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"Institutional Investors Double Down On Oil Despite Divestment Pledges"
https://oilprice.com/Energy/Crude-Oil/Institutional-Investors-Double-Down-On-Oil-Despite-Divestment-Pledges.html
"Transocean Ltd. Announces Pricing of Upsized Private Offering of Senior Notes Due 2029 and Senior Notes Due 2031"
https://www.globenewswire.com/news-release/2024/04/11/2861929/0/en/Transocean-Ltd-Announces-Pricing-of-Upsized-Private-Offering-of-Senior-Notes-Due-2029-and-Senior-Notes-Due-2031.html
Retiring Debt:
"Transocean Ltd. (NYSE: RIG) announced that Transocean Inc., its wholly-owned subsidiary (the “Company” and, together with Transocean Ltd., “Transocean”), has commenced an offer to purchase for cash (collectively, the “Offers” and each, an “Offer”) any and all of its outstanding 11.50% Senior Guaranteed Notes due 2027 (the “2027 Super Priority Guaranteed Notes”) and 7.25% Senior Notes due 2025 (the “2025 Priority Guaranteed Notes,” collectively with the 2027 Super Priority Guaranteed Notes, the “Notes”), in each case, from holders thereof (each, a “Holder” and collectively, the “Holders”). Each of the Notes specified in the table below are referred to as a “series” of Notes. The Offers are being made pursuant to an Offer to Purchase, dated April 11, 2024 (the “Offer to Purchase”)."
https://www.globenewswire.com/news-release/2024/04/11/2861511/0/en/Transocean-Ltd-Announces-Cash-Tender-Offers.html
"Traders Are Buying Oil At The Fastest Rate Since 2020"
https://oilprice.com/Energy/Crude-Oil/Traders-Are-Buying-Oil-At-The-Fastest-Rate-Since-2020.html
"North Sea Oil and Gas Firms Continue Drilling Despite Climate Goals"
https://oilprice.com/Energy/Crude-Oil/North-Sea-Oil-and-Gas-Firms-Continue-Drilling-Despite-Climate-Goals.html
"Brent Breaks Above $91 as Bullish Sentiment Builds"
https://oilprice.com/Energy/Energy-General/Brent-Breaks-Above-91-as-Bullish-Sentiment-Builds.html
Gregory Lewis at BTIG issues Buy Recommendation on 04/02/24 with a $12.00 price target.
"Brent Closes in on $90 as Geopolitical Risk Climbs"
https://oilprice.com/Energy/Energy-General/Brent-Closes-in-on-90-as-Geopolitical-Risk-Climbs.html
Transocean Ltd. Announces $195 Million Ultra-Deepwater Drillship Contract
April 01, 2024 16:24 ET
| Source: Transocean Ltd.
STEINHAUSEN, Switzerland, April 01, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced a 365-day contract extension for the Deepwater Asgard with an independent operator in the U.S. Gulf of Mexico. The program is expected to commence in June 2024 in direct continuation of the rig’s current program and includes additional services. The total contract value of approximately $195 million includes a $10.9 million lump sum payment, which is not included in the estimated backlog of approximately $184 million.
About Transocean
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.
Transocean owns or has partial ownership interests in and operates a fleet of 36 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and eight harsh environment floaters. In addition, Transocean is constructing one ultra-deepwater drillship.
Gold up too. Bad situation and getting worse.
"Oil Prices Up as Iranian Embassy in Syria Leveled in Airstrike"
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Up-as-Iranian-Embassy-in-Syria-Leveled-in-Airstrike.html
"Oil Could Rise More than Anyone Expects This Year"
https://oilprice.com/Energy/Oil-Prices/Oil-Could-Rise-More-than-Anyone-Expects-This-Year.html
2 large purchases this month
All above $5. Nice!
C/O PERESTROIKA AS, TURMSTRASSE 30: adds 1 million shares to increase total to 85,574,894
"14 Best Beaten Down Stocks To Buy Right Now"
https://finance.yahoo.com/news/14-best-beaten-down-stocks-120431736.html
#3 "Transocean Ltd. (NYSE:RIG) is a Switzerland based energy company that provides drilling services and other associated products. Its latest set of financial results kept up a trend of losses but also provided a respite as a loss per share of 9 cents beat analyst estimates of a 23 cent loss.
