text:
Welcome to dickblick
, null
not null?
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Draw and paint at the same time with these strong-lead, water-soluble colored pencils. Colors are vibrant, blendable, and respond like watercolor when wet. Blend color with a brush, draw directly into washes, dip pencils into water for intense color, or make your own "dry pencil palette" by sketching and then lifting color with a brush. Pencils are pre-sharpened.
This Classpack of 144 contains 12 of each color, including Blue, Red, Purple, Green, Orange, White, Light Blue, Yellow, Light Green, Black, Heliotrope, and Light Brown.
General's Kimberly Watercolor Pencils are made in the USA.
® General's is a registered trademark of the General Pencil Company.® Kimberly is a registered trademark. ® All-Art is a registered trademark. ® Masters is a registered trademark.
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text:
Tampa Airman Killed in Afghanistan
Published: Friday, April 5, 2013 at 9:25 p.m.
Last Modified: Friday, April 5, 2013 at 9:25 p.m.
The Defense Department has released the name of a Florida airman killed in Afghanistan.
The Pentagon says 29-year-old Capt. James Michael Steel of Tampa died in a crash of an F-16 near Bagram Airfield on Wednesday.
Officials said he was assigned to the 77th Fighter Squadron, Shaw Air Force Base in South Carolina.
Reader comments posted to this article may be published in our print edition. All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.

subset: commoncrawl


text: I'm having a problem with this plugin and my site users. When site owners try to set the 'membership' and 'default user role' they get a permission error. Only the network admin account seems able to make this change. Is it possible to fix that behavior? This plugin is much less useful if the network admin is the only one who can change these settings for each site.


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I installed Mint14 here in China and the downloads from the main server took forever.
Suggestion: Allow to select the best mirror early in the installation process. Would make installation much faster.
Mint installation - select mirror
Write suggestions and new ideas in here
More ideas here http://community.linuxmint.com/idea/welcome
More ideas here http://community.linuxmint.com/idea/welcome
2 posts • Page 1 of 1
Re: Mint installation - select mirror
Would using synaptic to select the best mirror prior to installing make a difference? I do agree that this would be a nice option.
Running on a 4-slot toaster @ 60Hz
2 posts • Page 1 of 1
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text:
Jessica Simpson to speak on Mayer on Oprah
According to tvguide.com, the date for the appearance was yet to be set, the New York Post reported. Representatives for Oprah Winfrey and Simpson refused to confirm if the subject would be touched upon during the upcoming episode. But sources claimed the chances of Simpson breaking her silence on the topic could not be ruled out.


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You are a fan of michael porcello ? Come to discover the best forums michael porcello on the internet and share your experience with a community fan of michael porcello . You can also build a forum michael porcello and create your online discussion.
I love me some him.
love, #michael
Poetry, prose, love
love, #michael, poetry, prose, haiku, blog, heart, forever, believe, alive, soul, dream


text:
When an exhibit isn't in one of the "Ripley's Believe It or Not" attractions, it's housed in this warehouse in a nondescript building in an Orlando office park. You'd never be able to tell from the outside of the building what is stored inside.
List: 13 strangest things in the Ripley's warehouseUPDATED 1:54 PM EDT Apr 29, 2015
Slideshow Central
CommentsThe views expressed are not those of this site, this station or its affiliated companies. By posting your comments you agree to accept our terms of use.blog comments powered by Disqus


text:
Thermal Sportful jersey ideal for those cold winter rides
Buy Sportful Clothing from Chain Reaction Cycles. The worlds largest online cycle store
If you're not completely satisfied with an item you may return it within 12 months of purchase. We'll give you a full refund if the item hasn't been used or fitted.More information on returns
Grey - Orange
Black - Blue


text:
item(s) in cart
My Account X
Tanglefree Migration Edition Decoys, Long-tailed, 6-Pack
Item # 782998
Key Features
100% high-density foam rides high in the water
Practically unsinkable design
Realistic body postures & paint schemes
Weighted keel for lifelike movement
Package includes 6 decoys
Our Price $79.99
Availability: Sold Out
Prices, promotions, styles and availability may vary by store and online.
detailsback to top
Product DescriptionThe new Migration Edition Decoy from Tanglefree is made with 100% high-density foam that is great in big water situations to help the decoy ride high in the water and remain practically unsinkable. This magnum decoy features a flocked head and tail and a weighted keel for lifelike movement. Realistic body postures and paint schemes made by master carver, Don Mintz. Long-tailed package includes 4 drakes and 2 hens.


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4pm Afternoon Weather UpdateUPDATED 4:47 PM EDT Oct 25, 2013
The weekend has arrived so will the sun make an appearance? Meteorologist Roger Griswold has an afternoon update to the forecast.
More Video
CommentsThe views expressed are not those of this site, this station or its affiliated companies. By posting your comments you agree to accept our terms of use.blog comments powered by Disqus


text:
Sunset Key Cottages, a Luxury Collection Resort, Key West
Hotel Amenities
Throughout the resort, every amenity has been arranged and every detail finessed to ensure that your stay is relaxing and unforgettable.
Available 24 hours a day are our Front Desk, where complimentary books are loaned, and an Entertainment Library, stocked with CDs, DVDs, and board games. Complimentary access to a newspaper of your choice is provided through the PressReader app. Sunset Key Outpost offers an enticing selection of gifts and clothing.
Accessibility Services
- Disability Accessible Facilities
- Ramp Access To Buildings
- Wheelchair Access
Guest Services
- Safe Deposit Boxes
- Dry Cleaning Service
- Smoke Detectors
- Fire Alarm With Light
- Sprinklers
- Laundry Service
- The Luxury Collection Concierge
- Air Conditioned Facilities
- Luggage Storage
- Bellmen/Porters
- Multilingual Staff
- 24-Hour Front Desk
Recreation & Entertainment
- Lighted Outdoor Tennis Courts
- Sunset Key Fitness Room
- The Spa at Sunset Key
- Sunset Key Beach
- 24-Hour Entertainment Library
- Sunset Key Pool
- Sunset Key Outpost
- Off-Site Parking 20-25 USD per day
Internet Access
Free internet is available to all SPG Members when booking on Starwood websites, mobile sites, SPG apps or Customer Contact Centers only. Benefits vary by membership level. Learn more
- Wired & Wireless High Speed Internet Access in Cottages (Complimentary)


text:
- Report: #401228
Report - Rebuttal - Arbitrate
Complaint Review: Predicto.com
Predicto.comhttp://www.predictomobile.com/index.cfm Internet U.S.A.
Predicto.com Unauthorized SMS sending scam-ripoff Internet
Ripoff Report
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on the Internet.
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Corporate Advocacy Program™
Checked them on google and they are several complains of these people charging 10$ a month for services they never subscribed, I call their costumer service asking them to please take me out of their list.
I also complained to my service provider AT&T. I sent a text message to them asking to QUIT AND STOP any sms.
hollywood, Florida
This report was posted on Ripoff Report on 12/14/2008 11:15 AM and is a permanent record located here: http://www.ripoffreport.com/r/Predictocom/internet/Predictocom-Unauthorized-SMS-sending-scam-ripoff-Internet-401228. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.
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- Only search one name at a time if Company has many AKA's.
Advertisers above have met our
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text:
"Returning to architecture and urbanism, I can state that glass will be a characteristic feature of building in the new machine age because it is the most direct means by which we can find one of the essential conditions for life: sun and light.
Glass is the most miraculous means of restoring the law of the sun
Modern technology has provided the building with an exceptionally beautiful product that is, it may even be said, miraculously beautiful because it is theoretically perfect: this is plate glass. Glass that allows total light penetration, passing through without any distortion. Glass that, from inside the building, is as pure as a clear sky and that, from outside, provides distinct angles, a sense of flow, brilliance, and fluid movement. Glass that gives a sense of perfection.
What a wonderful material to perfectly express part of the spirit of the Modern Age!"
~ Tim Benton Professor of Art History | Contributing Editor for modernist architect
Glass is NOW ... our specialty hardware is the catalyst to take it to the future and beyond.


