asw310

Yea, sounds like debt will be up from YE 2014 (and flattish with Q1 2015), but total liabilities will be flat to down from YE 2014. That was my take, anyway. Q1 optically looks bad with more than 50% of capital budget spent and some production deferrals into Q2. Q2 production should be flat with Q1. Only thing I don't like is they layered on some hedges $55-$65 oil in April for the rest of year (previously completely unhedged). I'm a bit more optimistic about the second half for crude, but we'll see. Regardless, MCF seems cheap. I wonder if one of the big holders is liquidating (among which are the usual suspects, Blackrock and Vanguard, but also Ariel and Oaktree have big stakes). If one of them chose to unload their position (which is extremely immaterial for virtually all of the 5% holders), could easily see pressure on the stock.

This thing has sunk like a rock. Some delays and execution issues recently, but good balance sheet and management acted quickly and rationally last year by dramatically cutting capital budget. One of the only E&Ps to not see its stock rebound in last few weeks/months. Question is why?

Pretty sure the hedge fund holdings would need to be disclosed on Fairholme's existing 13F

thanks for these quick updates from conference! I wish I could have made it out this weekend. Would love to hear more about marks' remarks if you have time/desire...