APL: Atlas Pipeline Partners Message Board

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Gold/Mining/Energy : APL: Atlas Pipeline Partners

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From: Jim P.	11/9/2013 4:54:40 PM
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APL Eagleford gathering system and anchor acreage from Talisman TLM. APL overpaid for Eagleford assets. Talisman Energy is a weak player and has been for a lot of years. APL growth dependent now in this asset on competitively gaining more gas to process from players who do not have to convince a processor to build assets. Later entrants to energy plays almost always make lower returns than early movers. Following is from Citi on TLM Eagleford volumes. …Although Eagle Ford Outlook Was Reined In For 2014… – While Eagle Ford production has grown sharply this year, averaging 32 MBOE/d in Q3 (~9% of total output), mgmt. today said the “optimal” production plateau would be 40-50 MBOE/d rather than 60-70 MBOE/d next year even though it expects further efficiency gains. I hope APL pulls this off but have my doubts. Growth rate in distributions simply will be lower than sticking with organic growth, less debt and less dilution. jim

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