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Bad news I'm afraid:
I thought this looked like a great ecommerce plugin since it was rated highly. But after installing, which puts it in "test mode", I spent a good bit of time exploring it before trying to change the status to "Live". Huh, where is it?
How can that be missing from something that's put out there for people to download? You'll find you may have wasted a lot of time since this is a known issue, even though supposedly the Use Google's Libraries plugin may fix it (another plugin to fix this plugin??? :( It didn't work for me. Good grief, WordPress should put big red check marks by plugins that have this kind of a problem, even if it's just temporary.


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Newegg.com - A great place to buy computers, computer parts, electronics, software, accessories, and DVDs online. With great prices, fast shipping, and top-rated customer service - once you know, you Newegg.
If you are reading this message, Please click this link to reload this page.(Do not use your browser's "Refresh" button). Please email us if you're running the latest version of your browser and you still see this message.
Newegg.com - Computer Parts, Laptops, Electronics, HDTVs, Digital Cameras and More!
Ships from United States. Most customers receive within 6-10 days.
Sold and Shipped by CPO Outlets
Bosch BT300 Heavy Duty Aluminum Elevator Quick Clamp Tripod This Bosch Heavy-Duty Aluminum Elevator Tripod can precisely adjust the elevation of your instrument and provide a solid stance on any surface. Lightweight and durable aluminum design. Quick clamping system is ideal for quick setups. Perfect for use in the field with optical and laser levels. Features: 5/8-11 thread stud, flat head tripod Main column height adjusts total of 45in. Range of 20in. with metal gear and rack system for smooth, continuous motion, plus additional 25in. height with extension column Extends to a maximum height of 110in. Graduated in cm/mm and ft./in. to facilitate precise changes in elevation Features electrostatic powder-painted castings for a durable and long-lasting finish Positive locking quick clamps Universal with string hook for plumb bob Max. height extended: 110in. Closed height: 47in.1 Year Warranty
Your request will be processed within the next 24 hours.
Please add "firstname.lastname@example.com" to your address book to ensure delivery.See Today's E-Blast Promo
Some manufacturers place restrictions on how details of their products may be communicated.
Some manufacturers place restrictions on how details of their products may be communicated.
Some manufacturers place restrictions on how details of their products may be communicated.


text:
- Report: #386342
Report - Rebuttal - Arbitrate
Complaint Review: Webco Payment Office
Webco Payment OfficeMr Johnson Ben,western Union Department Nationwide Africa
Webco Payment Office I am consistantly getting these offers some have been very threatning, telling me not to report or go to fbi or else. Always want my personal info for this big winfall of money I am just getting tired of it. internet
Ripoff Report
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Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..
Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™
My Dear Friend,Now we have arranged your payment of ($2.5millions) Two millions five hundred thousand united state dollars in atm payment card to be sent to you through western union money transfer payment: Your payment will be sending to you by western union, the amount you will receive per day is $5,100.USD.The minister trust funds of Benin Republic will send you the currently standards track details you need to pick up your ($5,100.USD) payment by western union, you will receive every day till you receive the $2.5millions united state dollars, now no need to send you this atm card because you can not be able to withdraw the atm card due to the atm master card contain large money on it.
The director administrtor trust funds have already signed your payment, now you are free to comply with wemaco payment office on this email: (firstname.lastname@example.com)However, kindly contact the below person who is in position to release your payment by western union per $5,100.USD a day.
Mr Johnson Ben,western union department
Financial Bank Benin,
Mobile: +22993219772
E-mail: (email@example.com]
boise, Idaho
This report was posted on Ripoff Report on 10/30/2008 10:07 AM and is a permanent record located here: http://www.ripoffreport.com/r/Webco-Payment-Office/nationwide/Webco-Payment-Office-I-am-consistantly-getting-these-offers-some-have-been-very-threatning-386342. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.
Click Here to read other Ripoff Reports on Webco Payment Office
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- Do not include ".com", "S", "Inc.", "Corp", or "LLC" at the end of the Company name.
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- Only search one name at a time if Company has many AKA's.
Advertisers above have met our
strict standards for business conduct.


text:
You are a fan of coaching shil ? Come to discover the best forums coaching shil on the internet and share your experience with a community fan of coaching shil . You can also build a forum coaching shil and create your online discussion.
an online platform for budding corporate professionals
company, secretary, #coaching, tuition, club, india, csclubindia, csclub, secretaries, online, course, guidance, exam, tips, companies, 1956, notes, study


text: Meta Battle Subway PokeBase - Pokemon Q&A Login Register All Activity Questions Unanswered Tags Users Ask a Question Rules Chat Can you chain breed for bounce in Pokemon x and y? 0 votes frogadier can learn bounce at level 44 and he is water 1 remoraid is water 1 and water 2 magikarp is water 2 id like to have Gyarados have bounce in Pokemon x , and I dont have Pokemon black so I cant use the move tutor egg-moves xy chain-breeding asked Dec 1, 2013 by Jawkneeb Please log in or register to add a comment. Please log in or register to answer this question. 1 Answer 0 votes Best answer You can't chain breed; Magikarp cannot learn any moves by breeding and can only learn Bounce via move tutor. You'll have to wait until Pokebank comes out to transfer a Magikarp/ Gyarados with Bounce to X&Y. answered Dec 1, 2013 by fondant selected Dec 1, 2013 by Jawkneeb Please log in or register to add a comment. Related questions How do you chain breed fire fang and thunder fang onto sandile in Y? Can Chingling get Eggs in Pokémon X & Y? How to breed Medicham for: Thunder Punch, Drain Punch, and Psycho cut? How do you breed a Mawile with both Sucker Punch and Ice Fang? Can you breed ice/fire/thunder punch onto timburr/gurdurr in XY? What are some chain breeds that make good use of egg moves? How to breed Counter and Sucker Punch at same time? If a Pokemon learns a move through breeding can it remember it again? Useful Meta Posts How to change your username How to add a user avatar Why was my post hidden? The points system Question etiquette Flags vs Downvotes Anime FAQ


