Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
$CCHWF Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”) has announced today the opening of its first dispensary in Virginia as the only vertically integrated medical cannabis provider in the Hampton Roads/Norfolk region. This dispensary is located at 4012 Seaboard Court in Portsmouth, Virginia.
https://www.otcmarkets.com/stock/CCHWF/news/Columbia-Care-Opens-its-First-Dispensary-in-Virginia?id=284729
$POR Worst priced in' at Portland General, BofA says in upgrade to Buy
Portland General Electric (NYSE:POR) +2.1% pre-market after Bank of America upgrades shares to Buy from Neutral, although with a reduced price target of $39 vs. $41 previously, saying the worst is priced in after falling 12% in the past week on unconfirmed reports that its electrical equipment may have ignited some of the wildfires in Oregon.
"While three wildfires currently run through POR's distribution service territory, the company continues to stress no evidence that their equipment was an ignition," says BofA's Julien Dumoulin-Smith.
https://seekingalpha.com/news/3614583-worst-priced-in-portland-general-bofa-says-in-upgrade-to-buy
$PORWorst priced in' at Portland General, BofA says in upgrade to Buy
Portland General Electric (NYSE:POR) +2.1% pre-market after Bank of America upgrades shares to Buy from Neutral, although with a reduced price target of $39 vs. $41 previously, saying the worst is priced in after falling 12% in the past week on unconfirmed reports that its electrical equipment may have ignited some of the wildfires in Oregon.
"While three wildfires currently run through POR's distribution service territory, the company continues to stress no evidence that their equipment was an ignition," says BofA's Julien Dumoulin-Smith.
https://seekingalpha.com/news/3614583-worst-priced-in-portland-general-bofa-says-in-upgrade-to-buy
$PBR Petrobras' transfer of rights oil settlement OK'd by Brazil Senate
Brazil's Senate last night approved the amended transfer of rights agreement between Petrobras (PBR +4.6%) and the government, settling a dispute over pre-salt oil fields that still must pass the lower house to clear way the way for auctions later this year.
The federal government will pay the company $9B, while states and municipal governments will each get 15% of the ~$25B expected from the auctions.
Separately, PBR reports it produced 3M boe/day on average in August, including 2.2M boe/day from Brazil's pre-salt area.
$TOT Freeport LNG terminal ships first commissioning cargo
The Freeport liquefied natural gas project in Texas has shipped its first commissioning cargo, the company says, as 150K cm of LNG was loaded on board the tanker LNG Jurojin and left the Freeport LNG export terminal yesterday.
The first cargo loading brings the project closer to the start of commercial operations, which is expected later this month.
Japan's Osaka Gas and JERA Co., a joint venture between Tokyo Electric Power and Chubu Electric Power, will each lift half of Train 1's total contracted capacity of 4.64M mt/year once commercial production starts.
Total (NYSE:TOT) has completed its $800M deal to buy Toshiba's stake in Freeport LNG and will buy 2.2M mt/year of liquefied natural gas for 20 years.
$CRK Comstock soars 20% as Jones touts Covey Park acquisition on CNBC
Comstock Resources (CRK +19.5%) spikes to its highest levels in six months on much heavier than usual volume after controlling shareholder Jerry Jones offered upbeat comments on CNBC about the company's acquisition of Covey Park.
"Comstock has one of the best positions of leases relative to the cheapest place... in the world to get gas to the market," Jones told CNBC this morning, adding that as a contrarian, he believes now is time to buy into natural gas.
CRK "has done a great job with Covery Park in acquiring a lot of leases" which are "in the pathway to the great markets of the Gulf [of Mexico]."
Energy sector sees strength.
$REGI Renewable Energy reports Q2 loss
Renewable Energy (REGI -18.4%) witnessed challenging margin environment in Q2 as a result of uncertainty around both the BTC and small refinery exemptions.
The company swung into losses with net loss $57.6M, compared to net income of $28.3M and adjusted EBITDA loss of $42.3M, compared to Adjusted EBITDA of $44.3M last year.
Revenues were down 3.2% Y/Y to $560.6M impacted by 18.1% lower average selling price for biodiesel, partially offset by 14.8% increase in gallons sold to 197,377
Lower biodiesel prices resulted from customers' preference to take on smaller share of the benefit of a potential BTC reinstatement, and lower ULSD prices.