During 2023’s December quarter, 45 out of the 933 hedge funds profiled by Insider Monkey had held a stake in the firm. Transocean Ltd. (NYSE:RIG)’s largest hedge fund shareholder is Dmitry Balyasny’s Balyasny Asset Management due to its $44.9 million stake."
Nice article, but it's taking a beating this morning
Transocean Navigates Rough Seas to Set Sail for Profitability Amidst Financial Turbulence
Transocean Ltd. reveals its Q4 2023 Fleet Status Report, highlighting resilience and growth in the offshore drilling sector. The company's commitment to operational excellence and its advanced fleet, including the Transocean Barents and Deepwater Skyros, set the stage for future success.
Ebenezer Mensah
19 Feb 2024 17:33 EST
https://bnnbreaking.com/finance-nav/transocean-navigates-rough-seas-to-set-sail-for-profitability-amidst-financial-turbulence
In a world where the echoes of industry resonate beneath the ocean's depths, Transocean Ltd. (NYSE: RIG) has emerged from the financial deep with its latest quarterly Fleet Status Report. Amidst the tumultuous waves of the global economy, the offshore drilling behemoth has charted a course through fiscal storms, revealing both challenges and triumphs in its journey. As of today, standing tall against the winds of adversity, Transocean's story is one of resilience, ambition, and the relentless pursuit of excellence in the unyielding frontier of offshore drilling.
Charting New Depths: Financial Highlights and Operational Achievements
Transocean's financial ledger for the fourth quarter of 2023 unveils a narrative of complexity and conquest. Despite an adjusted net loss of $74 million, or $0.09 per diluted share, the company's sails caught wind with contract drilling revenues swelling by $28 million to a robust $741 million. This financial upturn is credited to a series of operational refinements and a steadfast commitment to efficiency and excellence. However, the voyage was not without its squalls. A loss on impairment and diminished revenue from idle rigs cast shadows on the ledger, though not enough to eclipse the gains made through hard-fought operational improvements.
Maintenance and operational expenses surged to $569 million, a testament to the company's commitment to maintaining its fleet's readiness and operational integrity. This increase primarily reflects the costs associated with returning rigs to service and heightened maintenance demands. Yet, in the face of these escalations, Transocean charted a course towards financial stability, bolstered by a remarkable $145 million fair value adjustment in favor of its exchangeable bonds, and a significant uptick in cash flow from operations, which soared by $142 million to $98 million.
The Fleet's Vanguard: Transocean Barents and Deepwater Skyros
At the helm of Transocean's fleet, the Transocean Barents and Deepwater Skyros stand as beacons of innovation and capability. These rigs, embodying the pinnacle of offshore drilling technology, have secured new contracts that not only underscore Transocean's operational excellence but also signify the market's recognition of its high-specification fleet. The estimated fair value of Transocean at US$8.00, juxtaposed with its current share price of $5.17, reflects a market yet to fully align with the company's intrinsic value and potential.
The addition of $3.2 billion to the backlog, as highlighted by CEO Jeremy Thigpen, represents a tidal wave of opportunity. Thigpen's commendation of the company's outstanding safety results and a record 97.6% uptime performance echoes the ethos of Transocean's unwavering commitment to operational excellence and efficiency. With the market's tightness and the anticipation of a multi-year upcycle, Transocean's fleet, including 36 mobile offshore drilling units and one ultra-deepwater drillship under construction, is poised to navigate the high seas of demand in the offshore drilling sector.
A Look Beyond the Horizon: Future Endeavors and Market Outlook
The future for Transocean, much like the oceans it navigates, is vast with both promise and challenges. With a net loss of $954 million for the full year, the company's financial journey reflects the turbulent waters of the global economy and the inherent risks of the offshore drilling industry. Yet, amidst these trials, Transocean's strategic investments, such as the newbuild ultra-deepwater drillship Deepwater Aquila, and its unwavering focus on enhancing its fleet's capabilities, signal a clear vision for the future.
