Despite numerous challenges, XTO Energy, Inc. (XTO) remains well-positioned to provide another record performance in 2009 on the back of its impressive portfolio of producing assets and industry-leading cost metrics. The company intends to generate free cash flow of roughly $2 billion for the year, of which at least $1.25 billion will go towards debt reduction. Also, having already locked in nearly 80% of 2009 production at very attractive prices, the company has smoothed out the commodity-price risk. As such, we are maintaining our Buy recommendation on XTO shares. While shares of E&P companies have bounced back some in recent days (our coverage universe is up 16.5% in the last four weeks vs. a gain of 5.2% for the S&P 500), they still remain significantly below the late summer 2008 levels. Our unchanged $62 price objective reflects 2009 P/CF and EV/EBITDA multiples of 6.2x ...

Ospraie Management, LLCOspraie Management - Letter, Holdings, NotesBelow are details on Ospraie Management surrounding the closing of their largest fund - this includes a letter to their investors, a list of the securities they were said to be invested in and more. I think the quote below from Moonraker below explains in simple (maybe too simple) terms what happened to Opraie.The following piece on Ospraie is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool._________________________________________________Ospraie Management LLC may be the latest casualty from price swings in natural gas, the commodity responsible for the $1.9 trillion hedge-fund industry's biggest blowup with Amaranth Advisors LLC....