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Linn Energy, LLC Message Board

  • bbandassoc bbandassoc Oct 28, 2013 5:00 PM Flag

    Very Solid Report

    While I was hopeful we would hear the S-4/A had been made effective, the results are quite impressive on their own. Obviously, news that they covered the distribution in the period, expect an even stronger next period, and plan to close the one outstanding acquisition by end of month are all very positive. The reference to a 6th S-4 amendment is likely just to add the results from the quarter, as they must do. GLTA

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    • Agree, The cash coverage was above 1 based on $2mm being over. So that was better than guidance.

      Certainly a turn around from the $36mm hole so far this year.

      Good production growth and very tight cost control.

      If Sand is around perhaps he would be good enough to put some color on the Hogshooter IP. 70%+ oil and liquids is what is needed.

      This was the 'disappointing' part.

      The Company expects production for the fourth quarter 2013 to average approximately 850 MMcfe/d (at the mid-point of the Company's guidance range) which does not include the potential impact of ethane rejection.

      MCY turned in a decent report today and is down. Granted the dividend increase was a token place holder but it does signal management commitment.

      certainly good enough to keep a 11% tax favored yielder. But we do need the call.

      Believe me it provides me no joy or comfort like the OLB ghouls. But the BRY deal is realistically off the table. I am sure negotiations are still being attempted which is the most likely reason for the call delay. But the SEC just is not going to let go.

      What we do have is 'DCF' slightly plus 1, So the mid point of production guidance based on a lower cost basis should still leverage down. + the acquisition chipping in next year.

      So rrb'rlp'd the racist and supremacists was wrong. As was Willie the hostile alien who presumes all Americans from our inner cities have inferior educations. It is just the sickness of collectivism.

      To assume they are superior others must be by definition inferior. Progressive.

      • 1 Reply to norrishappy
      • What was missing from the report was a look back on Q1 and Q2 numbers using the "new" DCF methodology. Would those .9x coverage numbers suddenly become 1.0x. I think most here understand that this 1.0x coverage is courtesy of the new formula more than improved performance. Should unit holders be excited about moving the goal posts? No, but chalk up a "W" for management for finding an out. Hats off.

        Otherwise, it looks like management delivered on what they stated in 2Q, which was higher volumes but lower value commodity mix. Ethane rejection still an issue.

        Berry deal looking less likely to happen at 1.25x ratio. I refuse to count it out, because I understand how crucial the Berry deal and the arbitrage is to Linn cleaning up its balance sheet. You can bet management will jump through any hoops necessary to attempt to complete the deal.

    • Solid like constipation.

0.39+0.02(+5.63%)4:00 PMEST