Just read a Wells Fargo analysts report. To summarise, changes SEC wants are backwards looking and and have no or little effect, on EBITA, DCF etc. They imply that the SEC informal enquiry is a done and dusted issue. The SEC ruling on puts and collars also effected BBEP etc.
FYI and confirms what has been posted by some.
One would think that Linn would have made the announcement, as it could have material impact. And where else could a guy at Wells Fargo get the information unless it's via Linn? Not having seen the actual report, I'd bet that he's simply speculating. The SEC is certainly not going to give material info. to an analyst. And Linn can't privately provide such non-public info. to an analyst. How's about copying and posting what you read?
When the Wells Fargo analyst says the SEC wants "backwards looking changes" does he mean LINE is going to have to file restated financial reports for past reporting periods? This normally is not a good thing. Also did the analyst have a buy/hold/sell opinion based on his report and what he purports to know about what's going on at the SEC? Thanks in advance. GLTA
Effectively no changes in accounting. Verbiage will change but this is will not impact what counts.
Sources and Uses statement and free operating cash flow. Nothing material.
Well Fargo had wide ranging valuation estimates based on various possible scenarios. The low end of a material misstatement is off the table.
But it appears Mr. Market is now in full show me mode with LINE management. If we can get the SEC to officially complete the DD, which counter to some posters delusions we will know, and Management turns in a respectable quarter on higher ngl prices maybe the sun will come out here.