'ellerslick' pid='19111' datel Wrote:
'Tree' pid='19106' datel Wrote:
We have partner selection in March and I think the bids are firm, no back and forth. It was give it your best shot. Where does it say otherwise?
“Our board intends to meet our advisors during March for the purpose of evaluating the proposals received and selecting our partner for the development of the LNG project.
Eller, did you happen to catch this Q by McDougall who just penned the best analysis of IOC I've seen? How else do you explain it? Unless a bidder met IOC's asking price/terms I would expect IB's to silicit re-bids within a reasonable time window. They get paid commission and they only sell this once. To expect IOC to operate on firm timelines which they never laid out for this bid consideration is foolish. It can be completed anyday, just by some specific date. USE or FLUSH as normal with all I or anyone posts.
William Christopher McDougall - Westlake Securities LLC, Research Division
I'm looking forward to hearing the results on the bidding process. I wanted to understand a little bit of the process with communicating with the market over the next few months, will it be kind of one update at the end when you accept the bid? Or will there be some interim updates?
Phil E. Mulacek - Chief Executive Officer and Director
I mean, as we need to disclose under law, we'll complete and comply with proper disclosure. We -- it's -- I don't want to say it's too premature, but we wouldn't want to talk and be prejudicial where any comments affect the final outcome. I mean we have waited this long. We have never had better interest. LNG prices this winter have been some of the highest. We saw over $20. We saw $19 earlier this month, $19.50. And when everyone was claiming 6 months ago, we're going to see some U.S. parity and that was an absolute falsehood. So I mean we're coming together on the timing at no better -- we don't want to jeopardize that. So as we have requirements, we'll complete and we'll announce it to the market.
Tree, thanks although it is a muddle. My take away was McDougall mentioned a few months not Phil. Phil's comment about affecting the final outcome doesn't pertain to a timeline so I think March is still a good bet.
I reserve the right to be humiliated when March comes and goes without a partner but I have drawn my line in the sand.
[/quote]
Agree on the muddle, I should have left Phil's answer out (hoho) as the key is McDougall as he assigns a few month time frame to the bid process. Either he picked that up from conversations with management or he has been through enough of these situations to know how they play out. McDougall is ready to allow a few months for the bid to be announced and this was before he released his report with a $115 target.