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$NBL $DGRLY - agrees to sell a 35% stake in its gas exploration rights in waters off Cyprus to the U.K.'s BG International, which includes the Aphrodite natural gas discovery, for $165M.
NBL will maintain operatorship of the block with a 35% interest, while Israel's Delek Group (OTCPK:DGRLY) holds 30%.
Aphrodite, discovered in 2011, has ~4T cf in gross mean natural gas resources.
Cyrpus' energy minister says the deal is an important step forward for the country's plans to supply Egypt with natural gas.
NRG Energy (NRG -0.6%) says it is seeking U.S. regulatory approval for the sale of its gas-fired power plant in Neoga, Ill., to P-E fund Rockland Power Partners II.
Phillips 66 (PSX +0.2%) is downgraded to Sell from Neutral at Goldman Sachs, which believes elevated share prices in the group now make stock picking critical when it comes to refiners.
TransAlta (TAC +12.2%) soars following the Alberta government's announced plan to phase out of coal generation and accelerate wind and solar power construction, which would give the renewable energy producer an edge over competitors.
$RIG says it will delist from the SIX Swiss Exchange in Q1 2016 to save on costs, while continuing to trade on the NYSE.
Sanchez Energy (SN +7.2%) is sharply higher after KLR Group upgrades shares to Buy from Accumulate with an $8 price target, citing expectations that Q4 production will come in ahead of the company's guidance.
Rex Energy (REXX -16%) plunges to lows of the day after Imperial Capital downgrades shares to In-line from Outperform with a $2 price target, cut in half from $4.
Peabody Energy (BTU +3.6%) has given up much of its early 15% gain but is still higher following Friday's news that it is selling its New Mexico and Colorado coal assets for $358M.
Ceres (NASDAQ:CERE): FQ1 EPS of -$4.57 vs. -$6.48 in FY14
Revenue of $2.72M (+13.3% Y/Y)
RGC Resources (NASDAQ:RGCO): FQ4 EPS of $0.01
Revenue of $9.73M (-5.4% Y/Y)
$TSO- Tesoro (NYSE:TSO) agrees to acquire Flint Hills Resources' wholesale marketing and logistics assets, in Anchorage and Fairbanks, Alaska, for an undisclosed sum.
TSO says the deal includes all FHR wholesale fuel marketing contracts in Alaska, an Anchorage terminal with 580K barrels of total in-service storage capacity, a Fairbanks airport terminal that includes 22.5K barrels of in-service jet fuel storage, and a multi-year agreement at FHR`s North Pole terminal.
TSO also says the deal will improve its ability to serve customers from its existing Anchorage terminal and extends its ability to efficiently and reliably serve the Alaska interior.
Walter Energy (NYSE:WLT) is asking for a bankruptcy court’s approval to end employment agreements with its unions and stop funding retiree benefits so it can move ahead with the sale of its Alabama coal operations, Dow Jones reports.
WLT’s lenders, which plan to acquire the Alabama operations, say they will not be bound by union pacts that seek to hold the successors to their terms; WLT says this should come as no surprise in light of the agreements’ “onerous" terms.
The United Steelworkers union says it will fight the request, but WLT says the coal industry downturn leaves it with little choice.
$ARP - Atlas Resource Partners (ARP -33.6%) is slashed by a third after agreeing to cut its annual distribution to $0.15/unit from $1.30/unit in exchange for certain borrowing concessions from its lenders, including improved terms on its leverage covenants.
ARP says its revised borrowing base has been reduced by $50M, or 6.7%, from its prior level to $700M.
ARP says its total leverage ratio as of the end of Q3 was ~5.1x; the next borrowing base re-determination is expected to occur in May 2016.
I can agree with the takeout possibilities. Feeling the drop in gas as well as oil so it's definitely hurting. Any meaningful rebound or even prolonged stability in commodity prices will be very beneficial. Any concerns of debt / liquidity?
Sure is. Do you see this as a sign of stability in precious metals or more isolated to this company?
Pretty big difference between companies so far as business and size. I've been watching it for a year or two not much going on it seems.
Transglobe Energy (NASDAQ:TGA) declares $0.025/share quarterly dividend, -50% decrease from prior dividend of $0.05.
Forward yield 4.02%
Payable Dec. 31; for shareholders of record Dec. 15; ex-div Dec. 11.
Duke is the largest electric utility in the nation with 7.3 million electric customers in Indiana, Florida, Kentucky, Ohio, and the Carolinas.
It's interesting to note that both of these companies are key partners in the build-out of the $5 billion Atlantic Coast Pipeline.
Dominion Resources and AGL Resources are involved in the project as well.
The pipeline would carry natural gas from fracking operation in the Marcellus Shale in West Virginia. Duke would use it to help power customers' home and businesses.
Don't doubt it at all.
Diamondback's drilling economics at the Spanish Trail are among the strongest in the U.S. shale oil industry.
The company is making progress delineating its acreage in other areas, testing multiple horizons.
While the remaining inventory is unlikely to match the Spanish Trail in terms of returns, it should yield a multi-year, solidly economic development backlog once the commodity environment improves.
The stock's price appears to recognize the high quality of the company's assets, its strong balance sheet and enhanced economics due to mineral rights ownership via Viper.
While the current trading multiple is very high, the rich premium may be "sticky": investors may continue to price a cyclical recovery in oil into the stock, considering the company is well positioned to weather the downcycle and accelerate growth once the cycle turns.
It's a great M & A candidate as well but I was just saying Pioneer was best first option.
