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KKR’s ~$42.50 takeout chatter (per the WSJ) reads to us as an opening bid, not a finish line (as we discussed before; see below), and to be clear, it is still just chatter, not a…

DEC just announced its largest deal in 25 years: ~$1.8bn for Birch’s Permian PDP assets, funded almost entirely with a ~$1.5bn Carlyle ABS rather than equity. The initial math ties out fine: ~3.3x EBITDA, ~90%…

This analysis is all about EPD. As a side note, all of our shells are set up the same way, obviously adjusted for company-specific nuances. We use consensus estimates (Bloomberg) to stay unbiased. 10-year exit….

…now that we have your attention… We built the real take-private math anyway, on WMB and three of its large-cap pipeline peers (OKE, KMI, TRGP), same 10-year hold, same leverage-sized-to-credit-quality discipline, same Year-5 leveraged recap,…