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With a manageable level of debt and what

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Timothy Smith Member Profile
 
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Timothy Smith   Friday, 06/26/15 08:04:05 PM
Re: None
Post # of 17 
With a manageable level of debt and what appear to be economical (if not attractive) assets in Oklahoma and Texas even at today's lower oil and gas prices, I think Unit is a survivor.

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.

“Formula for success: rise early, work hard, strike oil.” - J. Paul Getty
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