that's what's great about this time for a midstream company like us.do, connect production to consumption. >> in the presentation it says that devon donated what you would say has attached hundreds of thousands of acres to this partnership. how does that work? >> one of the great things about this transaction, devon as a financial sponsor, as a significant owner in the company, will do everything it can, contributing at the outset over 800,000 acres of dedicated acreage that will come to us over time. >> in other words, as they drill it goes right into yours? >> sure. devon is able to do something here that is very important for them, and that's strategically position themselves to have an mlp in the efficiency of capital that can be accessed through an mlp to finance their midstream infrastructure growth that goes along with their e and p company. doing this with an existing company like crosstex rapidly accelerates their plan. devon could have done this standalone but it would have taken three to five years. >> a lot of these mlps were born of a time

--distinguish between mystery look at upstream, midstream, and downstream, there is a variability ofh flow. when you look at upstream, you look at the variability of cash flow, you're going to see higher volatility. >> upstream means what? and production, different types of high-risk strategies in which you see an opportunity to both make a significant amount of money and lose a significant amount of money. downstream, you look at things like transportation, logistics, things like that. you have a higher variability of cash flow. midstream space has been where investors have focused because the lower volatility of cash flows, the certainty of cash flows, and the certainty of returns. little more a expertise to invest in upstream and downstream. >> exactly. when you look at evaluations where they are, the index itself, it has had a great run over the last five years. now they say it is going to be a partnership selection process. , youeam and downstream have to look at volatility and leverage as well. >> one important idea for investors in this infrastructure space in the new year --

at a time when they are midstream. >> when you get a final question occupant. new numbers from the health and human services show 24% signed up for obamacare. some show the proportions of the young and vincible. a third of obamacare are over 55, close to 80% of the total were ellagible for federal subsidies, what does that suggest about economics going forward? >> there are problems, and to cap the session here by fleshing out another nix ownian analogy or reference, since you started this, with nixon, follow the money, that's what deep throat told bob woodward. follow the money and what the insurers do. you have one big health care company. put out an advisory, make it clear. they were nervous of what the economics need. that stuff is important. unless they get enough healthy young people in the pools, they'll have to jack up the rates they are charging. i would say follow the money. until now the insurers have been in bed, very, very supportive of them. if one starts seeing - come mid march, if one sees fissures in the dam we'll have real problems with this.

i do prefer if you want to go there, i like the access midstream. yours is fine.at plains a lot of times. i like the stock. i think you're right. let's go to dick in virginia, please. >> hi, jim. happy new year. cummings engines will be due in february. are they going to meet and exceed or do we have to get ready for another polar express? >> coportfolio manager stephanie and i were trying to figure out to take it. the position isn't big. they could get hit. not as bad as last time. it is a worldwide play on recovery, particularly in china. i'm staying. the charitable trust is staying the course. i understand anybody who wants to take a quick schnitzel. pam in new jersey. >> caller: hey, jim. this is pam. we spoke in december. my question was about epizyme. i bought at 19. it went off the charts today. >> you caught a a double. congratulations. >> caller: my question regards nyt, the new york times. i worked for the company for years. as an employee i bought stock. i thought it was dead. they started paying a dividend. with the purchase of washington post by jeff

. >> obviously, as krystal says, you're picking up this discussion midstream.e more of these people you can subpoena, and if you get them to comply, the way wildstein and baroni did, oh, this bridget kelly e-mail, well, just two hours earlier, she talked to x. she e-mailed y. here is a perfect example is regina egea, who is the governor's current pick to be his next chief of stacht she oversees the port authority from the governor's office, at least in theory. three hours after this guy pat foy e writes this scathing memo that says you are possibly state and federal law, three hours after he writes that e-mail, bill baroni, forwards it, priority high to regina egea in the governor's office. you subpoena her records, you're going find out what did she do with it? who did she send it to? that was a damning memo that pat foye wrote. we'll find out who in the christie administration knew about it. >> today they hired a lawyer to lead the team, christie's office, to lead their team, randy maestro, a former assistant u.s. attorney. he specialized in organized crime a

you want to have clear strategies and implement them and not change course midstream, but on the other hand, if your first strategy is wrong, it's good to be able to second-guess yourself and say this is a mistake, we should cut our losses. >> i do think the secretary of defense is a special case. we're always reluctant to criticize a sitting president when you still have men and women on the ground. i know if this happened under george w. bush's watch, republicans would be very upset. >> to your point, he compares him because bush had no second thoughts on the war. but i think most americans sort of agree with having second thoughts. >> the weird thing and the unprecedented thing about this whole episode is that it's a criticism of a sitting president. it has very little substantive element to it. it's almost entirely a personality critique. and i think that's the part that's weird and that we haven't seen before. you see paul o'neill, you see administration officials coming out in the midst of their former bosses' terms and saying there's something here that we disagree with, we thin