Overall average selling price per gallon was down 13.2% to $2.70.
Produced 126.8M gallons of biomass-based diesel, 2% increase.
$VLO Valero -2% as Q2 refining, ethanol results slammed
Valero Energy (VLO -2.2%) slides after Q2 earnings match analyst consensus and revenues slip 6% Y/Y, as refining margins fell and higher corn prices cut into profits from ethanol sales.
VLO says Q2 operating income for its refining segment fell to $1B from $1.4B in the year-ago quarter, primarily driven by narrower discounts for medium and heavy sour crude oils relative to Brent crude.
But refinery throughput capacity utilization hit 94% for the quarter and volumes processed averaged 3M bbl/day in Q2, ~70K bbl/day more than in the year-ago quarter.
Higher corn prices cut ethanol profits by 83% to just $7M, compared to $43M in the prior-year quarter, and ethanol production volumes rose 13% Y/Y to 4.5M gal/day, largely due to added production from the three ethanol plants acquired last November.
Q2 operating income at VLO's renewable diesel segment rose to $77M vs. $30M in the year-ago quarter, as renewable diesel sales volumes nearly doubled to 769K gal/day.
VLO continues to expect capex of $2.5B in both 2019 and 2020, including ~40% for growth projects.
$CVE Cenovus Energy posts Q2 miss on lower refining margins, production
Cenovus Energy (CVE -2.7%) slides after Q2 earnings missed expectations, as Alberta's mandated production cuts affected results and higher Canadian crude prices hurt refining margins.
CVE says Q2 total production fell 14.5% Y/Y to 443.3K boe/day, also affected by a planned turnaround at its Christina Lake oil sands project.
Q2 refining and marketing operating margin fell 45% to $198M, primarily because of higher Canadian crude prices from the production cuts as well as higher operating costs and unplanned maintenance at its refineries.
CVE says it continues to pursue a diversified transportation strategy to get its oil to markets where it can achieve the highest price, includes its plan to ramp up its rail capacity to 100K bbl/day in 2019, which remains on schedule.
$OXY Occidental investors should press for special meeting, ISS says
Institutional Shareholder Services urges Occidental Petroleum (OXY -1.4%) shareholders to ask management for a special meeting to let them weigh in on board and governance issues as it buys rival Anadarko Petroleum (APC -0.2%).
Shareholders have been prevented from weighing in on OXY's "transformational and controversial transaction" with APC and should be given a voice on a range of issues before next year's annual general meeting, ISS says.
ISS suggests OXY shareholders provide consent for the request to fix a record date, a first step in a cumbersome process that could lead to the calling of a special meeting.
The request comes a week after deal critic Carl Icahn laid out plans to shake up OXY's board, and ISS says there is "some merit to Icahn's criticism of Occidental’s governance" but the proxy advisory firm says it is not currently backing Icahn's nominees or planned changes.
$TUWLF Tullow oil reports 1H net profit and dividend payout; lowers FY production guidance
Tullow oil (OTCPK:TUWLF) posted doubled post-tax profit to $103M from $55M for 1H, and a payout of interim dividend of 2.35 cents per share; the group had suspended payouts in 2015.
Revenues declined to $872M, with gross profit of $527M and free cash flow of $181M for the period.
After having flagged delays for its East African onshore oil projects, Tullow said it now targets a final investment decision for its Kenyan onshore oilfields in 2H 2020.
In Uganda, a tax dispute has delayed the payment of more than $200M to Tullow after it sold part of a project to Total.
Tullow reiterated that it was “considering all options in pursuing the sale of its interests in Uganda”.
The company reduced oil production output outlook citing problems at its “TEN” group of fields off the coast of Ghana; forecasts output of 90,000-94,000 boed; in April, Tullow had cut its guidance to 90,000-98,000 from 93,000-101,000 barrels per day.
Hence for the year, full-year free cash flow is expected to be ~$400M, $50M below a previous forecast.
Reduced net debt and gearing to $2.9B and 1.8x
$PBR Petrobras may raise $2.5B in privatization of fuel distribution unit
Petrobras (NYSE:PBR) says it may raise as much as 9.6B reais ($2.5B) in the privatization of its BR Distribuidora fuel distribution unit.