text:
- Report: #1168446
Report - Rebuttal - Arbitrate
Complaint Review: Appliance Warehouse of America, Inc (AWA)
Appliance Warehouse of America, Inc (AWA)Nationwide USA
Appliance Warehouse of America, Inc (AWA) Dont Trust this company for Pickup you are RIPPED OFF Nationwide
Ripoff Report
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Fix it the right way.
Corporate Advocacy Program™
I Rented washer and dryer from this company. Spoke really nice when renting but for pickup they are showing the h*** and rip you off.
they rescheduled 5 times and did not pick ..i moved out of my apprtment and dont know when they are going to pick-up.
This report was posted on Ripoff Report on 08/08/2014 12:51 PM and is a permanent record located here: http://www.ripoffreport.com/r/Appliance-Warehouse-of-America-Inc-AWA/nationwide/Appliance-Warehouse-of-America-Inc-AWA-Dont-Trust-this-company-for-Pickup-you-are-RIPP-1168446. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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Advertisers above have met our
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text:
Merrick Purrfect Bistro Grain-Free Tuna Nicoise Morsels in Gravy Canned Cat Food
By Merrick
List Price:
$33.08 FREE 1-2 Day Shipping over $49
You Save:
$7.48 (18%)
In stock
- 3-oz, case of 24
- 5.5-oz, case of 24
Item Number64275
Special DietGrain-Free, No Corn No Wheat No Soy
Food FormWet Food
Made inUnited States
LifestageAdult, All Stages
Made with love from Merrick's kitchen, Purrfect Bistro Tuna Nicoise is a French classic that will convince your kitty that she's dining in finest restaurant! With ingredients like tender chunks of tuna, peas, cranberries, green beans and anchovy, your cat will be saying "Merci!"
Key Benefits
- Grain-free recipe
- Added vitamins and minerals
- No artificial colors, flavors or preservatives
- Great for all life stages
Pet lovers also bought...
Deboned Tuna, Chicken Broth, Chicken Liver, Deboned Chicken, Peas, Dried Egg Product, Potato Protein, Natural Flavor, Dried Potato, Green Beans, Ground Flaxseed, Cranberries, Calcium Carbonate, Salt, Potassium Chloride, Carrageenan, Guar Gum, Powdered Cellulose, Dried Whey Protein Concentrate, Anchovy, Sodium Phosphate, Salmon Oil, Minerals (Zinc Amino Acid Complex, Iron Amino Acid Complex, Manganese Amino Acid Complex, Copper Amino Acid Complex, Potassium Iodide, Cobalt Glucoheptonate, Sodium Selenite), Vitamins (Vitamin E Supplement, Vitamin B12 Supplement, D-Calcium Pantothenate, Vitamin A Supplement, Niacin, Vitamin D3 Supplement, Riboflavin Supplement, Pyridoxine Hydrochloride, Folic Acid, Biotin, Thiamine Mononitrate), Taurine, Choline Chloride, Yucca Schidigera Extract, Thyme, Sage, Rosemary.
Customer Reviews
Rated 4.6 out of 5 by 12 reviewers.
Rated 5 out of 5 by Kay798 Excellent quality My picky eater kitties LOVE the tuna flavor. They actually prefer the pate, but eat this great - just a little slower than the pate. I am very pleased to find such a high quality food that they will eat. March 25, 2016
Rated 5 out of 5 by honeysmommy Quality My cat is old and no teeth problem eater and him and the younger cat can both have this food they love it September 19, 2015
Rated 4 out of 5 by MDinDC Good Quality. No problems thus far. I am concerned about the carrageenan in Merrick wet foods, but I haven't seen any cause for concern just yet. Kitty likes morsel-type food (not Pate) and eats this right up. She didn't like any of the chicken-flavored versions, but eats this and Cowboy Cookout. I also feed her Weruva Paw Lickin Chicken for variety. I have noticed a slight increase in bowel movements, but they look good and she hasn't had any soft stools or other sickness. March 31, 2015
Rated 5 out of 5 by SweetSophie Sophie Loves It! We have a wonderful sweetheart names Sophie . . . and she loves this and other Merrick varieties as well! My husband and I feel good about the Merrick brand, and am delighted that our Sophie loves the different flavors! May 28, 2015
Rated 3 out of 5 by svmamasita My picky kids didn't like it I'm trying to switch to an all grain-free diet and ordered Merrick Purrfect Bistro, Tuna Nicoise. None of my five cats will eat it unless there is absolutely nothing else offered. They prefer the Merrick Purrfect Bistro Grain-Free dry food over the cans. I'm sure this is great food, so I am sticking to yes, I would recommend it. October 18, 2014
Rated 4 out of 5 by Jesika Dont go changing... Both my kitties love the food...although with the most recent changes to the outer packaging it seems that there is more 'filler' than actual food in the cans than there previously was. October 31, 2014
Rated 5 out of 5 by Jeff0001 My cat loves it I was on another brand but switched so I was worried. However, he loves it and I won't go back to the other brand. March 1, 2015
Rated 4 out of 5 by gigicat2 My Cat Loves the Tuna I purchased this tuna because it is made in the USA and it is grain free. My cat loves tuna so I try to be careful of the brands that I buy. She is picky as to which tuna she likes and she loves this one. January 19, 2014


text:
servo 1
noun (plural servos)
Short for servomechanism or servomotor. the servos should faithfully follow the input commands if the reservoir is holed then the remote brake servo will not be working
More example sentences
- The servos are attached to the control shaft of the hydrostatic pump on each wheel.
- Computerized servos shift the helical gears and operate the wet clutches.
- Without the generators on, the backup pump takes approximately three seconds to energize the servo.
Late 19th century: from Latin servus 'slave'.
For editors and proofreaders
Line breaks: servo
Definition of servo in:
servo 2
noun (plural servos)Australian informal
A service station.
Example sentences
- The latter obviously and automatically determines the figures posted at the local servo.
- I took him on a little tour around the servo because I was so excited.
- I kicked stones as I walked along, and decided to stop off at the servo near where I live to get some chocolate or something to eat.
1980s: abbreviation of service station + -o.
For editors and proofreaders
Line breaks: servo
Definition of servo in:
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.
= trending


text:
The earth is still firm from the winter so I took a short stroll by the water near McKeon Park. I wasn't looking for them on purpose but there in the water were a school of tiny fish. One of the surest signs of spring! It was too cold to try to catch any or to just sit and watch them. I did watch them though for a short while trying to recall if I ever knew what these guppy sized fish were called and then I moved on.
It was on my way home that I remembered someone once asking about the famous "Norwich Mummichog Chowder." I remember looking through old cookbooks and sending out an e-mail blast asking everyone I knew if they had the recipe or had ever heard of a chowder Norwich was famous for but I don't recall receiving even one recipe. So I thought I'd ask in this column if anyone has a recipe for "Mummichog Chowder."I imagine its your standard chowder. Warm chopped onions in the bottom of the pot with a little butter, add broth or water to cover a mix of potatoes and carrots. Boil until tender and then add Mummichogs, fish chunks or clams.
I'm pretty sure what I saw were not Mummichog's. I looked them up and they are a fish found in brownish-green saltwater, that can eat as many as 2,000 mosquito larvae ("wrigglers") a day and make great bait. But now I'm curious about what foods and recipes Norwich has been famous for in the past.
If you have a traditional Norwich Recipe for chowder or anything else you'd like to share, please email it to firstname.lastname@example.com.


text:
TicketForce tribute to one of our own, Jack Mixey.
The TicketForce family lost one of its own when Jack Mixey passed away on Sunday, December 4.
Jack was married to owner, Brad Smith's mother, Elaine, for 32 years. Jack was Papa to the Smith girls, taking many family trips together and being near them since birth.
Jack was also part of the family at TicketForce doing building maintenance, even throughout the last year of his sickness. He was always good for a smile, joke, and a laugh. He and Elaine attended many of the staff functions, and he became a friend to all of us.
Jack did the work of someone much younger and always liked to run down the steps in the office rather than walk. At eighty years old, he was often mistaken for someone who looked like he was sixty, and acted like he was twenty!
He touched all of us with his positive attitude and approach to life. It seemed he would live forever, and gave us hope that a life lived well could bring many years of happiness and laughter.
A Memorial Service will be held Sunday, December 11 at 3PM:
Life Community Church
459 N Gilbert Road, Gilbert, AZ
(open to all)
Here are our interview questions with answers for Jack so that you, too, will have insight to this remarkable individual.
Full name: John Henry Mixey (Jack)
Title: Papa
Years with TicketForce: There since the beginning (2003). Investor, encourager, fixer of everything, and assembled all of the Ikea furnishings for the office.
What attracted you to the ticketing industry: He would probably say Brad's enthusiasm
Why TicketForce is a great place to work: Who wouldn't want to help with the business one of your kids owns?
Married/Kids/Pets: Married for 32 years to Brad's mom, Elaine. In love with her for many more. Six sons, one daughter (she went to heaven at age 5), three step-kids, 13 grandchildren and 10 great-grandchildren. The two cats, Minnie and Mickey (Jack's) are beautiful and run the house. Mickey stayed right next to Jack when he was sick.
Favorite hobby: Probably eating. Hot dogs from Teds are a favorite.
Random fact about you: Jack ran away from home at age 14 and joined the circus. He pretty much lived a real-life version of "Water for Elephants".
Place you are dying to visit: Heaven
Current obsession: Beating cancer. Jack fought to live a healthy lifestyle and exceeded all predictions for the length and quality of life after the diagnosis.


