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Plains GP Holdings LP (PAGP) Q1 2019 profits call Transcript

graphic source: The Motley fool.

Plains GP Holdings LP (NYSE: PAGP)Q1 2019 salary CallMay. 7, 2019, 5:00 p.m. ET

first rate day, every person. thank you for standing by means of. Welcome to the PAA and PAGP First Quarter 2019 earnings call. state-of-the-art conference is being recorded. at the present, i might want to turn the conference over to Roy Lamoreaux. Please go ahead.

thanks, Hannah. good afternoon and welcome to Plains All American's first quarter 2019 income convention name. brand new slide presentation is posted on the Investor family members, information and activities portion of their website at plainsallamerican.com.

Slide 2 consists of critical disclosures concerning forward-searching statements and non-GAAP financial measures. The appendix comprises condensed consolidating stability sheet advice for PAGP. ultra-modern name can be hosted through Willie Chiang, Chief government Officer and Al Swanson, govt vice president and Chief monetary Officer. additionally, Harry Pefanis, President and Chief commercial Officer; Jeremy Goebel, government vp, industrial; and Chris Chandler, government vice president and Chief operating Officer, together with other individuals of their senior administration team can be found for the Q&A element of modern day call.

With that, i will turn the name over to Willie.

Willie C. Chiang -- Chief government Officer and Director

Thanks, Roy. good afternoon each person and thanks for joining their name. Let me start by means of hitting the excessive facets of the suggestions they launched today. This afternoon we're happy to report first quarter results, that meaningfully surpassed their expectations. As outlined on Slide 3, and as Al will discuss in additional aspect, these effects mirror robust performance in their margin primarily based provide and logistics phase and payment-based salary that had been according to expectations.

as a result, they have expanded their full-12 months adjusted EBITDA assistance via $one hundred million, plus or minus $2.eighty five billion for the yr. With appreciate to positioning PAA for the future, they proceed to execute on a couple of key initiatives to create enduring price for their traders. In April, they announced the completion of their August 2017 deleveraging plan, updates to their monetary coverage and focused metrics and an increase to their regular unit distribution.

As unique in the announcement, we've taken a balanced lengthy-time period method to bettering permanent cost advent via their commitment to improving monetary flexibility making disciplined investments and prudently increasing money return to fairness holders over time. they will continue to optimize their gadget and pressure for improved returns. over the past three years, we've got done about $three billion of divestitures, several of which were via strategic JV and joint operating agreements that have bolstered the durability and visibility of their payment-based company, while enabling us to cut back debt and fund a huge component of their growth capital.

Optimizing their latest capacity, leveraging their programs to sanction capital efficient initiatives and pursuing strategic JVs and divestiture opportunities were and should continue to be significant to their ongoing approach. They stay particularly concentrated on capital self-discipline and project returns and have sanctioned, a couple of extra strategic and accretive projects that bolt-on, prolong, or expand their present programs expanding their capabilities. as a result, and as Al will talk about additional, we've got multiplied their 2019 capital application by using $250 million to plus or minus $1.35 billion.

Now, i'd like to provide you with an replace on their development in constructing their Permian footprint, in addition to a couple of key different projects. As illustrated on Slide four, due to the fact the starting of 2018, we've brought approximately 1.7 million barrels a day of latest Permian Basin equipment capacity. And by using yr end, they predict this number to develop to greater than 2.2 million barrels a day. This means is underpinned by way of a mix of long-time period quantity commitments and acreage dedications. They most lately positioned into provider about 500,000 barrels a day of gathering capacity upstream of Wink and about 670,000 barrels a day of intra-basin capability from Wink to McCamey.

We continue to sanction additional complementary increase initiatives within the Permian. And because of their persisted investments, they now have notably debottlenecked their Permian gadget, improve their operating efficiency, reinforced their high-quality segregation capacities and capabilities and placed their pipeline and terminalling methods in improve of their Cactus II completion later this year. We're also building a brand new U.S. Pipeline handle core and related workplace facilities in Midland, Texas, that will consolidate distinctive offices in Midland and extra enhance their communications and capabilities.

As illustrated on Slide 5, Cactus II building is progressing on agenda with partial provider to Ingleside expected to be finished within the third quarter of 2019 and whole service to Corpus Christi expected by the first quarter of 2020. With appreciate to the Wink-to-Webster challenge, they are at full pace forward on progressing the task, which is centered to be positioned into carrier in the first half of 2021. they have ordered the vast majority of the long lead substances together with 36-inch line pipes, they have stepped forward their construction, contractor method via awarding a few key contracts with development to start later this year. As you may additionally recall, the task is anchored with robust business support and they proceed to improve discussions with additional competencies shippers and expect to be in a position to supply an update in the near future. beyond the Permian, they proceed to improve a few opportunities to leverage their present pipeline methods and hub terminals.

As shown on Slide 6, this comprises the talents growth in modest extension of their Diamond pipeline, a reversal of the Capline gadget and a spread on their pink River gadget. every of these talents projects characterize accretive, capital efficient boom alternatives. In aggregate, they would represent a modest level of incremental increase capital towards 2019 application.

