, the energy sector, not knowing what's expected of them or as rules are passed, they're changed midstream after infrastructure investment is taking place. one of the things we need to focus upon at the epa is maintaining a commitment to process, making sure that we hear comments from industry, to hear how rules are going to impact them, citizens, health concerns, environmental concerns. then adopt rules and make sure that they're enforced appropriately, fairly, equitably across the board. regulatory certainty is something we need to focus upon at the epa. that's what we're trying to reinstill in the agency presently. >> administrator pruitt, try to incapsulate my question here. in recent years, critics would say the epa has been too focused on co2 and maybe things like hazardous waste sites,

midstream company.t is natural gas and natural gas liquids as well, all the things we don't talk about and don't think about, but are just as viable as the black crude oil itself and the natural gas. few specificave a companies you are looking at. i want to take on the large cap versus small cap that you have right now. i'll large cap pic is enterprise products. we have been consistent with that. epd is the most dominant franchise in the midstream space, a 6% dividend yield. when you look at how they cover that distribution, it is an 8% to 9% free cash flow yield and they will grow that at 5%. everything goes into and gets consumed there or exported, so we like that when it on the small cap side. we like dcp midstream. this is a gatherer and processor in the basin and colorado, and then a strong position down in texas, so this will benefit from increased volumes, but higher ethane prices. you go from ethane rejection to ethane recovery, it is a big swing in the amount of volumes. scarlet: what about the

guest: they inherited something midstream and it has been going relatively well there has been the ess against isis in last year both in iraq and syria islamic state is down to just holding part of stronghold, rban the campaign is advancing. their a, they have capitol, but the u.s. other on that.re closing in they have been losing, getting complicated here, particularly in syria, because you have all these different actors and russians, the syrian government army, hezbollah, turkey and different fractions that the u.s. and turkey are supporting, so there complicated players and i think as he talked about dialogue, he may be referring to last week in turkey with his counterpart from russia and turkey to avoid accidents and the count of syria, have you america and russian and syrian and malitias in a tight space. this is very, very sensitive and now.osive right host: for viewers watching the mosul, a lot ofe action there, explain what is happen nothing terms of u.s. has been going on into syria and the focus to racca? guest: right nsyria, focus on rocca, north central desert, this is the

i think you speak with mmp, magellan midstream partner. we go to janet in california. >> hi, jim, i got a quick and easy question for you. >> okay. >> everybody knows that we're going to go into inflation. so how do you feel about investing or diversifying in actual physical metals like gold or silver? >> i absolutely love the idea, i think if your put up the 10% of your money in actual physical gold it's great. i don't want you to put that gold in your house, make sure it's not in your house, get a safety deposit box. i'm fired up, okay? the only thing to fear is the fear of brainwashing itself. this market is full of wins for you, the home gamer, look at tech. when it comes to splits, sometimes things can get messy, tonight i'm explaining why any old relationship isn't always in revealing what your next move should be there. it wasn't all fun and games when dave and busters reported yesterday. no way, no how. it was a free fall. it's time to player, and what does one of the largest payroll operators think about this business environment?

and colombian oil assets, oxy has a midstream business, where they gather oil and gas.ith a chemical division where they make basic commodity where is they -- it's not their fault that the price of crude went into free fall a little over two years ago, but the company has made some bone headed moves along the way. for example, oxy spun across it's high california resources corp. that's crc stock served up $100 at the end of 2015. at the moment it's changing at $12 and change, which represents a nice rebalance from the lows, but the stock is nearly 90 points from it's highs, you might think that getting rids of this business at the pd of 2014 was a smart move, and there's some merit to that argument. this company held on to 20% of its gains. more recently while the price of crude has pulled back about 8% from it's december highs, oxy is performing worse than the commodity it produces? last september, o -- the stock's valuation was stretched and recommending that investors swap into conoco instead. conoco up 5%, oxy down more than 17%. lower than expected cash flow and pr

historically you could get the earnings correct but as you indicate, the midstream or mlp component have become pretty significant so they're going to look expensive because current year earnings are low and that's the reason you have to use more of a hybrid type evaluation and those are the names we're recommending at this time. the conventional approach hasn't worked in the past and we find these stocks are inexpensive. >> appreciate the time. we'll see you soon. >> what do you think of these picks? >> there's players that can't afford for it to get worse. you can look at that as the oil market version of the old put. i'm not sure if it will work but it's interesting. i think bigger picture you want to be long the big players in the space. you want to own a basket of them without a doubt. chevron could do better than exxon over the next quarter. i couldn't tell you, but overall these are companies generating a lot of cash flow and paying good dividends and buying back stock and these are the type of stocks that are working and could continue to work. >> this something that feeds into m