The optimism shared by Thigpen, buoyed by the market's potential for a robust upcycle, illuminates Transocean's path forward. In a world increasingly thirsty for energy and in an industry where depth, precision, and resilience are paramount, Transocean's journey is more than a tale of financial metrics and operational achievements. It's a saga of human ambition, technological triumph, and the indomitable spirit of exploration and discovery.
In conclusion, as Transocean sets its sights on uncharted waters, navigating through fiscal tempests and operational trials, its story is a testament to the enduring allure of the unknown depths. With its fleet at the ready and its course set towards profitability and operational supremacy, Transocean remains a formidable force in the quest to harness the world's offshore resources. The journey ahead, fraught with challenges and ripe with opportunities, is yet another chapter in Transocean's ongoing odyssey across the boundless seas of industry and innovation.
Transocean Ltd. Reports Fourth Quarter and Full Year 2023 Results
February 19, 2024 17:21 ET
| Source: Transocean Ltd.
https://www.globenewswire.com/news-release/2024/02/19/2831452/0/en/Transocean-Ltd-Reports-Fourth-Quarter-and-Full-Year-2023-Results.html
STEINHAUSEN, Switzerland, Feb. 19, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today reported a net loss attributable to controlling interest of $104 million, $0.13 per diluted share, for the three months ended December 31, 2023.
Fourth quarter results included net unfavorable items of $30 million, $0.04 per diluted share as follows:
$24 million, $0.03 per diluted share, loss on conversion of debt to equity;
$5 million, $0.01 per diluted share, loss on impairment of our investment in an unconsolidated affiliate; and
$3 million, discrete tax items, net.
These unfavorable items were partially offset by:
$1 million gain on early retirement of debt;
$1 million of other net favorable items.
After consideration of these net unfavorable items, fourth quarter 2023 adjusted net loss was $74 million, $0.09 per diluted share.
Contract drilling revenues for the three months ended December 31, 2023 increased sequentially by $28 million to $741 million due to increased average daily revenue and higher fleet revenue efficiency, as well as increased utilization on four rigs that were undergoing contract preparation and one rig that underwent a special periodic survey in the third quarter. This was partially offset by lower revenue generated by two rigs that were idle and two rigs that were undergoing contract preparation during the fourth quarter.
Contract intangible amortization represented a non-cash revenue reduction of $7 million, compared to $8 million in the prior quarter.
Operating and maintenance expense was $569 million, compared with $524 million in the prior quarter. The sequential increase was primarily due to rigs returning to work after undergoing contract preparation in the prior quarter and higher in-service maintenance costs across our fleet, partially offset by lower activity for two rigs that were idle in the fourth quarter.
After consideration of the fair value adjustment of the bifurcated exchange feature embedded in our 4.625% exchangeable bonds, which was favorable $145 million in the fourth quarter and unfavorable $93 million in the third quarter, interest expense net of amounts capitalized was $142 million, compared with $139 million in the prior period. Interest income was $10 million, compared with $12 million in the previous quarter.
The Effective Tax Rate(2) was (25.0)%, down from 16.3% in the prior quarter. The decrease was primarily due to reduced losses in the current quarter. The Effective Tax Rate excluding discrete items was (30.0)% compared to (8.7)% in the previous quarter.
Cash provided by operating activities was $98 million during the fourth quarter of 2023, representing an increase of $142 million compared to the prior quarter. The sequential increase was primarily due to timing of interest payments and increased collections from customers partially offset by decreased cash collected from, and increased payments to, our unconsolidated affiliates.
Fourth quarter 2023 capital expenditures of $220 million were primarily associated with the newbuild ultra-deepwater drillship Deepwater Aquila. This compares with $50 million in the prior quarter.
“We are very proud of our performance in 2023,” said Chief Executive Officer Jeremy Thigpen. “We added $3.2 billion of backlog in the calendar year, providing additional visibility to future cash flows. In addition to delivering standout personal and process safety results, we finished the year with a company-best 97.6% uptime performance. Notably, we generated these results in a year that included eight large-scale projects, including installation of the 20K BOP on the Deepwater Atlas, the industry’s first eighth-generation drillship, and the timely delivery and commissioning of the Deepwater Titan, our second eighth-generation drillship. Finally, we took delivery of our eighth 1,400 short ton drillship, the Deepwater Aquila.”