In an offering priced late yesterday, shares were sold at 24.50 reais each, allowing the oil company to immediately raise 8.5B reais.
The sale of the base offering and additional allotment would reduce PBR's stake in the unit to 41.25%, and a full divestment of the supplementary allotment over the next few weeks would cut the company's stake to 37.5%.
BR Distribuidora owns 17.7% of all the gas stations in Brazil.
$XOM Exxon begins production on Beaumont polyethylene line
Exxon Mobil (NYSE:XOM) says it started production on a new high-performance polyethylene line at its Beaumont, Tex., polyethylene plant.
The expansion increases plant production capacity by 65% or 650K tons/year, bringing site capacity to nearly 1.7M tons/year.
Operations associated with the Beaumont expansion are expected to increase regional economic activity by $20B in the first 13 years.
$TERP TerraForm buys U.S. distributed generation platform for $720M
TerraForm Power (NASDAQ:TERP) agrees to acquire a distributed generation platform with as much as ~320 MW of capacity in 20 states and D.C. from AltaGas (OTCPK:ATGFF) for $720M.
TERP says the portfolio consists of recently constructed assets that have an average remaining power purchase agreement term of ~17 years with investment grade off-takers.
TERP expects the deal to increase its distributed generation portfolio to ~750 MW, making it one of the largest distributed generation businesses in the U.S.
$USO Oil rises amid Gulf tensions, Libya disruption
Crude futures climbed 2% overnight to over $57/bbl after oil spiked late Friday on news that Iran had seized a British oil tanker in the Strait of Hormuz.
The British government threatened Tehran with "serious consequences" and advised U.K. ships to avoid the area, but ministers on Sunday sought to dial down the rhetoric.
Adding to the disruptions, Libya's national oil company suspended operations at the country's largest oil field over the "unlawful" closure of a pipeline valve.
$HAL Halliburton tops estimates on strong international demand
Halliburton (NYSE:HAL) +1.2% pre-market after Q2 earnings topped analyst expectations, as higher international demand for its oilfield services offset weakness in its North American market.
HAL's Q2 revenue from international markets jumped 12.5% Y/Y to $2.6B, while revenue from North America, its largest market, fell 13.2% to $3.3B.
Oilfield services rival Schlumberger (NYSE:SLB) also reported rising international revenue amid continued North American weakness in its Q2 results issued on Friday.
"Momentum is building internationally and activity improvement should continue into 2020," HAL says about the international results, while on North America, the company is "successfully executing our strategy of controlling what we can control and managing our business to perform well in any market conditions."
Total Q2 company revenue of $5.9B came in 3.5% lower than the prior-year quarter, as Completion and Production revenue fell 8.6% Y/Y to $3.8B and Drilling and Evaluation revenue rose 7.2% to $2.1B.
$CLR North Dakota seeks to block Washington state crude-by-rail law
North Dakota's oil and gas regulator says it will ask the federal government to block Washington state from enforcing a crude-by-rail law that could prevent as much as 200K bbl/day of Bakken crude from reaching Puget Sound refineries.
The state law, which Gov. Inslee signed into law in May and will go into effect Jan. 1, prohibits Washington's five existing refineries from unloading any crude from a rail tank car unless the oil has a vapor pressure of less than 9 psi, potentially setting a de facto ban on Bakken crude shipped by rail.
North Dakota says Bakken operators would not be able to condition Bakken crude to below the 9 psi level without removing valuable product, including butane, from the crude stream, and has warned that the law, if imposed, would disrupt 150K-200K bbl/day of Bakken crude through the state.
Leading Bakken producers include CLR, WLL, [[HEs]], OAS, XOM, EQNR, EOG, QEP, MRO, WPX, ERF
$SPI SPI Energy appoints Anthony S. Chan, as its CFO
SPI Energy (NASDAQ:SPI) has appointed Mr. Anthony S. Chan as its Chief Financial Officer, effective July 15, 2019.
Since 2013, Mr. Chan has advised public and private companies across various industries as their CFO or CFO consultant, focusing on business reorganization, capital raise as well as internal controls and risk management.
$KMI FERC approves Gulf LNG expansion project
Kinder Morgan's (KMI -1.3%) expansion project of its Gulf LNG facility in Mississippi is approved by the Federal Energy Regulatory Commission, an act FERC Chairman Neal Chatterjee says is "significant for the economy and America's geopolitical interests."