you don't change horses in midstream when you're fighting a terrible terrorist organization like theislamists state. so that's the first question of concern by turkey. the second question is what president trump has called big beautiful safe zones. if you are going to attempt a safe zone on the syrian-turkish border you are not going to do that with airpower. you will need boots on the ground. the ypg has boots on the ground. syrian kurds have created a terrorist, a territory which is contiguous territory embracing khobani and two other provinces. for turkey, they do this as something similar to what's happened in iraqi kurdistan, which is moving towards becoming an independent state. so if they do is to have a say so, who's going to enforce a? will we invite turkish special forces? if we do the will be a civil war within a civil war and the syrian kurds and turkish special forces will be exchanging live fire much more intensively than they are today. every day, turkish forces are shooting at syrian kurds who are our allies. that puts the u.s. in an awful pickle. if we're going to ha

i'm kind of on a jihad to get yield, you don't have any oil, we'll put midstream partners a good 4.4%nd over here we need some health care and i've been looking at united health, unh coming down here off the health care plans, that's a nice bounce. some stocks i've been eyeing i think are at the right price. frank in new jersey please, frank. >> caller: jim, booya. >> booya. >> caller: love your show, jim. >> okay. do we have the five? >> caller: 3m, hp, hpq -- >> okay. you know we're going to have to split some of these up. sirius, i like sirius very much. i've liked it for a long time. i like the revenue stream comes from cars. qualcomm, technology, technology, technology. uh-oh, we're in trouble here. 3m doing a terrific job. keep sirius, keep 3m, i'm on the fence about prefer hp doing a better job, we'll keep hp, we will diversify away from this. we'll go with health care again use that unh and keep with more yield with the verizon because, again, i'm seeing these yielders come down and i'm getting very, very tempted. wow. a lot of work had to be done, but that's okay sometimes. s

now, we hear a lot of concerns from our midstream clients that they're worried about that. but on the other hand, the steel companies, they say they can do it, and i think they've talked to you about that. >> we had nucor on, and frankly they can be the lowest cost producer. it's entirely possible they can outbid anybody. but what i'm shocked at is that when you take places like the permian, they actually need a huge amount of pipe in what i thought was the most overpiped area of the country. >> no. what's going on in the permian is that right now we are overpiped. but if you look at the production forecast out of the permian for crude oil, for natural gas, and for natural gas liquids within the next two or three years, somebody has got to build several new pipelines out of there. i would say a handful. >> and president trump in general, what's he been meaning for fossil fuels? >> well, for fossil fuels, his message has been deregulation. for deregulation, that is definitely a good thing for all the companies that you and i know and love. >> let's talk about -- look, withou

plus, investment opportunities in midstream oil.w, we find out where one investor is putting his money. scarlet: we are watching closely developments in washington. the house set to vote this afternoon on the trouble health care bill and gop leaders still do not know if they have the votes to pass interior for the latest, we're joined by our white house reporter for bloomberg news and our chief washington correspondent. let me start with you, justin. what have you been hearing from the white house? the president has indicated he has given his final version to the house, and it is up to them, and he has given them an ultimatum that they need to vote or move on. just in: house speaker ryan was here a couple of hours ago and had a meeting with president trump. they were supposed to talk about half. please note from congressional aides they do not think they have the votes right now. we do not know if it donald trump wilson's is on them walking the plank -- if donald is going to insist on them walking the plank and taking the vote anywa

we have seen commodity prices, overall prices, gradually filtered onto the midstream.s wents in up, profitability is going to improve and a lot of the enterprises are moving from the 80% to 90% in the industry towards more sustainable levels now. anchor: with this economic rebound we have seen gathering more momentum, with the pboc, is there concern in the market the pboc may have to tighten more? a hawkishng to be shift? helen: the pboc is taking more of a prudent approach versus what we have seen in the previous years, which is more proactive. i think the market actually welcomes this because the market has had concerns regarding too loose monetary policy in the past years. a gradual deceleration in terms of credit growth will be welcomed by the market because it is viewed as something that is more sustainable and higher-quality. people want to see sustainable growth coming from the right sources rather than growth as perceived as not necessarily sustainable because it is still fueled by the same model as what we had seen in 2009. yvonne: for those who are critical f

are we going to deploy the barriers and when we will deploy the storm watch we changed the trigger midstream this is the information available this is what we know one day ahead whether the rain hits so based on the information the orange boxes show when we deploy the flowed barriers? when the flood barriers their gearing up for heavy rain this is shows how we prepared for storms but don't know what is coming until that hit the ground running the blue bars on top of the green bars as you can see that if match up some days far less rain predict look at the first couple of days in january and a - some days had a lot more one example march 4 what of those forecast on that day was point one inches we got in some that areas more than a inch in a couple of hours so you know it is when we don't have good information into a storm it is hard to - prepare we've got a lot more work to do but the question when did it flowed and the red oars for one on the march 4 date and on january 20th those were two incidents of dense rain bursts that laced 5 to 10 minutes but more our system could handle the floodin

