Question-and-Answer Session
[Operator Instructions]. Your first question comes from the line of David Franks from Catapult Capital Management.
Peter B. Delaney - Chairman, President and Chief Executive Officer
Good morning David.
David Franks - Catapult Capital Management
I know you guys, you talked about you're '09 guidance and obviously you didn't mention anything about the JV. But could you give us some indication, at least directionally what you think the JV... what impact to JV would have on your 2009 since you already commented on 2009 would?
Peter B. Delaney - Chairman, President and Chief Executive Officer
We the last... I'll say the last... the first two weeks of October, we've seen pretty precipitous drop in the processing spreads and you heard today we've look at our numbers and we done our forecast and look at our capital planning.
My discussions with VPP, on both sides we continue to have strong interest in completing the transaction. Based... we do not have actually their numbers at this point and have not... looked at the joint venture and have new joint venture runs. We do have issues of... you have to make an assumption on what the interest financing costs are.
So I mean overall we believe with what work we've been able to do I think that its either neutral possibly somewhat accretive to earnings. We would expect it to come in that the impact would be. There maybe a quite substantial gain associated with creation of joint venture from accounting in terms of deconsolidating Enogex. But of course that's a book non-cash earnings number that we would realize.
But we still have a work to do with our partner. We are schedule to sitting down with them. Our Hart-Scott-Rodino filling, we should be pass that process November 6th and at that point of time will have a much more better understanding of the numbers moving forward. But strategically, we still both sides are very interested in moving forward.
David Franks - Catapult Capital Management
Right. Well, and, it seems like a great transaction for you, but I'm just wondering, since you're going to give up half a year of Enogex's earnings and yet one of that big... one of the big pipe projects under that those ETP assets are not going to come online till mid next year, and outside of any gains, accounting gains associated with this consummating this transaction. Might we see a dilutive effect from the JV in the first year just because of the mismatch of income contribution versus income receiving?
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