OTCPK:ICPVF - Post by User
Comment by
uncleblackieon Mar 31, 2020 5:04am
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Post# 30863039
RE:RE:Wealth
RE:RE:Wealth
I questioned a while back on this board whether or not the dividend was safe.
It looked like it was then but nobody could have predicted this virus thing at the time.
Even though they are making money right now due to contango, the credit markets have tightened up (for both IPL and their customers) and there is now a siginificant possibility of customer non payment and defaults. Also a chance they will end up storing oil nobody wants and then what? I don't know what managements plans are now but is there a possibility they may also delay bringing the viking connector on line this spring so they don't have to put even more oil into storage that nobody wants right now?
They need to insure they can go it alone on the petro plant if need be without a partner or the availability of additional credit. Prudent move on managements part given the circumstances and as a result IPL will be a good long term play I might look at again in the new year but for now I will wait as they like many others are dead money for at least the rest of 2020 imo.....