Barrick Gold Shares Are Cheap And Worth Buying Now For A Rebound [View article]
yes - they took their hedges off at exactly the wrong time...imagine a natural gas producer last year who was not hedged...where would they be? Take note of the fact that ABX has taken out the slide in their presentations titled "Exceptional Leverage to Gold" ....its those little things that wake up the spider senses
Barrick Gold Corp: A Possible Private Equity Target [View article]
hammer - don't sweat it...its painfully obvious that TDW works for Barrick in one fashion or another...probably over at RH Barsom or some other bucket shop...just take a look at his history...u can also correlate his lingo with a few other pumper monikers in the PM space...her aim is to shut up rationale thinking...do not, and I REPEAT do not enter her reality
EV Energy Partners: The Price Is Finally Right [View article]
IMHO - the risk is time - as in - if they don't get an adequate price, they might push it further into the future. Although with them moving ahead with midstream investment, they are going to need to sell something in the next 3 months to pick up 300mn -> Stark would do the trick and/or maybe stuff in GPORs "sweet spot" where they have 18k acres
EV Energy Partners: The Price Is Finally Right [View article]
yes - i believe that 2013 is mostly from midstream and according to their presentation it will be (combined ebitda) 45 in '14; 75 in '15;...which is why u can't just stick a multiple on it and say its worth $10 today - it needs to be discounted. And of course, there is the additional midstream capex in '14/'15 too. Also, one has to fund the midstream capex -> they are using their revolver to start but Utica sales will fund it so you have to make sure we don't double count....i've baked it all into the DDM which is admittedly opaque from the reader's perspective but it would be kind of ugly pasting in a huge spreadsheet....
EV Energy Partners: The Price Is Finally Right [View article]
Yes, the ORRI is nice although it will depend on the wells drilled which is dependent on infrastructure but should see a pick up starting in '14...i like the midstream business too
EV Energy Partners: The Price Is Finally Right [View article]
i agree - there is no equity need for the next few years (assuming utica is monetized). I assume that leverage (total debt and senior sec. debt) is maintained at about 3.25 and 2.5. One can relax that assumption by using more debt but the market should figure that out (eventually). As a concrete example, I assume 2mn shares are issued in 2016 at the then price to help fund growth. It affects the amount of distributions/unit. As i mentioned, the alternate is to assume that there is not growth beyond what utica provides and, eventually, the asset depletes - this would give u a lower price since my IRR is higher than the weighted cost of capital (i.e., I demand a good return). I also should note that I am conservative in production costs and g&a per mCfe - i don't think it is fair to assume that they will remain the same while the price deck is showing increased NG prices e.g.
EV Energy Partners: The Price Is Finally Right [View article]
I performed a regression across all counties and match to known transactions of late (e.g., GPOR, HK) and insured coefficients were reasonable (i.e., of the right sign). The geochemical data is on the ONDR website but no prices per acre
EV Energy Partners: The Price Is Finally Right [View article]
Like any E&P, there is a need to keep making acquisitions or grow by the bit so an assumption on future acquisitions to replace depletion is needed. This gets funded, in part, via increased issuance. The alternative is to price it in "run-off" like a sinking bond. Plus I assume the usual non-cash G&A in equity. Hope that helps
EV Energy Partners: The Price Is Finally Right [View article]
You made some good sales (congrats), as we did ourselves in the froth of last fall. I am curious about your comment that EVEP is still a "bubble play" as, in my eyes, its been washed out....
Barrick Gold (ABX) says customs authorities in the Dominican Republic halted a shipment of gold from the recently-opened Pueblo Viejo mine. There is no explanation for the action, but Pueblo Viejo has been under pressure from local politicians seeking a more favorable contract. A local report suggests the Dominican president told customs to halt the shipment pending a new agreement. [View news story]
what...and do without my cheap tommy bahama copies ...no way!
An Update On PetroLogistics: Stay Long And Strong [View article]
i think option expiry this friday played a role with big OI in the 15 strike. I don't think I was the only one who locked in some $$ when we were in the 16s....Im looking to add....cheers
ahhh the Halloween massacre! I remember scooping up canetic for a song afterwards....one of my better trades....they sold to PWE for a huge price tag (and look at PWE now!).....those were the days....
I tend to agree with you but more that MLPs are starting to mature and the growth via acquisitions via unit issuance game is going to wear thin soon IMO....but I do not think the tax is a front burner issue - stifling our only chance of getting out of debt in the next 10-20 years does not sound to schmart...but lets not discount DC
Barrick Gold Shares Are Cheap And Worth Buying Now For A Rebound [View article]
Avoid This Utility Giant Stock [View article]
Barrick Gold Corp: A Possible Private Equity Target [View article]
EV Energy Partners: The Price Is Finally Right [View article]
EV Energy Partners: The Price Is Finally Right [View article]
EV Energy Partners: The Price Is Finally Right [View article]
EV Energy Partners: The Price Is Finally Right [View article]
hope that helps
EV Energy Partners: The Price Is Finally Right [View article]
EV Energy Partners: The Price Is Finally Right [View article]
EV Energy Partners: The Price Is Finally Right [View article]
EV Energy Partners: The Price Is Finally Right [View article]
EV Energy Partners: The Price Is Finally Right [View article]
Barrick Gold (ABX) says customs authorities in the Dominican Republic halted a shipment of gold from the recently-opened Pueblo Viejo mine. There is no explanation for the action, but Pueblo Viejo has been under pressure from local politicians seeking a more favorable contract. A local report suggests the Dominican president told customs to halt the shipment pending a new agreement. [View news story]
An Update On PetroLogistics: Stay Long And Strong [View article]
The Coming MLP Meltdown [View article]
I tend to agree with you but more that MLPs are starting to mature and the growth via acquisitions via unit issuance game is going to wear thin soon IMO....but I do not think the tax is a front burner issue - stifling our only chance of getting out of debt in the next 10-20 years does not sound to schmart...but lets not discount DC