The approval is FERC's fifth for a liquefied natural gas export facility this year, as the agency has responded to a backlog of applications.
The terminal expansion would include two LNG trains with 5M metric tons/year capacity and a maximum capacity of more than 5.4M mt/year.
$EIX SoCal Edison OK'd to resume burying San Onofre's spent fuel rods
Southern California Edison (EIX +0.7%) says it will resume its transfer of spent nuclear fuel rods from wet to dry storage at its San Onofre nuclear power plant after gaining approval from the Nuclear Regulatory Commission.
Fuel transfer operations were interrupted last August following an incident in which a steel fuel canister containing 50 tons of spent nuclear rods became wedged in its transport cask as it was being loaded into an underground storage container.
The fuel transfer, which SoCal Edison originally planned to have finished by now, is a key step in decommissioning the nuclear power plant; the company now says it will complete the transfer of 44 remaining fuel canisters by early 2021.
$USO Oil -4% after Pompeo says Iran ready to negotiate on nuclear program
Crude oil futures plunge following reports that Secretary of State Pompeo told a Cabinet meeting at the White House that Iran is ready to enter negotiations over its missile program; WTI -4% to $57.19/bbl, Brent -3.7% to $64.00/bbl.
No further context was offered, but an actual willingness to negotiate could turn down the geopolitical temperature that has helped boost prices of late.
Oil prices already ticked lower after Pres. Trump said the U.S. has a "long way to go" with China on trade and as U.S. oil companies begin restoring production that was shut at platforms in the Gulf of Mexico because of Hurricane Barry.
$XEC Cimarex downgraded at Imperial on weak outlook for nat gas prices
Cimarex Energy (XEC -4.3%) sinks to its lowest level in seven years as Imperial Capital downgrades shares to In-Line, citing deteriorating prices for U.S. natural gas and natural gas liquids; oil names are broadly lower as crude oil prices fall ~4%.
Imperial sees XEC as a well-managed company with a strong balance sheet and ample liquidity, but earnings will be hit by the company's highly leverage to gas and natural gas liquids, with gas accounting for 42% of its total estimated oil and gas production of 270K boe/day in 2019 and NGL comprising 27%.
XEC's average Sell Side Rating is Outperform and its Seeking Alpha Authors' Rating is Bullish, while its Quant Rating is Neutral.
$USO IEA predicts another oil glut in 2020
Oil is headed for its biggest weekly gain in three as simmering Middle East tensions, shrinking U.S. crude inventories and Tropical Storm Barry in the Gulf of Mexico threaten the supply outlook.
Despite the developments and recent rollover of an OPEC-led output cut, the IEA is forecasting another glut in 2020.
"This surplus adds to the huge stock builds seen in the second half of 2018," the agency declared, adding that "market tightness is not an issue for the time being" but predicted growth of 1.4M barrels per day next year (from 1.2M bpd in 2019).
Crude futures +0.7% to $60.64/bbl.
$MPC Marathon Galveston Bay refinery FCCU may be shut eight weeks - Reuters
The gasoline-producing unit at Marathon Petroleum's (NYSE:MPC) 585K bbl/day Galveston Bay Refinery in Texas may remain shut for 2-8 weeks for repairs, Reuters reports.
The 140K bbl/day gasoline-producing Fluidic Catalytic Cracking Unit 3 was shut on June 29 to repair a leak, according to the report.
To repair the sour water stripper, which removes ammonia and hydrogen sulfide discharged by FCCU 3, MPC may need to rebuild a needed transformer, which reportedly could take eight weeks; if a replacement can be purchased, the repairs may only last two weeks.
Galveston Bay is MPC's largest refinery and the second largest in the U.S.
$PCG PG&E pushing tax-exempt bond bill for fire claims - Bloomberg
PG&E (PCG -3.8%) is lobbying California legislators to allow it to issue tax-exempt bonds to help pay for past and future wildfire claims, Bloomberg reports.
PG&E is pushing lawmakers to introduce the legislation next month to allow PG&E to present its $31B restructuring plan by Sept. 26, after which stakeholders could submit competing proposals, according to the report.
Any bill would need to clear the state's Assembly and Senate by the end of the legislative session on Sept. 13 and then be signed by Gov. Newsom by Oct. 13.
