Sea Ltd (SE)

Spectra Energy Partners (SEP-N) or Spectra Energy (SE-N)? He likes both stocks. These MLP structures are quite complicated. There is generally the General Partner and a Limited Partner. In this one they are separate, and has SE as a general partner and SEP is the Master Limited Partnership. Being separate, the market prefers a company with enterprise products where they are rolled into one company, which it feels eliminates a conflict of interest. This one has outperformed SEP by quite a bit over the past year, so SEP is probably more of the bargain.

Have assets in Canada and the US. Pipelines and gas processing. Prefers some of the peers. All the mid streams are on sale this week. Good management team and great assets.

Owns a lot of the gas processing assets in Northeast BC. Very underutilized at the moment. If LNG goes ahead at some point, the utilization of these assets is going to go from 50% to 80%, which is an opportunity to make some good money. Hasn’t pulled the trigger on this one yet. 3.6% dividend.