$AR, $am. .d1io3yog0oux5.cloudfront.net/_291d3bd008583…
positives; raised production, cut costs from $2.46 to 2.21, raised fcf guidance slighty. Debt facility was reaffirmed at 2.85$bn and their debt level is now $3.2 bn (so i was wrong in my assumption that based on the eqt/cvx transaction AR should double- make it up up 2.6x given
ev should be $5.8bn (based on eqt purchase px)-3.2bn debt or 2.6bn$ mkt cap or 2.8x current px) or close to $10/share.
-ves if u want to call it that- big gaap loss due to hedge losses (non cash and irrelevant), fcf only 8m this qtr due to screwy w/c but that will be all reversed next qtr such that they will still hit their 175-200m fcf #. Anyway u look at it screamingly cheap. And $am just
Raised their fcf and distributable cover went from 1.1 to 1.3x so that yield is sustainable (biggest no brainer 20% yield here). I’m long both and happy.
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