The major changes that will be occurring within the new merged partnership are exciting in many ways. First, we will have the highest forecast distribution growth rate of any of the major MLPs. Second, our coverage will be above average for the same peer group with expected $1.1 billion of excess cash flow coverage through 2017 and the Access cash flows, along with our major new fee based projects continue to dramatically reduce exposure to commodity prices.
A major change is afoot as we combine both WPZ and Access into the large scale natural gas infrastructure MLP. And the team here at WPZ is very energized right now as we're on the verge of a major $1 billion boost in our annual cash flows that we expect to come from three major projects Geismar, Gulfstar and the Keathley Canyon Connector all of which have reached the commissioning stage here in the fourth quarter.
I'm sure there will continue to be exciting new products and major changes, but it looks as if the existing technology has a great deal of room to grow and prosper.
How can we vote for a bill [S.744] that our own CBO says will reduce average wages in America for 12 years, increase unemployment for 7 years, and reduce per capita GNP growth over 25 years? A bill that will admit 30 million people to permanent legal status in the next 10 years? That will dramatically increase the annual immigration flow, and will double the guest worker flow?
We generated $13.5 billion in cash flow from operations and returned almost $21 billion in cash to shareholders through dividends and share repurchases during the March quarter. That brings cumulative payments under our capital return program to $66 billion.
The essence of a good investment manager is one who studies a given business and extrapolates the future cash flows that the business is likely to generate over the next several years. Based on the cash flow and asset assessment, they can then arrive at their expected rate of return if they bought a fraction of that business at a given price.
If you look at academic studies, you can see that stock prices are most closely correlated with cash flow. It's such a straightforward number. Cash flow is what will drive shareholder returns.
In the end, of course, all novelists will be judged by their novels, but let's not forget that we will also need new ways of assessing the latter. There are people who will continue to write nineteenth-century novels in the early twenty-first, and even win major prizes for them, but that's not very interesting, intellectually or emotionally.
Are you an action-oriented, take-charge person interested in exciting new challenges? As director of a major public-sector organization, you will manage a large armed division and interface with other senior executives in a team-oriented, multinational initiative in the global marketplace. Successful candidate will have above-average oral-presentation skills
During the 1960s, and again in the 1970s, growth in manufacturing productivity in the United Kingdom was the lowest of all the seven major industrial countries in the world. During the 1980s, our annual rate of growth of output per head in manufacturing has been the highest of all the seven major industrial countries.
A knowledge of brain science will provide one of the major foundations of the new age to come. That knowledge will spawn cures for disease, new machines based on brain function, further insights into our nature and how we know.
Our first use of cash is invested organically, secondly returning values our shareholders - roughly 100 percent free cash flow. And then thirdly, mergers, acquisitions, partnerships that complement our organic strategy. We are going to continue down that path.
Everyone knows that the broadband era will breed a new generation of online services, but this is only half of the story. Like any innovation, broadband will inflict major changes on its environment. It will destroy, once and for all, the egalitarian vision of the Internet.
Within the next five years, I predict major changes in the art world and it will look nothing like it did ten years ago. Just like the sport of skateboarding, the new innovators will define the future. I believe the art world will become more vibrant and usher in a strong healthy market for new works.
I've been on a major label for 14 years. I've always wanted as many people as possible to hear my music, and it definitely made sense for the majority of my career to be on a major label, on a distribution level, to be in people's faces and be out there, and have access to major labels' incredible machine, even though they have not understood or haven't been invested in what I was doing.
The mobile Web, location-based services, inexpensive and pervasive mobile apps, and new sorts of opportunities to access cars, bikes, tools, talent, and more from our neighbors and colleagues will propel peer-to-peer access services into market.
Climate change is not a major issue because it will cause sea level rises or temperature increases, since we know how to live at higher elevations and regulate the temperature within our homes. It is a major issue because ecosystems are finding it difficult to adapt to the rapidity of the climate and environmental changes and are dying off, thereby accelerating the species extinction that is already underway due to our consumption habits.