In terms of WTI and LLS, the spread narrowed somewhat recently,...

In terms of WTI and LLS, the spread narrowed somewhat recently, BUT it still remains at ~$10 per barrel. This is not a small spread. This spread is 10% of the current oil price, which is a considerable price difference and is favorable for LNR versus AZZ of course.


Please check this link out, it will be very helpful for you to get a better idea about AZZ's pricing in the Permian Basin and LNR's Premium pricing (LLS) in Eagle Ford:


http://www.ogfj.com/articles/2014/04/building-out-the-permian-crude-oil-gathering-system-part-2.html



On a last note, I did not initiate this debate. I posted the metrics of AZZ's  acquisition offer, and it was you who showed up out of the blue and  called my facts "rubbish". So I had to support my thesis and prove that you are wrong with your assessments.

Good luck with your investments.