could have squoined the two of those and been, you know, midstream working together with democrats rightead he's doing this health thing. i don't think he's going to succeed on it. it certainly wouldn't be, you know, particularly good for the economy if de. and it's a distraction. i agree with everything larry said. if he can just change one word, corporate tax cut, he made that corporate tax reform. he made it revenue neutral. that's what the people in the house have called for. larry, i'd even do some dynamic scoring as long as we left it to the cbo to do it. that would be great for our economy. >> this is not the first time that jason and i have nearly agreed with each other. i just wanted to note that. i'm for dynamic story. you know i am. there's no surprise there. i would have preferred, by the way, i think jason is right, the business tax cuts be first. absolutely. on the other hand, sara, i just want to correct you, with all of the greatest respect, i don't think this is a health care mess. what i'm going to call the ryan bill for the moment, ryan 1 or ryan 2, look, this thing do

care sector, energy sector not knowing what's expected of them, or as rules are passed, changed midstreamvestment took place, so one of the things we have to focus on at the epa is maintaining commitment to process, making sure that we hear comments from industry, to hear how rules are going to impact them, citizens, health concerns, environmental concerns, and adopt rules to ensure they are enforced appropriately, fairly, equitabye across the board. >> talking regulation and trying to deregulate, a little bit, get growth going, joined -- here t thing on regulation, we talk to business owners, and everybody says, we have to deregulate, deregulate, deregulate. audience says, oh, big business whining again about necessary rules. what is a good line between enough regulation to protect things we need to protect, food safety, effort, and crushing business. >> you have to have regulation. that makes america great. you can overregulate, and that's been the last eight years. what happened was is that the last administration gave every secretary and cabinet member the right to make up rules, and

that can be some e&p companies upstream, the service companies that help provide it and even the midstreamk one of your guests said earlier, it really helps level the playing field and put the u.s. more in level field as with the internationals. >> as soon as you emphasize costs because the big issue with solar and with some of the other energy sources is the cost and how that will affect consumers if we're pushed in that direction. what happens now is there's less incentives and support. will the costs continue to come down? will they continue to make in roads? >> i think so. the important thing to remember is that the u.s. energy policy with respect to the -- it's determined on the state level, not on the federal level. states like california, new york, other states have been supportive of renewables will continue to do so. there's not a lot that can be done on the federal level to impede that. it's economics, right? based on our analysis we think solar is already comparative on the lower end with efficient gas plants. not just coal plants or any type of generation, gas plants which is t

, the energy sector, not knowing what's expected of them or as rules are passed, they're changed midstreamings we need to focus upon at the epa is maintaining a commitment to process, making sure that we hear comments from industry, to hear how rules are going to impact them, citizens, health concerns, environmental concerns. then adopt rules and make sure that they're enforced appropriately, fairly, equitably across the board. regulatory certainty is something we need to focus upon at the epa. that's what we're trying to reinstill in the agency presently. >> administrator pruitt, try to incapsulate my question here. in recent years, critics would say the epa has been too focused on co2 and maybe things like hazardous waste sites, particulate pollution, strip mining, what's happening to the oceans. there's so many things that the epa could do productively that maybe have been diverted from the single-minded focus on co2. are you consciously changing the direction of the epa to emphasize co2 emissions less and emphasize these other things more? >> i think that's a fair criticism, joe, becau

oriented investment and further diversify across the value chain away from upstream into service and midstream investment. the orange slice is predominantly in renoble oriented strategies and from a geographic standopinion ayou remain u.s. dominant and where the bulk of the opportunity resides with private resource strategies. outside the u.s., the state tend to own-the government tend to own much the resources so there isn't as many viable opportunity for private strategies to gain exposure. portfolio observations beginning on page 8. i mentioned 2016 was a productive year for the real asset program. about $2016 was a productive year for the real asset program. about a billion dollar total commitment to 15 funds and 2 coinvestments. this was the first year we made coinvestments. 2/3 capital allocated toward 9 new relationships. not surprised to see the number of new relationships at this level. recall we were shifted within real estate from core separate accounts toward blind strategies in different regions so those will lend to new relationships and expanding the program to real estate to re

oriented investment and further diversify across the value chain away from upstream into service and midstream investment. the orange slice is predominantly in renoble oriented strategies and from a geographic standopinion ayou remain u.s. dominant and where the bulk of the opportunity resides with private resource strategies. outside the u.s., the state tend to own-the government tend to own much the resources so there isn't as many viable opportunity for private strategies to gain exposure. portfolio observations beginning on page 8. i mentioned 2016 was a productive year for the real asset program. about $2016 was a productive year for the real asset program. about a billion dollar total commitment to 15 funds and 2 coinvestments. this was the first year we made coinvestments. 2/3 capital allocated toward 9 new relationships. not surprised to see the number of new relationships at this level. recall we were shifted within real estate from core separate accounts toward blind strategies in different regions so those will lend to new relationships and expanding the program to real estate to re