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Mike Maher  

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  • Penn Virginia Still Waiting On Credible Takeover Offer [View article]
    If thats the Burleson County Acreage Comstock had (I'm not too familiar with Comstock) that acreage is well outside the sweet spot PVA is in, so it may not be a perfect comp.
    Jul 9, 2015. 04:49 PM | Likes Like |Link to Comment
  • Pipeline Consolidation Could Be Coming For Spectra Energy [View article]
    Columbia is certainly interesting as well, their assets are for the most part right on top of where the action is.
    Jul 9, 2015. 11:23 AM | Likes Like |Link to Comment
  • Penn Virginia Still Waiting On Credible Takeover Offer [View article]
    We'll have to see with MHR. Frankly I'm surprised PVA hasnt publicly announced they're looking to sell, given the fact their largest shareholder wants a sale, and wanted it at prices about $15 higher from here.
    Jul 9, 2015. 10:34 AM | 1 Like Like |Link to Comment
  • Mississippi regulator orders end to Kemper rate increase, plan refunds [View news story]
    First of all, between Kemper and Vogtle management is doing a terrible job executing on growth projects, so that's a concern. Second, cheap natural gas makes both of these plants economically not feasible without consumers paying above market electricity rates. They're wasting shareholder and ratepayer money.
    Jul 8, 2015. 08:50 PM | Likes Like |Link to Comment
  • Mississippi regulator orders end to Kemper rate increase, plan refunds [View news story]
    Its a "clean coal" plant, so you might want to do a little more due diligence into this waste of money.
    Jul 8, 2015. 08:45 PM | 1 Like Like |Link to Comment
  • Rex Energy -11% despite plans for deep Utica test [View news story]
    Surprised they'd want to spend the cash to test the Utica now, why not wait for commodity prices to improve?
    Jul 8, 2015. 08:43 PM | 1 Like Like |Link to Comment
  • Penn Virginia Still Waiting On Credible Takeover Offer [View article]
    XOM or CVX wont be buying, but the mid-majors will start consolidation, imo. When Devon bought Geosouthern the latter only had 82,000 acres. Encana bought Athelon and its 140,000 acres. PVA has 104,000 net acres in the EF, and another 33,000 acres in east Texas. I agree that a major won't be picking up the shale plays, but the larger shale players will begin to buy out the weaker names at some point, imo.
    Jul 8, 2015. 03:36 PM | 2 Likes Like |Link to Comment
  • Oil Setting Up For Another Leg Down [View article]
    Reuters noticed the same thing I did with $PXD and $WPX

    http://reut.rs/1D1m1Qe
    Jul 8, 2015. 02:38 PM | Likes Like |Link to Comment
  • Penn Virginia Still Waiting On Credible Takeover Offer [View article]
    PV-10 numbers mean next to nothing to me, but thats also another story. PVA has continuous acreage in a sweet spot of a prolific shale play that has good access to premium pricing, ample infrastructure, and what seems to be stacked payzones. Each shale play is different, lumping them in together is like saying all real estate classes across the whole country are the same. Are they related? Sure. But I can tell you that if you bought an apartment building in Manhattan 10 years ago and your neighbor bought an office building in central NJ you both have very different opinions on how the "real estate" market is doing.
    Jul 8, 2015. 02:11 PM | 2 Likes Like |Link to Comment
  • Pipeline Consolidation Could Be Coming For Spectra Energy [View article]
    In an auction process I doubt it would be difficult to sell the Canadian assets, and the DCP midstream would also likely have a number of interested buyers. Thats the interesting part about the pipelines, they have huge first mover advantages, and the permitting and planning and right of way acquisitions often make it much cheaper/easier to just buy into a new area rather than try to build out on your own.
    Jul 8, 2015. 01:55 PM | Likes Like |Link to Comment
  • Penn Virginia Still Waiting On Credible Takeover Offer [View article]
    It started out as just trying to explain away the false rumor, but after some discussion with the editors I added to it slightly. I'm surprised PVA has been hit so hard, they're hedged pretty well so that should help on the cash flows.

    For these smaller E&Ps, I think a lot of the time its less about the income statement and more about what they're able to sell the company for. In the event of a buyout it will look absurd on a FCF basis, but might look cheap compared to price per acre or price per flowing barrel. But valuation metrics for oil E&Ps is a whole other topic.
    Jul 8, 2015. 01:52 PM | 1 Like Like |Link to Comment
  • Penn Virginia Still Waiting On Credible Takeover Offer [View article]
    Im guessing it was just poor timing that the profit was so low. Or that someone else paid that hacker, and the hacker is just the one that got caught. Either way, prison time for a measly $5,000 sounds like an awful risk/reward.
    Jul 8, 2015. 01:47 PM | 1 Like Like |Link to Comment
  • Pipeline Consolidation Could Be Coming For Spectra Energy [View article]
    I agree that a Canadian company might make more sense. Enbridge is rumored to be looking for acquisitions, but I'm not sure they'd want to go that big
    Jul 8, 2015. 12:53 PM | Likes Like |Link to Comment
  • Shale Producers Can't Make Money At An Oil Price Of $60 [View article]
    PXD and WPX are both adding rigs back starting this month. Those companies seem to think $60 is an acceptable level to begin to ramp up drilling again.

    http://seekingalpha.co...
    Jul 8, 2015. 12:26 PM | Likes Like |Link to Comment
  • Trading halted on NYSE [View news story]
    Seems like a cyber attack. WSJ down NYSE down United canceled all their flights due to a computer issue. The odds of 3 major computer systems in the US failing at the same time seems unlikely.
    Jul 8, 2015. 12:03 PM | 12 Likes Like |Link to Comment
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