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Plains Exploration & Production Company Message Board

realbjessup 12 posts  |  Last Activity: Mar 17, 2014 8:24 PM Member since: Jul 28, 1998
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  • Reply to

    Reason for the purchase of EPL

    by realbjessup Mar 17, 2014 1:23 AM
    realbjessup realbjessup Mar 17, 2014 8:24 PM Flag

    Forb, interesting comments. Yet, I don't see you pointing out anything I said that was wrong. I'd be glad to change my view, if you can point out what I said that was wrong. Do you know any of the employees/management? If so, ask them why they get paid so much and the stock goes nowhere but down. Do you ever even question that maybe they have made just a "few" mistakes in say.....oh, the last year or so? There a reason and it's not because of anything posted on Yahoo.

  • My belief is that the reason for the purchase of EPL is to protect management and their cushy jobs. Think about it, large institutions had recently taken large positions in EXXI stock. Such concentrations make it much easier to control a stockholder vote, since once one gets those votes, it doesn't take a very large % of the remaining shareholders votes to control the outcome of a vote. I'm sure there are a lot of people willing to kick out the current crew and give someone else a whack at it. This takeover makes that now nearly impossible. The company is now burdened by a heavy debt load and more dispersed shares, once the purchase is complete. That's why our so-called management is willing to overpay and then tell us it is accretive. An analyst supposed came out with a report decreasing their EPS estimates after the takeover is complete. I'm afraid those cost savings that management promises will be like the "temporary" stall in production that never seemed to return. Then this gang that can't shoot straight had the Malaysia deal they talked about for months and then threw out that idea like a bad apple. Now, they are off overpaying for assets whose cash flow will not make up for the interest on the increased debt load and share dilution that we will now have. We appear to be leaderless. Maybe they will change their mind and turn the company over to EPL managment. Lots of luck with that, huh?

  • realbjessup by realbjessup Mar 12, 2014 1:28 PM Flag

    I am not happy with the results so far. However, IF this really is as accretive as they say, this may well be higher than pre-annoucement levels before long. Looks to me like there are some significant items that have not yet been discussed. All just my poor, humble, uniformed opinion, of course. Will be interesting to see what all the analysts have to say over coming weeks and months.

  • realbjessup by realbjessup Mar 3, 2014 11:52 PM Flag

    I think we are getting close to an announcement on the acquisition and that has resulted in the recent move up. If these guys actually start delivering starting in the last half of CY 2014, we may see some very nice gains. The acquisition will start contributing, the deep gas wells will contribute some, new drilling will start to contribute, maybe some new finds in the JVs will help the stock price-- but oil flow will come later on. The ramp up will start in the last half of the year and continue into CY 2015, IF they actually deliver this time. It will also be interesting to see the terms if they actually do bring in someone else to take a share of their deep gas wells. All in just my humble opinion and based mainly on hope that they finally get their act together. We may well have more potential here that most people believe. I hope JS finally has something new (and good) to say on Tuesday in Orlando. GLTA.

  • Reply to

    Downtime

    by greenytheterp Feb 9, 2014 10:50 PM
    realbjessup realbjessup Feb 14, 2014 7:18 PM Flag

    Greeny, I think JS actually said they would fluctuate between 4 and 5 rigs which is even better, assuming I heard that right. If we get a lot of press notice if and when the deep gas comes on, that could give a bigger boost than anything else near term. I hope it works out that way.

  • Reply to

    Downtime

    by greenytheterp Feb 9, 2014 10:50 PM
    realbjessup realbjessup Feb 10, 2014 1:42 AM Flag

    Greeny, that's all good if they actually deliver. But remember, we have heard this tune before--and more than once. I hope this isn't the 6,000 barrels that goes away and never comes back like we had before. It's obvious that most/many/all have lost confidence in these people. Are we at maximum pessimism and ready to rebound. This week will likely tell. If we want the stock to go up, JS should announce his replacement this week with someone of greater ability. Just remember what they are saying now when once again they don't deliver in July-Dec. 2014.