whether he knew from the beginning, whether he was in it on, whether it was something he found out midstreamwhether it was something he put together in his head. his actions the last three or four months suggest that he could ride this thing out. he could get to what we had yesterday, the seating of a new legislature, the expiration of subpoena authority. this thing could go away. until those revelations came out last week, he almost got to that point. >> senator buono, of the theories you've read so far, is there one that makes more sense to you than the others? >> well, this is an administration that has a history of using and abusing public resources to pursue chris christie's own political personal agenda. look, let's not forget, he spent upwards of ten, $12 million to schedule separate special election for the u.s. senate, just to position himself so he department have to have popular cory booker on the same ticket as him. now there's a federal investigation into the stronger than the storm ad campaign. he had his political friend from the u.s. attorney's office michelle brown, who is h

what we should not underestimate is the midstream and downstream play in the u.s.ecause of cheap gas. billion ande than 3 investing $3.2 billion in this business. i do believe there will be a fantastic opportunity. we would like to capture this opportunity in the u.s. and the opportunity in the middle east. when we speak about the middle one of theare being largest exporters in the world. we should not underestimate the consumption, the level of consumption in saudi arabia, for instance. at the end of the day, there have been a lot of studies where saudi were reluctant to export any oil. >> are you ready to pay more if needed? >> i do not discuss those things. [laughter] >> i tried. >> it was a good try. we are creating value for the shareholders for amec. what we have offered foster wheeler, not only cash, but paper. that paper will make them own about 23% and that is a good thing. >> the energy sector at the moment is a difficult sector. we saw shell issue the price rocket warning, which took many by surprise. this is something that the industry needs to face. hi

to be expected that those underneath him, even secretary gates who came in and assumed the war in midstreame among them of the powell doctrine versus the rumsfeld doctrine. your point about the sectarian violence goes back decades and decades and decades. aren't they going to go back to their old ways anyway? most of them will now admit that the troop levels sent in initially left them unable to try and have a firmer or solid initial piece and then the sectarian stuff bubbled up quicker than it should have. >> and so many experts have told me, iraq is probably not going to have a happy ending when all is said and done as far as the u.s. is concerned and almost certainly afghanistan as well. karzai to merge as pro american democratic features, you're living in a dream world. does it really make any difference if the u.s. stays in there three years, five years, or whatever? >> i think it's a question for sure and i think one that the white house is going to be confronting this year. i think one of their big, you know, focus this year is transitioning out of afghanistan in a way that, you know

switching doctors midstream while being treated for cancer or other serious illness could have a detrimental impact on the patient. in addition to the doctors you have and like, narrow networks mean a choice of replacement will be limited, time severely limited and the same quality of care may not be available in the new network. still another consequence, as "time" points out, is the distance you may have to travel to get to your doctor or hospital. excluding hospitals from an insurance network may not prevent a huge travel problem for urban residents, the article notes, but residents in rural areas may be forced to drive a long way to reach a hospital in their network. "time" quotes kaiser family foundation senior fellow car reupb pollitz notes customers in main may have -- in maine may have to drive two and a half hours, not exactly ideal if you're having a baby or serious health crisis. let's suppose that you do somehow find an affordable plan on the exchanges that does cover your doctor. you still, still may not be able to get care. a recent fox news article focused on experts warnings

and i believe that it is changing the rules in midstream in effect. second, there's a commission looking at this. and the commission is looking at it in a comprehensive way, retirement, benefits, health care. that commission is both comprehensive and transparent, it's expected to report later this year so this certainly was not in my view appropriate to be in the budget. it's about $6 billion, we certainly should be able to to find the pay-for in a budget of well over $3 trillion so i commend those who are working on this, i have cosponsored a particular approach senator ayotte from new hampshire is proposing that is an antifraud provision for the child tax credit. i would think all of waste, fraud, and abuse want to make sure this child tax credit is properly administered and those ineligible for it should not access it. we should make sure there is not fraud and abuse in our government and that is one example. i would hope we could find a way to deal with that issue. finally, mr. president, the majority leader talked a little about the legislation t

midstream you have a complex network of pipelines that transports that oil across the country safely every day. and then, of course, downstream you have american refiners who are among the most advanced in the world. so lifting the de facto ban will strengthen this system by protecting jobs, boosting production, and enhancing efficiency and specialization. now, i mentioned the commerce department earlier. they may retain sufficient statutory authority to lift the ban on its own as part of a larger swap. some have suggested trading u.s. light crude for mexican heavy which sounds interesting but it's a little more complicated than that. the president may also make a national interest determination that the present regulatory structure which generally prohibits crude oil exports is unnecessary and counterproductive. white house action on this matter is, of course, the shortest way from point a to point b and if the president is so inclined, he can call me, embg count on my full support on this. if the white house disagrees with this interpretation of its authority or it chooses to maint