Wednesday, September 23, 2015 11:06:03 PM
If oil goes to $20 like Goldman says.
All the MLP's are toast.
I'm well aware of their capital structure.
Just pointing out some facts about this one if prices hold up.
...take a careful look at page 19
http://files.shareholder.com/downloads/AMDA-KNI1T/559186185x0x848648/0EEEA629-9AC2-42CA-B194-F4F0B5A71AD3/MCEP_Investor_Presentation_2015-09-01.pdf
LOE = 18.14
Taxes= 3.14
G&A = 3.01
interest 3.80
---------------
28.09
Projections based on $200MM in borrowings at rate of 3.25% divided by the mid-point of FY2015 production guidance.
They have no term loans
& no bond issuances.
20 million buffer (10%) on the revolver.
That being said if they have to cut the distribution.
This goes to $1.25
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