RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:DudesThanks for reading! I'm surprised to be breaking the news by checking the AUC and AER pages and not a press release. I was worried given the contentious nature of the AUC proceedings that it'd get denied at that level, or further complicated somehow, and we'd be back to $1.
On a previous earnings call, I think it was Q4 in March, they said they were publishing the renewable plans in order to pursue refinancing in the junk market. I'm surprised they haven't completed anything there, the high yeild market has been very favorable. Maybe that's coming, too.
On an EV/DCF basis they're not exactly cheap, but so much of their cashflow is eaten by interest that simultaneously selling Pioneer / refinancing debt / investing in high return capital projects makes this closer to the company I thought I was buying all those years ago. The price is close, too.
They had backed themselves into a corner by this sale gives them several paths to choose their own adventure.