you could try reading the company headlines. It was announced a couple of weeks ago and the announcement is still there on the yahoo headlines page for this stock.
Why do people ask these questions on message boards without even checking the company announcements?
More money has been lost by you by being bearish on everything and missing out on MLPs market besting performance over the last 5 years (Alerian index up by a factor of 5 in the last 5 years (approximately).
Clearly, all your posts are inspired by sour grapes and envy on all the gains you've missed out on.
EROC has the second biggest price decline (might be the worst by the end of the year) of all MLPs in 2013. It has cut it's distribution twice in 5 years, almosr ran the company into bankruptcy a few years ago and as a result had to give away their crown jewel (the minerals properties), missed expectations and broken promises (they promises we'd be over $1/yr in distributions by now).
By any objective measure EROC has been among the very worst handful of MLPs in terms of both performance (total return including unit price and distributions) as well as management incompetence and lack of credibility.
Yet, despite all that, you maintain it's a great company.
Earth to vattars: it's been a catastrophe. It's a broken company. Management has run the company into the ground twice now and has no credibility left. The best thing would be for them to put the business up for sale.
On what possible basis can you keep maintaining it's a 'good company'? It can't be shareholder return because that's been a disaster (the second worst of all MLPs in 2013). Just because you own it, that makes it a great company? Is that it?
As for me slandering oil and gas companies, that is just silly. Most on these boards know that I am one of the biggest investors in MLPs on these boards. I have long positions in about 50 MLPs, (including EROC which with a zero cost basis would be too expensive to sell) and including the trusts and Canadian dividend payers long positions in about 85 of those 'oil and gas companies'. On top of which I am short puts (a bullish position) on about 55 other MLPs giving me a (long) financial interest in almost all MLPs with exception of propanes distributors, downstream product distributors, shipping MLPs and special cases.
So it's a bit silly to say I slander them when I am long or equivalent on most of them. I call it as I see it. Most of the MLPs have decent management, but you have chosen two of the worst (probably due to yield chasing). EROC is one of the MLP basket cases (second worst price decline of all MLPs in 2013) and your other favorite ECT is simply a trust in terminal decline that never lived up to initial projections and from which it will be IMPOSSIBLE for you to recover your losses even if NG rises because the trust production will continue declining. There are plenty of MLPs I write positively about, you just happened to make two terrible choices due to chasing highest yield. You have suffered big losses and that is the usual price for chasing high yield.
the poster (maybe it was you under yet another handle since there are a suspiciously large number of people interested in both ECT and EROC : oroplata, vattars and now mikecline - most likely these are all the same poster having a conversation with himself under 3 IDs)....anyway the poster suggested it can't get worse. Your answer implies you believe another market crash is impossible. Many disagree with that.
Yes, many MLPs were crushed in that crash, although few were forced to cut distributions. EROC was one of the few. Most had their unit prices crushed but the business itself continued with just a bit of a scare. EROC was one of a few (APL being another, also XTEX) which were close to bankruptcy. Most MLPs have strengthened their position since then and arguably are in a much better position to navigate a similar crash (although a seizing up of credit markets for any sustained period would stress most MLPs severely). But has EROC strengthened their position significantly? Were there to be another 2008 style crash, I'd suggest EROC's survival might be in jeopardy.
Anyway, EROC has been amount the very worst performers of all MLPs over the last couple of years. It has one of the most incompetent management of all MLPs. That is not just opinion - they have destroyed the unit price and cut distributions twice now in 5 years. Once is bad enough, but twice is a case of "fool me once, shame on you, fool me twice, shame on me". Yet, you continue to believe they are the best thing since sliced bread and that huge losses in price and missed forecasts, broken promises and slashed distributions are not a concern. Hard to make you out...are you really such a naive fool that you can't recognize what a disaster EROC management has been?
"cant get much worse at this point"
why not? A few years ago they crashed this down into the $2's.
And that was when they still had the mineral assets and there were fewer units.
huh? The operator is Energy Corporation of America.
book is meaningless, simply means the assets were purchased at a time of much higher NG prices.
The trust runs until 2030 but will be producing less and less gas and paying lower and lower distributions.
Probably if you buy at current price you might get your money back and a little bit more over the next 20 years. If you think that makes a good investment, go ahead.
The error message is an old one, I believe but it used to appear somewhat at random and when happening it impacted all boards. Last night, and again today to a lesser extent it was board specific and also specific to boards with lower posting activity. I had no problems accessing some boards but others (low activity ones) could not be accessed no matter how many times I tried...until a few hours later when they came back. Now some of them are working and others seem down again. Whatever is going on, the platform seems to be deteriorating for some reason. Wouldn't be surprised if they have to do yet another upgrade of message board formats.
"Guidance for 2014 was pretty good, better than CEQP even"
CEQP guidance for 2014 was far below expectations. 2015 guidance was OK but more uncertainty since it is further out.