The binding open season for Diamond and Capline is anticipated to close nowadays and if there is adequate help from the open season, they predict to movement forward with the assignment. With admire to pink River, we're in the technique of finalizing shipper agreements, assisting and growth of the equipment. At their St. James hub terminal, they have sanctioned the construction of two.4 million barrels of new crude oil storage capacity under a protracted-time period third-celebration contract centered to be positioned into provider in the 2d half of 2020. This mission will result in Plains working greater than 15 million barrels of crude storage skill at St. James, which complements their existing connectivity, dock ability, and overall working capabilities at one of the crucial strategic terminaling hubs along the U.S. Gulf Coast.

additionally, in Canada, they have sanctioned the construction of a brand new 50,000 barrel a day crude oil terminal serving the Marten Hills construction area. This venture is underpinned by means of long-term third party commitments and may bring extra extent to their Rainbow Pipeline gadget. These are all terrific examples of beautiful initiatives, appealing return tasks that leverage their present methods in core regions and enhance their operating capabilities and suppleness. They look ahead to sharing additional updates on these efforts within the close future.

With that, i may turn the call over to Al.

Al P. Swanson -- executive vice president and Chief financial Officer

Thanks, Willie. all over my component of the name, i will be able to share a brief recap of their first quarter consequences replace to their 2019 tips and increase capital program and supply a top level view of their present capitalization, liquidity, and leverage metrics. i will be able to additionally handle one accounting connected item. They recorded first quarter adjusted EBITDA of $862 million, which represents a year-over-12 months enhance of greater than 45% and was pushed by way of effective performance in their S&L segment,.

Our first quarter price based consequences of $583 million are summarized on Slide 7 and signify a year-over-12 months boost of 12% or 17%, when adjusting for the have an effect on of asset income. the first quarter fee-based mostly outcomes diminished with the aid of four% versus the fourth quarter of 2018. This became in keeping with expectations and changed into pushed by reduce volumes on definite pipelines as a result of narrower differentials and other components, including one-time items, and higher operating expense including the property taxes from property positioned into carrier.

As illustrated on Slide eight, they now have accelerated their 2019 adjusted EBITDA tips by way of $100 million to plus or minus $2.eighty five billion. This raise is pushed via their S&L performance in the first quarter and is because of favorable regional foundation differentials in each their NGL and crude oil companies. That mentioned, they continue to are expecting their S&L outcomes in 2020 to be materially lessen than 2019 as new pipeline ability is placed within the service and logistical constraints are alleviated.

moreover, as they referred to, we're increasing their 2019 capital program via $250 million with $200 million on account of sanctioning the St. James expansion, the Marten Hills terminal, a few new complementary Permian tasks, and the brand new Midland Pipeline control core related office facilities. The last $50 million of the raise is linked to multiplied can charge on their Cactus II challenge and scope alterations on a few other initiatives.

transferring to their capitalization and liquidity, they continue to be dedicated to conserving a big level of financial flexibility, maintaining a level of money movement that limits, if not eliminates, the should problem usual fairness to fund route pursuits growth capital classes and aid metrics that are in keeping with mid BBB credit ratings over time.

As of March thirty first, they had greater than $3 billion of committed liquidity and capitalization metrics had been inside their targeted levels. In April, they diminished their focused long-term debt-to-LTM adjusted EBITDA range by way of a half a flip to three.0 times to 3.5 instances, which assumes an S&L contribution normalized to the stage they expect this phase to generate beyond 2019.

As illustrated on Slide 9, as of March thirty first, they pronounced a protracted-time period debt-to-LTM adjusted EBITDA of 3.1 times, which comprises their contemporary S&L over performance. They continue to be focused on carrying on with emigrate leverage down over time within their focused long-term debt to LTM adjusted EBITDA range after adjusting for S&L over efficiency.

in response to their up-to-date 2019 advice, they expect to exit the year with full 12 months distribution coverage of more than a hundred ninety% cash circulate in excess of distributions of approximately $970 million and per unit outcomes that exceed their prior expectations. before turning the call again over to Willie, i wanted to share a number of comments on an accounting connected count. all over the primary quarter, they identified a non-money benefit of $267 million, because of a fair value accounting adjustment required on account of the resolution through the Capline homeowners to convert the Capline possession constitution from a joint possession arrangement to a constrained liability company structure. we've handled this benefit as the chosen items in their adjusted outcomes.

With that, i may turn the call lower back over to Willie.

Willie C. Chiang -- Chief government Officer and Director

Thanks, Al. So we're on track with each of their desires for 2019. A abstract of their dreams and key take faraway from modern-day name are proven on Slides 10 and 11. Execution center of attention, optimizing their assets to increase returns, and capital discipline, their central themes all the way through the updates that they share today. additionally, they proceed to center of attention on further asset sales in strategic joint ventures.

Proceeds from these transactions together with any S&L extra profits might be used to fund capital or reduce debt. They are expecting the rest of 2019 to be very lively as they proceed to execute their plan and position the enterprise for the long run. They seem forward to sharing extra updates with you in a extra detailed discussion at their upcoming Investor Day on June 11th in big apple.

With that, i could turn the name over to Roy.

Roy Lamoreaux -- VP:Investor family members & Communications

Thanks, Willie. As they enter the Q&A session, please restrict yourself to 1 query and one comply with-up query, then return to the queue, when you have extra observe-ups. this could enable us to address the proper questions from as many participants as practical in their obtainable time this afternoon. moreover, Brett Magill and i plan to be attainable this night and tomorrow to handle further questions.