text:
Latest Post:
Started By:
158 days ago.
by slinky
Thankfully, the anti-science propaganda campaign surrounding man-made climate change seems to have lost some of its effect.
Are you seeing storm clouds on the horizon? Two recent studies suggest that the latest anti-science campaign is following its forerunners--the propaganda campaigns attempting to refute science that tobacco causes cancer, that CFC's caused the hole in the ozone layer, and so on—into oblivion. Global warming denial seems to have climbed to a peak in 2010, and global warming acceptance is now climbing. This bodes well for rational public policy.
Member Comments
"that you have to go to a forum in a town you don't live in"
Odd that you say that of him since there is not one shred of evidence that you live around here.
Posted 717 days ago.
"inconvenient fact that the warming has ceased."
Well...that's a lie.
Posted 717 days ago.
Get it from the climate scientists. Study their papers. Write your own and subject it to peer review.
Posted 717 days ago.
What happened to the carbon tax issue you said you weren't buying? What's wrong with it? Have you even thought it through?
I haven't, but then again, I neither endorse nor reject it it.
Posted 717 days ago.
Why don't you take it up with the climate scientists whose conclusions you refuse to accept? They're the experts, not me.
Posted 717 days ago.
If you don't believe the experts, why would you believe me? I'm no expert. Are you? Are you a climate scientist? What have you published? Where? Why should I get my climate science from you? What are your credentials?
Posted 717 days ago.
Why are you dropping the carbon tax issue. When you brought it up, I assumed you wanted to discuss it. Turns out you'd rather talk about where I live.
Posted 717 days ago.
If you won't believe 97% of the most-published, most-reviewed climate scientists, why would you believe me?
Posted 717 days ago.
If you're not obsessed with where I live, why do you keep asking about it? It has nothing to do with the carbon tax issue you brought up.
Posted 717 days ago.
Why does my quoting the Bible offend you so much, Tiredofit?
Posted 717 days ago.
Why are you so obsessed with where I live and who I am, Tiredofit?
Posted 717 days ago.
I choose not to reveal my real name or where I live. How about you?
Posted 717 days ago.
"advocate your carbon tax all you want, I wont buy into it."
I'm not advocating it. I'm seeking information.
So what is your objection to a carbon tax in which the revenue is used to reduce other taxes?
Posted 717 days ago.
What's this about "offsets"? Since you brought it up, how would it work?
Posted 717 days ago.
"why do you pollute this local forum Harry? You don't live here."
Always have to come back to your favorite subject, eh?
Posted 717 days ago.
I've come back to play a little more, Tiredofit. Where were we?
Oh, I remember. You brought up the carbon tax issue, and I said I'd give you some time to think about it.
So now, what do you think of a tax on carbon that is 100% percent offset by a cut in business and personal income taxes?
Posted 717 days ago.
"Why has the warming STOPPED"
It hasn't.
Oh, you forgot to tell us how you define "proof" Tired. You can do it now.
Posted 717 days ago.
You see I don't feel that your agenda in regards to this issue is the seeking of understanding. Or the dissemination of what you hold to be true.
Because anyone who has a viewpoint that they want others to adopt would be more than willing to show exactly why they are right. And that includes showing the facts that back up their viewpoint.
Posted 717 days ago.
"Give it your best shot sport, you said you HAD proof but wouldn't give it to ME. lol"
The question is why won't I give it to you.
Its because you will always say that the proof we provide is false even if it is correct and truthful.
That the take away from talking with you on here about this issue.
Posted 717 days ago.
True or False Tiredofit.
You will always say that the proof we provide is false even if it is correct and truthful.
True or false Tiredofit?
You are just on here for a cheap laugh by jerking peoples chains?
Answer these two questions first.
Posted 717 days ago.
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COMMERCIAL IMAGE In this photograph provided by SP Health via AP Images, celebrity trainer Gunnar Peterson hosted a free online workout on Tuesday, May 8, 2012 in Los Angeles. The workout launched The Gunnar Challenge, an eight-week program of online workouts and healthy meal plans to help achieve ideal fitness and weight-loss results. Amy Urbina joined The Challenge and participated in today's free Premiere Workout on gunnarchallenge.com. (Angelo Kritikos /SP Health via AP Images)


