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Mr. Lack. Thank you for the podcast. I do believe what you are saying is true and have gotten back into pipeline infrastructure companies in the last few months. This is only after being disappointed in myself several years ago for not recognizing the implications of the collapse of oil prices on the midstream players. KMI was my most notable MLP disappointment, but I’m now back as a C-Corp KMI investor.
EPD is still an MLP and doesn’t issue stock. Its equity is in partnership units, and that’s what it is buying back, not stock. That’s also true of PAA.