Hannah, we're now able to open the demand questions.

Questions and solutions:

Operator

thanks. (Operator instructions). And we'll go first to Jeremy Tonet with JPMorgan.

Jeremy Tonet -- JPMorgan

hello. decent afternoon. just want to delivery off with the Cactus II pipeline, if it truly is adequate, want to see how issues are progressing there and innovations on timelining when that could get partly and thoroughly on service and some of the competing pipes available, I feel you'd mentioned some inflationary can charge pressures, so simply questioning in case you have anything else to comment on when you are since. Thanks.

Willie C. Chiang -- Chief executive Officer and Director

hello, Jeremy. this is Willie. Let me start with this and that i'll ask Chris Chandler to speak a bit greater about that. So Cactus II is on time table. we've -- they expect to have that in carrier Q3 of 2019 for the primary phase and the 2nd section within the first quarter of 2020 and they have had some charge creep, but i'll let Chris tackle that.

Chris Chandler -- government vp and Chief working Officer

bound. Thanks, Willie. here is Chris. we're seeing some cost force on both the fabric and labor aspect of the undertaking. As you could are expecting, there may be varied pipelines being put in within the area and there's rather just a little of competitors. however their total forecast for the Cactus II undertaking is constant and within about 10% of their funds for the project.

Jeremy Tonet -- JPMorgan

that is advantageous. Thanks. And just turning over to Capline, was questioning the change in possession buildings here, if that has any have an impact on on what the reversal challenge as far as if the governance alterations, does that mean that the scope of this venture could exchange. And is there the rest in your CapEx budget this yr for Capline at this juncture?

Chris Chandler -- government vp and Chief operating Officer

So the first query on the governance piece, it changed into necessary to convert to a partnership to habits a joined open season, traditionally or not it's been beneath a JOA, which they had three undivided interest homeowners, which without problems three pipes inside a pipe. So or not it's simply integral for the conversion and conducting an open season to have one tariff and to go to the market with one offering. as far as capital goes, Capline will get sanctioned within the finances and i became just associated with shutting down the pipeline and purging the pipeline. Going ahead, it will require industrial aid and as Willie pointed out in his organized remarks, we're evaluating the open season, which kills these days and so as we've anything to record, they will.

Willie C. Chiang -- Chief govt Officer and Director

Jeremy, we've given suggestions before on the assignment being roughly $250 million net to us. If they go forward with it, it'd be a fairly modest quantity in 2019, with the majority of the dollars being spent 2020 and 2021.

Jeremy Tonet -- JPMorgan

awesome. it is constructive. Thanks for taking my question.

Willie C. Chiang -- Chief executive Officer and Director

thanks.

Operator

And they are going to go subsequent to Shneur Gershuni with UBS.

Shneur Gershuni -- united states of america04a7d3d609129a9296bf7ac0608c2097)

hello. first rate afternoon, everybody. For essentially the most half, it turned into fairly straightforward quarter and so forth. i used to be simply questioning if they are able to spend some time talking about for starters, your dividend information of plus 5% for '20 and '21, is that where you are expecting payment-based mostly income to develop within the '20-'21 duration. What can they study from from that suggestions.

Al P. Swanson -- executive vp and Chief fiscal Officer

certain. i wouldn't study that into it. They -- as I commented, they have a 190% coverage and so they did not are trying to link that to any -- any certain merchandise. They did -- their what they suppose their CapEx application can be in leverage and migrating that down, however they weren't linking that to to a money circulation or DCF class of increase number.

Shneur Gershuni -- united states04a7d3d609129a9296bf7ac0608c2097)

So, there is no examine via with your 8% boom expense and payment-based mostly declining down there is abilities for it to be greater than that. I mean, it is a method to think about it.

Al P. Swanson -- executive vp and Chief financial Officer

yes. They haven't guided 2020-2021 EBITDA boom. once more, what they wanted to do become to talk that do not are expecting an additional 20% next yr of increase, if you happen to're sitting with 190% plus coverage this 12 months.

Willie C. Chiang -- Chief government Officer and Director

On the distribution.

Al P. Swanson -- government vp and Chief fiscal Officer

On the distribution.

Willie C. Chiang -- Chief government Officer and Director

Shneur, this is Willie. I feel the other -- the different piece of it is only, we've obtained CapEx that we're spending. They simply are looking to make sure that they can cowl the equity portion of the CapEx over that duration of time.

Shneur Gershuni -- u.s.04a7d3d609129a9296bf7ac0608c2097)

appropriate. okay. and maybe that variety of leads right into a comply with-up question, I mean your -- a part of your salary driver this quarter became definitely S&L, which is seen as brief at times, via you guys. however in regularly occurring, i used to be wondering if you can variety of talk in regards to the reduce leverage goal that you just -- put obtainable, had been the groups pushing for it, since it's no longer whatever that they now have considered accessible and perhaps if you can sort of speak about the excess income from S&L as a possible supply for buybacks on a go-ahead basis. Is that kind of a way to be considering it, just kind of, in case you can variety of speak in regards to the the pieces to the puzzle there.

Willie C. Chiang -- Chief govt Officer and Director

Al, why do not you're taking that.