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Crosstex Energy Inc. (XTXI) Q3 2008 Earnings Call November 7, 2008 11:00 AM ET
Chris Bell - Investor Relations Specialist
Barry Davis - Chairman, President and CEO
Bill Davis - Executive Vice President and CFO
Bob Purgason - Executive Vice President and COO
Darren Horowitz - Raymond James
Sharon Lui - Wachovia
John Edwards - Morgan Keegan
Ken Shubin Stein - Spencer Capital
Good day, ladies and gentlemen, and welcome to the Third Quarter 2008 Crosstex Energy Earnings Call. My name is Omid and I'll be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of today's conference. (Operator Instructions). As a reminder, this conference being recorded for replay purposes.
I would now like to turn the presentation over to your host for today's conference, Ms. Chris Bell. Please proceed, ma'am.
Chris Bell - Investor Relations Specialist
Thank you, Omid, and good morning everyone. Thank you for joining us today to discuss Crosstex's third quarter 2008 financial results, and other financial details. On the call today are Barry Davis, Chairman, President and Chief Executive Officer; Bill Davis, Executive Vice President and Chief Financial Officer; and Bob Purgason, Executive Vice President and Chief Operating Officer. Barry will lead the discussion followed by Bill and Bob. At the end of the call, they will answer your questions.
Our third quarter 2008 earnings release was issued early this morning. For those of you who didn't receive a copy, it is available on our website at crosstexenergy.com. If you want to listen to a recording of today's call, you have 30 days to access a replay by phone or webcast on our website.
As we begin this morning's call, I will remind you that the comments today include forward-looking statements within the meeting of the Federal Securities laws. These statements are based on certain assumptions, based on management's experience and perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate in this circumstances. These statements include, but are not limited to, statements with respect to the impacts of the recent Hurricanes Gustav and Ike on the partnerships business, future commodity prices, statements regarding national gas production and volumes delivered to the partnerships facilities, statements regarding future capital expenditures, asset sales and the payment of distributions and dividends, and the future financial performance condition and liquidity of the partnership and the corporation. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements.
Factors that could cause actual results to differ materially from their expectations, are included in the periodic report we filed with the SEC. We encourage you to carefully review and consider the cautionary statements and other disclosures made in those filings. Specifically those under the heading risk factors. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
I will now turn the call over to Barry Davis.
Barry Davis
Thank you, Chris. Good morning and thank you all for joining us on the call. On the call today, we will update you on our third quarter results. We will also provide more information about the significant changes that have affected our business during the last few weeks and the impact these changes have on our longer term view of our earnings. We will then discuss our plan to respond to these changes with quick and decisive actions, and we will provide a view into 2009.
In the third quarter, the partnership's distributable cash flow was $30.3 million, 1.02 times the amount required to cover the quarterly cash distribution of $0.50 per unit. Through nine months of 2008, our distributable cash flow was $111.4 million, up 49% from the first nine months of 2007.
Third quarter gross margin was $110.2 million compared with $97.2 million in the third quarter of 2007, a 13% increase, despite a $12 million hurricane impact. The improvement is due to higher pipeline system throughput of 300,000 MMBtu, an increase of 13% over the third quarter of 2007, partially offset by lower processing throughput volume as a result of the hurricanes. This growth is primarily from continued expansion of gathering and transportation systems in the Barnett Shale in North Texas, which grew at 60%, compared with the third quarter of 2007.
Now I would like to move away from our third quarter results to address other important issues on all of our minds. Right up front, I would like to answer two important questions. First, we believe we will have sufficient liquidity to fund our plans and to comply with our credit agreements through 2009 using our Base Case assumptions for earnings and stressing them significantly for processing and commodity price sensitivities.
Secondly, we have set the distribution in dividend amounts at the appropriate level based on what we know today. And we have strong commitment to maintaining and growing the distribution in the future. That said, we believe in uncertain times like these, it is imperative that we manage the business with a total focus on maintaining liquidity and reducing leverage.
And we will manage Crosstex and make all future decisions in such a manner as we have additional information. Now, we'll run through the significant changes that have affected Crosstex over the last few weeks which we announced in our news release last Friday.
We now believe the hurricanes Gustav and Ike adversely impacted EBITDA in the second half of 2008 by approximately $25 million. Or about $14 million in the third quarter of which $12 million is gross margin and $2 million is operating expense and then about $11 million in the fourth quarter.
We've revised our estimates because producers in top line companies have extended the projected time required to repair the offshore infrastructure needed to restore gas plays. In North Texas, delays in infrastructure development, equipment delivery and right away access are contributing to slower volume growth which we've talked about on previous calls.
While volumes are still growing, they are not growing as quickly as we planned. Bob will talk more about this in a moment. Commodity prices have continued to decline, from the beginning of October until the beginning of November, oil prices have fallen about 35%, natural gas prices about 13% and natural gas liquid prices about 38%.
Consequently, we have seen considerable reductions in our processing margins and percent-of-liquids fees. These sharp declines are also impacting our view about processing economics in 2009 and the potential impacts if the conditions continue.
Last, based on announcements we have seen, several producers are revising their drilling budgets as they react to the market and economic turbulence. They are drilling out of cash flow right now. As a result, we have taken a more conservative stance and adjusted our forecast to account for a general slowdown in industry drilling activities.
It is clear we are now operating in a dramatically different commodity environment than just a few weeks ago which we believe will continue into the future for sometime. The effect of this changing environment on us as well as on producers will have a longer term impact on Crosstex's results in just the third and fourth quarter of 2008.
We now have the view that 2009 EBITDA is estimated between $250 million and $300 million with the difference being commodity prices and processing. This compares to normalize third quarter EBITDA of approximately $66 million or about $264 million annualized.
Bill will address this further in just a moment. As we have been dealing with these times during the last few weeks and we looked at our revised 2009 forecast under our current conditions, it became clear to us that we needed to make quick and decisive adjustments to our overall strategy.
Our near-term operating strategy focuses on immediate actions that would do three things. Increase liquidity, reduce leverage, each without depending on access to capital markets in 2009 and improving profitability. So far, we have completed the following previously announced actions. We have reduced the distribution in dividends. We have completed agreements to sell non-strategic assets and conditions to closing have been satisfied. We have reduced capital expenditure significantly through 2009 and we have reduced balances outstanding under letters of credit.
In addition to those previously announced and now completed actions, we are also finalizing agreements today with our banks and private lenders to amend our covenants to create adequate room to operate in the current environment.
Bill will provide additional insight into these actions we've taken with our credit agreements in a moment.
Now, let's discuss each of our actions in more detail. As we announced, we reduced the distribution and dividend rates for the third quarter.
We lowered Crosstex Energy L.P's quarterly cash distribution rate to $0.50 and we lowered Crosstex Energy Inc's dividend rate to $0.32. The payments will be made on November the 14th to unitholders and shareholders of record on November 10th. Another move to improve liquidity and de-leverage of the sale of non-strategic assets.
As we announced last week, we have signed agreements to sell assets that together will generate proceeds of approximately $105 million and those assets have a total of approximately $9 million of trailing EBITDA impact and 11.5 times multiple.
The invested capital on these assets being sold is approximately $42 million. We earlier indicated that we expected to close these transactions before year end. But now, we expect to close before the end of November, having satisfied all conditions to closing.
We expect to identify the details for you when the transactions actually close. We will consider additional asset sales overtime to improve liquidity and further de-lever the company.
In addition, we have reduced our base capital plan expenditures to about $78 million in the fourth quarter of 2008 and just over $100 million for all of 2009, which will be invested primarily in the Barnett and Haynesville Shales.
At these lower levels, our projects can be financed with our revolver availability and cash flows. These are substantial cash flow projects that will provide growth despite a relatively modest level of total expenditures.
This is a $340 million reduction in previously planned expenditures over this period. And we've also reduced our outstanding letters of credit. We expect letters of credit will reduce to approximately $100 million at December 31, 2008, creating an additional $30 million of availability under our revolver.
These actions are designed to improve liquidity, or more accurately, reduce our capital needs from previously communicated levels, about $500 million to $600 million by year end 2009. We anticipate this will allow Crosstex to exit 2009 with $150 million to $200 million of availability under our revolver, again, assuming no access to capital markets and no further asset sales.
In additions to these actions to improve liquidity, we have a plan to increase profitability. We are focusing on boosting returns on existing assets. We have identified savings from operating expenses of $6 million to $7 million annually, and from G&A savings of $12 million, for a total of about $20 million impact in 2009. We also believe we can further improve margins and return on investments across all of our assets, as we get further into executing our plan.
Now I'd like to briefly comment on the longer term future, and our prospects for growth beyond 2009. Our platform of great assets, continue to provide opportunities. We have a backlog of some excellent growth projects, and our base plan includes only a few of them. Some existing projects will be put on hold until access to capital returns. We will continue to look for opportunities to do more of these projects, as capital becomes available.
As far as new project opportunities are concerned, we will address them on case-by-case basis and determine if we should pursue them and how. We may also continue to develop alternative ways to fund incremental projects, other than using cash-flow and traditional MLP debt and equity markets. We recently said, we are working with financial investors on these alternative sources of capital.
While our focus is on our base business and liquidity plan through the end of 2009, we will continue to review alternative financing structures for specific projects and pursue them if they make sense.
In these uncertain times, as we said in the beginning, we will manage our business with emphasis on maintaining adequate liquidity, deleveraging, and near-term profit enhancements. Our commitment is to be good stewards of the capital you've allocated to us, and create the most long-term value possible.
Now, Bill Davis will provide additional details on our third quarter financial results and other financial matters.
Bill Davis
Thanks Barry, and thanks to all of you for joining us on the call today. As Barry has said, we are taking action to address the challenges thrust upon us in the last five weeks. As it relates to near term liquidity, at the end of the third quarter, we had bank revolver debt outstanding of approximately $850 million and LC commitments of approximately $130 million, leaving $205 million available on our revolver.
Our proceeds from asset sales and cash-flows in the fourth quarter will be greater than our total planned capital expenditures and distribution (inaudible). And as Barry said, we also expect to see a reduction in our letter of credit commitments of approximately $30 million. So our revolver availability will actually increase in the fourth quarter, to a little over $240 million.
