Debt covenant with Invesco says they at least must cut the dividend. Only question is whether Wilbur Ross renegotiated the $50M annual limit to accommodate additional shares issued in rights offering and preclude a cut or suspension.
The shale revolution and crude by rail changed the dynamic. Would VLO have bought Pembroke to replace those two refineries in covering the Atlantic basin? Is VLO better or worse off as a result?
Guess traders jumped on the opportunity to sell on release of 2014 budget, which calls for lower spending and flat production. Yes, I would take this opportunity to start or add to a position.
25% of Russia, which includes the location of the refinery, is on the European continent. Let this be your geography lesson for today.
That's funny. The financial media was offering Ukraine tensions as the reason Brent dropped on Friday.
XCO paid out $43.2M in 2013 dividends. The rights offering increased outstanding share count 25%. Debt covenant restricts annual dividend payouts to $50M. We will let you do the math.
COP and MRO suspended operations after 43 years at the only existing North American LNG export terminal, located on Alaska's Kenai Peninsula, at this time last year, due to concerns over supply to the terminal. New supply is available, and Alaska asked COP to reopen the plant. COP anticipates resumption of exports in 2Q 2014. LNG World News reported today DOE approved a permit to export 40 bcf to FTA countries over two years. COP had applied to export the same volume over the same time period to non-FTA countries, for which the permit comment period ended today. Restarting the terminal appears to be on schedule for 2Q since no plant modifications are required.
With regard to Europe, existing LNG import terminals can re-export LNG and did so in modest volumes last year. Neither the Kenai Peninsula terminal or re-exports have anything to do with XCO, of course, so this entire message is off-topic.
My portfolio reminds me of a whack-a-mole game this week. Every day a stock or two get whacked and another one or few pop up to keep the collective value roughly the same. Set those limit orders!