Is demand in fact strong enough within their commodity market?
I agree with you if you have a long term hold strategy. I'm not certain however that the bottom is in. Pain ahead for industry until next year.
This is a long term hold.
Weak global demand. Not good outlook.
Europe demand looks strong looking to weld off of Russia. In the other direction China is getting more Russian gas so they likely need less imports.
The Trustees of Mesabi Trust (NYSE: MSB) are reporting that Cliffs Natural Resources Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore”), announced today that it is temporarily idling iron ore pellet production at its Northshore Mining operation in Minnesota by December 1, 2015. Cliffs stated that until its domestic customers’ blast furnace capacity utilization rates improve, existing customer demand will be satisfied from its current pellet inventory.
In its news release today, Cliffs said it anticipates that both Northshore and the previously idled United Taconite operations “will be temporarily idled through the first quarter of 2016.” During that time frame, Cliffs said it will continue to operate Hibbing Taconite in Minnesota, as well as the Tilden and Empire mines in Michigan, at normal rates. Cliffs also stated that it “will assess and adjust its production plans as market conditions improve.”
Cliffs’ announcement today also said that at its Northshore operations, it “will maintain minimal staffing during the temporary idle for basic maintenance duties and for on-going work to support the DR-grade pellet trials.”
With respect to the remainder of calendar year 2015, Northshore has not advised Mesabi Trust of its expected 2015 shipments of iron ore products or what percentage of 2015 shipments will be from Mesabi Trust iron ore.
$RDS.A - hahaha of course they are going to hold out for a sweeter deal. Can't say I wouldn't do the same thing.
Gold Fields (NYSE:GFI): Q3 EPS of $0.03
Revenue of $635.1M (-9.2% Y/Y)
$RDS.A - Royal Dutch Shell's (RDS.A, RDS.B) proposed tie-up with BG Group (OTCQX:BRGXF, OTCQX:BRGYY) secured clearance yesterday from one of two Australian regulators but still requires approval from China, but Reuters reports that Chinese regulators are pressing the company to sweeten long-term gas supply contracts, which could cast new doubt on the near-term benefits of the deal.
Will this potentially hold up this deal and if they agree will it create a ripple affect for gas prices globally??
Royal Dutch Shell (RDS.A, RDS.B) says it will decide next year whether to resume installing subsea compressors at its giant Ormen Lange field offshore Norway, after stopping the project last year to save costs.
The Ormen Lange field, which feeds the Langeled pipeline under the North Sea, is one of the U.K.'s biggest sources of natural gas; Shell's partners include Statoil, Exxon Mobil and Dong Energy.
$COP - ConocoPhillips (NYSE:COP) has approved funding for its $900M Greater Mooses Tooth development on Alaska's North Slope, Alaska Dispatch News reports.
Production is expected to begin in 2018 at the field in the National Petroleum Reserve-Alaska, and would mark the first time oil has flowed from federal lands on the reserve.
COP will operate the field as majority owner, with Anadarko Petroleum (NYSE:APC) holding a 22% interest; the companies own similar stakes in the CD5 project within the reserve boundaries on land owned by Alaska Native corporations.
The project is expected to yield 30K bbl/day of oil at its peak.
Report: ConocoPhillips approves $900M Arctic reserve project
http://www.seekingalpha.com/news/2940956
Sunoco LP (SUN +2.2%) upgraded to Outperform from Neutral with a $57 price target, raised from $49, at Credit Suisse after a final $2.3B dropdown of Energy Transfer Partners’ combined 68% ownership of SUN's wholesale motor fuel business, along with 100% of the retail motor fuels and convenience stores business.
The final dropdown came in larger than expected and well head of management's year-end 2016 time frame, Credit Suisse says, adding that the transaction takes SUN’s pro-forma recurring EBITDA to $750M from $500M, while management expects EBITDA growth of 6%-7% going forward.
The firm says the deal structure removes the equity overhang which had plagued SUN units, and no further equity needs are expected in 2016.
Sunoco upgraded at Credit Suisse after larger than expected dropdown
http://www.seekingalpha.com/news/2941346
Superior Drilling (NYSEMKT:SDPI): Q3 EPS of -$0.07 misses by $0.03.
Revenue of $3.02M (-47.5% Y/Y) misses by $0.24M.
InterOil (NYSE:IOC): Q3 EPS of -$2.09 may not be comparable to consensus of -$0.58.
Revenue of $11.82M (+10.0% Y/Y) beats by $3.77M.
CPFL Energia (NYSE:CPL): Q3 EPS of R$0.26
Revenue of R$4.97M (+17.2% Y/Y)
Companhia Siderurgica (NYSE:SID): Q3 Net Loss of R$532.65M. Revenue of R$3.96B (+2.1% Y/Y) beats by R$100M.
Clean Diesel Technologies (NASDAQ:CDTI): Q3 EPS of -$0.13 beats by $0.02.
Revenue of $9.8M (+5.3% Y/Y) misses by $0.86M.
STR Holding (NYSE:STRI): Q3 EPS of -$0.23 misses by $0.11.
Revenue of $6.59M (-30.7% Y/Y) misses by $1.91M.
$TLN - Talen Energy (NYSE:TLN) says a unit reactor at its at Susquehanna Nuclear Plant in Pennsylvania shut down yesterday, activated by automatic safety features.
The Nuclear Regulatory Commission says a preliminary review indicated the reactor tripped due to high pressure levels.
No one was injured inside the plant, and the public is not in any danger, the company says.