Given the stress in the financial markets the last several months, we've been forced to rely on the revolver equipment for financing more than we would like. In addition, our debt-to-EBITDA ration has been stressed by the events for the last weeks. Therefore, we've gone to our banks and private lenders to negotiate a slower step down on our pro forma debt-to-EBITDA covenant, and a change in our EBITDA-to-interest covenant. This was a delay to step down on pro forma debt-to-EBITDA from the 5 to 1 level until the end of the third quarter 2009, when it will become 4.75 to 1, and then 4.5 to 1 at 12/31/09 and thereafter. This change will cost us a 25 basis point upfront fee and an increase on our borrowing cost of 125 basis points.
While it's expensive, it provides necessary insurance during these next few quarters as we execute our plan to improve liquidity and reduce debt. We expect pro forma debt-to-EBITDA at this time of about 4.6 to 1 at December 31, 2008.
As we look out to 2009, our focus will be to manage our liquidity. To that end, we've significantly reduced our capital program. We have delayed the planned startup of the Bear Creek plant by one year, as we expect our existing capacity for processing in North Texas of 285 million a day, to be sufficient until about the midpoint 2010. As a result, we've shifted 35 million of capital for this project from 2009 and to 2010.
In the [Bundaberg] project in North Texas, we have reduced the capital on phases I and II to approximately $20 million and phase III capital of $20 million has been shifted to 2010. We expect to complete other North Texas gathering infrastructure over the course of 2009, at a total investment of approximately $55 million.
In North Louisiana, our Red River expansion phase I, adding 35 million of capacity, has been completed at a cost of about $5 million. We are working on a phase II expansion for April, adding 100 million a day of capacity through new compression, at a cost of approximately $35 million. We have deferred for now, the line looping called [foreign] phase III of the project at a capital cost of $70 million, until capital markets improve.
As Barry said, we are continuing to review alternative capital sources to fund other discrete projects. However, as we said in the call a few weeks ago, we don't expect any announcements on any of these prior year end.
As we look out to 2009, we still have work to do create our budgets for the year. However, if we look at our third quarter EBIDTA of approximately $52.5 million, and normalize it for things like the hurricanes and the charge we took for the SemGroup bankruptcy, it's approximately $66 million for the quarter, or $264 million annually. Distributable cash flow, normalized for those same items, would have been approximately $14 million to $15 million higher than reported or $45 million for the quarter, 41% higher than in 2007. So you see significant growth was really there, it was just overshadowed by the events during the quarter.
When we continue to expect growth in 2009, however, [deplete at] lower level than we previously thought. And we also have to temper our expectations with the difficult financing environment and the commodity price volatility that we're experiencing.
However, if we were to assume a similar processing environment to the third quarter, that growth would likely lead to EBITDA expectations in 2009 of approximately $300 million. Given the processing environment more like today's, which seems unlikely for a full year, based on what we hear for expert forecasters, you'd probably have an outcome that is more in the $250 million range.
We think within the range of likely price decks for 2009, based on the prognostications we've seen, our average liquids price is between $0.80 and $.90, which does imply a WTI price of between $65 and $75 and average Henry Hub prices of between 650 and 550. Net of our hedges, the $0.10 change in liquids prices would equate to a range of about $6 million on a percentage of liquids contracts. On our processing margin opportunity, the range of potential outcomes based on that price deck is approximately $40 million as you have potential NGL-to-gas ratios of approximately 195% at the high to around 145% at the low.
Every 5% step in that ratio approximates about $4 million of margin opportunity for us on an annual basis. Volumes that we can process under this type of arrangement have continued to grow during the year increasing from around 15% of our volumes in 2007 to around 25% of our processing volumes in the third quarter.
The total of these two, our POL impacts and the potential processing margin ranges approximate to $50 million difference in processing outcomes and creates the range of $250 million to $300 million on our current expected EBITDA in 2009.
With these factors in mind, it's too soon for us to make predictions regarding our 2009 distribution other than to say we've made the adjustments we believe are appropriate given what we know today.
We'll continue to evaluate this as we proceed with an attempt to manage to our primary objectives of maintaining liquidity and reducing leverage. Now I'll turn the call over to Bob to review our operations.
Bob Purgason
Thank you, Bill. I am going to run through our operations and update you on third quarter activities. And I'll begin with North Texas operations. Third quarter throughput for the North Texas pipeline was about 342,000 MMBtus per day, down 1% from the second quarter throughput.
The September hurricanes damaged Mont Belvieu, the major natural gas liquids hub near Huston. Now because natural gas liquids facilities at Mont Belvieu were disrupted by the hurricanes Gustav and Ike, some production that normally flow into the North Texas Pipeline was curtailed.
These disruptions caused a complete shutdown of the NGL pipelines taking liquids from our plants and much of the processing industry for a number of days forcing a temporary shutdown of our processing plants. We then had to curtail some of this rich gas production in the parts of the field where liquids must be removed for the gas to clear the pipeline specifications.
Now, other than the slight reduction in natural gas processing volumes, volumes continued to grow across the North Texas region. Throughput for the third quarter of 2008 on our North Texas gathering system was about 762,000 MMBtus per day or about 21% higher than the second quarter of 2008. 86,000 MMBtus per day in this growth came from our North Johnson gathering system, which we completed in the second quarter.
We continue to expand our infrastructure to handle the growing production in the Barnett Shale as we told you we would. But we've revised our production forecast for 2009 to account for the delays that Barry mentioned. As a result, producers have been slower in getting some of their production tasks and we anticipate though that our producer customers will develop the volumes, but the volumes that we expected in 2008, now appear likely to be in 2009 and 2009 volume increases now appear more likely to flow in 2010. All indications are that drilling activity on our acreage in the Barnett will remain high, with the number of drilling rigs on our acreage remaining approximately flat.
As a result of our new volume forecast, we have delayed the construction and completion date for Bear Creek, our fourth cryogenic plant. We now see the need for this plant in mid-to-late 2010.So delaying this project is part of the capital spending reductions in 2009 that Bill described.
And natural gas processed in the third quarter averaged just shy of 200,000 MMBtus per day, 2% above our second quarter volumes. The hurricane-related NGL curtailments and our previously discussed NGL takeaway capacity bottlenecks have continued to reduce the amount of liquids that we can recover from our plants.
We do believe we will have ample liquids takeaway capacity by early 2009, when expansion projects by West Texas Pipeline and Louis Dreyfus and a new line being installed by ONEOK are scheduled to be operational.
Now industry experts continue to see additional growth in the Barnett Shale in 2009 and so do we. Even with the 2009 rig pull back of 14% for the region which is much higher than we are currently seeing. We expect production from first year wells that should continue to more than offset declines for this field in 2009.
We remain enthusiastic about the Barnett Shale as a key US gas resource and a significant part of North Americas long-term robust supply outlook.
Now to Louisiana. As we discussed in our recent conference calls, the two September hurricanes had a negative impact on our Louisiana facilities. Our Crosstex link system had gas shut in throughout South Louisiana, but volumes have essentially recovered to near pre-hurricane levels and leg is again transporting about 1 Bcf per day.
However, the hurricane's impact did cause average volumes for the quarter to decline about 8% from second quarter 2008 volumes.
Drilling on our Red River System in North Louisiana continues to be quite active. And we are pursuing the expansion of our Red River Pipeline system. There is a lot of interest by producers as they find a viable means to get their Haynesville Shale gas to market and the Northern part of our system is right in the middle of the action.
We recently added 35 million cubic foot a day of capacity and plan to add an additional capacity of at least a 100 million cubic foot a day in 2009. In Southern Louisiana, the Sabine plant was the only facility that sustained major damage and repair should be completed by mid to late December.
The results, the rest of our straddle plants are operating at lower volumes as repairs to offshore pipelines that feed the plants are proceeding, but taking longer than originally thought. During the next two months, we expect volumes will continue to grow approaching pre-hurricane levels in January 2009.
Volumes at our Eunice plant, are about 400,000 MMBtus per day or about 90% of pre hurricane levels. The Pelican plant is running at about a 145,000 MMBtus per day or 40% of pre-hurricane levels and Bluewater is running about a 130,000 MMBtus per day or about 90% of pre-hurricane levels.
There is over 170,000 MMBtus per day available to process at Sabine, which is 65% of the plant's pre-hurricane volume. But the High Island Offshore System or HIOS that feeds gas to both Sabine and Eunice is scheduled to be reconnected in mid December. So when the repairs are complete and the plant starts, we expect to be processing at close to pre-hurricane levels at Sabine.
The accounting system that supplies a significant portion of gas to the Pelican plant, is scheduled to be reconnected by year end. So when completed, we expect Pelican to be back to normal levels beginning in January. These pipeline connections had been delayed from our early October estimates, but our pipeline suppliers are diligently pursuing these repairs and reconnections. The timing is not under our control, but we will be ready to process the gas from these pipelines when they return to service.
Our overall operational plan in Louisiana remains unchanged. We continue to integrate our strategically located pipeline system and processing plants to maximize their value. We still look forward to being a major participant in the Haynesville Shale, and enjoy the positive impact it will have on our Louisiana business.
Now, to treat. In treating, the pace of commercial activity continued to increase late in third quarter, which will drive our planned installations this fall and winter. We executed 18 contracts for new amine plants in the third quarter, making it one of the best for our treating business.
Now, treating is in a great position to also benefit from activity in the Haynesville. The combination of CO2 in the gas and expected high production volumes make it an attractive play for us, as Haynesville gas needs to be treated or blended. Right now, we have four amine plants on the ground, treating Haynesville Shale gas.
We have also signed agreements for 12 more plants, most of which will be installed in the fourth quarter. Demand has increased for our larger plants, due to high initial flow rates of the Haynesville wells. We also have multiple plant deals pending, and expect to see continued strong demand for our treating plants in the Haynesville during the fourth quarter. We see run rate growth in our aiming treating segment of over $7 million per year from these new executed contracts.
Now, I'll turn the call back to Barry.
Barry Davis
We've spend much of our time today talking about what has changed over the last several weeks, and our plans to address these changes. I'd now like to take a minute and remind you what has not changed at Crosstex. We have strong underlying long-term business fundamentals.
Over the last 12 years, we have assembled and constructed great assets that are strategically located in areas with attractive production, sizable reserves, dependable end users and competitive dynamics. These assets will continue to be necessary to serve producers and consumers.
We remain a full service provider with excellent long-term customer relationships. We believe there will be continued volumes acceleration in North Texas and Louisiana, our key operating areas. We also see continued growth opportunities in other areas, and we have focused and experienced employees dedicated to executing our business plan over the long-term.
We believe we have made a good start on implementing our plan. We don't expect any meaningful ongoing correction in either the stock market or the capital markets in the near term. So, we are going to approach our business strategies very conservatively. We will manage the business to preserve value over the long-term.
