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Friday, June 26, 2015 8:04:05 PM
I would really like to see the drilling and midstream businesses sold, but I don't expect that to happen.
Consequently, while I'd probably value Unit closer to the mid-$30's as a pure play E&P company (assuming they could sell the drilling and midstream businesses at 5x EBITDA, which may be aggressive for the rigs), a low $30's price seems fair today, but with upside from further drilling success, a rebound in oil/gas prices, and better performance in the drilling business.
Purely My Own Opinion. Do Your Own Due Diligence.
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