You have to include the old CMLP units too. It was two companies that merged (and then there was an acquisition just afterwards which required an offering).
some offline again today, for example I can't access the BPL board today. Not sure if it's just intermittent or they are really doing something. The behavior seems to be widening though.
“A lot of these wells are in remote places … it just takes a little bit more time for them to clear roads to get (trucks) out to those locations.”
And in some cases, it’s not even worth it — since operators are often responsible for plowing access roads, and it takes propane and other costs to keep wells running in winter, operators sometimes just shut marginal wells down during winter months.
Wold said Tervita will shut wells if it can’t get trucks to them to unload the tanks.
Between 400 and 500 wells are expected to be shut down from about now until spring, Helms said.
“There are a lot of wells out there that produce very little oil and gas,” he said, “and it doesn’t pay to keep the roads plowed or try to get trucks in and out to keep the wells pumping.
“It’s pretty significant when you think about 400 or 500 wells being shut off for three to four months,” Helms said.
Halliburton spokeswoman Susie McMichael said in an email that the company sees a 10 to 15 percent reduction in activity during the height of winter due to operations “simply taking more time,” like for snow removal and extra travel time.
“If the actual temperature gets down to 20, 30, 40 below, nothing’s gonna run,” Wold said. “You’re just gonna have trouble.”
just to balance the uninformed posters of misinformation on this board (you know who they are), here is some more about why oil production slows due to severe weather...
"Even booming Bakken oil production can’t stand up to North Dakota’s crippling winters. By hindering transportation to wells and slowing the hydraulic fracturing process, severe winter weather slows production.
The No. 1 cause of the slowdown in winter months is difficulties for fracking, North Dakota Department of Mineral Resources Director Lynn Helms said. Ice and snow make it harder to get water to a site, it takes longer to heat fluids and keep them warm, and flowback water can freeze and delay the process, he said.
That’s been an issue this week.
“They are struggling at subzero temperatures,” Helms said of fracking operators. “Things get really, really slow for them.”
Shawn Wold, Tervita’s Watford City operations manager, said the Houston-based energy company will keep bumping up the temperature of frac water heaters the colder it gets outside, which takes time.
In his monthly Director’s Cut updates, Helms often cites winter weather as the reason for decreases or smaller than normal increases in daily production.
After a rough April 2011, daily production actually dropped from March numbers.
“Growth slows but then when we have a particularly severe month like we had in the spring of 2011, production can actually fall by 10,000 barrels per day or in that neighborhood,” Helms said.
With 75 percent of oil still moved by truck, a road shutdown of three or four days due to severe weather is significant, Helms said.
And on a smaller scale, a couple inches to a foot of snow on well pad access roads causes headaches for operators.
“The biggest slowdown comes from getting equipment out to those well pads,” North Dakota Petroleum Council spokeswoman Tessa Sandstrom said.
“A lot of these wells are in remote places … it just takes a little bit more time for them to clear roads to get (trucks) o
"Why is this simple supply-and-demand logic evading your bird's brain?"
supply and demand logic? You completely ignored supply (despite many warnings by producers of well shut ins due to the weather). You mentioned nothing but demand.
You're likely going to look pretty foolish in 2 weeks if there is a huge draw and you will probably deny these dozens of posts you're making now. No doubt you'll be having to wire even more money into your account at that point too.
Well chosen yahoo handle though. Very suitable.
Well you clearly don't realize that production is as important to inventory movement as demand when you make the amazing howler "Oil production is not hampered by cold weather."
There have been many Permian (and elsewhere) oil producers warning of significant production impact to their production from shut ins due to severe weather and they don't know how long the interruptions will last. Yet you are confidently projecting huge builds because people aren't driving as much. You have a bit of learning to do before you risk any more money speculating on oil. You will be one of the ones to get slaughtered by the professionals who know what they are doing.
P.S. Your 'sentence' didn't actually make any sense as it was not gramatically correctly constructed, nor is your reply above. So taking your statement "I don't know about oil inventory" at face value is the logical course since it is so clearly true.
So, I was right. Having to wire money into your account to cover margin calls. No wonder you're sounding desperate. Thing is you're wrong and even the oil shorts are telling you so. Texas being frozen will be significantly reducing oil production from the Permian and more than likely will result in inventory draws rather than the huge builds you are implying. Within 2 weeks, you're probably going to be backtracking claiming you never said any of this. You are already exposed as not having a clue on the subject with this howler: "Oil production is not hampered by cold weather".
I keep making money either way. MLPs are up 26% YTD. I only 'crawled out of my hole' to correct your ridiculous nonsense about the winter impact.
Your clueless quote: "Oil production is not hampered by cold weather."
While oil producers have been coming out left and right issuing warning that they have wells shut in due to severe weather and don't know how long they will be shut in.
You are going to look pretty foolish if there is a draw in the next couple of EIA reports.