The Oklahoman (Sunday) - - BUSINESS - Don Me­coy dme­coy@ op­


Our ea­gle had a busy week.

Tulsa-based firm NGL En­ergy Part­ners LP re­ported a net loss of $174 mil­lion for the quar­ter end­ing Sept. 30. Much of that loss came from a $117 mil­lion good­will im­pair­ment charge.

The firm then an­nounced that it had agreed to sell part of its re­tail propane busi­ness for $200 mil­lion in cash.

Fi­nally, the com­pany dis­closed that it will sell half of its in­ter­est in the Glass Moun­tain Pipe­line for $300 mil­lion.

Traders weren't idle ei­ther when it came to NGL units.

Those units grew 14.4 per­cent last week be­fore clos­ing Fri­day at $12.70. On Fri­day, the stock price briefly topped $13, a level it hasn't reached since



Our lo­cal lag­gard also made some news last week.

Ok­la­homa City's Pan­han­dle Oil and Gas

Inc. an­nounced that its proved re­serves jumped 36 per­cent in the year end­ing Sept. 30. The com­pany's direc­tors also ap­proved a quar­terly 4-cent div­i­dend for share­hold­ers.

How­ever, Pan­han­dle also filed a shelf regis­tra­tion state­ment with the Se­cu­ri­ties and Exchange Com­mis­sion. That is not bad news. Once de­clared ef­fec­tive by reg­u­la­tors, Pan­han­dle would have the abil­ity to is­sue se­cu­ri­ties, in­clud­ing com­mon stock, up to an ag­gre­gate amount of $75 mil­lion.

That gives the com­pany more fi­nan­cial flex­i­bil­ity. Pan­han­dle CEO

Paul Blan­chard said the com­pany cur­rently has no plans to is­sue se­cu­ri­ties.

But just the thought of more stock go­ing out into the mar­ket can af­fect prices. Each new share of stock slightly di­lutes the stake of each in­vestor.

Per­haps that's why PHX shares fell 7 per­cent last week, clos­ing at $22.15.

Ea­gle & Bea­gle is a weekly look at the state's high­per­form­ing (ea­gle) and low-per­form­ing (bea­gle) stocks by Busi­ness Editor Don Me­coy.

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