27
Jun

Wrap – Week Ended 06/26/20

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We had a good week in renewables (solar, fuel cells, and our wind names) and a poor week in the gassy space. Natural gas fundamentals are better than pricing suggests. Our oil and service names were mixed to up on the week.

Free Stuff Last Week Watch:

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Questions and comments under The Wrap will be addressed in the Monday post.

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Questions about the site can be directed to zman@zmansenergybrain.com

Follow us on Twitter: @ZmansEnrgyBrain (not a typo)

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The Blotter is updated.

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Have a good weekend,

Z

 

 

8 Responses to “Wrap – Week Ended 06/26/20”

  1. 1
    Baylor Says:

    What’s the debt situation of ET?

    Seems only a matter of time before the dividend is cut. I’ve been accumulating ET, KMI, EPD and AWF for my dividend portfolio

  2. 2
    zman Says:

    re 1 – I will leave that one for the midstream followers as I don’t cover it.

  3. 3
    Baylor Says:

    With CHK declaring BK, what is the play here in CRK?

    CRK been a great trading vehicle. Energy is a trading space.

  4. 4
    Baylor Says:

    What’s the MTDR BK risk level here?

  5. 5
    zman Says:

    re 3/4 – will address Monday post.

  6. 6
    Baylor Says:

    Thx. Gotta unwind some losers

  7. 7
    zman Says:

    re 4 /6 – we don’t own MTDR but this is the draft from tomorrow’s post.

    ZComment: Re MTDR (unowned)

    Lower risk

    Their senior bonds are trading at 75 cents on the dollar

    Net debt to EBITDA is 2.4x (OK level, not where street wants it which is sub $2 but decent, by no means any kind of near term problem)
    The notes are 2026 so no near term maturity.
    They have $345 mm on the revolver (roughly half drawn vs their $700 mm commitment level and it’s in compliance with their debt covies at this time.  

    They are outspending this year and we are not tracking them closely at this time as I pulled back on what we own in the Permian space back in March and we had previously sold MTDR in September of 2019.

  8. 8
    Baylor Says:

    Thx for the thoughts on MTDR

    Wonder how the CHk BK affects things like ET, CRK, EPD, KMI

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