New Source Energy Partners LPGrey Market
Dec. 16, 2015, 9:18 PM
- MidCentral Energy Partners, a unit of New Source Energy Partners (NYSE:NSLP), has sold its interests in Erick Flowback Services and Rod's Production Services back to those companies' founders, in a deal that closed today.
- The price was about $44.9M -- $5M in cash.
- The structure of the deal lets New Source drop more than $30M in liabilities and "significantly de-levers the MCLP balance sheet, which we believe is necessary in the current commodity price environment," says CEO Kristian Kos.
Nov. 9, 2015, 8:43 AM
- New Source Energy (NYSE:NSLP): Q3 EPS of -$3.38 may not be comparable to consensus of -$0.27.
- Revenue of $20.1M (-64.4% Y/Y) misses by $7.19M.
Oct. 13, 2015, 5:45 PM
- New Source Energy Partners (NYSE:NSLP) discloses that it does not have sufficient cash resources to repay or additional collateral to cure its borrowing base deficiency.
- NSLP says the Bank of Montreal lowered its borrowing base to $24M from $49M in its semi-annual re-determination; NSLP says it currently has $49M borrowed under its credit agreement, resulting in a $25M borrowing base deficiency.
Sep. 29, 2015, 9:58 AM
- New Source Energy (NYSE:NSLP) is downgraded to Sell from Hold with a zero price target at Wunderlich, citing a likely worse than expected borrowing base redetermination, magnified liquidity concerns, and ongoing litigation with NSLP's contract exploration and production operator.
- Based on NSLP's recent announcement, the firm expects the redetermination to lead to a reduction of $23M-$25M in the borrowing base, which would leave the company overdrawn by $16M-$18M.
- NSLP said yesterday it was unable to pay the quarterly cash distribution on its 11% series A cumulative convertible preferred units due to a pending borrowing base deficiency under its revolving credit facility.
Aug. 11, 2015, 10:48 AM
- New Source Energy Partners (NSLP +14.5%) is higher despite reporting a huge Q2 loss and filing to delay its Form 10-Q.
- NSLP said its Q2 adjusted EBITDA was $6M vs. $11.4M in the prior-year period, and distributable cash flow totaled $4.9M vs. $6.6M a year ago, citing weak oilfield services results coupled with lower oil and gas realizations; reduced H2 guidance reflects lower production and lower oilfield services margins.
- Wunderlich retains its Hold rating for NSLP but cuts its stock price target to $1 from $2.50 as it sees very limited financial flexibility, but it models 1.3x coverage for the Series A preferred distribution for H2.
- Baird downgrades shares to Neutral, along with JP Energy Partners (JPEP -20%) and Cone Midstream (CNNX -3.5%).
Aug. 10, 2015, 8:37 AM
- New Source Energy (NYSE:NSLP): Q2 EPS of -$5.93 may not be comparable to consensus of -$0.36.
- Revenue of $24.1M (-10.1% Y/Y) misses by $12.09M.
Jul. 29, 2015, 12:45 PM
Jul. 29, 2015, 9:52 AM
- New Source Energy Partners (NSLP -27.3%) plunges at the open after suspending its cash distribution, citing market conditions and the continued low commodity price environment.
- NSLP says it will continue to analyze accretive acquisitions to grow its E&P business while executing a restructuring plan through a potential monetization or spinout of the oilfield services business.
Jul. 27, 2015, 12:48 PM
Jul. 22, 2015, 12:45 PM
Jul. 8, 2015, 12:45 PM
Jun. 19, 2015, 12:46 PM
Jun. 15, 2015, 12:30 PM
- Wunderlich analyst Jay Dobson finds a few worthwhile investments in an otherwise weak upstream energy exploration MLP sector that has too much debt on average and has suffered from the dramatic decline in oil, natural gas and natural gas liquids prices since late 2014.
- Also, a lack of hedging discipline has left the industry more exposed to the declining prices and, in some cases, with very limited financial flexibility, Dobson says.
- But four Buy-rated MLPs are best positioned for the current energy environment, sharing the attributes of solid liquidity, a runway for improvement, and aggressive action, Dobson says: Memorial Production Partners (MEMP +0.3%), Vanguard Natural Resources (VNR +1.8%), LRR Energy (LRE +3.5%) and Legacy Reserves (LGCY +0.4%).
- Rated Hold: ARP, BBEP, MCEP, NSLP, EVEP
May 11, 2015, 8:34 AM
- New Source Energy (NYSE:NSLP): Q1 EPS of -$3.03 may not be comparable to consensus of -$0.34.
- Revenue of $38.11M (+38.9% Y/Y) misses by $2.68M.
Mar. 19, 2015, 5:05 PM
- New Source Energy (NYSE:NSLP): Q4 EPS of -$2.11 may not be comparable to consensus of -$0.04.
- Revenue of $54.97M (+201.4% Y/Y) misses by $1.61M.
Mar. 16, 2015, 2:55 PM
- New Source Energy Partners (NSLP -21.8%) sinks after announcing earlier that it will require an extension in filing to file its Form 10-K to allow for more time to finalize its year-end financial results.
- The 10-K had been required to be filed no later than today.