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PVR Partners, L.P. Message Board

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  • anal.lyst anal.lyst Feb 22, 2012 10:52 AM Flag

    2011 Earnings Release & 2012 Guidance

    "rlp i was going sell down pvr units i was holding but still retain some, but after they said in cc they "love" their asset mix i sold all units. once a company is in love with themselves it gets scary over the long run is my experience."

    Its your money so therefore your choice but, a company "loving" their asset mix is one of the weirder reasons for selling that I have heard.

    Again this is not a criticism of your investing it just seems that when you buy a company you're also buying their management expertise so I would think you should be happy they have gotten the assets/mix they feel is best.


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    • anal more on why one should not be in love with their assets and need to bed flexible

      the concept of love covers a big tent

      here are two excepts from rrc latest presentation that should cause some pause about pvr/rrc related marcellus growth that may slow down for a time being and why I need to see some more data before re entering even though I think GW assets are strong assets

      From rrc
      "There's no question about that because we have been trying to consciously make this shift from dry gas over to the liquids-type plays for several months now. And we're still evolving that."

      "Leo P. Mariani - RBC Capital Markets, LLC, Research Division

      A couple of quick questions here for you. Looking at your acreage in Pennsylvania, it looks like some numbers have kind of moved around a little bit this quarter. I'm seeing your acreage in Northeast Pennsylvania go from 240,000 net to 180,000 net. And your acreage in Southwest PA went from 550,000 to 570,000 net. Just curious is there kind of -- what's going on there maybe there is some acreage swaps? Or maybe you guys have let some acreage in Northeast expire? Any color you have around that would be helpful.

      Jeffrey L. Ventura

      Yes. We can all chime in a little bit. I think what you're saying is exactly true. Our focus really is right now is the wet and super-rich of the Southwest. It's our big core position and given where oil prices are and gas prices are, clearly, our best economics. So the land dollars that we're spending are down in that area. So 100% of it is down in that area. Also when we're trading, we're trading to block up in that area. So we're trading stuff that's outside of the area to get stuff inside. And not all those trades, they aren't proportional because we really like the area and we think it has stacked pay and superior economics, we may trade 1.3, 1.4 acres for 1 acre to get it in the wet because we think the value is so much greater. So it's a variety of things like that."

    • anal.lst thanks for observations. I spent 25 years with one of the 3 major e&p's as a controller, stategic planning manager and business development manager leading M&a's and am co-published on how value is created in oil and gas industry.

      I have seen executives in love with their assets and miss the downturns and not take action to correct beczase of the love thing. not saying that is what pvr will do but it is not a good signal from my background and was unsettling to hear so a I sold out mr position around 25.00. I may re enter at some point with a much smaller position as I do like their GW assets but no for now