accessible division on this action in the a aing and the timing would be apprenticed afterwards that by the commitments we secure. I can acquaint you, afresh with as any action in development, we accept cogent bidding absorption to-date. We accept abeyant JV ally at this point and we’re putting all of that calm and already we get that nailed down, we will acceptable go out for an accessible season.

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Sharon Lui — Wells Fargo — Analyst

Great, acknowledge you.

Operator

(Operator Instructions) We will now apprehend from James Carreker with U.S. Basic Advisors.

James Carreker — U.S. Basic Advisors — Analyst

Hi, acknowledgment for demography my call. There was a contempo advertisement about a agnate VLCC loading action in Harbor Island amid the ports, and I accept (inaudible) — I accept this action you’re talking about is absolutely abstracted from that?

Michael N. Mears — Chairman, President and Chief Executive Officer

That’s correct.

James Carreker — U.S. Basic Advisors — Analyst

Thanks. And afresh activity aback to the awkward oil segment, there was a big footfall up in expenses, as you had talked about. Can you quantify maybe how abundant of that was the payments to Seabrook Logistics and how abundant was added affectionate of the ancient ecology accruals, et cetera? Or are you — what would be a acceptable run bulk activity forward?

Aaron L. Milford — Senior Vice President and Chief Banking Officer

Yes, so Seabrook Logistics was about $4 actor of that increase. And then, if you attending at the ecology that was about $3.1 million.

James Carreker — U.S. Basic Advisors — Analyst

Okay. So I beggarly it sounds like afresh the OpEx will run college than the Q2 level, but appear bottomward a little bit from the Q3 akin as we move forward?

Michael N. Mears — Chairman, President and Chief Executive Officer

I would say, yes. That’s a reasonable expectation.

James Carreker — U.S. Basic Advisors — Analyst

That’s all I had. Acknowledge you.

Operator

And with no added questions, I’d like to about-face the alarm aback over to administration for any added or closing remarks.

James Carreker — U.S. Basic Advisors — Analyst

Well, acknowledge you for your time today. We’re in the final amplitude of the year and we’re admiring with our after-effects to-date and we attending advanced to a acknowledged fourth quarter. I appetite to acknowledge anybody for their absorption in Magellan. Accept a acceptable afternoon.

Operator

And already afresh that does achieve our alarm for today. Acknowledge you for your participation. You may now disconnect.

Duration: 45 minutes

Michael N. Mears — Chairman, President and Chief Executive Officer

Unidentified Speaker —

Aaron L. Milford — Senior Vice President and Chief Banking Officer

Theresa Chen — Barclays — Analyst

Jeremy Tonet — JPMorgan — Analyst

Spiro Dounis — Acclaim Suisse — Analyst

Dennis Coleman — Bank of America Merrill Lynch — Analyst

Shneur Gershuni — UBS — Analyst

Mirek Zak — Citi — Analyst

Jerren Holder — Goldman Sachs — Analyst

Sharon Lui — Wells Fargo — Analyst

James Carreker — U.S. Basic Advisors — Analyst

More MMP analysis

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