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Michael Fitzsimmons  

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  • Azure Midstream Partners: Needs To Catch More Than FISH For Grey Skies To Turn Blue [View article]
    I am not familiar with ETG and not sure it's a pipeline (I googled it). As for the issuance, wow - what a hit to current unit-holders - it's currently down almost 10%. Sure glad I put an "AVOID" rating on this guy.
    Jun 17, 2015. 02:07 PM | Likes Like |Link to Comment
  • Cracking The Crude: A Look At 3 Major Refinery Stocks [View article]
    Another differentiator is the LPG export terminal PSX is building with contracted volumes to China. I don't believe VLO or MPC has an asset quite like that one. Plus, I think PSX's overall midstream business is significantly larger.
    Jun 14, 2015. 08:30 AM | 3 Likes Like |Link to Comment
  • Cracking The Crude: A Look At 3 Major Refinery Stocks [View article]
    Nice comparison Jason. The most applicable chart was the one 3:2:1 crack spread you linked to.
    Jun 14, 2015. 08:27 AM | 2 Likes Like |Link to Comment
  • Energy Recovery: Fresh Water Is Being Taken For Granted [View article]
    Hi bkayoc - I am all for accountability. That said, the nature of ERII's business is that it is highly dependent on large mega-projects placing orders. As we have seen, this is highly unpredictable. So what you can take from the CEO's comments (at least what I take from them) is that they cannot announce firm orders until they are placed and since they haven't been announced, the orders have not come. So, as I said in the article, in the short term the stock is quite likely to trade in direct proportion to announcements of new SWRO orders. One difference between the new CEO and the old, at least in my opinion, as that the new one doesn't blow smoke and tells it like it is:

    1) not predicating a "wave" of new orders
    2) says new orders will be announced when they are made

    This is an improvement in my book as at least we have someone telling us the truth and not predicting pie-in-the-sky orders that then do not materialize. I for one like the transparency. Lastly, I think I would disagree somewhat with your last sentence, at least in the short-term. I think the biggest pop for ERII will come from good old SWRO mega-project orders for the PX devices. Longer term, I think the outlook for O&G business is very good, and we could yet see surprises here. But with O&G companies cutting back to the bare minimum these days, I doubt they'll invest in a new technology which has a bit of risk and a longer term payout. Just my opinion, but I think the order flow so far this year sort of speaks for itself: ~$9 million for multiple new desal orders and how much for O&G?
    Jun 12, 2015. 11:55 AM | 1 Like Like |Link to Comment
  • Inter Pipeline: On Track For A 25% Total Return In 2015 [View article]
    Yeah, I really like the Sweden deal - 6.5x annual EBITDA and immediately accretive? Awesome. Plus, those assets gel very well with IPL's existing Euro storage business. Perhaps IPL is suffering from the propane situation in the Edmonton area - they are literally giving propane away up there. Not much better in the lower-48. That is why I like Star Gas so much. But IPL is going to be fine. Big new EBITDA streams as the mega-projects come online while at the same time cap-ex is dropping big-time. Hard to figure the market, but I am sure holding onto my shares and actually watching closely to increase my position at an opportune time.
    Jun 10, 2015. 07:22 PM | Likes Like |Link to Comment
  • PetroQuest: Management's Bold Deal Unlocks Shareholder Value & Addresses Liquidity Concerns [View article]
    Hi John - that does seem to be the $10,000 question. I have been waiting for them to restructure the majority of that into bank debt for a long time but it never happened. Once TB comes online (and they can book it) and they unwind some of their gas hedges (expected to be completed by the end of the month), they'll have more to show the banks. The press release said the next redetermination is scheduled to occur on or around September 1, 2015.

    Meantime, be sure to read the 8K's section titled "Credit Agreement Amendment".

