Razor:<<<Refineries are selling for about $0.10 on the replacement cost dollar. Do you have any idea of the total crude charge capacity?>>>
According to the report, the "Crude Unit" has a 30,000 barrel-per day capacity and is capable of producing light naptha overhead and the following side cuts: heavy naptha, kerosene (for jet fuel), #2 diesel, atmospheric gas oil and reduced crude oil sold as #5 fuel oil. The Crude Unit is also suitable for adaptation to process sour crude oil. Total petroleum storage capacity is 645,000 barrels and is currently being expanded to 725,000. Storage tanks on the refinerys' land include 220,000 barrels crude storage, 345,000 barrels for finished product sales and 80,000 barrels of product rundown storage. The VDU (vacuum distillation unit) planned to be used for processing asphalt and vacuum gas oil, has a capacity of 16,500 barrels per day.
<<<BTW, what's the equity market cap on this stock? Any debt? What's the total enterprise value (equity + debt)?>>>>
Hard question to answer, Razor, because it seems like this company will use stock for tender whenever possible so the market cap is a moving target. I think there are about 34.5 million shares issued and outstanding, but there are some Reg S convertible debs (the worst kind allowing holders to convert to common at 75% of the average market price), lots of stock options for employees (this may be as high as 8 million shares), and stock was issued for Kazakhstan asset (???). The 12/31/96 consolidated balance sheet shows $13,164,713 total liabilities but some of this debt ($624,000) was assumed by MIP when they bought the Columbian and Peruvian operations and other of it($3.7 million) was paid down out of cash proceeds from this sale.
The company has been through such a drastic transformation since 12/31/96 that it is hard to extrapolate the enterprise value, Razor. Your guess would undoubtably be better than mine. |
