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International energy company capital budgets have broadly been shrinking since 2014's oil-price collapse, which slashed earnings and left many with high debt loads.
Closely watched for indications of future oil and gas production, Chevron (NYSE:CVX) is budgeting $18.3B for capital projects in 2018, about 4% less than this year and lower for a fourth year in a row.
Revenue of $454.66M (+19.8% Y/Y) beats by $23.36M.
Ferrellgas Partners (NYSE:FGP): Q1 EPS of -$0.49 misses by $0.19.
Separately, B. Riley FBR initiates coverage of EMES with a Neutral rating and a $9 price target.
Emerge Energy Services (NYSE:EMES) -1.8% premarket after filing for an offering of $100M common units and ~9.84M units by selling unitholders.
Teekay Tankers (NYSE:TNK) appoints Stewart Andrade as its new CFO, succeeding Vince Lok, who will remain Teekay Corp.'s (NYSE:TK) Executive VP and CFO.
Andrade joined Teekay in 2002 and has worked in a variety of increasingly senior roles across the organization, for the past two years as VP of Strategy and Business Development for the tanker business.
$UNG EIA Natural Gas Inventory: +2 Bcf vs. -7 Bcf consensus, -33 Bcf last week. Futures -4.72% to $2.784.
$UGAZ EIA Natural Gas Inventory: +2 Bcf vs. -7 Bcf consensus, -33 Bcf last week. Futures -4.72% to $2.784.
EIA Natural Gas Inventory: +2 Bcf vs. -7 Bcf consensus, -33 Bcf last week.
Futures -4.72% to $2.784.
Sounds familiar.. $25MM on TVOG and up list plan. If they can do it on other deals then they can do it here would be my opinion.
It’s good to be in a deal with a bank who knows just how to do it.
Yeah that’s a huge track record. Their last deal posted on that page was for $50MM and went right to NASDAQ.
Dont think that’s entirely unrealistic.
Strong open. Level 2 looks thin.
Good to have you back in. It’s finally reached deal level and getting better. Tomorrow should be pretty good.
I think it’s definitely going to take some shaping up. But this is just expanding its current plan so on a forward looking basis it would seem optimistic.
That’s good due diligence. Seems this initial deal would suffice to meet that requirement.
Goldman is optimistic on global oil demand growth and expects the output cuts to end early, with a ramp up in Q3 - “At that point, however, we expect inventories to be close to their five-year average level with an exit that keeps inventories near such level."
Goldman lifts its 2018 outlook for Brent crude to $62/bbl from $58 and West Texas crude to $57.50 from $55, implying a wider spread because of surging production from the Permian Basin.
“While the [OPEC-led] deal leaves room for an earlier exit than currently scheduled, we now reflect this resolve in our supply forecast, with full compliance for longer and a more modest exit rate," according to the bank's analyst team, which was much more pessimistic a week ago ahead of the meeting in Vienna.
Goldman Sachs raises its crude oil price forecasts for 2018, citing lower inventories next year and the strong commitment shown by Russia and Saudi Arabia last week to extend production cuts.
I can’t wait to see Turner become one of these successful NASDAQ listed companies that Network 1 has funded.
http://www.nasdaq.com/markets/ipos/offering-history.aspx?expert=network+1+financial+securities%2C+inc
It would appear that us a typo or mistake. They don’t own the five vessels yet that was the first round of acquisitions being done I thought. Or maybe they are just ahead of disclosures on site?
Haven’t seen the catalyst yet. Makes you wonder.
This one has been hard to play. If management would focus on M&A it could open up value.
Doesn’t make sense due to oil moves. This has to be some sort of market divestiture or a capital raising.
Yes naturally but this contract is long term and will allow for them to expand their revenues.
I think the point here is that there have been an over supply of vessels in the market making it very distressed on rates specially. If this tappers off as the BSI is indicating it could be start of significant bull market in shipping.
Haha suppose I am a bit conservative at times. True I have seen some companies with much less, trade at levels like that.
Very interesting data. Thanks for the share. Incredible growth required to meet this demand in coming years.
“The U.S. would need 63 percent more asphalt than its consumes now just to pave roads at the rate it reached a decade ago, Energy Information Administration data show. “
Openly diversify. I like potential here but I’ve already taken some profits here as well.
Sounds promising.
Reuters reports: “The oil products market is in the midst of rebalancing – it started in the U.S. and Europe a few months back, and in Asia the rebalancing is starting to show,” said Nevyn Nah of energy consulting firm Energy Aspects."
The large influx of vessels hitting the waters over the past years will begin to taper off in 2018. For the first time in several years, demand could outpace vessel supply creating a tailwind for rates.
A Pivotal Moment For Product Tankers?http://www.seekingalpha.com/article/4128105
I haven’t actually seen other valuation comps for this segment if Asphalt / Shipping. Will post anything I find.
I think that may be a stretch considering they have to issue preferred shares for the cash / assets. But definitely a lot of upside from here in my opinion.
$STNG - Scorpio Tankers (STNG -0.6%) holds up well despite pricing its 30M-share public offering at $3/share; shares fell nearly 5% in after-hours trading following disclosure of the offering.
Scorpio Tankers (STNG -0.6%) holds up well despite pricing its 30M-share public offering at $3/share; shares fell nearly 5% in after-hours trading following disclosure of the offering.
Diana Containerships (DCIX +5.3%) entered into a time charter contract with Wan Hai Lines (Singapore) Pte Ltd. for one of its Post-Panamax container vessels, the m/v Hamburg.