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Eagle Rock Energy Partners, L.P. Message Board

oklahomacrude66 7 posts  |  Last Activity: Jan 8, 2015 4:42 PM Member since: Nov 25, 2009
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  • oklahomacrude66 by oklahomacrude66 Jan 8, 2015 4:42 PM Flag

    Hate the management, hate the leverage, hate the lack of past performance, hate the over-promising and under-delivering. The dividend will be cut--it is only a question of how much.

    It is important to also think long term. This company was created by financial engineers and not by oilmen. The management is terrible and greedy. Long term it is not a viable proposition..

    Ask yourself what will happen to it once it is an "orphan" after the Targa deal closes.

  • Reply to

    ARP distribution scenario

    by bosox_pats Jan 5, 2015 7:07 AM
    oklahomacrude66 oklahomacrude66 Jan 6, 2015 10:38 AM Flag

    here's a tidbit from UBS--
    "We believe BBEP will need to raise alternative capital or execute additional balance sheet remedies to drive down leverage or additional distribution cuts could be necessary."

    - 5 January 2015

  • Reply to

    ARP distribution scenario

    by bosox_pats Jan 5, 2015 7:07 AM
    oklahomacrude66 oklahomacrude66 Jan 5, 2015 2:37 PM Flag

    The cohen brothers are financial engineers and not oilmen. They put themselves first above the shareholders. ARP is a terrible company with an unsustainable business model--no decent upstream mlp has a GP. Dividends will be slashed much more than the other upstream mlps. Linn and BBEP are far better run companies than ARP which is run by financial engineers. With ARP a disaster, the spinco will be almost worthless.

  • Reply to

    Interesting trading pair...

    by mizzou1966 Dec 26, 2014 11:34 AM
    oklahomacrude66 oklahomacrude66 Dec 26, 2014 5:03 PM Flag

    The TRGP shareholders could vote against the merger if they blame the drop in the price of TRGP on the merger

  • Reply to

    Interesting trading pair...

    by mizzou1966 Dec 26, 2014 11:34 AM
    oklahomacrude66 oklahomacrude66 Dec 26, 2014 4:56 PM Flag

    The combined breakup fee is $176mm, but with expenses its $235mm (see below for breakdown). There is a scenario whereby Targa would not have to pay the breakup fee (they would still have to pay the $59mm expenses), and that is if TRGP shareholders voted against the deal.

    Because TRGP is a corporation on the NYSE, they are subject to a vote if they issue more than 20% of their share count in new shares. TRGP is not like most GPs in that there is not very much ownership concentration among management (unlike with KMI for example), so if the shareholder base doesn't want to do the deal, they can walk away.

    The TRGP vote I think would happen after ATLS spins out non-midstream assets. A vote against the deal which could happen would crush ATLS

  • Reply to

    cooperman

    by conob1 Dec 17, 2014 4:43 PM
    oklahomacrude66 oklahomacrude66 Dec 22, 2014 2:48 PM Flag

    ARP is getting crushed by low NG prices and low oil prices. The stub is looking less and less valuable--ARP will have to cut dividends.

  • oklahomacrude66 by oklahomacrude66 Dec 3, 2014 9:56 AM Flag

    On webcast, a billion in new projects would include lateral to LNG plant, pipelines for Mexican gas, etc.---also UBS upgraded CEQP

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