Thank you for a significant valuable post. EROC is cheap today even without minerals if we look at just 'numbers'. Sadly it should be. The Eagle did not land on common unit holders but did make a direct hit with crap as they flew over the heads of enough unaware small individual investors.
What a shame. SP projects the american economy will use at least 400% more of our domestic natural gas in a decade. Right place, right assets wrong management. I hope for small investors sake that they demand management payout cash flow rather than retain it for future 'growth'. Cash in hand escapes the necessary discount for lack of character, integrity and ethics.
Yes, it kind of makes you sick that we were sitting on top of one of the LARGEST hydrocarbon deposits in the entire world (ref the slides with EUR est) and it was just sold off so we can get a 10% dividend, maybe, in the future.
And we paid mgt 29$mm for this brilliant, strategic move.
Ha. Now I know how the indians who sold Manhattan Island for a few shiny trinkets felt.