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Strategies & Market Trends : Value Investing

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To: E_K_S who wrote (38787)	8/21/2010 1:09:36 AM
From: Spekulatius	Read Replies (2) of 78748

re MDU, WMB @18.55$ - if you like MDU you may like WMB too. I bought some shares today. WMB is a Midstream NG E&P hybrid and it's better run than EP (closest peer). I do admit of liking the Midstream part (which pays the bills right now) much more so than the E&P. Anyways, they spent big bucks in the Marcellus share (100,000 Acres) in both their E&P and Midstream arm. Their earnings forecast reaching to 2012 shows a huge range for their earnings - 1.4-3.35$. Well at least they are honest - much of the outcome will depend on NG prices, I assume. From an asset point of view, they control 4.8 TCF of NG proved and 14.8 TCF potential. Current EV is 18B$. Their Midstream operation generates 1.5B$ in operating profit, so I think it's worth more than 10B$ (very conservative) - if you subtract that, the E&P part of the operation looks fairly cheap.

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