Al P. Swanson -- govt vp and Chief fiscal Officer

sure. naturally their leverage target and bringing it down changed into a part of their view of what made the most experience for the way they need to run the business, how investors were searching at the company, how ranking organizations had been looking at the enterprise. Shneur, what you bought to be aware is their target of three.0x to 3.5x for lengthy-term debt to adjusted EBITDA, they do incur brief-term hedged inventory debt and they do have favored securities that have a 50% kind of debt component in the rating company eyes. So on a sort of normalized foundation, you acquired to -- you acquired to permit for that. So if you regarded on the 3x to 3.5x, took the midpoint these two alterations can from time to time add up to 0.seventy five turns. in order that can be roughly a 4x, most of their significant cap friends are both focused on some thing close to that or are already there. So no person -- variety of entity kind of nudges us to it. but they believe or not it's prudent and they consider they need to be a mid BBB entity.

I do think long run, your comment about S&L as they get to where they need to be financially would deliver a source of cash for an opportunistic share repurchase and/or funding capital or cutting back debt extra to create dry powder. but we're a bit bit faraway from that, this selected cycle where we're seeing more desirable S&L it be basically going to fund the capital software and reduce debt.

Shneur Gershuni -- united states of america04a7d3d609129a9296bf7ac0608c2097)

The prudency makes ideal experience. thank you very an awful lot for the clarity and have incredible day, guys.

Al P. Swanson -- govt vp and Chief fiscal Officer

Thanks.

Operator

we will go subsequent to Gabe Moreen with Mizuho.

Gabe Moreen -- Mizuho

hello. good afternoon, every person. If I might ask a little bit Exxon is obtainable speakme about upsizing accelerating plans of the Permian and you've talked a little bit about, I think you are partnering with them on lengthy-haul things. are you able to talk a little bit about to what extent you can be working with them on gathering the intra-basin facet of issues?

Jeremy Goebel -- govt vice president, business.

Gabe, here is Jeremy Goebel. They can't talk particulars about how we're working with them in the basin. but clearly, we're aligned on with Exxon commercially on the lengthy haul initiatives and that does existing different alternatives from advertising and marketing or intra-basin standpoint.

Gabe Moreen -- Mizuho

k. after which probably if i will ask on the Wink-to-Webster mission, it sounds like you're fairly confident about signing additional purchasers. can you talk to possibly the return profile on the mission. Would you ever deserve to maybe upsize it in case you check in extra customers when it comes to a cap -- from a CapEx standpoint.

Jeremy Goebel -- government vice president, business.

Gabe, here's Jeremy again. i'd say that the 36-inch pipeline, as they brought up in January, the pipes had been ordered and the initial scope and price range that they put out turned into for full mainline ability, which can be as much as 1.5 million barrels a day, however it's improved than a million barrels a day and they might predict to proceed to confer with shippers, committed shippers and probably equity partners in the pipeline. however we're in the course of these discussions now and like now not to speak to that at this point. but they believe that venture may be successful and smartly in extra of their minimum returns.

Willie C. Chiang -- Chief executive Officer and Director

And Gabe, here's Willie. I feel you might be brooding about it as it should be. bear in mind they sanctioned the venture with sufficient commercial assist and that could be according to their 300 basis features to 500 basis facets over weighted ordinary charge of capital. So hopefully as they -- if they are able to get extra individuals on the undertaking, it no longer simplest serves as a pretty good project for them, but it surely raises the return of the project beyond that.

Gabe Moreen -- Mizuho

Thanks, guys. recognize it.

Willie C. Chiang -- Chief govt Officer and Director

Thanks, Gabe.

Operator

we will go subsequent to Justin Jenkins with Raymond James.

Justin Jenkins -- Raymond James

super. Thanks. Afternoon everyone. Willie, I want to birth probably with a extra macro-oriented query right here on crude first-class and it be some thing they get quite a number of questions about, perhaps just brooding about how API gravity has changed within the Permian during the last few years and the challenges or opportunities that items for you guys within the trade as a whole.

Willie C. Chiang -- Chief government Officer and Director

yes. i could birth with this and that i believe possibly Jeremy and/or Chris can can add, and certainly Harry can can add as well. they now have been an attractive huge proponent of creating certain we're speakme about satisfactory, if you feel in regards to the projects that they now have built and continue to build is actually around three issues, it's flow assurance, it's first-rate -- holding the first-rate of the segregation, and entry to markets. and that i consider what you might be seeing now could be over the remaining number of years, the API gravity has gotten lighter and lighter and in their view, they have now began to hit limits, the place other U.S. refiners have all started to push lower back and it would not make as a whole lot feel to run the mild barrel in their facilities.

And to that point, you are beginning to see extra expense transparency round Midland with the light barrels, including the addition of an extra marker obtainable known as WTI gentle, so that it will provide a bit more transparency to the pricing. And the reason I inform you all this is, once again, in case you've received a device that is constructed for segregation, I feel it really is going to be a more crucial component going ahead of being capable of be certain they maintain the segregation of the distinct crudes, to be in a position to get it to market and keep first-class of the entire barrels within the basin.

Justin Jenkins -- Raymond James

excellent. Thanks for that Willie and that i guess the observe-up query is likely for Al. How will they stand here today when it comes to where the kind of portfolio optimization technique is and maybe if -- if they targeting any more incremental asset income throughout 2019 and past? Thanks.