Thigpen concluded: “We remain encouraged by the continued tightness in the market and remain focused on delivering value to our shareholders as we progress through what we expect to be a multi-year upcycle.”
Full Year 2023
For the year ended December 31, 2023, net loss attributable to controlling interest totaled $954 million, $1.24 per diluted share. Full year results included $215 million, $0.28 per diluted share, net unfavorable items listed as follows:
$169 million, $0.22 per diluted share, loss on disposal of assets;
$57 million, $0.07 per diluted share, loss on impairment of assets;
$31 million, $0.04 per diluted share, loss on retirement of debt;
$27 million, $0.04 per diluted share, loss on conversion of debt to equity; and
$5 million, $0.01 per diluted share, loss on impairment of our investment in an unconsolidated affiliate; partially offset by,
$74 million, $0.10 per diluted share, related to favorable discrete tax items.
After consideration of these net unfavorable items, adjusted net loss for 2023 was $739 million, $0.96 per diluted share.
Ya, I saw all this, but I did not see any Utilization numbers. I thought that would be important.
Would like to see utilization over 60%
4Q and full year 2023 Earnings Monday 2-19 A
STEINHAUSEN, Switzerland, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that it will report earnings for the fourth quarter and full year 2023 on Monday, February 19, 2024.
The company will conduct a teleconference to discuss the results starting at 9 a.m. EST, 3 p.m. CET, on Tuesday, February 20, 2024. Individuals who wish to participate should dial +1 785-424-1226 and refer to conference code 932678 approximately 15 minutes prior to the scheduled start time.
The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. A replay of the conference call will be available after 12 p.m. EST, 6 p.m. CET, on February 20, 2024. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-2660, passcode 932678. The replay also will be available on the company's website.
Transocean Ltd. Provides Quarterly Fleet Status Report
February 14, 2024 16:20 ET
https://www.globenewswire.com/news-release/2024/02/14/2829478/0/en/Transocean-Ltd-Provides-Quarterly-Fleet-Status-Report.html
STEINHAUSEN, Switzerland, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company’s fleet of offshore drilling rigs.
This quarter’s report includes the following updates:
Transocean Barents – Awarded a minimum 540-day contract in the Romanian Black Sea at a rate of $465,000.
Deepwater Skyros – Awarded a three-well extension in Angola at a rate of $400,000.
Deepwater Invictus – Awarded a 40-day contract in the U.S. Gulf of Mexico.
The aggregate incremental backlog associated with these fixtures is approximately $326 million. As of February 14, 2024, the company’s total backlog is approximately $9 billion.
The report can be accessed on the company’s website: www.deepwater.com.
Petrobras to Invest $100 Billion in Offshore Oil Production
https://oilprice.com/Latest-Energy-News/World-News/Petrobras-to-Invest-100-Billion-in-Offshore-Oil-Production.html
"Oil Market Needs $14 Trillion: OPEC Secretary General"
https://oilprice.com/Latest-Energy-News/World-News/Oil-Market-Needs-14-Trillion-OPEC-Secretary-General.html
"Buffett-Backed Occidental CEO Says Oil Shortage by 2025"
https://oilprice.com/Latest-Energy-News/World-News/Buffett-Backed-Occidental-CEO-Says-Oil-Shortage-by-2025.html
Yeah, for sure. Chart looks ready for something like that as well. RSI below 30 now.
Short is 17% of float
as of 1/15: 2 million short shares added
shorts are roughly 6 times average daily volume
Days to cover is expanding
you never know but things could happen depending on earnings or fleet status report
roughly 6 times average volume
I added more at 5. I feel this is way oversold. Hopefully, we do get a short squeeze. $RIG
Depending on the earnings numbers (2/19). Is this setting up for a short squeeze.
