UPL may be turning a corner | UPL Message Board Posts

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Msg  38004 of 38006  at  7/12/2019 1:22:11 PM  by

Petroeng


 In response to msg 38003 by  upstreamer
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Re: UPL may be turning a corner

 Very good analysis.  First, I was assuming worst case that the covenant reverts back to 4.5.  Q2 will be most likely a disaster, with both Opal and Henry Hub around or below $2/mcf.  That puts UPL in a hole, with Q1 EBITDA of $115 million.  The problem with the hedges of $2.78/mcf is the basis hedges of .52, .56 and .55/mcf respectively and , which lops a big part of the revenue downward.  Those basis hedges are a big part of the problem, that hopefully the California heat wave will address in Q3 and the GCX pipeline will address in Q4.  


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Msg # Subject Author Recs Date Posted
38005 Re: UPL may be turning a corner upstreamer 0 7/12/2019 2:53:07 PM


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