Blog Archive
-
2016
(627)
-
avril(626)
- India to become second largest smartphone market b...
- Researchers develop a mobile app that lets visuall...
- Facebook usage over Tor surpasses one million mont...
- Free Wi-Fi content on trains and buses; this is ho...
- China ban on Apple services is a challenge for key...
- Android N Developer Preview moves beyond Nexus dev...
- Apple may be exempted from local sourcing norms fo...
- Acer Liquid Zest Plus announced with massive 5,000...
- US Justice Department withdraws NY iPhone unlockin...
- Microsoft, Google agree to withdraw regulatory com...
- Does the IRS Know If I Cashed Out a 401(k)?
- Surprise! Halliburton Company Pre-Announces Q1 Res...
- How Microsoft Won the Buyback Game
- What Happens to Stock Prices After Exiting Bankrup...
- Apple Inc's WWDC 2016: 3 Important Product Moves t...
- Can You Deduct a Fund's Expense Ratio?
- LinkedIn's College Student App Has Huge Profit Pot...
- This Research Report Is Horrible News for Apple
- Americans Spend Twice As Much Time on the Mobile I...
- Starbucks Corporation and Boston Beer Sink on Flat...
- Danger Lurks for These 2 High-Yield Dividend Stocks
- What Investors Might Have Missed in the Stock Mark...
- Is Big Lots a Big Buy?
- Why Microsoft, Hawaiian Holdings, and Tempur-Sealy...
- 1 Reason Wells Fargo Makes So Much Money
- Biogen Inc Earnings Explode Higher, Revenue Not So...
- Why Advanced Micro Devices, Southwestern Energy, a...
- Why Hawaiian Holdings, Inc. Stock Plummeted Today
- Facebook, Inc. Earnings: 3 Questions for Mark Zuck...
- BJ's Restaurants, Inc. Stock Up Big on Earnings: K...
- Better Buy: TransEnterix or Intuitive Surgical
- After Earnings, Is IBM a Buy?
- Has IPG Photonics Stock Gotten Ahead of Its Earnin...
- A Smart Strategy for Claiming Social Security At 62
- 3 Reasons Why the Apple Car May Fail
- What to Watch When Westinghouse Air Brake Technolo...
- Starbucks Corporation Earnings: 10 Reasons Results...
- Why Sarepta Therapeutics Inc. Is Bouncing Back Today
- Why Did Southwestern Energy Take Out a $1.5 Billio...
- GE Earnings: Another Quarter of Tough Conditions
- Is VR too dangerous for kids? We asked the experts
- Don’t let the kids have all the fun, ace Snapchat ...
- Use only clean energy with the flip of a switch th...
- The NHTSA is using Twitter to personally call out ...
- iPhone running low on memory? SanDisk's iXpand Fla...
- MTV Cribs is making a comeback … on Snapchat
- What’s new on Netflix and what’s leaving in May 2016
- Eizo Foris FS2735 review
- New trailer for Woody Allen's Cafe Society feature...
- Art imitating life: 7 great crime movies based on ...
- id Software responds to PC gamers' complaints abou...
- Big sound, small package: Here’s our 9 favorite so...
- Relive the horror and the glory of the top ten Gam...
- China’s National Space Administration just announc...
- Scared of zombies? Inkas’ upgraded Sentry APC will...
- Ingenious Brazilian billboards use fake sweat to a...
- Close that torrent! Here’s how to legally watch Ga...
- UCI scientists stumble upon the key to never-endin...
- Zotac teases tether-free VR gaming using a Zbox mi...
- Two weeks on the road with digital ear plugs made ...
- A swing and a miss: ten car brands that didn’t mak...
- Prince’s autopsy is complete, but official results...
- There's nothing subtle about MSI's new Aegis gamin...
- How the DMCA silences cybersecurity experts, and m...
- Trends with Benefits: Celebrating TechfestNW and n...
- Legless duck walks again with 3D printed prostheti...
- Deal alert! The Alcatel POP 7 LTE has Android 6.0 ...
- Crispy Rice Cooker lets you push a button and walk...
- Between the Streams: Game of Thrones preview, Jaso...
- Where is sensitive cloud data physically stored? M...
- DoT wing issues notification to liberalise CDMA sp...
- Soon dial mobile numbers from WhatsApp, Skype as D...
- Does the IRS Know If I Cashed Out a 401(k)?
- Surprise! Halliburton Company Pre-Announces Q1 Res...
- How Microsoft Won the Buyback Game
- What Happens to Stock Prices After Exiting Bankrup...
- Apple Inc's WWDC 2016: 3 Important Product Moves t...
- Can You Deduct a Fund's Expense Ratio?
