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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Jim P. who wrote (33136)	12/28/2008 6:27:16 PM
From: Spekulatius	Read Replies (2) \| Respond to of 78700

APL - no need to beat you brains out. They were mishedged (dirty hedges for crude while they produce NGL) and got hit when oil went up Near the oil peak, they removed all hedges and issued new units to pay out the counterparties. Then oil went down down down. Now they are close to hitting their loan covenants, have not hedges in place and NGL are even more so in the tank than crude. APL is simple mismanaged and it's not a buy imo. If you are looking or a commodity sensitive NG Gather and processing play there are much better choices out there (although any company in this field has margin problems)