Al P. Swanson -- govt vp and Chief fiscal Officer

yes. I consider Willie touched on it. however sure, they proceed to are trying to manage their portfolio, search for alternatives to both promote assets or bring in companions that can help them, that via in to a part of an asset and bring volume to it. So we're carrying on with that, but they are not setting a selected dollar target. They do not believe -- they did for a couple of years when it become more to aid explain how we're funding issues, however nothing has changed, as far as their approach and their discipline around that.

We consider or not it's a extremely wonderful solution to problem their enterprise and they continue to accomplish that.

Justin Jenkins -- Raymond James

obtained it. Thanks, guys.

Operator

we will go next to Michael Blum with Wells Fargo.

Michael Blum -- Wells Fargo

hi. thanks. I guess first question is simply, I think you addressed Capline line. but when it comes to assuming Diamond growth and pink River, each flow forward as FID projects, would that materially have an impact on 2019 CapEx or that spend be extra in 2020?

Willie C. Chiang -- Chief govt Officer and Director

Michael, this is Willie. For 2019, it would be a modest raise to the tune of between the tasks, possibly $one hundred million to $a hundred and fifty million order of magnitude, just to offer you some perspective, and the majority can be in 2020.

Michael Blum -- Wells Fargo

tremendous. and then, 2d query became simply on S&L. So I guess prior quarter, you've gotten given information, you observed you had locked within the majority of that with hedges. just attempting to be aware the out performance here, turned into that up above and past what you hedged in Canada. simply desired to get a little greater details on exactly what transpired all the way through the quarter?

Willie C. Chiang -- Chief govt Officer and Director

or not it's -- some of both. They didn't thoroughly hedge. What we're trying to assert on the ultimate call turned into we're comfortable with their $350 million, partially because of the proven fact that they had hedged a great deal of it. however they don't -- hedge a hundred% of issues were operational upsets may cause volumes now not to move that class of component and they did see enhanced NGL efficiency as you look at it.

Michael Blum -- Wells Fargo

extraordinary. thank you.

Willie C. Chiang -- Chief government Officer and Director

Thanks, Michael.

Operator

And they will go next to Dennis Coleman with financial institution of the united states Merrill Lynch.

Dennis Coleman -- financial institution of america Merrill Lynch

great. Thanks for taking my questions. If I might start with only one distinct aspect, just because loads of these open season appear to conclude with then extension of an open season. Did I hear it right, the open season for Capline closed, it did close, it may not be prolonged?

Willie C. Chiang -- Chief govt Officer and Director

We should probably let the operator speak to that, however it's their knowing that they now have closed the open season.

Dennis Coleman -- bank of the us Merrill Lynch

staggering. it truly is decent news. I guess simply probably one different query on the 250 million of initiatives that you simply added, might be I neglected it, however did you provide any -- I mean, what is the timeline on some of these things as it -- are they brief-term tasks? Will they impact 2020 salary? And if so, are you able to provide any -- communicate to any type of return metrics that they could use?

Chris Chandler -- executive vice president and Chief working Officer

certain. Dennis, here is Chris. Al coated the details in their prepared remarks, however just to recap, we're investing in an extra 2.4 million barrels of potential at their St. James terminal. it truly is about six tanks backed by using third-celebration commitments. they have a brand new terminal being built in the Marten Hills area of North imperative Alberta that'll vicinity extent into to their Rainbow Pipeline and then they have a few complementary Permian projects. So timing with these, would be a standard 18 months to 24 months and returns could be according to 300 basis features to 500 foundation points above can charge of capital.

Dennis Coleman -- financial institution of the united states Merrill Lynch

splendid. Sorry if I missed that. Thanks. that is it from me.

Operator

And they will go next to Jean Ann Salisbury with Bernstein.

Jean Ann Salisbury -- Bernstein

hi. can you remind us how much of Cactus I continues to be take or pay, assuming that the site visitors or take or pay strikes to Cactus II?

Jeremy Goebel -- government vice chairman, business.

Jean Ann, this is Jeremy. They don't publicly divulge that, but we're actively looking to proceed to again that. So i wouldn't always analyze it, because it comes off nothing comes back and they now have enormous commitments in the box and it's a query of do you convert them from Midland to the Gulf Coast foundation. So they now have a lot of alternatives to fill that space with or devoid of certain shippers. (dissimilar audio system) Please do.

Willie C. Chiang -- Chief government Officer and Director

remember Cactus i was positioned in provider, a long time before they had any discussions with Trafigura. So it was -- it had meaningful contractual commitments upfront.

Jean Ann Salisbury -- Bernstein

yes. I consider like you -- maybe it's simply historic guidance, however I consider like you disclosed 245 appropriate before Trafigura or one more a hundred, but probably that counsel is old, however i used to be just announcing if that become nevertheless the case?

Willie C. Chiang -- Chief government Officer and Director

Jean Ann, there has been things that have been in and out on account that then, so it be variety of sale number this is all i'm attempting to get to.

Jean Ann Salisbury -- Bernstein

k. No. it truly is reasonable. after which, as a comply with-up over the last few years, inner most equity has most likely been very lively in Permian midstream, many observers trust that that was inserting power on margins and gathering, are you able to discuss no matter if you might be nonetheless due to the fact pressure from PE or is it easing up a bit of, now that individuals are trying to determine it out, where they may be enjoying?

