Cobas AM: Nueva Gestora de Francisco García Paramés

No tiene por qué ser el caso pero he visto ampliaciones que han sido muy descontadas por el mercado y una vez comunicadas, la cotización se ha doblado.

Es algo confuso, y yo también tengo dudas. 

Sahm Cho

And then, I guess, just my last question is, I know we've revisited the capital allocation conversation pretty frequently. But as some of the growth projects at the Daughters kind of come into fruition, has there been any discussion on updating your dividends?

Kenneth Hvid

Yes, if you listen then to – I think the one where we also receive that question every quarter is particularly for GDP. And I think Mark Kremin on a call yesterday laid out how we're thinking about it. It's clear that the dividend capacity is growing and it's also clear that we're looking at the whole MLP space and the right way to structure that dividend. I think we've said over the past year that we would – we expect to come out in the fourth quarter this year and give some guidance, and we are – we're carefully evaluating that and – to come up with a new policy that's - and so stay tuned for that.

Sahm Cho

Okay. And then you might have dropped out there, but did you have a timeframe for that type of announcement?

Kenneth Hvid

Yes, first quarter.

Por otro lado, Myntzmyer comentaba esto a una pregunta:
heth247

J，based on the CC, their dividend guidance will be Jan 2019 after 4Q, not Nov 2018 after 3Q (Im a little disappointed there). Also, they mentioned that their target debt level is $300MM range. Do you think this might implied that they will sell at least one of their FPSO? thanks.

J Mintzmyer,  Marketplace Contributor

Nope, November is still on track. That was a bad transcription/misspeak.

En cuanto, a las FPSOs, otro tema también importante pata TK:

Sahm Cho

Hey, guys. Good afternoon. Just assuming the strategy at the parent level and the kind of policy of trying to move assets off hasn't changed and Brent's sitting in the mid-70s, can you provide us an update on kind of what the sale conditions look like for the three FPSOs?

Kenneth Hvid

Hi, Sahm. Yes, I think this has been a recurring theme, I'll say, over the past number of years. And as you will recall, after the oil price dropped, we said we had to sit on these assets for quite some years until we saw the oil market recovering. What we've been focused on now is really improving some of the underlying contracts as we've done both on the Hummingbird and Banff, as we reported this quarter.

And that, of course, makes these assets more interesting. We see our customers are investing in existing fields. We see new interest coming in and we are out talking about various alternatives for these assets now. So I would say now's the time and that we are encouraged by the conversations we're having. But I can't really share more details on that at this point.

Y luego:

Fotis Giannakoulis

Thank you. One last question about all these three FPSO assets that you have at the parent level, has there been any discussion with Brookfield about potential sale of these assets to Teekay Offshore?

Vince Lok

Yes, there is an Omnibus agreement in place, as you know, Fotis, where we're required to offer these assets first – if we decide to sell them, we need to offer these to TOO first. So there is that Omnibus agreement in place. So if there's a – if we do have other interested buyers, who do need to give TOO that option to look at it.

Fotis Giannakoulis

I understand, but I was wondering if you have entertained any conversations about that given that the environment – the oil environment is much more favorable than what it was a few months ago.

Kenneth Hvid

Yes. I think these assets. Some of them are a little bit shorter term in nature. I think some of the – its three assets, right? Some of them fit well into – maybe one of them fit better into the TOO portfolio and the other two maybe less so. So I would say we're likely to find other buyers for these assets based on the indications we're receiving from TOO. But at the same time, it's a dynamic environment and again, the situation looks very different today than it did a year ago. So let's see how things unfold over the next quarter.

 

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Gracias, cierto. Entraron con una posición pequeñita. No lo había leído en su foro o en ninguno de sus updates, y por eso me extrañaba.

Exacto, hemos leído e interpretado lo mismo.

Espero que Mintzmeir temga confirmación previa. El timing en la famiglia TK es demasiado importante.

Parece muy pequeña. Puede ser que les ha pillado mientras hacían la posición.

Yo lo que te puedo decir es que te informes y busques las tesis que circulan por ahi sobre la demanda, oferta, cierre de minas ect.. y te formes tu propio criterio. Lo que esta claro que si estamos en el inicio de ciclo, las acciones subiran y mucho. Personalmente no apostaria grandes cantidades a esa empresa, pero creo que tiene sentido tener una posicion a estos precios. Claro, cada uno responsable de su dinero.