"US Oil, Gas Drillers Add 1 More Rig As Production Plummets"
"Meanwhile, U.S. crude oil production plummeted 1 million bpd to average just 12.3 million bpd in the week ending January 19—falling to the lowest point since June of last year thanks to the cold snap that took production offline throughout the nation."
https://oilprice.com/Energy/Energy-General/US-Oil-Gas-Drillers-Add-1-More-Rig-As-Production-Plummets.html
"12 Best Oil Stocks to Buy for 2024"
"12. Transocean LTD (NYSE:RIG)
Number of Hedge Fund Investors: 47
Headquartered in Switzerland, American drilling company Transocean LTD (NYSE:RIG) is one of the best oil stocks to buy for 2024 according to hedge fund investors.
A total of 47 hedge funds tracked by Insider Monkey were long Transocean LTD (NYSE:RIG) as of the end of the September quarter.
In November 2023, BofA published a list of stocks that had underperformed but the bank said these companies had the potential to gain value in the future. Transocean LTD (NYSE:RIG) was part of this list of stocks.
In addition to RIG, hedge funds also love Exxon Mobil Corp (NYSE:XOM), Occidental Petroleum Corp (NYSE:OXY) and Chevron Corporation (NYSE:CVX)."
https://finance.yahoo.com/news/12-best-oil-stocks-buy-103659823.html
"India to Become Single Most Important Driver of Oil Demand Growth"
https://oilprice.com/Energy/Crude-Oil/India-to-Become-Single-Most-Important-Driver-of-Oil-Demand-Growth.html
"Norway To Boost Oil and Gas Exploration"
https://oilprice.com/Energy/Crude-Oil/Norway-To-Boost-Oil-and-Gas-Exploration.html
"Offshore Oil Is Booming With Vessel Markets Near All-Time High"
https://oilprice.com/Energy/Energy-General/Offshore-Oil-Is-Booming-With-Vessel-Markets-Near-All-Time-High.html
"Traders Speculate on $110 Oil As Middle East Tensions Escalate"
https://oilprice.com/Energy/Crude-Oil/Traders-Speculate-on-110-Oil-As-Middle-East-Tensions-Escalate.html
not sure this will be true at day's end, but yesterday and today:
tnk up,
pxd up,
cvx up,
xom up,
shel up,
slb up,
sdrl up,
kmi up,
eqnr up,
rig up.
ccj up (just threw this one in)
I agree. Or at least I hope so. ;)
Thanks Hawk!
Yes, good LT support here for loading next swing...
Hawk
For me, on charts this has been a Swing trade.
They never let it run....
Hawk
And what would that trade be?
Do you have specifics?
AS always...trade the trade here.
Hawk
"Transocean Bags Rig Contract for Romania's Neptun Deep"
https://www.rigzone.com/news/transocean_bags_rig_contract_for_romanias_neptun_deep-14-dec-2023-175053-article/
IADC Annual General Meeting: Drillers identify key issues of concern
https://worldoil.com/news/2023/11/13/iadc-annual-general-meeting-drillers-identify-key-issues-of-concern/
Kurt Abraham, Editor-in-Chief/Chief Forecaster, World Oil November 13, 2023
As the Annual General Meeting of the International Association of Drilling Contractors (IADC) continued Thursday afternoon in Austin, Texas, it featured wide-ranging commentary from three panelists on issues of concern during the “Drillers Outlook.” In addition, the afternoon included interesting assessment of the 2024 U.S. presidential election process underway from renowned analyst Dr. Richard Murray, professor at the University of Houston. Suffice it to say, both sessions gave the audience plenty to talk about for the balance of the day.
Drillers Outlook session. This grouping was geared to include industry leaders representing land and offshore with U.S. and global scope. They shared their view on key issues from both a personal and company perspective.
Citadel Drilling Ltd. CEO Dan Hoffarth
First up was Dan Hoffarth, CEO at Calgary, Alberta-based Citadel Drilling Ltd. He brings a thorough knowledge of the drilling sector, having come up through the ranks, starting his careers as a floorhand and working through all positions in a drilling contractor environment. In addition, he is a founding member of Citadel, with over 30 years of experience in the drilling and service sector of the industry. If anyone ought to know a few things, it’s Hoffarth.