We will focus on reducing leverage, maintaining a strong distribution coverage ratio, and improving our overall return on invested capital. We are convinced that our plan and the actions we have taken are the appropriate response to today's environment.
The world has changed, but our underlying assets and business have not. We look forward to moving ahead and to advancing past these trying times. We will focus on things that we can control, and not be distracted by what we cannot control.
In the end, we will build a stronger balance sheet and create greater value because of them. We appreciate your continued support.
Now I'll turn the call over to our operator Omid, who will facilitate the Q&A. Bill Davis, Bob Purgason and I will be happy to answer any questions you may have.
Question-and-Answer Session
(Operator Instructions). And your first question comes from the line of Darren Horowitz with Raymond James. Please proceed.
Darren Horowitz - Raymond James
Bill, first question on liquidity. Kind of under the scenario that you outlined, given the $250 million EBITDA run rate for next year. Can you give us a little bit more color on what type of financial instruments are being discussed, both in terms of aggregate size as well as rate?
Bill Davis
What type of financial instruments?
Darren Horowitz - Raymond James
Yeah. In terms of incremental debt or, you know, maybe some sort of hybrid if you could get [that]. I mean, just giving us little bit more color on the possibilities that you're looking at, in terms of enhancing liquidity going forward?
Bill Davis
Yeah. Darren, what we had in our plan for 2008 was a fairly straightforward high yield offering, but that market remained closed all year, or at least in the three quarters of the year. Were we to be able to get into the high yield markets again, if those were to open up, we'd be ready to execute on that again.
With regard to our base plan, however right now, we are making plans not to have any access to the capital markets, and just to live within the existing revolver capacity that we've got.
Darren Horowitz - Raymond James
Okay. Switching gears over to another avenue of liquidity for you, maybe financing at the project level. Can you give us any insight there in terms of maybe contract structure that's being discussed?
Bill Davis
Probably premature to do that, Darren, that's in the middle of negotiations right now, and until we actually get to a point where we have an agreement, I don't think it would be productive to be making all those issues public.
Darren Horowitz - Raymond James
Okay. And then quickly, just one operational question. When you talked about the infrastructure delays in North Texas, can you just give us your volume expectations on a run rate basis through next year? Is it more or less flat with where you were in the second quarter, or do you think there's going to be a bit more of a moderation?
Barry Davis
Darren, we still see growth in next year's volumes, as I tried to indicate. We've just shifted things to the right. The drilling rigs that are running will increase the volumes on our system. You can look at that on a well-by-well basis, we've got pretty good visibility for that. So still we will be looking at growth.
Darren Horowitz - Raymond James
But if there's a mid-teens decline in drilling rigs as you alluded to, despite the fact that you're getting higher IP rates, don't you think that there's going to be an organic nature of production trailing off into the tail end of next year under this commodity price environment?
Barry Davis
Darren what we see is, particularly in the Barnett, the rigs that are moving, are moving our in the fringe areas, not in the core, and the tier areas, where most of our acreage is. We do expect maybe a small tail end at the very back of 2009. But it's going to take that long for anything to really have an impact. So in terms of our 2009 forecast, we really don't see a big tailing off. And again, the producers that we're talking to around our acreage, are saying they still have good economics at these prices, and are continuing to move forward.
Darren Horowitz - Raymond James
Okay. I appreciate the color. Thank you very much.
Your next question comes from the line of Sharon Lui with Wachovia. Please proceed.
Sharon Lui – Wachovia
Hi, good morning
Barry Davis
Good morning, Sharon
Sharon Lui – Wachovia
I was just wondering in terms of the coverage ratio based on the low end of your guidance of 250, what that equates to?
Bill Davis
The covered ratio on the distribution for next year?
Sharon Lui – Wachovia
On the covered distribution?
Bill Davis
Just a second, Sharon. Let me look at that. That would be right around between 21 and 1.1.
Sharon Lui – Wachovia
Okay. And I guess in terms of the assets that you divested, can you just I guess provide color on which system?
Bill Davis
Not until the closing. We are prohibited by confidentiality until doing that at the closing.
Sharon Lui – Wachovia
Bill Davis
But as we said, those closing should happen next week.
Sharon Lui – Wachovia
Okay. I guess just looking at your growth CapEx budget of 178. Can you just provide some color on what's the major projects, given that I guess the Red River project has been scaled back and the Bear Creek project has been pushed to 2010?
Bill Davis
In what sense do want color, Sharon, and more than what I reviewed in the script?
Sharon Lui – Wachovia
I'm just trying to piece together how you come to the 178? What are the major expenditures?
Bill Davis
Okay. Let me just tick through them. The portion, the Bear Creek plant that we're going to actually spend and that number is around $30 million. In the [Binbur] project, it's around $20 million. In other North Texas gathering infrastructure, it's around $55 million. In the Red River expansion, that's around $35 million for that project.
Sharon Lui – Wachovia
Thank you.
Your next question comes from the line of Noa (inaudible). Please proceed.
Unidentified Analyst
Thank you. Just real check. I just want check, when does your revolver actually mature and do you have any debt that comes due, say the next three years other than anything, if the revolver matures within that time period?
Bill Davis
Well the revolvers matures in June of 2011. We do have maturities on our senior notes that have been happening over the last couple of years and we'll continue, those are detailed in our public filings in the 10-Q and 10-K. I think near-term, next year it is around $10 million of total matures.
Unidentified Analyst
Okay. Thank you very much.
Bill Davis
Your next question comes from the line of John Edwards with Morgan Keegan. Please proceed.
John Edwards - Morgan Keegan
Yes. Good morning, everybody.
Barry Davis
Hi, John.
John Edwards - Morgan Keegan
As far as the scaling back of the things, are you looking at any kind of work force reductions?
Barry Davis
Yeah, and it's currently not required in the plan that we're executing. We think that in fact we go into this period really sure that is a whole industry was. We were probably about 10% short on employees and at least on the spots that we had available. So, we go in a good shape and we think that we will be able to manage through this without the reduction been required.
John Edwards - Morgan Keegan
Okay. So are you scaling back on hiring?
Barry Davis
Yes, we would be. Every position that we had, that was previously available has been reevaluated and significantly scaled back.
John Edwards - Morgan Keegan
Okay. And then I know Bob went through this plant by plant. But just overall and I know Darren was kind of asking about this. As far as the impact of the hurricanes, the volumes, how much was hurricanes, how much was equipment shortages, and I guess he was trying to get to, what's the sense of what the growth rate should be going forward?
Barry Davis
Yeah. I guess, John, in terms of the Barnett, the hurricane impact really cut volumes on the North Texas pipeline for those few days of curtailment in the field. And then our processing plant volumes were down, because we shut the plant down for about five days while the NGL pipelines were coming back on. In fact, even then, we had to start the NGL pipelines slowly, so we stayed in a partially curtailed mode for a couple of weeks.
In terms of putting some color on the volumes, again, we're seeing easily good 10 and 15% growth and on a year-over-year basis, even more than that in terms of volume growth. So the gathered volumes continue to grow at a good clip in the Barnett, and we're not seeing a slowdown. We're not seeing a change in the drilling rigs that are running in our acreage. In fact, the Barnett as a whole has been -- I'll call it marginally declined, about a 5% cut in rates, the [way on] rigs, the way we've been counting them. since September 1. So we've been tracking that closely and there are very few rigs that are being redeployed to other areas, and the few that are, seem to be going to the Haynesville.
John Edwards - Morgan Keegan
And then on the treating facilities, I think you're talking about 7 million a year run rate, I assume you're talking about EBITDA?
Barry Davis
Yeah. Operating income which will directly flow to EBIDTA on that business.
John Edwards - Morgan Keegan
Okay, great. Thank you very much.
Barry Davis
You bet.
Bill Davis
Thanks, John.
Your next question comes from the line of Ken Shubin Stein with Spencer Capital. Please proceed.
Ken Shubin Stein - Spencer Capital
Hi guys. Thanks for updating us. I am in fact subdued with XI. Given that it now has a nearly 20% dividend as of today, could you just share with us your thoughts about the dividend policy versus possibly using this distressed share price to shrink the share base at the parent, or use the capital to buy EX units, just share with us your thoughts are about capital allocation given that statement?
Bill Davis
Yeah. Ken, let me first of all say that there is really no rational way to explain the dislocation that we've seen there. But I will say that our focus right now is totally on the things that we said, which is reducing leverage, improving liquidity and enhancing profit in the base business. Once we get through, if you will, this immediate period, we'll look at things like that. We think that stabilization will come and that we'll see an improvement in that dividend yield. But over time, I think we will evaluate other alternatives related to XI and EX.
Ken Shubin Stein - Spencer Capital
Okay. Thank you.
I show there are no further questions. I would now like to turn the call over to Barry Davis for any closing remarks.
Barry Davis
Thank you, Omid. Let me just say in closing that guys we thank you for joining us on the call today. And during these challenging times, we again thank you for your understanding and support, and we hope that you have a great day
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text:
Bruins-Hurricanes preview - 5-1-09
Note: Our Penguins-Capitals preview will be available at approximately noon.
(1) Bruins vs. (6) Hurricanes
Bruins Leading Playoff Scorer: Michael Ryder (right), seven points (four goals, three assists).
Hurricanes Leading Playoff Scorer: Eric Staal (right, below), seven points (five goals, two assists).
Bruins with Stanley Cup bling: Mark Recchi (2), Shawn Thornton, Aaron Ward (3), Stephane Yelle (2).
Hurricanes with Stanley Cup bling: Anton Babchuk, Rod Brind'Amour, Erik Cole, Matt Cullen, Frantisek Kaberle, Chad LaRose, Eric Staal, Niclas Wallin, Ray Whitney, Cam Ward.
Something worthwhile about the Bruins: Boston's penalty killers did not yield a score in any of Montreal's eight chances with the man advantage in the first round.
Something worthwhile about the Hurricanes: Among active goaltenders with at least 15 playoff games on their resume, no one has a better save percentage than Cam Ward (.925).
Something useless about the Bruins that is vaguely connected to the Penguins: Former Penguins forward Barry Pederson holds Boston's franchise record for points by a rookie in a single playoff season. He had 18 (seven goals, 11 assists) in 18 games in 1982.
Something useless about the Hurricanes that is vaguely connected to the Penguins: Ron Francis is one of three former Penguins who have been the captain of Whalers/Hurricanes. The others are Russ Anderson and Mark Johnson.
Former Penguins on the Bruins: Andrew Ference, D; Mark Recchi, RW.
Former Penguins on the Hurricanes: Tom Barrasso, goaltending coach; Ron Francis, associate head coach; Kevin McCarthy, assistant coach; Jim Rutherford, general manager.
Who needs to be the difference for the Bruins: Zdeno Chara, Andrew Ference, Aaron Ward, etc. Carolina was able to edge New Jersey by going to the net and getting clean looks at Martin Brodeur, considered the best goaltender in the game. If they can do the same against journeyman Tim Thomas, they'll be able to pull out a win. Chara and company need to put the clamps on Eric Staal, Ray Whitney and others.
Who needs to be the difference for the Hurricanes: Cam Ward. He went toe to toe with Martin Brodeur and came out on top. He was just slightly better than the future hall-of-famer. He'll probably need to play even better for them to upset the big, bad Bruins.
Best Bruins YouTube Video We Could Find: If you can't enjoy highlights of Robert Gordon Orr, you're just not a hockey fan:
Best Hurricanes YouTube Video We Could Find: Rod Brind'Amour apparently took the red pill:
EN Prediction: Bruins, 4-2. It will take another Conn Smythe Trophy type of effort by Cam Ward in order for the Hurricanes to pull it out. He's certainly capable of that, but we just think the Bruins have far too much depth on their roster for the Hurricanes to deal with.
(Photos: Ryder-Phillip MacCallum/Getty Images; Staal-Steve Dykes/Getty Images)


