XCO already negotiated with the lenders and is signing a new credit agreement this week that will allow them to rely more on term loans than on the revolver. As I understood, they are looking for more financing flexibility, not a greater debt burden.
Seems second lien debt and asset divestitures presently are at the top of the list, although the latter would be deferred until 2016. The CFO said they are tight with the banks and have the benefit of the board members' financial acumen. Those hollering BK can fuhgeddaboudit.
I listened, but nothing was said that you can't see in more detail in the press release or on the Q2 2015 Earnings Review slide presentation, except:
- Considering reverse stock split, subject to shareholder approval, to remain listed on NYSE
- KKR declined offers to buy wells in 2Q; discussing agreement modifications with KKR
- Paid $1k per acre for the 11k acres leased in Zavala County and retained 100% interest.
And to clarify, the extended term for 85% hedging will be ~ five years.
See the eliminating - Deal culture and - Capital deployment highly dependent on “deal of the week” bullets on the "Back to Basics" strategy slide? That's John Wilder saying Doug Miller was a poor manager, if not an idiot.
Please stop. Last time you were a buyer, shares lost 50% of their value. Legendary investor, Jesse Livermore, said one should scale in at higher prices and scale out at lower prices. You have your strategy backward.
The shareholder meeting is August 5, but Bluescape need not wait. The outcome of the vote has been known from the outset.
Starting to appear the pop may come on earnings announcement. VLO and MPC are first up to bat, so the market won't have a chance to react to peer results first. As the great Jesse Livermore said, "Don’t take action with a trade until the market, itself, confirms your opinion. Being a little late in a trade is insurance that your opinion is correct."
There's another element at work in the domestic diesel market. Railroad freight volumes are down, and railroads collectively are the largest consumers of diesel. UNP alone is the largest American diesel consumer after the US Navy.
Ex-date was Monday. Anyone holding APA for the dividend made a big mistake, losing 5 dollars in the preceding week alone to garner 25 cents.
Is that you underwater at $60? Seem to recall you trading in the $60 - $70 range. It's okay if you admit it. Everyone on this message board is either a bagholder or a looky lou, No self-respecting, successful investor would be here.
"Goldman Sachs wonders why a company with nearly $3B of cash and a $4B untapped credit line at the end of Q1 would care so much about saving $240M/year at the risk of upsetting equity holders, and suggests CHK may not be able to cut costs as much as expected, or that earnings will miss expectations, or both." - SA
Do you mean you have the expectation of the 25-cent quarterly dividend continuing to be paid as consolation or that you received the dividend on May 22, when APA closed at $62.53?