Re: UPL at IPAA OGIS today
I am not sure they can buy back debt or shares under the debt agreements. If they can and they can buy debt before the market hears they won the make whole appeal It seems they could make a big dent in debt and/shares outstanding. As far as I know the debt holders are still running the company, dictating hedges and a lot of other financial decisions. The other issue is it seems delisting is rolling down the chute like an Indiana Jones movie. Will the make whole cash push the shares over a buck? Seems like the odds are they will win so not sure that's the hold up.
As far as rigs go it will take gas rigs under 100 and a lot less oil rigs to make any difference. Hopefully oil prices tank and domestic companies get religion. Right now it seems the US companies are trying to run the rest of the world out of the oil biz. Canada is going to be in a world of hurt from what I have read if they can't continue to bleed their private oil sector of profits. I wonder what they are going to do. LNG exports won't save them as that market is going to be oversupplied soon enough.