- LinkedIn's College Student App Has Huge Profit Pot...
- This Research Report Is Horrible News for Apple
- Americans Spend Twice As Much Time on the Mobile I...
- Starbucks Corporation and Boston Beer Sink on Flat...
- Danger Lurks for These 2 High-Yield Dividend Stocks
- What Investors Might Have Missed in the Stock Mark...
- Is Big Lots a Big Buy?
- Why Microsoft, Hawaiian Holdings, and Tempur-Sealy...
- 1 Reason Wells Fargo Makes So Much Money
- Why Advanced Micro Devices, Southwestern Energy, a...
- Why Hawaiian Holdings, Inc. Stock Plummeted Today
- Facebook, Inc. Earnings: 3 Questions for Mark Zuck...
- BJ's Restaurants, Inc. Stock Up Big on Earnings: K...
- Better Buy: TransEnterix or Intuitive Surgical
- After Earnings, Is IBM a Buy?
- Has IPG Photonics Stock Gotten Ahead of Its Earnin...
- A Smart Strategy for Claiming Social Security At 62
- 3 Reasons Why the Apple Car May Fail
- What to Watch When Westinghouse Air Brake Technolo...
- Starbucks Corporation Earnings: 10 Reasons Results...
- BSNL 20GB 3G data offer for Rs 50 could help win n...
- Why Sarepta Therapeutics Inc. Is Bouncing Back Today
- février(1)
-
avril(626)
Sumsung Galaxy User Guide
Android Tutorials
Labels
- Acer
- all-news
- Android
- Android Tutorials
- Apple
- BlackBerry
- Chromebook
- Galaxy
- Galaxy User Guide
- Galaxy-note
- galaxy-phone
- Google Play
- High-tech-news
- HTC
- Iphone
- Jeux-Consoles
- Laptop
- MacBook
- Microsoft
- Motorola
- Nitendo
- PC
- Smartphone
- Software
- Sony
- Sumsung
- Sumsung - Galaxy
- Surface
- Tablets
- TV
- Video
- Virus
- Xbox
Recent Posts
Blog Archive
-
▼
2016
(627)
-
▼
avril
(626)
- India to become second largest smartphone market b...
- Researchers develop a mobile app that lets visuall...
- Facebook usage over Tor surpasses one million mont...
- Free Wi-Fi content on trains and buses; this is ho...
- China ban on Apple services is a challenge for key...
- Android N Developer Preview moves beyond Nexus dev...
- Apple may be exempted from local sourcing norms fo...
- Acer Liquid Zest Plus announced with massive 5,000...
- US Justice Department withdraws NY iPhone unlockin...
- Microsoft, Google agree to withdraw regulatory com...
- Does the IRS Know If I Cashed Out a 401(k)?
- Surprise! Halliburton Company Pre-Announces Q1 Res...
- How Microsoft Won the Buyback Game
- What Happens to Stock Prices After Exiting Bankrup...
- Apple Inc's WWDC 2016: 3 Important Product Moves t...
- Can You Deduct a Fund's Expense Ratio?
- LinkedIn's College Student App Has Huge Profit Pot...
- This Research Report Is Horrible News for Apple
- Americans Spend Twice As Much Time on the Mobile I...
- Starbucks Corporation and Boston Beer Sink on Flat...
- Danger Lurks for These 2 High-Yield Dividend Stocks
- What Investors Might Have Missed in the Stock Mark...
- Is Big Lots a Big Buy?
- Why Microsoft, Hawaiian Holdings, and Tempur-Sealy...
- 1 Reason Wells Fargo Makes So Much Money
- Biogen Inc Earnings Explode Higher, Revenue Not So...
- Why Advanced Micro Devices, Southwestern Energy, a...
- Why Hawaiian Holdings, Inc. Stock Plummeted Today
- Facebook, Inc. Earnings: 3 Questions for Mark Zuck...
- BJ's Restaurants, Inc. Stock Up Big on Earnings: K...
- Better Buy: TransEnterix or Intuitive Surgical
- After Earnings, Is IBM a Buy?
- Has IPG Photonics Stock Gotten Ahead of Its Earnin...
- A Smart Strategy for Claiming Social Security At 62
- 3 Reasons Why the Apple Car May Fail
- What to Watch When Westinghouse Air Brake Technolo...
- Starbucks Corporation Earnings: 10 Reasons Results...
- Why Sarepta Therapeutics Inc. Is Bouncing Back Today
- Why Did Southwestern Energy Take Out a $1.5 Billio...
- GE Earnings: Another Quarter of Tough Conditions
- Is VR too dangerous for kids? We asked the experts
- Don’t let the kids have all the fun, ace Snapchat ...
