i imagine 40% is at the low end of their historical range - it is?...and regardless of what "one thinks" it is always prudent to hedge....you may think TNK is going down or up in price but surely you wouldn't bet the farm....do you own any insurance on your house? and are you expecting a fire?
heh optimist...if they had given a one time special dividend of $1bn, say $1.70 a share...would u have plowed it back in?
in fact the subs are likely to be all zeroed out in a couple more quarters as production continues to wane even with the final wells drilled (by end of 2Q14)
u call that size? c'mon doogle's got at least a stick on this one....
napp - u can't seriously crit TNK for having 40% on fixed? That's like beating on your kid for not taking a headlong slide into second....
so please doogle tell us what was better about the CC...some facts please instead of pontification....by all means, long away
"good guidance" .... what were you listening too...or did u choose to ignore the part about 50mn a quarter in cash needed to pay KKR...or the need for artificial lifts - that's going to help costs....or maybe it was the cruddy 30d IPs they are now stating for eagle ford....but heh why don't we restart the BUDA thread!
i imagine you are one of those ninkumpoops the do not include required capital expenditures to maintain production or maintenance. And then sit there and wonder why debt keeps going up and share price down.....LOL
the "accretive investments" will not bear much fruit in 2014. tops 50mn in EBITDA including bel-ray and royal purple on Walmart shelves. That is not significant. They have to make it till 2016. You seem to think they can use cash and debt without considering they are closing in on their debt covenant for fixed coverage charge - that would automatically cut distribution. Analysts and management did not address it for different reasons...analysts because their firms make huge fees every time they do an offering and managment because there is no upside in discussing having to do an offering.
they talked a good book....but
cash flow still negative implying dividend elimination is coming.
2015 big cash need of 200mn to fund KKR deal and capex so leverage goes right back up
for some reason we need nodding donkeys in the Eford and 30d IPs are a disappointment
maybe start generating fcf in 2017
and pray we get $5 NG and $100 oil
don't kid yourself....
Ebitda guidance '14 412mn - div - capex = 100mn cash flow hole (expect div to go)
EF 30d IPs are 450/d vs originally advertized 550+
Artificial lifts being installed on PDP raising costs
50mn/q payout in to KKR in '15 - $180 mn in funding needs
I admit, they put a nice spin on it but fact remains this will be cashflow negative until 2017 at best even with div cut and another secondary will probably be needed ....
"up to now Wilbur has done well". Desperate long
It's funny how the newbie handles spout the same thing abut Wilbur over and over again and for the last two years...don't u realize how rookie u sound? Tell us something we don't already know