Or maybe get another other MLP mgt to run it perhaps? LINE on EPS call has $2B buying power in their Drillco growth fund...How much does AGP have? Less than $100M as it struggles to payoff Eagleford purchase...wake up the strategy does work and Ed isnt that smart just arrogant
Ultimately with no currency to grow and capital mkts shut these guys need to restructure. $250M in liquidity (second lein no less) $100M in capital outlays this year = little liquidity left soon--$150M..thus why dope Cohen left as backs are against wall. The stupid drill prg if money raised this year ($150m)will cause another huge call on credit next year that they dont have......these guys dont have a clue or they do and they are simply irresponsible.
The BS this is execution only related is baloney and they know it....so on EPs call show inv how u will
Lower cost of capital to grow or step aside....and no more #$%$ on fictious partnerships....
Every cos has addressed its liquidity in group and now has better liquidity...what are we getting from paying execs here millions? To make promises they cant keep while everyone else does? Horrible
and the snails here at ATLS/ARP wed to their biz model is falling further behind as its cost of capital is hung like a weight on its neck...and these guys were the ones who brought the partnership avenue up long ago and they dont execute! Why? Cause they cant let go of their model
There is not even a mention of the partnership path 6 months since Cohen ran his mouth to sell side. These guys simple cant let go of their GP model structure and i bet whoever they spoke to went elsewhere such as BBEP who doesnt have a GP burden. This is incompetence at its best. Further it shows who the arrogance that mgt has regarding there perceived positioning which isnt as great as they think. Unreal
Yes as said coverage will be tough in 1Q but will rebound in 2Q on current pricing so in my view the dividend is good thru 2016 as oil has finally bottomed. They probably added to hedges like others and that is why forward curve is so flat. Despite that M&A activity should increase in 2H and these guys are stupid and will use the cheap cost of capital granted by the market for sure for accretive acquisitions. It will likely come in form of stock issuance at least in part but with the lowest cost of capital out there im sure they can make it work. Im further encouraged by insider buying as well. Of the players VNR has best prospects is prices recover further given scarce hedging as does LGCY but they will likely cut divy to under $1 and current $12.55 price doesnt reflect this reality. The stock is basing in reflection of a tough qrt as it should, but will soon start discounting better times ahead post 1Q call thus why insiders are buying.
Disproportionately between mgt and Cooperman the ownership is skewed toward ATLS thus perpetuating the existing structure and GP/splits....its exactly what is crippling both.....unreal...and probably why BBEP was successful in attracting a larger sponsor and dopes here have not. Who wants to invest when half your CF will go to ATLS as a partner? These people dont get it at all.
Failed everything and he finally goes after crippling ARP financially as financial markets are closed. Unreal.....if they were serious about fixing things here they would do more than have Cohen step aside...the entire strategy needs to change with GP that does nadda......dopes
They have crippled ARP and yet after starting the partnership route what occurs....nada ....yet every competitor has already done it.....Cohen has to realize we as inv can own Memo if we want a GP already set......why own this one with a pipe dream to come.....further how can they compete with PE firms who raised billions while AGP struggles to raise anything....these idiots better wake up
As mgt runs around raising money for AGP it has failed in securing ARP financing....u can see where their priorities are....to prop up ATLS period
These guys are clowns plain and simple.....the use of preferreds basically hoses common unit holders period. BBEP, LINE and now MEMP making financing moves and these dopes do a deal thru MLV & Northland bucket shops. All mgt cares about is using ARP divy to boost ATLS to grow AGP........thats the grand strategy period---a GP that wont do a thing for a long while....finding a drop down partner was a complete farse. Mgt better wake up as everyone is positioning to improve liquidity vs doing deals thru 2nd tier brokers...i hope the paultry reception to a junk preferred deal woke them up but i doubt it.
I hope all of realize the negativity that now exists from the sell side currently is a by product of the knuckleheads now using current strip as the price deck for the group. Like thats been accurate i ask? So think about that when choosing your timing as the rest of the E&P soars and the MLP space doesnt at least for now.