- Use only clean energy with the flip of a switch th...
- The NHTSA is using Twitter to personally call out ...
- iPhone running low on memory? SanDisk's iXpand Fla...
- MTV Cribs is making a comeback … on Snapchat
- What’s new on Netflix and what’s leaving in May 2016
- Eizo Foris FS2735 review
- New trailer for Woody Allen's Cafe Society feature...
- Art imitating life: 7 great crime movies based on ...
- id Software responds to PC gamers' complaints abou...
- Big sound, small package: Here’s our 9 favorite so...
- Relive the horror and the glory of the top ten Gam...
- China’s National Space Administration just announc...
- Scared of zombies? Inkas’ upgraded Sentry APC will...
- Ingenious Brazilian billboards use fake sweat to a...
- Close that torrent! Here’s how to legally watch Ga...
- UCI scientists stumble upon the key to never-endin...
- Zotac teases tether-free VR gaming using a Zbox mi...
- Two weeks on the road with digital ear plugs made ...
- A swing and a miss: ten car brands that didn’t mak...
- Prince’s autopsy is complete, but official results...
- There's nothing subtle about MSI's new Aegis gamin...
- How the DMCA silences cybersecurity experts, and m...
- Trends with Benefits: Celebrating TechfestNW and n...
- Legless duck walks again with 3D printed prostheti...
- Deal alert! The Alcatel POP 7 LTE has Android 6.0 ...
- Crispy Rice Cooker lets you push a button and walk...
- Between the Streams: Game of Thrones preview, Jaso...
- Where is sensitive cloud data physically stored? M...
- DoT wing issues notification to liberalise CDMA sp...
- Soon dial mobile numbers from WhatsApp, Skype as D...
- Does the IRS Know If I Cashed Out a 401(k)?
- Surprise! Halliburton Company Pre-Announces Q1 Res...
- How Microsoft Won the Buyback Game
- What Happens to Stock Prices After Exiting Bankrup...
- Apple Inc's WWDC 2016: 3 Important Product Moves t...
- Can You Deduct a Fund's Expense Ratio?
- LinkedIn's College Student App Has Huge Profit Pot...
- This Research Report Is Horrible News for Apple
- Americans Spend Twice As Much Time on the Mobile I...
- Starbucks Corporation and Boston Beer Sink on Flat...
- Danger Lurks for These 2 High-Yield Dividend Stocks
- What Investors Might Have Missed in the Stock Mark...
- Is Big Lots a Big Buy?
- Why Microsoft, Hawaiian Holdings, and Tempur-Sealy...
- 1 Reason Wells Fargo Makes So Much Money
- Why Advanced Micro Devices, Southwestern Energy, a...
- Why Hawaiian Holdings, Inc. Stock Plummeted Today
- Facebook, Inc. Earnings: 3 Questions for Mark Zuck...
- BJ's Restaurants, Inc. Stock Up Big on Earnings: K...
- Better Buy: TransEnterix or Intuitive Surgical
- After Earnings, Is IBM a Buy?
- Has IPG Photonics Stock Gotten Ahead of Its Earnin...
- A Smart Strategy for Claiming Social Security At 62
- 3 Reasons Why the Apple Car May Fail
- What to Watch When Westinghouse Air Brake Technolo...
- Starbucks Corporation Earnings: 10 Reasons Results...
- BSNL 20GB 3G data offer for Rs 50 could help win n...
- Why Sarepta Therapeutics Inc. Is Bouncing Back Today
-
▼
avril
(626)
-
Apple Watch 2 fans have a happy news here: At last, the brand has opened the box and confirmed its launch date which will be during the Worl...
-
As the Zika virus continues to plague South America, two Brazilian companies have designed a small billboard sign that traps and kills the c...
-
Verity Milligan tells how her evolution as a photographer has been aided by people she found on Instagram. In 2012 I moved to Birmingham and...
-
Written by Amrita Dutta | Updated: April 22, 2016 6:25 pm Among Juggernauts’ first re...
-
Qualcomm on Wednesday posted sales and earnings ahead of what many analysts were expecting amid strength in both its chip and licensing busi...
-
BENGALURU: Global professional services company Accenture on Thursday said it opened a cyber centre here to expand its global security p...
-
By: Reuters | Published:April 22, 2016 1:38 pm Google’s parent company Alphabet missed its firs...
-
Great news for Motorola fans, as the next couple of months will probably belong to the US handset maker. Even though it’s one of the fe...
-
By: PTI | Washington | Updated: April 22, 2016 2:04 pm The Hubble was launched into the Earth o...
