TEGP’s TEP affiliate has been one of the best-performing MLPs of 2017 to date, so I’m obviously missing the boat on this family yet again. But I just can’t get past the fact that moving Rockies gas east, as Tallgrass does, should ultimately prove a thankless job given the low-cost competition from the Marcellus and the Utica. The impact of that may be delayed given long-term transmission contracts, or perhaps I’m overestimating the risk, but it’s hard to recommend something you still don’t quite understand after spending considerable time trying. Which is OK — plenty of investment ideas out there I get better that should also provide value. And if you can explain to me why my long-term concern shouldn’t be one I’m all ears.

There are no tax implications to this equity swap merger, so that your old ETP tax basis should just carry over into your new ETP (renamed SXL) stake.