    And yes, if they could get a more reasonable interest rate and extend the maturation of the $350 million in debt, and pay some of it down, that would certainly be a very positive catalyst.
    Jun 10, 2015. 07:17 PM | 1 Like Like |Link to Comment
  • Holly Energy Partners: 41 Consecutive Quarters Of Distribution Growth And A Bright Future Going Forward [View article]
    Yes, I agree - PSX is one of the best long-term plays on the Shale USA renaissance. But note that HFC has been performing quite well and has authorized some big buy-backs, so it's not doing too bad.
    Jun 10, 2015. 09:28 AM | Likes Like |Link to Comment
  • Holly Energy Partners: 41 Consecutive Quarters Of Distribution Growth And A Bright Future Going Forward [View article]
    Thanks guys - while HEP won't make you rich, it looks like a solid yielder and the long-term track record is difficult to poke holes in.
    Jun 9, 2015. 11:34 PM | 1 Like Like |Link to Comment
  • PetroQuest: Management's Bold Deal Unlocks Shareholder Value & Addresses Liquidity Concerns [View article]
    I just updated the article to clarify the Operator Services Agreement. Hopefully the edit will be made soon. Thanks.
    Jun 9, 2015. 12:04 PM | Likes Like |Link to Comment
  • Inter Pipeline: On Track For A 25% Total Return In 2015 [View article]
    NCinvestor: I find myself asking the same question. While fires in the region did shut down some production, I can't believe they are responsible for the sell-off. The strong dollar has been a big headwind, especially for US investors, because the dividend translation in unfavorable. All that said, it would appear to me the sell-off is not rational. Regardless of the media talk about the high cost of oil sands production, the big portion of that cost is upfront capital to build a production facility - not to operate it. So those facilities that are already built are going to keep on producing, and paying IPL tolls for both diluent and crude. So, I am keeping my shares but like you, I can't understand the depth of the sell-off. In fact, WCS has actually closed the gap in terms of the discount to WTI and is trading higher than it has in quite some time. But since I obviously got this wrong, I am open to hearing other opinions...
    Jun 9, 2015. 10:54 AM | Likes Like |Link to Comment
  • PetroQuest: Management's Bold Deal Unlocks Shareholder Value & Addresses Liquidity Concerns [View article]
    Btw, the "8k filing" link isn't popping up correctly (at least on my computer). I am looking into it. Meantime, try this, it works:

    http://bit.ly/1JBWMvf
    Jun 9, 2015. 10:00 AM | Likes Like |Link to Comment
  • PetroQuest: Management's Bold Deal Unlocks Shareholder Value & Addresses Liquidity Concerns [View article]
    Guys - not a typo. It's an "Operating Services Agreement" of $1 million per well for the first 14 wells. The 8k is pretty clear on this. So, no, PQ is not paying for drilling costs.

    In other words, WSGP is obviously impressed with the PQ Tulsa team's expertise and wants to leverage that knowledge going forward on upcoming wells.
    Jun 9, 2015. 09:52 AM | 3 Likes Like |Link to Comment
  • PetroQuest Energy sells Woodford, Mississippian Lime assets for $280M [View news story]
    For PRO subscribers - my article on the PQ deal. Should be available for all readers tomorrow morning:

    http://seekingalpha.co...
    Jun 8, 2015. 12:37 PM | Likes Like |Link to Comment
  • PetroQuest Energy Announces $280 Million Sell-Down Of Arkoma Assets; Updates Borrowing Base, Operations And Production And Cost Guidance [View article]
    Not sure. Kind of late, but if you are a PRO subscriber you might be interested in my article on this transaction that was published this morning:

    http://bit.ly/1MBQlqt
    Jun 8, 2015. 11:20 AM | Likes Like |Link to Comment
  • Premarket Gainers / Losers as of 9:10 am [View news story]
    PQ for PRO subscribers:

    http://seekingalpha.co...
    Jun 8, 2015. 09:51 AM | Likes Like |Link to Comment
COMMENTS STATS
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