Cohen & Steers Tax-Adv Pref Secs and Inc Fund V.PTA

Primary Symbol: PTA

The Funds primary investment objective is high current income. The Funds secondary investment objective is capital appreciation The Fund seeks to achieve its investment objectives by investing at least 80% of its managed assets (i.e., net assets plus assets obtained through leverage) in a portfolio of preferred and other income securities issued by U.S. and non-U.S. companies, which may be either exchange-traded or available over-the-counter. In pursuing its investment objectives, the Fund seeks to achieve favorable after-tax returns for its shareholders by seeking to minimize the U.S. federal income tax consequences on income generated by the Fund. There can be no assurance that the Fund will achieve its investment objectives.

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Cohen & Steers Tax-Adv Pref Secs and Inc Fund > From PXT latest PR: The benefits for PTA's Balance Sheet

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Post by perdikaoilgason Feb 28, 2015 1:40pm

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Post# 23475867

From PXT latest PR: The benefits for PTA's Balance Sheet

This below is a very good read from Parex and its latest PR. It gives all an idea about PTA's benefits in Q1 and Q2 2015, because PXT and PTA share the same wells in the Llanos Basin, receive the same BRENT (not WTI) price in USD while paying their expenses in CAD and Colombian pesos.

https://www.parexresources.com/media/news/?r_id=1910104&pageno=1&nyear=2015

I quote from PXT:

Maintaining Balance Sheet Strength

We expect that our current 2015 base capital budget guidance of USD$145-$155 million will be fully funded from funds flow from operations. Note that Parex' financial reporting is in United States dollars.

We expect that 2015 cash costs per barrel compared to 2014 will be reduced. Key cost savings drivers are:

Depreciation of Colombian Peso (approximately 15% over 2014). Positively impacting:
- Transporting (Trucking), Opex, G&A, Capital (civil works and day rates).

Reduced Transportation Expenses: Reduced pipeline access (Ocensa) tariffs resulting from recent capacity expansions and lower than expected Llanos Basin production growth.

Reduced Production Royalties: Total royalties paid as calculated by the High Price Share (HPS) on large fields that have produced in excess of 5 million cumulative barrels such as Kona, Las Maracas and later in 2015 Tua and Tigana, varies according to WTI oil prices.

Depreciation of Canadian Dollar (approximately 7% over 2014). Positively impacting: Calgary office G&A

Overall, we expect the 2015 cash netbacks (operating netback less all cash cost including G&A, interests and taxes) per barrel of:
- USD$13-$15/bbl assuming Brent pricing of $50/bbl.
- USD$15-$17/bbl assuming Brent pricing of $55/bbl.
- USD$18-$20/bbl assuming Brent pricing of $60/bbl.