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  • California Resources - Making Cost Reduction Headway Independently [View article]
    People spoke of a Benanke put under the stock market. Is there an OXY put under CRC? OXY still owns 20% of CRC, and I would think it unlikely they would let CRC go under and turn that 20% over to the bond holders.

    CRC does sell oil pretty much at the higher Brent price, so Texas to California pipeline would be a $5.50 per barrel hit at todays price.
    Aug 20, 2015. 03:50 PM | Likes Like |Link to Comment
  • REITs see modest buying interest as stocks tumble [View news story]
    I agree Ray. Way too much talk and worry over a token increase.
    Aug 20, 2015. 02:39 PM | 7 Likes Like |Link to Comment
  • Don't Chase Chesapeake Just Yet, Wait For Brent $33-$39 [View article]
    Steve, you do know that no matter how many assets CHK sells, the debt never seems to go down, right?

    If your friend saw suits in the field, more likely they are lawyers than oilmen.
    Aug 17, 2015. 08:37 PM | 3 Likes Like |Link to Comment
  • Chesapeake Energy - Preferred Shares Offer Appealing Opportunity [View article]
    Article looks at cash generation, but seems to be forgetting about cap ex. This company is hugely cash flow negative. Preferred dividend payment will require borrowing or asset sales.

    It would also be important to know if the preferred is cumulative or not before considering a purchase, as a halt in the preferred dividend could be in a future round of belt tightening.
    Aug 5, 2015. 04:36 PM | 3 Likes Like |Link to Comment
  • REIT Long/Short Pair Trade Opportunity [View article]
    Nice article! Thanks.
    Jul 27, 2015. 09:21 AM | Likes Like |Link to Comment
  • California Resources: Why I'm Still Long [View article]
    Reading through an interview on the investor website, looks like CRC would like to pay down $1.5 billion in debt by the end of 2016 through asset sales or partnerships, hopefully with some announcements by the end of 2015. That would put debt/equity about 200%, an area where they feel "comfortable".
    Jul 17, 2015. 08:16 AM | Likes Like |Link to Comment
  • California Resources: Why I'm Still Long [View article]
    As a rule I avoid high debt companies because it makes for a wild ride. CRC is one of my exceptions, and certainly proves the point. Day to day swings here are remarkable.
    Jul 16, 2015. 08:37 AM | Likes Like |Link to Comment
  • BHP Strikes 6-Year Lows With Yields At 10-Year Highs [View article]
    "Additional disclosure: Capitalism never solves a crisis, it just shifts them around geographically."

    Could not disagree more. Otherwise nice article!
    Jul 10, 2015. 10:38 AM | 3 Likes Like |Link to Comment
  • Shale Producers Can't Make Money At An Oil Price Of $60 [View article]
    Wonderful article, worth serious consideration. Thanks!
    Jul 8, 2015. 08:44 AM | 1 Like Like |Link to Comment
  • Replacing Chubb With Ace [View instapost]
    I own CB since one of your old articles. Also making a bundle on HIG warrants you suggested. Tom, you are a SA pro without the multi-thousdand dollar fee!
    Jul 7, 2015. 03:05 PM | 1 Like Like |Link to Comment
  • EOG Resources - Remains Pricey In Relation To Potential Earnings As Growth Remains Capital Intensive [View article]
    Shale oil well production declines 90% in the first year, traditional wells inexorably decline 5% per year, and U.S. oil rigs drilling is down about 50% in the last 8 months.

    A worldwide 1% "glut" of excess oil production should not be seen as a major concern to the long term investor.
    May 6, 2015. 09:02 AM | 1 Like Like |Link to Comment
  • Exxon Mobil beats by $0.35, beats on revenue [View news story]
    Revenue beat of $14,470,000,000? Some analyst needs a sharper pencil.
    Apr 30, 2015. 08:45 AM | 4 Likes Like |Link to Comment
  • Haynes International: High-Performance Alloy Maker Positioned For Growth [View article]
    Metals and miners have been beaten down severely in the past few years. Attributed to the weak recovery and China manufacturing slowdown. Unless one believes a recession is near (I don't), the contrarian bet would be for a rebound.

    I like the quality of the company. Patience needed, I agree. Thanks Tom.
    Apr 20, 2015. 10:18 AM | Likes Like |Link to Comment
  • 39% Annualized Return And AT&T [View article]
    Right there. If there are ancient ATT shares in the safe deposit box you have a real mess. I would not want to be executor of that estate.

    They just might have some Pennsylvania Railroad stock too.
    Apr 17, 2015. 05:39 PM | 2 Likes Like |Link to Comment
  • Apple Pay: Why CurrentC Is No Threat [View article]
    Not so. Yes with a Debit card, but not a Credit card.
    Apr 8, 2015. 01:30 PM | 4 Likes Like |Link to Comment