I think they 'sell the hedges' whenever they sell an equivalent amount of oil in the market. It is a constant process. The stock pps drops in a low oil price environment as investors think new hedges will be priced too low. I see no reason to 'lock-in' low priced new hedges down here so maybe management will not buy hedges down here.
And rude too, "take advice from from your betters" LOL too funny
Oh too bad, I have Ms. Cat on ignore. I miss out reading all the stupid posts so cannot be part of the class action suit.
I agree up to the "Putin is a madman just like..." After I heard about him stealing a Superbowl ring it dawned on me he's a thief plain and simple. He's in life for himself first, then his mother Russia, meaning the old boundaries and 'glory days'.
Russia helping Iran go nuclear, against Saudi wishes, earned them the wrath of globalists who have put in motion a financial war against Russia. Saudi will wait for Russia to back away from Iran then Saudi will announce a "new OPEC" agreement.
LINN has closed the previously announced sale of its entire position in the Granite Wash and Cleveland plays located in the Texas Panhandle and western Oklahoma to privately held institutional affiliates of EnerVest, Ltd. and FourPoint Energy, LLC at a contract price of $1.95 billion
Prior to November 6 LNCO traded an average 1,000,000 shares a day. In the 27 days since then it has traded 66,000,000 extra shares above the 'normal' 27,000,000 shares. Today's 9,600,000 shares sets a capitulation record. All but real long term holders have bailed. Does anyone left hold shares on margin?
The closing deals will be announced, the distribution will be announced, nothing left but long term prospects on massive holdings that will (someday) be worth 4 times today's beat down valuation.
Cram recently said he "doesn't think oil will go below $68". Later he'll say he meant $58. Fastest talking con man in the world.
Yes, the USA does not export oil so we are not the competition. This oil price drop could put the skids on Russia's Game of Risk. However there are many other outcomes as the Law of Unintended Consequences takes over.
Output from OPEC declined by 390,000 barrels a day in November to 30.05 million a day amid lower production in Libya, according to data from analysts and media organizations referred to in the report as "secondary sources." Libyan output dropped last month by 248,300 barrels a day to 638,000 a day. Pumping at the Sharara oil field, the country's biggest-producing asset, and the neighboring El Feel site, was halted after Sharara was seized by gunmen, according to the International Energy Agency. Production also slipped last month in Algeria, Angola, Kuwait, Qatar, the United Arab Emirates and in Saudi Arabia, where output declined 60,100 barrels a day to 9.59 million.
The free fall of oil price has many, many producers cutting capex. Some analysts say after we see an end to this rout we shouldn't be surprised if we get a 'V' shaped return to $90 oil in the summer.
If you look at 'earnings' yes, the payout ratio is high, but if you look at funds flow it is not. Many energy companies cut back on capital spending when oil drops. ERF has a choice, cut capital spending or cut the div. Much depends on how long lived the existing producing wells are doing. Those numbers are difficult to see.
Hey now guru, a like minded investor. I may not be crazy after all. Listen, I won't sell my shares if you don't sell yours. Let's hang on and see what this 'L' project does. I predict good things to turn this energy vehicle higher.
Sentiment: Strong Buy
Just to answer my own question, it took 11 months after the last debacle to start raising it from .10 per month, then another year to regain the usual divi. Figure 2 years, again.
This latest amputation, a 58% divi cut hurts. The silver liners say it will save the patient. Well, what good were all those hedges? New money from today in BTE will fair okay, the old money is toast for a long, long time. And how fast will BTE raise the divi when oil goes back up? What does history tell you?