text:
Reset My Password
This will send a password reset to your email address on file. A reminder that your email address on your account must be valid and working to receive the reset request.
Back in 2009, North Carolina-based Underground Racing popped up on our radar when they went and placed a twin turbo system on the Lamborghini Gallardo Nera. Given the similarities between the Gallardo V10 and the R8 V10, we rang them up to see if they were considering an R8 kit. They confirmed they were and now the fruits of their labor are live and in the numbers on their website. There are four configurations, ranging


text:
April 11, 2008
CUMMING, Ga. (AP) -- Police have arrested two suspects after uncovering a so-called marijuana "grow house" in Forsyth County.
Investigators announced Thursday that they have charged 44-year-old William D. Morrow the Third and 40-year-old Linda Bates Vaughan with manufacturing and trafficking marijuana and violating the Georgia Controlled Substances Act. Authorities say they found more than 1 million dollars worth of marijuana in the basement of the suburban Atlanta home earlier this week.
Lieutenant Colonel Gene Moss with the Forsyth County Sheriff's Office, says the basement also had an automatic watering system, humidity and heat controls and reflective material for directing light on the plants.
Copyright 2008 by The Associated Press. All Rights Reserved.


text:
- Report: #128002
Report - Rebuttal - Arbitrate
Complaint Review: Nationwide Credit Services
Nationwide Credit Services2015 Vaughn Road Kennesaw, Georgia U.S.A.
Nationwide Credit Services ripoff fraudulent phone call trying to collect on nonexistent account from elderly father for account we don't have Kennesaw Georgia
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Here's the problem. Guy who sounds remarkably like "Tarius" has called back two more times from this number about an "Exxon" account and a woman has also called. Same circumstance, same situation.
Whoever Nationwide Credit is, they either are lying through their teeth to me or they have one or two rogue collectors trying to extort money out of elderly people ala the CAMCO way of working.
One more call and we're going to litigate, also reporting this information to other appropriate official groups.
forest lake, South Carolina
This report was posted on Ripoff Report on 01/19/2005 08:39 AM and is a permanent record located here: http://www.ripoffreport.com/r/Nationwide-Credit-Services/Kennesaw-Georgia/Nationwide-Credit-Services-ripoff-fraudulent-phone-call-trying-to-collect-on-nonexistent-a-128002. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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text:
On the Bottom Line, Good Teaching Tops Good Research
In research universities, those faculty members who write and obtain grant proposals enjoy certain perks, including summer salaries, more travel, more space, and an extensive list of other benefits, great and small. As one of my own professors...
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