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Opinions Glenn MacNeill, P.Eng.
Harvest Energy TrustHTE.UN.TODON'T BUYMay 20, 2009
Took on a lot of debt when they bought the refinery in Newfoundland. Have recently raised money, which has paid down some of their debt but it is still higher than what he likes. Just had a spectacular quarter in the crack spreads. Doesn't expect this to last. 8.2% distribution is probably sustainable.
Glenn MacNeill, P.Eng.Unknown
$7.25
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Conventional oil/gas production in Western Canada and refining in Newfoundland. Had taken on a lot of debt to acquire the refinery and refining margins have not been good. Doesn't see this changing for while. Changeover in 2011 is another challenge and they have their work cut out for them.
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One of the few companies that has a refinery and have done quite well on the refinery margins. Has been playing this through the convertible bonds, which he thinks is a better way of playing it.
Jaime CarrascoOwned
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One of the riskier oil/gas income trust. Huge refinery in the Maritimes. Plant was upgraded and is good. The refinery can swing earnings around significantly. Oil and gas operations have not been that great. Likes the yield of 8.6%. Doesn't expect it to go back to its high levels of a couple of years ago.
David CockfieldOwned
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