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LINE on Friday, CHK today...
Posted by cwill on 2/8/16 at 9:21 am00
quote:
The shares dropped 40 percent to $1.83 at 9:45 a.m. in New York, the lowest intraday level since January 2000. Before today, the Oklahoma City-based company had already lost 85 percent of its market value during the previous year. Chesapeake’s bonds also plunged. The fall was triggered by a Debtwire report that Chesapeake retained Kirkland & Ellis to help restructure a $9.8 billion debt load.
LINK
The blood is starting to flow....
Only energy MLP I have ever owned is kinder which converted last year. This was bound to happen. Chk was just driven into the ground by Aubrey, they were in a bad way before prices collapsed.
Also chk has stated the engagement of the workout firm does not mean bankruptcy. We shall see.
Also chk has stated the engagement of the workout firm does not mean bankruptcy. We shall see.
re: LINE on Friday, CHK today...Posted by beaverfever on 2/8/16 at 11:04 am to b-rab2
quote:you could be waiting awhile....by awhile I mean a long long time.
by normal I mean $60+ oil.
re: LINE on Friday, CHK today...Posted by TigerDog83 on 2/8/16 at 11:12 am to cwill
quote:
Only energy MLP I have ever owned is kinder which converted last year. This was bound to happen. Chk was just driven into the ground by Aubrey, they were in a bad way before prices collapsed.
Line is not only in a bad financial position but I can't see a light at the end of the tunnel for E & P MLPs. BBEP is also a dead man walking. I would be surprised to see CHK file before HK, GDP, SD, Exco, and some of the other even more severely stressed names.
re: LINE on Friday, CHK today...Posted by cwill on 2/8/16 at 11:30 am to TigerDog83
HK just put out a weird pre-workout firm engagement release this morning, too. Saw it on the RBC website. BBEP is done, too. Talked to some folks over there last month and that was their sentiment. And I agree, all the E&P MLPs are done. The midstream guys are in trouble, too.
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quote:
I'm ready for things to get back to normal.. by normal I mean $60+ oil.
The WTI montlhy spot price(inflation adjusted) has only been above $60/bbl 40% of the time in the last 40 years. Below 60 is normal, not above.
re: LINE on Friday, CHK today...Posted by castorinho on 2/8/16 at 1:28 pm to cwill
It's a bloodbath out there today for oil and gas.
quote:
guidance. And a dividend increase. They plan to raise it again also.
All I can tell you pal is here on the ground I'm seeing a lot of midstream companies struggling as the volumes moving through their lines plummets...consider that on top of that all of the debt incurred due to knew line construction and acquisitions. I'm far from saying you're wrong but I'd advise extreme caution.
This post was edited on 2/8 at 2:42 pm
re: LINE on Friday, CHK today...Posted by castorinho on 2/8/16 at 4:39 pm to cwill
quote:I work for one, it ain't pretty.
I'm seeing a lot of midstream companies struggling
Mostly locked in contract, meaning whether the oil is moving or not... Doesn't matter. However growth is taking a hit. We have diversified a bit, so that helps. But this shite needs to stop already, it's stressful
re: LINE on Friday, CHK today...Posted by cwill on 2/8/16 at 5:16 pm to castorinho
Regarding those sweet contracts with locked in volumes/payments....what happens when the producer goes bankrupt? Especially when that burdensome contract (See CHK & Williams) is one of the factors?
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