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Inergy, L.P. Message Board

rrb1981 144 posts  |  Last Activity: Dec 24, 2014 4:29 PM Member since: Apr 18, 2001
  • Reply to

    is the model broken ?

    by crl1603 Oct 7, 2014 10:54 AM
    rrb1981 rrb1981 Oct 8, 2014 7:34 AM Flag

    No, maintenance capital should perpetuate reserves and cash flow. That is the definition. Every year, the MLP sets aside a percentage of ebitda, typically around 20-25% to be reinvested to offset the natural decline of existing wells.

    Maintenance includes both drilling of new wells, but also acquiring acreage upon which future wells will be drilled.

  • Reply to


    by ronharv Oct 5, 2014 5:11 PM
    rrb1981 rrb1981 Oct 5, 2014 9:38 PM Flag


    The only thing that you have overlooked regarding Linn's natural gas hedges is the fact that for year 2016 (now less than 1.25 yrs away) they have a fairly significant drop in pricing from $5.12 to $4.48 (a 12% drop).

    That $.64 drop amounts to nearly a $100 million reduction in DCF. Of course, Linn is now operating with at least a 1.10x coverage for '15 on an annualized basis taking into account all of the recent transactions..

  • Reply to

    PSTR makes or breaks IMO at $1 level

    by bottman20012001 Oct 3, 2014 6:24 AM
    rrb1981 rrb1981 Oct 5, 2014 2:34 PM Flag

    PSTR is simply overleveraged. The preferred units are being paid in kind, which means White Deer simply owns more and more. I see this as a company on life support. White Deer will keep it alive to keep their investment alive, but I suspect outside investors will not likely prosper.

  • rrb1981 by rrb1981 Oct 5, 2014 9:20 AM Flag

    Couldn't help but notice that yet again, sandforbrains has been proven wrong (no surprise!). The distribution was yet again held static.

    Poor, poor sandforbrains. I guess he went into a depression of depravity once yahoo stopped letting him post his silly finviz charts.

    The board is so much cleaner without the filthy degenerate lurking about.

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