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Inergy, L.P. Message Board

smneedleman 6 posts  |  Last Activity: May 9, 2014 12:54 PM Member since: Apr 12, 2012
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  • Reply to

    Fun collecting / Not so Fun losing

    by hecilopter May 9, 2014 10:38 AM
    smneedleman smneedleman May 9, 2014 12:54 PM Flag

    Which is why you buy on the dips to average down. Here is your chance, don't miss it

  • Reply to

    MAIN

    by crashcardigan May 9, 2014 12:35 PM
    smneedleman smneedleman May 9, 2014 12:52 PM Flag

    Love it, sweet chance to grab a bunch more shares and average down. Picked a few thousand at $10.11

  • smneedleman by smneedleman Jan 24, 2014 3:25 PM Flag

    With nat gas soaring, we should see a nice pop in UAN?

  • Reply to

    IR link..posted a response to Mr Harris

    by greenroger22 Aug 8, 2013 9:44 AM
    smneedleman smneedleman Aug 9, 2013 2:04 PM Flag

    Wes answered my response I posted it for you and all to read, thanks

  • Reply to

    Investor Relations Response

    by smneedleman Aug 9, 2013 1:09 PM
    smneedleman smneedleman Aug 9, 2013 1:10 PM Flag

    On the afternoon of Thursday, July 25 (one week before we were scheduled to report Q2 earnings), we were informed by Icahn Enterprises (82% owner of CVI, our parent company) that IEP planned to announce a bond offering before market open on Monday, July 29. This resulted in UAN, CVI and CVRR needing to pre-release Q2 estimated results and updated full year outlooks by Friday, July 26 (the next day). We spent the evening of July 25 and the day of July 26 preparing and securing approval for the press release and related SEC filing for UAN. There are a number of steps required in this process given we needed approval at the UAN, CVI and IEP levels, and this took longer than we would have liked. This resulted in our press release not being publicly released until Friday evening. Clearly, this timing was not ideal from an investment community perspective…
    I recognize that the above explanation does not make the unit price decline any easier to deal with, but I wanted to give you some background on the sequence of events as it goes directly to your view of UAN management. I can tell you that our management team is very focused on the needs of our unitholders --- no matter what the size of their investment. As we have done in the past, we plan to continue our efforts of responsibly managing and growing the partnership for the benefit of all our unitholders well into the future.
    Sorry for the long response … thanks for your time.

    Best regards,
    Wes

  • I took the advice of greenroger22 and contacted Wes Harris about my frustration with the poor communication of the plant unexpected down time. I was appreciative of his candid response:
    We appreciate your note and understand your frustration with the unit price ... we are disappointed as well.
    While clearly unfortunate, I believe it is important for investors to understand that the downtime in late May and early June combined with the lower ammonia production after the second plant outage did not move us below our previous outlook of 2013 full year distributable cash flow of $2.15 to $2.45 per unit. This did not happen until the second week of July when we entered into orders for second half 2013 production as part of the annual fill season process at prices that were much lower than what was included in our $2.15 to $2.45 outlook.
    We then spent time over the following days analyzing whether we should continue to operate the facility at the reduced ammonia (and thereby UAN) production rates or should we bring the plant down in the near term to replace the damaged catalyst. Given the current lower pricing environment and the risk of further degradation of the catalyst that could lead to having to bring the plant down for repairs later in a potentially higher pricing environment, we decided it was best to bring the plant down on Saturday, July 27.

    Continued on next post

    Sentiment: Strong Buy

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