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Crosstex Energy, Komandit ┼×irket Message Board

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  • lner2512 lner2512 Apr 10, 2010 5:18 PM Flag

    G&P comparisons

    See RGNC's Analyst Day presentation on their website--one slide shows lifting costs by major play, which I found very interesting because of the major differences. Haynesville, the Marcellus and Eagle Ford were the lowest, I believe, which might help you decide which G & P looks best.

    I own RGNC, like its position in the Haynesville, strong sponsorship, returns and projected increases in DCF for 2010. I also own MWE because of its Marcellus exposure and KGS because I believe the market is underestimating 2010 DCF and distribution possibilities. I sold CPNO because distributions seemed to have flat-lined for 2010.

    XTEX seems to be gaining some respect, but I'm getting just as much price appreciation by owning BX, plus I'm getting a current cash return. And if XTEX is bought out, BX will be a big winner.

    Can't say anything about the rest...

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    • You said something interesting in your post..."if XTEX was bought out" or something like that. Anyway, suppose someone wanted to buyout XTEX now, do you think management would take $15 a share or do you think they would hold out for what they think they will see the company recover to...i.e. $30 to $40 a share?

      • 1 Reply to ross.john51
      • Nobody would pay $30 or $40 at this time clearly. Whether they would take $15, probably depends on the details of the deal and specifically what is in it for the management. There would have to be a shareholder vote, but usually the management gets their way one way or another.
        It depends on whether management holds lots of units and would make a killing on the sale. If they are not big holders, they might be more interested in whether they get to keep their jobs or not (HTE, for example, agreed to a crappy buyout, probably because all the management got to keep their jobs under the new owners).
        Bottom line: expect mgmt to put their own interest ahead of shareholder interests.