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Mike Maher  

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  • Magnum Hunter to pursue sale of all Eureka Hunter interest [View news story]
    The JV won't be $500 mil up front, MHR will likely only see $25 mil in cash from the JV.
    Jun 25, 2015. 12:40 PM | 2 Likes Like |Link to Comment
  • Magnum Hunter to pursue sale of all Eureka Hunter interest [View news story]
    Let see if the deal actually gets done and the price it gets done at. $600 million should be enough to pay down accounts payable ($100 mil) redeem the preferred C's ($100 mil) and give them a path to fund all of 2015, 2016, and part of 2017 drilling. If they raise closer to $700 million they might try to redeem the D's as well.
    Jun 25, 2015. 09:25 AM | 1 Like Like |Link to Comment
  • Freeport McMoRan Oil & Gas files for IPO [View news story]
    Wow, spend billions buying two oil companies, one of which was related, pay a huge fine related to those takeovers, and then plan an IPO of the two companies you bought in a much weaker commodity price environment? Management certainly earning their paychecks.
    Jun 23, 2015. 06:37 PM | 14 Likes Like |Link to Comment
  • PBF Energy to purchase Louisiana refinery from Exxon, PDVSA for $322M [View news story]
    Importantly the PR says they will not issue equity to fund the purchase.
    Jun 18, 2015. 12:20 PM | 1 Like Like |Link to Comment
  • Gulfport Energy to acquire Utica Shale acreage, sell 10M shares to fund deal [View news story]
    Amen! As for Gulfport, this deal is the second in 60 days, and as long as the offering gets done, means GPOR has raised over $800 million in equity in the last 2 months. Very impressive to do with gas prices down here.
    Jun 9, 2015. 08:50 PM | 1 Like Like |Link to Comment
  • Diageo jumps on report of potential takeover offer [View news story]
    I think DEO is too big for an LBO. It'd have to be a deal close to $80 billion to get done.
    Jun 5, 2015. 04:44 PM | 2 Likes Like |Link to Comment
  • Chesapeake Energy downgraded at Alembic on "onerous" contracts [View news story]
    Since when is Alembic Global Advisers a firm anyone listens to?
    Jun 3, 2015. 04:06 PM | 21 Likes Like |Link to Comment
  • Southern Co. CEO Fanning touts clean energy innovation [View news story]
    That clean coal comment should be modified to point out that Kemper is 3x over budget and has been delayed by several years. The technology may have applications in China, but they have to prove it actually works.
    May 28, 2015. 02:06 PM | 4 Likes Like |Link to Comment
  • Vanguard Natural Resources has $614M deal to buy Eagle Rock Energy [View news story]
    Its a unit for unit deal, so not sure they need to do a secondary, since its not a cash deal.
    May 21, 2015. 08:27 PM | 2 Likes Like |Link to Comment
  • Linn Energy: The Current Yield Hypnosis [View article]
    A whole lot of comments here, but no discussion of how they are covering the payout this year....the coverage ratio is a key thing to look at...

    Also swapping debt for equity is not something a company in good shape does. Its a concern...

    That said, I expect natural gas prices to rebound, so that should help Linn.

    No position.
    May 21, 2015. 01:00 AM | 1 Like Like |Link to Comment
  • CONSOL Energy - Time To Buy The Drop [View article]
    The government has approved 60 billion cubic meters in export facilities, but they are under construction, not exporting. Actual US exports in 2014 were 1,508.9 BCF according to the EIA, which is all through pipeline, although there is one small LNG export facility in Alaska.
    May 15, 2015. 03:55 PM | 2 Likes Like |Link to Comment
  • FireEye up 4.1% on vague Cisco M&A rumor (updated) [View news story]
    Any link to where the rumor is from?
    May 13, 2015. 11:11 AM | Likes Like |Link to Comment
  • Chanticleer: This $2 Stock Would Be Cheap At $6 [View article]
    Good article on an interesting name. My only concerns are the "better burger" chain is only 8 locations, and that April 27th they filed a shelf registration to sell equity - and with today's pop from this piece, raising equity looks even better for them. Its an interesting name, but I'm not chasing it here.
    May 12, 2015. 01:56 PM | 3 Likes Like |Link to Comment
  • Bloomberg: FHFA set to ease apartment loan limits for GSEs [View news story]
    $30 bil not $30 mil
    May 6, 2015. 02:10 PM | Likes Like |Link to Comment
  • Enterprise Products: Falling Revenues, Below Average Yield, But Still Attractive [View article]
    It depends on how your brokerage account works. TDAmeritrade gives you the discount, last I check optionsXpress did not. Its a nice feature, and it raises the yield in a way that most don't realize.

    A huge thing on EPD that I think is lost in just looking at the yield is that they currently are covering the distribution 1.4x, vs most peers under 1.1x. What that means is that EPD has a ton of room to increase distributions, if they are so inclined. While management has chosen the slow and steady pace to date, the high % of money they've kept has limited dilution and let them invest greatly in the business. If it gets back close to a 5% yield I think you have to buy.
    May 5, 2015. 10:44 PM | 3 Likes Like |Link to Comment