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chazsf

chazsf
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  • Chevron's Frozen Dividend Is The Only Reason To Own The Stock [View article]
    The question was argumentative ...
    May 14, 2015. 08:30 PM | 1 Like Like |Link to Comment
  • Chevron's Frozen Dividend Is The Only Reason To Own The Stock [View article]
    I think Chevron is fairly valued at the current time (neither significantly overvalued nor significantly undervalued).
    May 14, 2015. 06:18 PM | Likes Like |Link to Comment
  • Chevron's Frozen Dividend Is The Only Reason To Own The Stock [View article]
    Since you asked what I think ...

    I think Chevron is fairly valued at the current time (neither significantly overvalued nor significantly undervalued).

    I think revenues are going up and costs are going down, which is increasing earnings. In due course, the share price will also go up.

    I think the same about Exxon and Shell (with an asterisk for the positive or negative impact of the pending British Gas acquisition)

    As to analyst EPS forecasts:

    "Because analysts say so? Yikes!"
    May 14, 2015. 01:49 PM | 1 Like Like |Link to Comment
  • Chevron's Frozen Dividend Is The Only Reason To Own The Stock [View article]
    "What makes you think it will be able to maintain or even increase the stock price over the next 18 months?"

    Gorgon spending is pretty much over and crude prices bottomed in January. Capex is coming down and revenues are going up.
    May 14, 2015. 12:31 PM | 3 Likes Like |Link to Comment
  • Chesapeake Energy - Leverage And Poor Realizations Continue To Pose Risks [View article]
    Term Loan
    $625 Million (average)

    Senior Notes
    2016: $500 Million
    2017: $1,076
    2018: $669
    2019: $1,500
    2020: $1,800
    2021: $1,700
    2022: $1,500
    2023: $1,100

    VPP: $773 Million

    Convertible Notes
    2035: $396 Million
    2037: $1,168
    2038: $347

    Looks like their Treasurer will be busy.
    May 12, 2015. 04:45 PM | Likes Like |Link to Comment
  • Chesapeake Energy - Leverage And Poor Realizations Continue To Pose Risks [View article]
    Can you post Icahn's purchases by date? It might be illuminating.
    May 12, 2015. 04:24 PM | Likes Like |Link to Comment
  • 20 Years In The Chevron DRIP [View article]
    Great story, thanks for sharing.

    PS: The original ticker symbol was "SD".
    May 12, 2015. 04:17 PM | 2 Likes Like |Link to Comment
  • Publicly Traded Partnerships - U.S. Taxation For Limited Partners [View article]
    "it took me 2 (voluntary) amended returns to get it right -- first, the gain was double counted through the brokerage firm download,"

    TurboTax actually has correct instructions, telling you to use the brokerage report for capital gains and not to double report the gains on TurboTax's data entry worksheet.

    The instructions are on the form named "Schedule K-1 Partnership; Additional Information; Box 20, Code L and Sale of Partnership Interest". In the form view, it is referenced as "K-1; K1P Addl Info 2".
    May 11, 2015. 03:53 PM | Likes Like |Link to Comment
  • Chevron said to halt oil production at Wafra fields at Saudi-Kuwait border [View news story]
    Neither is there a source cited for this report nor does the Chevron website make any mention of it (5/11/15).
    May 11, 2015. 03:09 PM | 1 Like Like |Link to Comment
  • $5B Write-Down By Chesapeake Spooks Investors, But Is It Much Ado About Nothing? [View article]
    "The writedown is required by GAAP which requires you to value reserve assets at the CURRENT selling price"

    The SEC ceiling test formula looks back over the last four quarters. For example, assume the historic values are $100 and the market has dropped to $60:
    4Q2014: 100-100-100-100 gives 100
    1Q2015: 100-100-100-60 gives 90
    2Q2015: 100-100-60-60 gives 80
    3Q2015: 100-60-60-60 gives 70
    The SEC ceiling will continue to drop until historic average matches the current market.
    May 10, 2015. 02:25 PM | 2 Likes Like |Link to Comment
  • $5B Write-Down By Chesapeake Spooks Investors, But Is It Much Ado About Nothing? [View article]
    "The other companies will have to take the charges, but are delaying in the hope oil/gas will go up in price so they avoid the write off."

    Actually, the SEC allows E&P operations, at their option, to defer charging interest payments against earnings until such time as they breach the "ceiling test". At that point, capitalized interest in excess of the ceiling has to be charged against earnings. It is a "catch up" charge, and applies equally to all E&P operations when and as they breach the ceiling.

    Chesapeake breached the ceiling Q1 had to take the hit. Look for them to breach it again in 2Q and take another hit.
    May 9, 2015. 02:25 AM | 4 Likes Like |Link to Comment
  • Oil bull: Shale boom has gone bust [View news story]
    "Oil production across the Midwest peaked at nearly 10M barrels per day in February, says hedge funder Andrew Hall"

    Somebody tell him that the entire US produces 9.4M barrels per day - counting Alaska, California, Gulf of Mexico, etcetera.
    May 5, 2015. 01:30 AM | 2 Likes Like |Link to Comment
  • Are We The Stranded Asset? (And Other Updates) [View article]
    Love the donkey and racehorse analogy, thanks.
    May 4, 2015. 09:24 PM | 1 Like Like |Link to Comment
  • Linn Energy's Swing Back Into Favor Is Only A Question Of Time [View article]
    For the sake of a balanced discussion, I offer the following:

    Management Self-Interest: The high price of the Berry acquisition made it a wealth transfer from Line (and Linco) shareholders to the Berry shareholders. It was good for Line's management, but not so much for their shareholders.

    Massive Asset Writedowns: The 1Q writedown was $532 million, and I anticipate cumulative writedowns for 2015 will be in the range of $1.5 billion to $2 billion. That will be quite a hit to the balance sheet.

    Potential Debt Bomb: Line has $6 billion in debt coming due in 2019. Line management says the debt markets are currently open, but will that still be true after the balance sheet is written down $1.5-2 billion this year? Perhaps the bankers will be fine with it, perhaps not.

    "JMHO" as they say.

    (I sold my Line shares in April, 2014, and have no position long or short.)
    May 3, 2015. 12:44 PM | 1 Like Like |Link to Comment
  • Exxon Mobil beats by $0.35, beats on revenue [View news story]
    Per EIA 5/1/15:

    1) WTI at $59.63 is up from $40.11 a year ago.

    2) Nat gas at $2.75 is up from $2.06 a year ago.
    May 2, 2015. 01:17 AM | Likes Like |Link to Comment
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