-
That $50 tablet Amazon introduced not too long ago is coming in several new colors starting this week. Amazon calls the Amazon Fire the comp...
Like US On Facebook
Followers
Total Pageviews
Like so many oil and gas producers in North America, Southwestern Energy (NYSE: SWN) has seen its share price collapse over the past two years. From a high of over $45 per, shares Southwestern shares have had to double over the past couple of months just to get back to the $10 level.
Companies like Southwestern that have seen their share prices drop by 80% and 90% all have one thing in common. They have balance sheets with a lot of debt relative to the cash flows that they can generate in this low commodity price environment.
Since debt is a big concern that the market has about Southwestern, it might seem strange that the company did something positive when it recently added a whopping $1.5 billion of debt.
How does adding debt help a company with too much of it?
One thing I have learned is how creative these management teams are when it comes to managing their debt. The current collapse in prices is even worse, and management teams have again been pulling out all of the stops.
In early April, Southwestern Energy disclosed with the SEC that it borrowed $1.55 billion on its credit line on March 30. That might in itself have caused concern for shareholders, but the company also disclosed that it then repaid the amount in full just two days later. Southwestern didn't have to repay the money until the end of 2018 but chose to keep the loan for only two days.
The obvious question is, why in the world a company would need a $1.55 billion loan for only two days? Was a loan shark threatening to break someone's fingers? Southwestern supplied the reason for the $1.55 million ultra-short term loan in the same SEC filing:
As part of the Company's ongoing review of options to address its long-term debt maturities, having the cash from the Borrowing as an asset on the Company's consolidated balance sheet as of the last day of the first quarter of 2016 expands the Company's flexibility by increasing by approximately $232 million the maximum amount of secured debt that may be incurred during the second quarter of 2016.
The amount of secured debt that Southwestern is allowed to borrow is determined in part by the amount of cash it has on its balance sheet at a given point. By borrowing $1.55 billion and having it in cash at March 30, Southwestern has increased its ability to add secured debt.
With $1.7 billion in debt maturities looming in 2018, adding this $232 million of secured debt borrowing capability may help the company repay some of that maturing debt and replace it with longer-term money.
Good assets, but you'd better believe in the commodity
It's hard to imagine an industry accomplishing as many great things as North American natural gas producers have while creating such little value for shareholders.
These companies are truly victims of their own success, Southwestern being the perfect example. Back in 2007, Southwestern produced on average 113 billion cubic feet of natural gas per day. Last year Southwestern hit 976 billion cubic feet per day, an incredible 860% increase.
The production increase is incredible. The related increase in EBITDA is just as incredible, but for how small it is. Southwestern's 2015 EBITDA of $1.44 billion was barely more than the $1.362 billion the company generated in 2008, when production was only 20% of the 2015 level.
That's pretty depressing, but it's nothing compared to 2016, where expected EBITDA will be less than $500 million. That is lower than it was way back in 2007 and is just awful considering the billions of dollars Southwestern has spent between then and now.
I'm not criticizing Southwestern management. In fact I don't really know who to blame. The problem is that shale gas has been a monumental game changer, and this industry can't seem to stop itself from drilling the price of the commodity into the ground.
If you're going to own Southwestern or any other natural gas producer, you need to get yourself convinced that natural gas prices are going to improve. I think there's a possibility of that by the end of 2016, as the incredibly low price of natural gas is forcing these companies to finally dramatically curtail drilling.
Southwestern, for example, is going to spend only $400 million in 2016, versus $1.8 billion in 2015. In the fourth-quarter earnings call held in late February, the company indicated that by December 2016 production could be down by as much as 25%. With the entire industry feeling the same pain, natural gas production levels could decline in 2016 after years of growth, and that should provide some real help to improve prices.
A secret billion-dollar stock opportunity
The world's biggest tech company forgot to show you something, but a few Wall Street analysts and the Fool didn't miss a beat: There's a small company that's powering their brand-new gadgets and the coming revolution in technology. And we think its stock price has nearly unlimited room to run for early in-the-know investors! To be one of them, just click here.
Source : http://www.fool.com
Category
- Acer
- all-news
- Android
- Android Tutorials
- Apple
- BlackBerry
- Chromebook
- Galaxy
- Galaxy User Guide
- Galaxy-note
- galaxy-phone
- Google Play
- High-tech-news
- HTC
- Iphone
- Jeux-Consoles
- Laptop
- MacBook
- Microsoft
- Motorola
- Nitendo
- PC
- Smartphone
- Software
- Sony
- Sumsung
- Sumsung - Galaxy
- Surface
- Tablets
- TV
- Video
- Virus
- Xbox
0 commentaires:
Enregistrer un commentaire