Claire Poole is a senior writer based in Houston covering energy and utilities. In her time at The Deal, Poole has written stories analyzing the how and why of energy deals and speculating on upcoming activity. She has also conducted insightful interviews with leading energy dealmakers and is often the first to reveal groundbreaking energy news. Before joining The Deal in 2000, Poole worked as a reporter and staff writer at Forbes, was editor-in-chief of El Financiero International and Mexico Business and was a contributing editor at Latin Trade. She also contributed articles to Money, Worth, Businessweek and Texas Monthly.
The deal is a good solution to ETP's financing overhang but the reduction in cash flow doesn't help its stretched distribution profile, analysts say.
The all-stock deal is expected to simplify the company's cost structure and bring in more cash.
The solar panel maker makes the move at a time of low valuations for companies operating in the industry, which could face a slowdown in demand later this year.
Management said the company continues to focus on maximizing shareholder value, which it measures as return on capital employed.
Any weakness is an opportunity to revisit the sector but with greater emphasis on stock-specific opportunities and dislocations, one analyst says.
CEO Ryan Lance said capital allocation is key and that it is committed to paying shareholder dividends and funding its operations.
CEO Martin Craighead is less bullish on the second half, saying it may take oil prices approaching $60 per barrel for a real recovery to begin.
Previous pricing bear CEO Al Walker said global demand is outpacing expectations and the industry will likely see $60 per barrel oil as early as the fourth quarter.
Capital One says the oil services provider checks all the boxes as far as liquidity, managing costs, spending and North American land exposure.
The move came after Brookfield and Appaloosa said they planned to bid for TerraForm Power's B shares owned by bankrupt SunEdison Inc.
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