Energy Prospectus

cviller

cmm3rd,
Many thanks for taking the time to post your very detailed, thoughtful comments.

cviller

At the current share price of $2.37, how much dilution this year?

cviller

You get a lot of questions about it because you were extremely positive about it. At one time you said it was your largest position. People who otherwise wouldn't have heard of it invested in it.

cviller

Dan,
Do you have any idea how much stock they have repurchased?
Thanks.

cviller

Dan,
Do you know the quality of HK's acreage--1st tier?
Thanks.

cviller

Dan, AR has all its production hedged for the next year or two (operating off the top of my head). RRC and GPOR do not have as much hedged (again, top of head). If, as you believe, nat gas prices should strengthen, why is AR doing so much better than RRC and GPOR? If nat gas prices should actually s...

cviller

Dan,
Any chance you could do an update on GTE?

cviller

Dan,
Do you still plan to take a new look at Denbury?
Thanks.

cviller

Dan,
Do you have any favorites at these knocked-down prices? Danke schoen.

cviller

Dan,
Do you understand AMGP -- AM's general partner (20% anyway, the rest being privately held) -- well enough to have an opinion?
Thanks.

cviller

Dan,
What do you make of this? Why did the private GP holders float 20% of the GP interest? I can't find any decent info on this. If the AM's distributions go up X percent, will AMGP's distributions go up 3X percent? How much? Is there any decent brokerage house analysis available?
Thanks.

cviller

Dan, Do you know if GPOR still owns FANG shares? Thanks.

cviller

John Fox, former ceo of Mark West and huge MPLX shareholder, responds to Marathon's (and Elliot Management's) proposed plans for MPLX. Paul Singer of Elliot Management (the guy who got Argentina to pay its bondholders) said his plan was to "unlock the value of the Marathon's GP interest in MPLX...

cviller

Would you sell PE and put the proceeds into SM?

cviller

Article at: http://seekingalpha.com/article/4033214 ... gs-de-risk

cviller

Don't forget the underwriter's overallotment option, equal to 15% of the shares raised at $5.75. Both Leucadia and the underwriters are up 33% in a week. Be interesting to see if these bankers are still on the team for any subsequent offering.

cviller

I am reminded of one time EXXI sold shares to pay for one of its serial acquistions. JPM was the lead book runner and the shares were trading around $12.50 when the secondary was announced. Days later they were priced at $8.75. Soros and Wilbur Ross bought quite a bit. A few months later the shares ...

cviller

Will you audio or video record this talk?

cviller

1. Anyone have any info from the breakout session of today's webcast? 2. Dan: Russell Porter said that in the first half of 2017 he hoped to be able to extend the maturities of the notes due in May of 2018. If he is able to extend those maturities, wouldn't that derisk GST? 3. Porter also said the p...

cviller

Today's volume seems to be taking place mostly on upticks. I don't think the stock dividends will be paid until April.

cviller

Dan, Marathon Petroleum (MPC) said today in response to agitation from Elliot Management, "We are evaluating strategic opportunities to highlight and capture the value of MPC's general partner interest in MPLX." The general partner interest is held in an MPC sub. What options does Marathon...

cviller

I also have a bunch of the common which is way underwater and a bunch of the pfds which are up some. Wish I knew enough to do other than share your pain. The ceo does seem to be a hell of a deal maker, though, and he's going to drill 60 wells in the joint venture plus others separately, so unless oi...

cviller

Dan, I believe they plan to pay the preferred dividends in April with shares. Would those be additional preferred shares or common shares? Thanks.

cviller

Any idea whether Gastar used the recent rally in crude prices to put on any additional hedges? Thanks.

cviller

Wade (fellow former MWE shareholder): 1. The merger was secured with pie-in-the-sky promises to MWE shareholders and $53MM in parachutes to MWE management. A former ceo of MWE said MPLX would renege on its distribution growth promises. They reneged two months after closing. The box score: 1. A walk-...

cviller

I've roamed around the site and can't find it. How do we find it? Thanks.

cviller

Eclipse Resources (ECR) recently completed a Utica well with a lateral of approximately 18,500 feet, a record of some sort. Be interesting to see how it produces.

cviller

Great chart. Thanks.

cviller

Dan, Have you looked at GSPE lately? I was surprised by how positive they sounded in the mid-December conference call when the stock was trading under two cents ($0.02). Today it popped to five cents ($0.05) if my screens are right. Maybe they've lined up some financing. I suspect they've got some d...

cviller

Down 25% today. Distribution growth projections cut in half two months after the merger (secured with a $53MM parachute to the officers of MWE). Maybe business class, maybe an aisle seat in coach, but definitely not first class. There's a good article on it in today's oilandgas360.com.

cviller

Dan,
Do you follow MPLX, the company Mark West merged into? Any thoughts? Thanks.

cviller

Does anyone follow Suncor? Have an opinion on its deal for COS? Thanks.

cviller

The least negative reason I can imagine is that people bailing out of midstream etf's like Alerian have caused much of the selling in ETE. One would think the insider buying is positive but then Harold Hamm monetized his hedges at $80 oil.

cviller

Dan,
Your thoughts on the amended credit agreement? Thanks.

cviller

Dan,
Are those your top picks or Wells Fargo's? Thanks.

cviller

If my sums are correct, Kelcy Warren owns about 80 million shares of ETE, worth around $1.6 billion, and about 2.6 million shares of ETP, worth around $100 million. I would guess ETE is the better long-run bet.

cviller

As memory serves, GST got a lot of their Oklahoma leases in the settlement of a lawsuit with Chesapeake. GST promptly sold some of the "non-core" leases and got the core for basically nothing.

cviller

Great coverage, Dan. Thanks.

cviller

Dan,
Will these monster dry gas wells in the Marcellus/Utica produce monster volumes for decades or will they be mostly depleted after, say, three or four years? Thanks.

cviller

Dan,
Would you be inclined to buy MWE here? Buy MPLX here? I can't remember ever seeing the buyer's shares tanking and the seller's shares so far under the bid. It's like the market thinks it's a bad deal for both of them.

cviller

Gulfslope (GSPE) continues to acquire offshore blocks, recently picking up two for a total of $277,400. Any thoughts on their prospects? Have you heard of anyone being interested in their deals?

cviller

Yes, the videos are worth it. Please keep making them. Thanks.

cviller

Dan,
Have you ever looked at Eclipse Resources (ECR)? Any thoughts? Thanks.

cviller

Dan, Do you understand management's thinking well enough to say why they didn't just eliminate the dividend rather than cut it by 60%? I couldn't understand why they didn't eliminate rather than cut in half the dividend a couple of years ago. I can't understand their flirting with these liquidity/de...

cviller

Dan,
Do you think they can sell or joint-venture their deals in this environment? Thanks.

cviller

Whoops, found your Oct. 7 report. $22 fair value.

cviller

Dan, An outfit named Baker Street Capital has taken a 9.99% interest in Swift and called on the directors to add 3 of its picks to the Board and take steps to surface value, including the sale of various properties and maybe even the whole company. Do you think Baker has much chance of success? In t...

cviller

Dan,
Just because we're quiet doesn't mean we're not interested. I hope you will continue to comment on GTE from time to time.
Thanks for the recent posts. I think your comments and analysis are most valuable during times like this.

cviller

The State of Louisiana closed a pipeline EXXI acquired in the Exxon purchase.

cviller

On yesterday's webcast, Bob Herlin, Chairman and CEO, responding to a question about the dividend, said we are "basically a year away I think from doing anything really meaningful absent any unexpected development." After payout Denbury is going to build a recycle gas processing plant (to ...

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