Jeremy Goebel -- govt vp, commercial.

Jean Ann, here is Jeremy. It is dependent upon your area in the basin. i'd say they nearer to Midland you are, the greater competitors you'll see from a gathering standpoint, you'll see extra competition from a margin standpoint, which is why honestly they focused lots out west, and it be a larger pull-via for their company. but i might say that reckoning on the area you see distinctive pressures from distinctive either strategics or inner most fairness.

certain valued clientele are more open to working with private equity backed groups and there the competition is more extreme, certain of their shoppers that we've lined with, you do not necessarily see that pressure because they want an trade accomplice. So i would say it be no longer a ubiquitous, they see the equal competitors everywhere its, so they spend loads of their business building time and alternatives where they can win and never always need to compete without delay with that capital. but actually, there may be areas where they simply aren't competitive because what they're inclined to do is inconsistent with a few of their investment philosophies.

Jean Ann Salisbury -- Bernstein

Make feel. thanks for taking my query. it's all from me.

Jeremy Goebel -- govt vice chairman, business.

No difficulty.

Operator

we are going to go subsequent to Colton Bean with Tudor, Pickering, Holt & Co.

Colton Bean -- Tudor, Pickering, Holt & Co.

good afternoon. So simply to comply with-up, you mentioned that the broader spreads drove some benefit to the NGL company this quarter. So how are you guys seeing that play out over the subsequent couple of years here with Ridley Island starting up I wager here within the next couple of months and Prince Rupert approaching next year. Do you see any impacts in the NGL advertising enterprise?

Willie C. Chiang -- Chief govt Officer and Director

Harry, you need to take that.

Harry N. Pefanis -- President & Chief business Officer (CCO) and Director

sure. So sure -- the extra infrastructure you develop, the greater takeaway potential that exist. So I think it complements kind of the turning out to be construction over North the usa. they have now actually form of streamlined their company and they feel going ahead, you will see more stability within the margins don't seem to be reasonably the volatility, so that capacity whereas no longer as a lot downside, it does put off some upside opportunities as well. So, I feel it's doubtless going to be extra an element of how we've got streamlined their enterprise and the ancient volatility. long way of saying these property will create more takeaway capability for the becoming creation over North the usa, but they consider they will see greater good profits in their NGL business.

Colton Bean -- Tudor, Pickering, Holt & Co.

And principally, the company going forward has less sensitivity to usual basis spreads than probably it did during the past.

Harry N. Pefanis -- President & Chief commercial Officer (CCO) and Director

suitable.

Colton Bean -- Tudor, Pickering, Holt & Co.

ultimate. and then, so just on amenities, effective contribution right here in Q1, how are you pondering that in regard to the total 12 months guide? And simply on a related note, and there has been fairly a little bit of discussion around an more and more tight frac market in Edmonton. So any innovations you've got there would be helpful.

Willie C. Chiang -- Chief government Officer and Director

Harry, i may take the primary half, maybe you're taking the second part on the frac market. however, yes their facility section, they did have a strong quarter. Following final year, they had a stunning potent 12 months, they now have seen extra throughput. we've viewed some gains in the terminals. they now have a bent to are attempting no longer to reforecast a few of that because you have no idea if they will recur on the same volumetric contributions. So hopefully the business continues to function greater than their counsel, but we're now not certain of that. So they chose to form of leave it flat. i'll let Harry take the 2d a part of it.

Harry N. Pefanis -- President & Chief commercial Officer (CCO) and Director

So we've seen a tightening within the frac potential in Edmonton. I consider it be been mirrored in their guidance they see greater costs this 12 months on recontracting than they noticed remaining year, however lots of the capability is shriveled on one as a minimum three hundred and sixty five days phrases, a lot of it's multiyear terms as smartly. So i wouldn't take that to suggest that you would see a great deal upside in their suggestions in the facility section, as a result of a lot of that become baked into their forecast.

Colton Bean -- Tudor, Pickering, Holt & Co.

k. this is advantageous. I respect your time.

Willie C. Chiang -- Chief government Officer and Director

Thanks, Colton.

Operator

we'll go subsequent to Chris Sighinolfi with Jefferies.

Vikram Bagri -- Jefferies

respectable evening, each person. this is Vikram Bagri for Chris. i needed to remember the minor lessen in volume assistance for us to grasp was it pushed more via exchange in producer budgets or greater competition within the basin? And greater commonly, your friends have mentioned basin getting over piped, they -- their evaluation also shows that on crude aspect basis, Permian Basin could be over piped for a while and tariffs were happening. How do you see that circumstance evolving, is there some repurposing that can take location in the basin or how do you see that situation evolving over time?

Willie C. Chiang -- Chief government Officer and Director

Al, why don't you're taking that?

Al P. Swanson -- govt vp and Chief fiscal Officer

i could take the first part and i don't know if Harry or Jeremy take the 2d part. but the volume on S&L that you've seen down roughly eighty five,000 barrels a day is all well-nigh all NGL and or not it's the streamlining that Harry mentioned. They selected to take a unique view on contracting going forward. again, back to the balance and that -- that Harry just walked through. So that is definitely what drove the quantity alternate.