  • Reply to

    What can we do?

    by realbjessup Feb 7, 2014 12:05 AM
    realbjessup realbjessup Feb 7, 2014 12:44 AM Flag

    And in the meantime, long-term debt has zoomed from $1.35 billion to $2.0 billion. That is a $650,000,000 increase from June 30, 2013 to December 31, 2013-in only 6 months. And I have no idea why. Is this for the Asian property they've been talking about? Is it for the ultra deep--oops, now they are calling it "Inboard Lower Tertiary/Cretaceous gas trend on the Gulf of Mexico Shelf and onshore in
    South Louisiana." ?? Schiller's bonus?? More dry holes in the Exxon properties? Debt is up, risk is up, Schiller's share of the pie up, production is flat to down, and the stock is down. Everything that should be up is down and everything that should be down is up! I encourage anyone with questions to call in on Friday. Call in early. The analysts won't ask pressing questions, but maybe some stockholders will. By the way, Leon Cooperman already has a signfiicant interest in this stock in the latest report I've seen.

  • realbjessup by realbjessup Feb 7, 2014 12:05 AM Flag

    What if everyone on here wrote to Carl Icahn and Leon Cooperman (other suggestions are welcome) and told them the situation and how this company is ripe for the pickings? Maybe we could get something done. All suggestions welcome. These guys currently in charge of EXXI are beyond redemption as far as I'm concerned.

  • another post: ......we hear about new wells every time they talketh, yet production has been downeth to flateth. This is truly the gang that cannot shootith straighteth And in their release, they talk like they have been delivering as promised. I really think someone needs to wake these guys up. Remember the reorg they did a while back that was going to cure all ills? And I hate to bring it up, but there was that production that was down for some maintenance--you know the production that never seemed to come back. What's going to happen tomorrow? I would be surprised that it doesn't end up for the day. (Really! Those with access to information sold already.) To be spending as much has they have for drilling and have flat to down production and maintain their outrageous salaries, stock options, and on and on should cause a shareholder rebellion. Maybe the people that forced poor performers out at CHK and SD are circling. I hope so. All this quarter after quarter and they never offer a reasonable explanation why production never seems to go up. Also, the hedging didn't seem to work for us but against us this quarter. And the bottom line: The stock has gone nowhere for 3 years or so. Note to our so-called management: If you can't do the job, leave and bring in someone who can! (I, for one, and damn sick of the insiders lining their pockets while the rest of us get screwed!!!!!!! Schiller, what the hell have you done for all the money we've wasted on you?)

  • Reply to

    Just ANOTHER bad quarter? OMG!

    by geo_valk Feb 6, 2014 4:44 PM
    realbjessup realbjessup Feb 6, 2014 7:32 PM Flag

    bmili, you are correct. However, we hear about new wells every time they talketh, yet production has been downeth to flateth. This is truly the gang that cannot shootith straighteth And in their release, they talk like they have been delivering as promised. I really think someone needs to wake these guys up. Remember the reorg they did a while back that was going to cure all ills. And I hate to bring it up, but there was that production that was down for some maintenance--you know the production that never seemed to come back. What's going to happen tomorrow? I would be surprised that it doesn't end up for the day. To be spending as much has they have for drilling and have flat to down production and maintain their outrageous salaries, stock options, and on and on should cause a shareholder rebellion. Maybe the people that forced poor performers out at CHK and SD are circling. I hope so. All this quarter after quarter and they never offer a reasonable explanation why production never seems to go up. Also, the hedging didn't seem to work for us but against us this quarter. And the bottom line: The stock has gone nowhere for 3 years or so. Note to our so-called management: If you can't do the job, leave and bring in someone who can!

  • Do you remember back several/many quarters ago when the flow rate was 50,000 and then they said they had to do some maintenance, so naturally production went down--temporarily. Or so I thought. Whatever happened to that production? Were they not able to complete the maintenance (more maintenance than they originally thought was going to have to be done) ? Did they forget about it? Were some areas abandoned and they "forgot" to tell us about it. Since they've been drilling new wells and actually producing from some of them--we were told anyway--why is it that the production rate is still below what in was several/many quarters ago? I know the production rate on established well declines over time, but this seems to be way beyond that being a plausible explanation. People just don't have any confidence in this management. That's my take. And I think there was a whiff of that in what quote from GS concerning the exploration results. Would someone please show me where I am wrong? I would like to be wrong. There are just way too many holes in what we should know from these guys IMO.

  • Reply to

    sale of 22% WI for blackbeard west 2 to FCX

    by deepvalue22 Jan 23, 2014 7:57 PM
    realbjessup realbjessup Jan 23, 2014 10:50 PM Flag

    deepvalue22, where did you see that and how much did they receive and when?

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