Under separate legislation approved yesterday, PG&E and California's other power companies would be able to borrow from a multibillion-dollar fund to pay for future wildfire claims.
$MDR McDermott wins work for giant Qatar offshore project
McDermott (NYSE:MDR) says it was awarded a "sizeable" contract by Qatar Petroleum for front-end engineering and design work for the offshore North Field expansion project; MDR defines a sizeable contract as between $1M-$50M.
MDR says the scope of work includes the design of four offshore trunk lines with intra-field pipelines, eight wellhead platforms and power and fiber optic subsea cable rings.
The North Field covers an area of more than 6K sq. km, equivalent to roughly half the land area of the state of Qatar.
$ENB Enbridge eases oil volume requirements for Mainline pipeline
Enbridge (NYSE:ENB) says it lowered oil shipping requirements on its Mainline pipeline by nearly two-thirds, a move that should soothe fears from smaller shippers that they would be pushed out by the company's initially higher volume minimums.
ENB now requires minimum volume commitments of 2,200 bbl/day, down from the 6K bbl/day commitment it previously sought, the company tells Reuters.
ENB plans to turn the Mainline oil shipping network from a common carrier system open to all shippers to one mostly contracted for up to two decades; it plans to launch an open season for space in July.
$CVX Chevron's Venezuela oil assets threatened with seizure
Venezuela's government threatens to nationalize Chevron's (NYSE:CVX) oil assets if the Trump administration does not extend a sanctions waiver that expires July 27.
The U.S. issued a waiver in January that allowed CVX and oil services companies Halliburton, Schlumberger, Baker Hughes and Weatherford to continue some operations with Venezuela's state-owned PdVSA oil company, but the Maduro government could seize the assets and offer Russian, Chinese and other non-U.S. firms an opportunity to acquire them if the waiver lapses and the U.S. companies pull out.
White House advisor Larry Kudlow said yesterday the administration was considering a possible waiver extension.
CVX's combined net daily offtake from its four Venezuelan joint ventures averaged 42K bbl/day of crude oil in 2018.
$BP Oil advances as Iran 'harasses' British tanker
Continuing yesterday's big advance that bought crude over $60, oil prices extended gains overnight by 0.7% to $60.82/bbl amid the latest Persian Gulf tensions.
Three Iranian vessels tried to block the passage of the BP (NYSE:BP)-operated British Heritage through the Straits of Hormuz, but backed off after the HMS Montrose - an escorting military ship - "pointed its guns" and "warned them over radio."
The incident comes almost a week after British Royal Marines boarded an Iranian tanker, Grace 1, off Gibraltar and seized it on suspicion that it was breaking sanctions by transporting oil to Syria.
$APC Anadarko to shut in production at four Gulf of Mexico platforms
Anadarko Petroleum (APC) is the latest oil and gas producer to announce it is removing all non-essential personnel from its eastern U.S. Gulf of Mexico oil and gas platforms as a tropical storm approaches.
APC says it is evacuating all workers and shutting in production at the Constitution, Heidelberg, Holstein and Marco Polo platforms.
Chevron, Royal Dutch Shell, BP and BHP said earlier that they were removing staff from a combined 15 GoM energy platforms.
The National Hurricane Center expects a tropical depression to form in the northern Gulf late today or early tomorrow, with the potential to produce a storm surge from Louisiana to the upper Texas coast.
$LNG Cheniere's Corpus Christi LNG produces first commissioning cargo
Cheniere Energy (LNG +0.2%) and engineering firm Bechtel say Train 2 at its Corpus Christi liquefied natural gas project has produced enough volume for its first commissioning cargo, an important milestone as the project gets closer to starting up later this year.
Corpus Christi LNG made history last December when a tanker left the facility carrying the first LNG export shipment from Texas; now the company is getting closer to finishing its second plant at the site, with construction on Train 3 scheduled for completion in 2021.
The three plants will bring the Corpus Christi project's capacity to 13.5M mt/year, to be followed by a third stage of development to take the project to 23M mt, Cheniere says.
$EIX Most big carbon emitting firms not meeting climate goals, study says
Only one in eight of the world's highest polluting companies are on track to cut their carbon emissions at a rate required to keep global warming below 2 degrees Celsius (3.6 degrees Fahrenheit), the main goal of the Paris climate agreement, according to a study by the Transition Pathway Initiative, a group funded by investors with $14T under management.
