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To: Elroy who wrote (54111)	6/29/2014 9:34:30 PM
From: robuck	Respond to of 78594

…but a good example of the misinformation currently being circulated by the press. The below note does an ok job summarizing the situation: rbnenergy.com Important to note these were private letter rulings and are just that- private. We are waiting to see the specific processes the two co's are using. I'm not sure this is a trial-balloon as the above article mentions, but do agree in my belief that the gov would not make a change to current policy through a murky private letter ruling. Valero IR said he had heard PXD and EPD's processes were complex and more akin to distillation/splitting than stabilization. The above article mentions how stabilization has been becoming more complex. Valero IR also noted last week companies looking to clarify their condensate refining process will likely need to seek approval via private letter ruling on a case by case basis.