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Mike Maher  

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  • Eclipse Resources: The Impairment Man Cometh [View article]
    Based on the metrics of some recent land deals out there (SWN buying CHK acreage, for example) ECR's probably worth somewhere between $5 and $10/share. But the drop in oil prices is going to hit NGL prices. Look at the IRR sensitivities on page 6 of their Nov presentation. At $70 oil their IRRs are not very impressive, likely because they paid a very high price for their acreage compared to their competitors, as you pointed out.

    Congrats on the call here, but I hope for my portfolios sake you're wrong on nat gas prices going much lower!
    Dec 2, 2014. 06:26 PM | Likes Like |Link to Comment
  • LyondellBasell downgraded to Hold from Buy at Jefferies [View news story]
    They will see slightly lower ethylene prices as oil comes down, since oil is a feedstock for ethylene in Europe, so,there is a valid concern there. But I agree the reaction is overdone.
    Dec 2, 2014. 04:43 PM | Likes Like |Link to Comment
  • Markets Missing The Facts On Magnum Hunter Resources [View article]
    I only listened quickly, but I thought he said he was proceeding as if they were not going to sell the Bakken, not that there were no buyers.

    The drop in the price for the pipeline is confusing, but its only telling part of the story. The presentation doesnt tell you if the size of the equity stake being sold changed, since it leaves the value at ~$1bn. You'll also notice at the amount of capital contributions MHR can defer is increased to $60 million in the new slides vs $40 million from that September press release, so that might explain the drop in the selling price. Who knows - we'll need the company to explain the difference via a press release.

    The new interconnects by year end and the seemingly higher guidance, as well as the change in the MSI deal, are the only new info I noticed in the slides
    Dec 2, 2014. 04:40 PM | 2 Likes Like |Link to Comment
  • WSJ: Blackstone to sell IndCorp to Asian venture for $8.1B [View news story]
    Anyone have a sense how this will impact the valuation of that fund and if it will meet benchmarks to trigger higher payouts to the unitholders in BX?
    Dec 1, 2014. 08:01 PM | Likes Like |Link to Comment
  • Markets Missing The Facts On Magnum Hunter Resources [View article]
    They also re-added the Kentucky acreage to what's for sale, which I think would have to be bought by EQT, since I'm not sure of anyone else drilling down there.

    Also several slides point out projected year end rates above 32.5k boe/d, slides 4 and 36 to be exact, and slide 45 states they'll have 4 new interconnects done by the end of the month, so they should have some ability to move gas to different hubs depending on where pricing is more favorable.
    Dec 1, 2014. 03:33 PM | 1 Like Like |Link to Comment
  • Blackstone sees value in REITs [View news story]
    I think they'd have to let the CEO stay on in some capacity, but I could see them teaming with him to take it private.
    Dec 1, 2014. 03:30 PM | Likes Like |Link to Comment
  • LyondellBasell downgraded to Hold from Buy at Jefferies [View news story]
    I'm expecting that LYB kicks the buyback into overdrive. Its a FCF machine.
    Dec 1, 2014. 12:49 PM | Likes Like |Link to Comment
  • Markets Missing The Facts On Magnum Hunter Resources [View article]
    I'd think everything would be on hold given what happened to oil in the last week, but who knows, maybe you get one or two people like Hamm who are willing to pay $90k a flowing barrel and want to take the chance on calling a bottom. I'm not sure what Gary and the BoD will do, I guess it depends on where bids come in and what natural gas does here in the next month or two.
    Dec 1, 2014. 12:47 PM | Likes Like |Link to Comment
  • Markets Missing The Facts On Magnum Hunter Resources [View article]
    Two sales are completed, they still have ~3,000 boe/d of production that they are marketing.
    Nov 30, 2014. 05:12 PM | Likes Like |Link to Comment
  • Markets Missing The Facts On Magnum Hunter Resources [View article]
    They were in a disagreement with their auditor and ended up firing their auditor about 18 months ago and that caused them to be late in their filings. The new auditor found that their internal accounting was lacking in some areas, but there were no irregularities. Since they were late in the financial filings, they were prohibited from paying the preferred dividends. The company has greatly improved their accounting practices and hired new people, so that issue is resolved. I have 0 concerns about their ability to pay the preferred dividends or service their debt.
    Nov 29, 2014. 02:03 PM | 1 Like Like |Link to Comment
  • Markets Missing The Facts On Magnum Hunter Resources [View article]
    Gary brought in the new management team for this version of Magnum Hunter with an intent to build and sell. I'm not sure on the payout ratios, but since hes not making a ton of money by ceo standards, I think its fair to say his payout will come when the company is sold.
    Nov 26, 2014. 12:40 AM | 1 Like Like |Link to Comment
  • Markets Missing The Facts On Magnum Hunter Resources [View article]
    They don't make a ton of money, but its more than I make haha:

    http://bit.ly/1thLCPI
    Nov 25, 2014. 09:24 PM | 2 Likes Like |Link to Comment
  • mCig Inc. Obtains FINRA Approval for VitaCig, Inc. Dividend and Spinoff -- Ex Dividend Date Set for November 25, 2014 [View article]
    They've been saying for weeks its a 1 to 1 split and that the ex dividend day would be the day they get approval.
    Nov 25, 2014. 12:33 PM | 1 Like Like |Link to Comment
  • Markets Missing The Facts On Magnum Hunter Resources [View article]
    They can redeem that C back at anytime, the D and E I think are eligible for redemption soon, if not already. I'd expect that if/when they Bakken acreage gets sold, the redeem at least the C's, but that's just my opinion, the company hasn't commented on that.
    Nov 24, 2014. 08:00 PM | Likes Like |Link to Comment
  • Markets Missing The Facts On Magnum Hunter Resources [View article]
    The company announced in Feb that the Stalder 3UH was flowing into sales through Eureka. Were they running new wet lines there to handle the Marcellus liquids maybe? I'm unaware of any possible delays in getting pipe to that pad. As for the rest of the Eureka system, they've got three crews laying pipe (I think), and I believe they're planning on drilling pads close to the pipeline next year. You're right that once it gets to a hard freeze and it starts to snow everything going to slow down, but I'm hoping they planned for that this year.

    As for missing schedules, its basically all they do. My biggest complaint is that they try to convey too much information on the timing of things to investors, and hardly ever get the wells completed and flowing to meet their own estimates.

    Should be an interesting couple of months!
    Nov 22, 2014. 06:38 PM | 4 Likes Like |Link to Comment
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