The study says less than half of 274 of the world's highest emitting publicly-listed companies - which include firms in oil and gas (NYSEARCA:XLE), electric utilities (NYSEARCA:XLU), automobiles (NASDAQ:CARZ), airlines (NYSEARCA:JETS) and steel (NYSEARCA:SLX) - do not adequately consider climate risk in their operational decision-making, and a quarter of the companies in the study do not report their own emissions at all.
The report finds only 20 firms are on track to cut their carbon emissions in alignment with the Paris global warming pact, including California utility Edison International (NYSE:EIX), German energy firm E.ON (OTCPK:EONGY) and Spanish utility Iberdrola (OTCPK:IBDSF).
$SRE Sempra Energy posts statement on Cameron development
Sempra Energy (NYSE:SRE) updates on the new Cameron LNG agreement with McDermott and Chiyoda for three liquefaction trains.
"We believe it is reasonable to expect that the overall economics of Cameron LNG will not significantly change as a result of this agreement.
Sempra Energy's projected share of full-year run-rate earnings from the first three trains at Cameron LNG continues to range between $400 million and $450 million annually."
"Cameron LNG Phase 1 is one of five LNG export projects Sempra Energy is developing in North America: Cameron LNG Phase 2, previously authorized by FERC, encompasses up to two additional liquefaction trains and up to two additional LNG storage tanks, Port Arthur LNG in Texas and Energía Costa Azul (NYSE:ECA) LNG Phase 1 and Phase 2 in Mexico."
Sempra Energy (SRE) indirectly owns 50.2% of Cameron LNG.
$ECA Encana to sell Arkoma nat gas assets, starts stock buyback
Encana (NYSE:ECA) rises 1.0% in premarket trading after agreeing to sell its natural gas assets in Oklahoma's Arkoma Basin for ~C$165M (US$126M) in cash and starting its previously announced substantial issuer bid to buy up to US$213M of its common shares.
Sees sale to undisclosed buyer closing in Q3.
Encana's Arkoma assets include ~140,000 net acres of leasehold and current production of ~77M cubic feet equivalent per day (98% natural gas).
Substantial issuer bid is being conducted as a "modified Dutch auction" at US$4.70-US$5.40 per share; offer expires at 5:00 PM ET on Aug. 14, 2019.
$PXD Pioneer Natural loses a bull
Pioneer Natural (NYSE:PXD) cut to hold from buy by SunTrust Robinson; price target reduced to $160 from $205.
Quant rating Neutral; Sell-side average rating Buy (24 Buy, 8 Outperform, 4 Hold.) previously; average price target $201.
In the past six months, Pioneer Natural has risen 5.2% vs. the energy sector median performance of 0.0%.
$UBER pull back on IPO https://finance.yahoo.com/news/uber-ipo-to-begin-trading-on-nyse-135445721.html
$ROAN Roan Resources gets 'multiple' indications of interest, forms committee
Roan Resources (NYSE:ROAN) says it has received multiple unsolicited indications of interest to buy the company as well as in-basin consolidation opportunities.
Roan says it has formed a board committee to evaluate a potential sale or merger while also remaining committed to creating maximum value on a stand-alone basis.
"We believe consolidation in the core of the [Anadarko] basin through a sale or merger combination could be value enhancing on many levels," Chairman Joseph Mills says.
$DO Diamond Offshore -6% as Q1 revenue, dayrates drop
Diamond Offshore Drilling (DO -6.3%) sinks deep into the red after reporting a slightly smaller than expected Q1 loss, a 21% Y/Y decline in revenues and steadily lower average dayrates for its vessels.
Contract drilling revenue fell during the quarter mostly due to lower average daily revenue earned ($30.5M) and the effect of 74 fewer revenue-earning days ($25.9M).
DO says average dayrates for its fleet in Q1 were $309K, down from $315K in Q4 last year and $351K in the year-ago quarter.
Total contracted backlog at the end of Q1 was $1.8B, which excludes backlog secured in April 2019 from new four-year contracts with Woodside Petroleum for the Ocean BlackRhino and Ocean BlackHawk drillships in Senegal; the new dayrates are not disclosed.