I noticed that some of the juniors were hard hit yesterday. I still there were some short term buyers that were looking for another bidder. Today does not look too good either.
I am sure that the Obama administration would love to see oil and gas be crippled. The Saudis are bleeding huge amounts of money right now with the low oil prices. I'm not sure they saw this coming either. Pretty funny about coal though.. the Chinese are burning coal like crazy (and it is real cheap now) and the emissions just float in the air across the ocean. Aren't the Americans clever in controlling greenhouse gas.
Big hit for them today. The market did not seem to like the news that shareholders had accepted the merger.
At first glance I did not like the 11.5% senior loan. After thinking about it for a while it makes sense to raise the cash and pay the steep interest rate. The savings from the distribution suspension will save the company over 50 million a year which would leave 45 million in savings after paying the interest on the loan. The long term question is whether or not they can become profitable in these difficult times.
As long the insults are sent Hillary's way I'm good with that. Someone needs to hold her accountable for the Benghazi disaster that she was responsible for. Sanders is a much better choice for the Dems. At least he is not a liar.
Nice timing on the buy. I am hoping they get additional offers and drive the price up. $24 is a little disappointing if you ask me
The Saudi's have been losing money on every barrel of oil they have sold since it dropped below $60 per barrel. 1 billion dollars a year in losses. They have five more years of cash and then they are broke. Oil won't stay this low for much longer. In any case CCLP is in natural gas compression and nat gas futures are pointing much higher. You should close your short position and find something else to short.
The actual loss was thirty five cents per share. The rest of the $4.47 was asset impairment charges. If you know anything about the oil business then you know that when oil and natural gas prices come back they will record huge gains on the assets they just wrote down. In the mean time this is not a good candidate to short sell at these prices as you will incur the charges for the dividends paid to the longs.