Harry N. Pefanis -- President & Chief commercial Officer (CCO) and Director

On the longer-time period Permian, to the extent that it does get over piped, the pipelines that had the strategic benefits and the aggressive competencies on the upstream connectivity and sourcing of barrels and downstream, they'll stay for the capability to segregate barrels supply circulate assurance and market options. The other barrels -- the other pipelines that don't will seek different choice uses as you outlined, take the DJ Basin for instance, the combining of the Saddlehorn Pipeline, the conversion of White Cliffs. it is an example of what a basin does when it receives long potential. so that you would expect things to turn up within the Permian as neatly. no person sits nevertheless in perpetuity. so you would completely expect the trade to respond and then, here is the place you're over piped.

Vikram Bagri -- Jefferies

wonderful. and then just as a observe up, when is St. James Storage coming online, the extra storage that you just're constructing. It seems like you're preparing for Capline reversal, so the date of that storage coming online will coincide when Capline comes on-line. and then in case you can talk about even if here is -- that you may expand storage further and what sort of alternatives you will see once that resolution is made and how much of enhance in CapEx or opportunities you may announce with the FID of reversal of that pipeline?

Harry N. Pefanis -- President & Chief commercial Officer (CCO) and Director

the first element, this growth is not tied, it's a separate customer that is probably going no longer going to participate in Capline. it's only for native business. Any extra expansion to Capline a success open season and as soon as they get the outcomes of the open season, they will be capable to aid it. nevertheless it's definitely favorable for the elevated dock means at St. James, which we're moderately expanding from 250 to 400 that can be complementary to that. we've an latest footprint in St. James that's capable of growth for further consumers that could need to export throughout that dock and then the Capline Dock and tankage might finally improvement, which have been owners in as neatly.

Vikram Bagri -- Jefferies

thank you.

Operator

we'll go next to Sunil Sibal with Seaport world Securities.

Sunil Sibal -- Seaport world Securities

yes. hi. first rate afternoon, guys and thanks for all of the clarity on the call. just wanted to take a step again and from an business element of view, appears like there's expanding (inaudible) on the E&P aspect, consolidating Permian. i was wondering if you might talk a bit bit about how do you suppose that influences your enterprise in Permian, certainly when they believe in regards to the three legs the gathering and the intra-basin and the long haul pipeline add-ons of the business?

Jeremy Goebel -- government vice chairman, industrial.

Sunil, here's Jeremy. One, you would say that it is often fantastic, as a result of lots of their customers are larger valued clientele, looking for long-time period partners in the basin, the flexibleness of the device, they commonly don't like to consolidate all in one selected market and have access to distinctive markets, satisfactory control becomes critical because they need to market the barrel and get the optimum value for their product. So we're looking at a consumer-pleasant mannequin toward the greater clients and intend to work with them. a couple of instances this year where there's been M&A within the ultimate 12 months, these had been effective results for us, so heritage is a measure of what or not it's going to appear to be in the future. We're happy with the consolidation and thinks it plays to their strengths.

Sunil Sibal -- Seaport world Securities

okay. bought it. after which my follow-up was on Capline reversal. i used to be wondering is there's certain minimal extent that you would need on the forty-inch pipeline for solid operations, in case you sanction the challenge for reversal of a Capline?

Willie C. Chiang -- Chief government Officer and Director

i would say that there is 2 components. there is a monetary component and there is a safety and operational element. And each of those could be guiding principles on how they commercialize the asset.

Sunil Sibal -- Seaport international Securities

Any respectable approach to handicap from an operational perspective, what's the type of flow you want?

Willie C. Chiang -- Chief executive Officer and Director

I think Chris and the crew will work directly with the operator to make certain that they stay within anything we're comfy with.

Chris Chandler -- govt vice president and Chief operating Officer

yes. they have now designed the open season around making sure that they have ample flows to satisfy their requisites around defense and engineering.

Sunil Sibal -- Seaport global Securities

okay. obtained it. Thanks, guys.

Operator

we are going to go subsequent to Danilo Juvane with BMO Capital Markets.

Danilo Juvane -- BMO Capital Markets

hi. respectable afternoon and thank you. a few of your friends have currently talked concerning the significance of Houston as a market for crude logistics and certainly a market for exports and viewed Corpus as a little bit of a secondary destination. You surely have tasks and pipelines going into each locations. We're just curious on what your options are on the Houston versus Corpus as a preferred market to your shoppers?

Willie C. Chiang -- Chief government Officer and Director

Danilo, here is Willie. They accept as true with in entry to all markets. for those who believe about what I noted stream assurance pleasant, segregation, and entry to markets they need to supply options to individuals to get to some thing markets they need to get to. And one aspect that they discovered over the ultimate yr, as we've got developed some of these projects is there in reality a option on occasion to make use of one grownup's pipe in others docks. So instead of a single solution, the place you ought to move through a pipe and a dock having the pliability to get to different docks in addition to your personal dock, I feel it offers the shippers the most flexibility possible.

Harry N. Pefanis -- President & Chief commercial Officer (CCO) and Director

sure. in case you believe about it -- or not it's no longer like we're building a pipeline to a market after which hoping to go get shippers to that market. The shippers are telling us where they are looking to go. So i am definite, there are some shippers that pick the Houston market and there are others that choose the Corpus market and it would be challenging to claim that one is not as good as the other, the pipes are going to where the shippers desire them to move.

