Question-and-Answer Session
Operator
(Operator Instructions). Our first question comes from Leo Mariani – RBC Capital Markets
Leo Mariani – RBC Capital Markets
Question on your maintenance CapEx, I mean it looks like you were about $5.1 million you guys were estimating in the second quarter, which is up from the maintenance cap levels in the past couple of quarters, trying to get some more clarity around that number.
Rich Dealy
Well how we calculated that Leo is just more formulated in terms of we take 25% of our operating cash flow and that's what we hold back and so as prices move up and down that maintenance CapEx will move up and down.
Leo Mariani – RBC Capital Markets
Okay, I guess if I sort of eyeball kind of some of the prior quarters look like it was a little bit less than that in terms of what you guys held back. Are you guys kind of reserving more in this current environment now or –
Rich Dealy
No, it's really just the same practice. Actually I think in the prior quarters when, compared to first quarter because you had lower commodity prices, but compared to last year that's down from last year.
Leo Mariani – RBC Capital Markets
In terms of putting some new assets into the NLP here, you guys talked about some potential drilling opportunities, can you provide any more color in terms of what kind of spend level you could see at the NLP and just kind of how much drilling you could see would be suitable at the NLP level?
Scott Sheffield
We can't at this time. Obviously we're in a process of the evaluation and if something goes through here the next several weeks then we'll have a conference call to give you all that color and detail.
Operator
Our next question comes from Michael Blum – Wells Fargo Securities.
Michael Blum – Wells Fargo Securities
I think you answered my question but I guess two things. One, if you prioritize a drop down versus drilling versus third party acquisitions, is that the right order, and then timing-wise, it sounds like it potentially could be near term?
Scott Sheffield
Obviously since we brought it up in the last couple of quarters and now we're using the word evaluating so it's obviously a timeframe is much closer. I can't tell you how long it'll take, so it does involve both producing properties and drilling opportunities. So we do see a combination of both. We have talked about drilling over the last quarter or two in our past calls so I think it's an opportunity for PSE to be able to do both.
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