And he certainly didn’t hold back anything. From his perspective, there are four key issues that drillers are having to battle, and which are weighing on the contracting sector. These include regional conflicts (as in Ukraine and Israel-Hamas); high costs (inflation is still felt in costs for equipment and goods); global demand (remains finicky and unpredictable); and difficulty in attracting capital (financial institutions avoiding lending money to oil and gas projects).
Yet, despite these overarching issues, Hoffarth declared that “we have control over the way we conduct our business.” He said that the health of a drilling contractor can be compared to the base of a platform rig. “Each leg is a factor of the company,” explained the CEO. These factors include employee quality, leadership and culture, and shareholder value. “I look at these areas, and I feel like our industry is under attack,” said an exasperated Hoffarth. “We are no longer building new rigs. We no longer see start-up drilling companies. What do we need to do to survive?”
Answering his own question, Hoffarth said that industry companies need to adapt to a changing business environment that they operate in. And he believes that companies need to work together more than ever. “Our social license to operate is dependent on everyone in this room.”
Transocean Executive V.P., Marketing and Innovation, & Chief Commercial Officer Roddie Mackenzie
Next up was Roddie Mackenzie, Executive Vice President, Marketing and Innovation, & Chief Commercial Officer, Transocean. He said his firm’s strategy has been to deliver safe, reliable and efficient operations, deleverage the balance sheet, and innovate and introduce new technology.
Front and center since 2014 has been a significant fleet transformation, added Mackenzie. “We went from a larger number of rigs to a smaller number by scrapping older rigs,” he explained. “We scrapped 60+ rigs, but we’ve also added some new ones, as well.” According to Mackenzie, the technology of today that Transocean feels is important to the industry’s current status and future includes robotics and automation; remote operations; digitalization; safety and operational integrity; and low-carbon operations.
In addition, there are some market realities that he believes are still not understood, much less acknowledged, by the general public, mainstream media and certain government officials. “Let’s face it, all facets of energy are still growing, even coal, and even using EIA figures,” pointed out Mackenzie. “This business about peak demand is nonsense. Peak oil is nowhere near [us]. Investment in deep water makes sense. There is a strong growth outlook with low oil price sensitivity.”
He noted that the duration of floater fixtures is going up—“we’re now back on track for longer contracts.” Rig utilization on floaters remains high (95%) this year, and will be up to 100% in 2024, he said. Summing up the operating situation for offshore contractors, Mackenzie declared, “After eight years of winter [financially], cash flow is coming!”
Latshaw Drilling Company Founder & President Trent Latshaw
Finishing off the session was Trent Latshaw, Founder & President of Latshaw Drilling Company, and a World Oil editorial advisor. He prefaced his talk by noting that he hit a personal milestone last year, hitting 50 years of working in the industry. From that perspective and knowledge based, Latshaw said, “I think this industry has a great future, despite what all these left-wing [people] have to say.”
From that statement, Latshaw evolved to a discussion of what keeps him concerned the most lately. In other words, given the regional conflicts that have popped up in Ukraine and the Middle East (Israel-Hamas), could one of these expand into a greater war? And if something does expand into the equivalent of World War III, would the U.S. be prepared to win it, just as it won World War II in cooperation with a number of allies.
Latshaw said there were several main factors that helped the U.S. and its allies win World War II. These included the following:
Manufacturing might—an ability to quickly build thousands of vehicles, tanks, planes and ships
Oil production—"the U.S. provided 85% of the oil used by the Allies, as U.S. output actually rose from 3.7 MMbopd to 4.7 MMbopd during the war,” said Latshaw.
Righteous indignation.
Unfortunately, pointed out Latshaw, while the U.S. was the number-one steel producer globally during WWII, it now ranks fourth behind China, India and Japan. Furthermore, the U.S. was the biggest shipbuilder during WWII, but now it is not even in the top 15 countries for shipbuilding. In a related statistic, “the U.S. is also woefully short of requisite blue-collar labor that is required for these activities.”
However, there is one good bit of news, when it comes to war preparedness, he said. “The U.S. has a good oil production situation for fighting a war. Production in the last 10 years is up from a low of 5.3 MMbopd to 13.1 MMbopd this year.”