Jeremy Goebel -- executive vice president, business.

And there is actually attributes of each, if the marginal barrel has to get to the water and it will possibly correctly get there, one might be improved than the other, if the intent is to promote to native refiners, it probably the different. actually, there is attribute of the Corpus Ship Channel or Ingleside that are preferential to docks interior. So I don't feel it be one answer fits all. once once again, it goes to Harry's factor that the shippers will dictate, where they are most at ease with and they view logistical merits. moreover, loads of these shippers are huge enough, so that they would want exposure to diverse markets. They do not want a hurricane to close in their complete production box. So I believe there is attributes of all and they try to create a mousetrap within the Permian Basin within the Mid-Continent that touches St. James, Nederland (ph), Houston, and Corpus to allow for essentially the most flexibility move assurance and best control, as Willie mentioned in the beginning.

Willie C. Chiang -- Chief executive Officer and Director

And Cushing.

Danilo Juvane -- BMO Capital Markets

Thanks for the terrific colour there. My second question, if i may, one among your owners at PAGP is certainly going via a potential M&A transaction to the extent that they try to sell down a few of their possession. Does that have an impact on you in anyway?

Jeremy Goebel -- government vp, industrial.

No. They might not.

Danilo Juvane -- BMO Capital Markets

thanks. those are my questions.

Jeremy Goebel -- government vp, industrial.

thank you. I consider we're -- probably have time for one ultimate question. Jeremy, I feel you're within the queue.

Willie C. Chiang -- Chief government Officer and Director

You get the prize, Jeremy.

Operator

Jeremy --

Jeremy Tonet -- JPMorgan

Thanks for squeezing me back in right here. simply a few short ones here. strategies so far as there may be lot of pipes originating at Wink, do you see the want for more in new commercial storage there, mainly on the segregation side, given all the distinct grades which are coming via and producers trying to hold -- maintain these grades separate, just questioning in case you see a good deal storage being obligatory there and that being an opportunity for you?

Willie C. Chiang -- Chief government Officer and Director

Jeremy has been chomping at -- their Jeremy has been chomping on the bit to discuss this. Go ahead.

Jeremy Goebel -- government vp, business.

Jeremy. decent question. The answer is yes. I believe you are going to see the wink should be the source of -- for the aggregation point for many of the WTL and condensate. it will have export capabilities there, it will have capabilities to stream to Midland. So we're creating that, however there is a need for operational storage, one for secure and reliability. So, as they circulation further and further volume via there in the Delaware Basin growth, so I consider operationally the answer is sure. however commercially, there's a possible that it might become a pricing hub akin to Midland and so that you're going to look diverse pricing hubs enhance in the Gulf Coast and you will probably see some additional ones and also you've viewed a pricing marker for you to start in June. however you are already seeing some price discovery as Willie outlined within the the condensate. so that you're seeing different grades show up from a pricing standpoint, you could see diverse places both in the Gulf Coast and within the basins themselves.

Jeremy Tonet -- JPMorgan

And if I could finish one last short one. Differentials variety of have been coming in now, however just questioning what your innovations have been as far as crude with the aid of rail recreation out of Canada and how that influences you guys?

Willie C. Chiang -- Chief govt Officer and Director

Harry, do you want to take that one?

Harry N. Pefanis -- President & Chief commercial Officer (CCO) and Director

i may take a crack at it. hear, I think the incremental barrel is going to need to movement by rail out of Canada. So, they proceed to peer rail actions out of Canada, as creation raises, they consider you'll see some greater rail recreation out of Canada, until new pipes come into service.

Willie C. Chiang -- Chief government Officer and Director

okay. Rail might be the governor after which the -- other pieces no matter if or no longer production mandates get -- production cuts get lifted or not.

Jeremy Tonet -- JPMorgan

it is very valuable. Thanks for taking my different question.

Willie C. Chiang -- Chief executive Officer and Director

Thanks, Jeremy.

Roy Lamoreaux -- VP:Investor family members & Communications

thank you each person for becoming a member of the name. thanks, Hannah to your assist today and have a safe night. thanks.

Operator

That concludes state-of-the-art convention. thank you in your participation.

duration: 46 minutes

name members:

Roy Lamoreaux -- VP:Investor members of the family & Communications

Willie C. Chiang -- Chief executive Officer and Director

Al P. Swanson -- govt vp and Chief monetary Officer

Chris Chandler -- executive vice chairman and Chief operating Officer

Jeremy Goebel -- government vp, industrial.

Harry N. Pefanis -- President & Chief commercial Officer (CCO) and Director

Jeremy Tonet -- JPMorgan

Shneur Gershuni -- usa04a7d3d609129a9296bf7ac0608c2097)

Gabe Moreen -- Mizuho

Justin Jenkins -- Raymond James

Michael Blum -- Wells Fargo

Dennis Coleman -- bank of the us Merrill Lynch

Jean Ann Salisbury -- Bernstein

Colton Bean -- Tudor, Pickering, Holt & Co.

Vikram Bagri -- Jefferies

Sunil Sibal -- Seaport global Securities

Danilo Juvane -- BMO Capital Markets

more PAGP analysis

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