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Eagle Rock Energy Partners, L.P. Message Board

  • oklahomacrude66 oklahomacrude66 Jul 11, 2010 12:14 PM Flag

    XTEX versus EROC

    Adjusted EBITDA for XTEX for first quarter of 2010 was $43.783 million. Interest was $23.205 million and taxes were $.699 million and maintenance capex was $2,172 million resulting in distributable cash flow of $17.707 million.

    EROC's current total debt outstanding stands at $737 million at the end of the first quarter.
    Adjusted EBITDA for EROC for the first quarter of 2010 was $36.8 million and distributable cash flow was $21.9 million for the quarter.

    While EROC has more shares outstanding, they have significant cash available for investment to increase their distibutable cash flow. XTEX has very high interest costs and after a year and a half of restructuring has still not increased their distributable cash flow. XTEX has said that they will not pay a distribution in 2010 while EROC has said that it will pay a distribution in 2010. Relative to EROC, XTEX is overpriced.

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    • "XTEX has said that they will not pay a distribution in 2010"

      don't believe that is true. expectation is Q4 2010. I expect XTEX may be one quarter behind EROC in reinstating a meaningful distribution.

      In any case, your comparison doesn't matter...they will both be priced on yield and both at a relatively high yield too. I would guess 10-11%.

      btw, WF expects XTEX to start with a distribution of $1.20 annually starting in Q4 2010. Therefore my unit price target is ~$12 by end of year.

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