Dr. Richard Murray, Professor, University of Houston
Assessing the 2024 U.S. presidential election. After the stimulating presentations by the drilling executives, Dr. Richard Murray, professor at University of Houston (U. of H.), kept the crowd’s attention with a very informative, history-laden assessment of the U.S. presidential election process, as it stands today. During a 55-year teaching career, Murray founded the Hobby School of Public Affairs at U. of H. in 1981. He currently is Senior Research Fellow, as well as holder of the Bob Lanier Chair in Urban Public Policy, at the Hobby School of Public Affairs. As such, Murray has been a fixture on local television news in Houston, providing expert analysis of various elections. And during his long career, he has been a consistent rare commodity—a middle-of-the road, even-handed analyst, not tending to side with one political extreme or the other.
So, as Murray walked up to the podium on Thursday afternoon, he had now way of knowing that at that instant, news flashed on the cell phones of many in the audience (including this editor) that incumbent Senator Joe Manchin (D – W.V.) had just announced that he would not run for re-election. This is widely interpreted as potentially having an impact on the presidential race, so we will review Murray’s assessment with that in mind.
Nevetheless, “this election (2024) has a good chance of being one of those pivotal elections,” declared Murray. “{Former President Donald] Trump has transformed U.S. politics since coming down the escalator at Trump Tower on June 16, 2015. And while Trump could duplicate Grover Cleveland’s feat of non-consecutive terms, Trump is not Grover Cleveland. He is very unique; he has reshaped U.S. politics.”
He went on to say that the Democrat Party is much different today, reflecting that “a far different polarization” exists in the U.S. “Republicans used to win the wealthy districts in years gone by,” analyzed Murray. “Today, Republicans struggle to win in wealthy neighborhoods, yet they now pick up blue collar districts that they never won before. For instance, Minnesota District 8, which includes Duluth, was traditionally one of the most Democratic districts in the state. Today, it is the most Republican district.”
Murray acknowledged that there is a high chance of a Biden-Trump rematch in 2024, although it may not suit the taste of many in the electorate. “Biden vs. Trump is a match-up like we’ve never seen before,” he said. “A big factor is how many people in both parties don’t want either Biden or Trump. But absent some dramatic event, and health issues aside, Donald Trump is on track to win the Republican nomination. He may have it locked up by early March. And Biden, likewise, is on track to win. I think Trump is going to get every delegate in [the] California [Republican primary] on March 5. And he’s going to get every delegate in Texas.”
The professor said this situation is rooted in the complex way in which the parties award delegates. Asked if the Biden-Trump re-match would result in a lot of third-party voting, Murray said rather forcefully, “I don’t think so. However, this election may generate high voter turnout.”
Looking at global conflicts and other factors, Murray noted that “what we decide to do presidentially has great ramifications worldwide. It’s a dangerous world out there, and it’s not getting better. The reality is (sounding a bit like Latshaw’s remarks), we can end the world quickly, given military technology advances.” But back to the election, he said with a shrug, “who will win? I don’t know.”
Asked by someone in the crowd about the new U.S. House Speaker, Mike Johnson, Murray drew some laughter from the audience when he said, “this is like one of those jobs running the city jail—why would you want it? You should include Mike Johnson in your prayers; he’s going to need them.”
As for other potential presidential candidates, Murray threw cold water on those thoughts. “Michelle Obama doesn’t want to be turned to. She is extraordinarily unlikely to seriously entertain this possibility. I also think it’s highly unlikely to have a viable third-party candidate, given the strong feelings on both sides.”
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BUSINESS SUMMARY:
Transocean Inc. (Transocean) is the world's largest offshore drilling contractor and the leading provider of drilling management
services worldwide.
With a fleet of 139 mobile offshore drilling units plus three ultra-deepwater newbuild drillships under construction, Transocean's
fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of
the offshore drilling business.
Transocean owns or operates a contract drilling fleet of 45 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment
semisubmersibles and drillships), 26 Midwater Floaters, 10 High-Specification Jackups, 55 Standard Jackups and other assets utilized in the
support of offshore drilling activities worldwide.
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