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.
2000000 Shares
Sinopec Net Unexpectedly Rises as China Demand Climbs
Aug. 22 (Bloomberg) -- China Petroleum & Chemical Corp., Asia’s biggest refiner, unexpectedly posted a 6.7 percent increase in first-half profit as a rebound in the nation’s economy spurred demand for oil, gas and petrochemicals.
Net income at Sinopec, as China Petroleum is known, climbed to 35.46 billion yuan ($5.22 billion), or 0.403 yuan a share, from 33.25 billion yuan, or 0.381 yuan, a year earlier, the Beijing-based company said in a statement to the Shanghai stock exchange today. That compares with a median estimate of 32.4 billion yuan in a survey of 10 analysts compiled by Bloomberg.
Sinopec’s oil-product sales jumped 18 percent by volume, buoyed by an economy that grew 11.1 percent in the first half and surpassed Japan in size. The refiner also benefited from an increase in government-controlled fuel prices in April that helped boost overall revenue by 75 percent during the period.
“The numbers look much better than we previously anticipated as Sinopec took advantage of the demand recovery and higher prices,” said Yin Xiaodong, the Beijing-based chief analyst at Citic Securities Co. “Fuel consumption is expected to keep rising in the second half given the economic growth.”
First-half natural-gas sales surged 33 percent from a year earlier to 4.14 billion cubic meters, Sinopec said. The government raised wholesale gas prices by 25 percent on June 1, the first increase in more than two years, to spur producers to ramp up exploration for the cleaner-burning fuel.
Sinopec declined 7.8 percent in Hong Kong trading in the past 12 months, compared with the 3.2 percent gain in the benchmark Hang Seng Index. The shares dropped 0.2 percent to HK$6.36 on Aug. 20.
Rising Crude Costs
First-half gross profit from refining crude fell 45 percent from a year earlier to 237 yuan a ton as the cost of purchasing crude jumped 84 percent, according to today’s statement.
Crude in New York rose 52 percent to average $78.46 a barrel in the first six months. China’s adjustment in retail fuel prices in April was the only increase so far this year. The government cut prices by an average of 3 percent on June 1 to help curb inflation.
Second-quarter profit fell 10 percent to 19.68 billion yuan from a year earlier, according to calculations made by Bloomberg News by subtracting first-quarter results from first-half earnings. Huang Wensheng, the refiner’s Beijing-based spokesman, said he couldn’t immediately comment on the second-quarter figure.
Sinopec derived 62 percent of its operating income last year from refining and marketing, while PetroChina Co. got 19 percent. Cnooc Ltd., relying on oil and gas production for 99 percent of its revenue, more than doubled its six-month profit after crude prices jumped.
Chinese Fuel Demand
“Sinopec’s results are maybe slightly better than we expected, but there is still pressure on the company’s margins,” said Wang Aochao, a Shanghai-based analyst at UOB-Kay Hian Ltd. “I can see this kind of pressure on margins continuing in the third quarter if the government doesn’t increase refined oil-product prices again soon.”
For the full year, Sinopec may report a 3 percent increase in profit to 63.4 billion yuan, according to the median estimate of 17 analysts surveyed by Bloomberg.
Sinopec targets fuel sales of 68.15 million tons in the July-to-December period, matching the first half. The company aims to produce 4.6 million tons of ethylene during the period.
Natural-gas production may reach 6.32 billion cubic meters in the second half, Sinopec said. The company said last year it expects a “large increase” in output in 2010 after starting up the Puguang gas field in the southwestern province of Sichuan on Oct. 10.
Parent’s Assets
The refiner agreed in March to buy a stake in an Angolan field from its parent China Petrochemical Corp. for $2.5 billion to increase crude production and diversify income sources.
“Sinopec is likely to purchase more quality oilfield assets from its parent company to boost earnings, and by doing so, the listed unit will be able to offset risks resulting from the government’s policy restrictions on the refining business,” Wang said.
--Wang Ying and John Duce in Hong Kong. Editors: Ryan Woo, David Risser.
To contact Bloomberg staff on this story: Ying Wang in Hong Kong at +86-10-6649-7562 or ywang30@bloomberg.net; John Duce in Hong Kong at +852-2977-2237 or Jduce1@bloomberg.net
Last Updated: August 22, 2010 05:47 EDT
ponzi-Is there any stock you like?? From your posts on this board and others in your profile I cant find one!!
xanada-If they stop diluting might be time to buy unless they do a reverse split.
xanada-I guess I was trying to find out if they were still diluting the past week.
Has anyone check the authorized/outstanding sheres lately?
Korea National Oil Makes $2.9 Billion Bid for Dana
By Shinhye Kang and Kari Lundgren
Aug. 20 (Bloomberg) -- Korea National Oil Corp. made a hostile 1.87 billion-pound ($2.9 billion) bid for U.K. explorer Dana Petroleum Plc after its takeover offer was rejected.
The state-owned energy explorer offered 1,800 pence a share and to buy Dana’s convertible bonds, Korea National said in a statement today. The company received letters of support from shareholders representing about 49 percent of Dana stock, according to the statement.
Korea National plans to spend about $6 billion on acquisitions and projects this year to more than double output by 2012 as Asia’s fourth-biggest oil importer competes with China and India for resources. Dana, which focuses on the North Sea and Africa, said in March its probable reserves rose 15 percent to 223 million barrels of oil equivalent in 2009.
“It’s a really full price and it’s cash as well,” Peter Hitchens, an analyst at Panmure Gordon & Co. in London, said in a telephone interview. “A lot of shareholders are sitting there thinking that if the bid doesn’t go through it’s going to be years before the shares reach these levels again.”
Korea National’s offer is a 59 percent premium over Dana’s closing price on June 30, the day before the Aberdeen, Scotland- based company said it had received a takeover approach. The stock jumped as much as 5.9 percent to 1,795 pence, the highest in two years, and traded at 1,794 pence as of 10:44 a.m. local time.
Shareholder Backing
Shareholders that have accepted the KNOC offer include Schroder Investment Management Ltd., which has about 15 percent of the stock, as well as BlackRock Investment Management Ltd. and JPMorgan Asset Management, according to the statement.
The support from shareholders suggests “this is likely to be a done deal,” Nick Copeman, an analyst at Oriel Securities, said in a note.
In a statement, Dana urged shareholders and convertible bond holders to take no action in respect of the offer, and said it would give an update on its current business outlook when it releases results on Aug. 27.
Dana slumped as much as 13 percent on Aug. 12 when it rejected Korea National’s offer and pared losses after the South Korean company responded that it was considering its options.
“We believe that our offer of 1,800 pence per share fully and fairly reflects all of Dana’s recently announced and ongoing developments, together with its exploration potential,” Seong-Hoon Kim, senior executive vice president at Korea National, said in the satatement.
The yield on Korea National’s $1 billion in 5.375 percent bonds due in 2014 rose to 3.009 percent from 2.993 percent yesterday, according to Royal Bank of Scotland Group Plc prices.
Higher Offer
Korea National had increased its indicative proposal from 1,700 pence on July 23. The deal would be South Korea’s biggest overseas acquisition for 2010, according to Bloomberg data. Bank of America Corp.’s Merrill Lynch & Co. unit is the financial advisor to Korea National.
Asia’s fourth-biggest economy, which imports almost all its oil needs, plans $12 billion in overseas energy projects and acquisitions this year, up from $6.7 billion last year, the Ministry of Knowledge Economy said in January.
Dana executives flew to Canada to meet with KNOC officials on Aug. 6 to advance talks and make a non-disclosure agreement to access company data, the company said in a Aug. 12 statement.
Korea National on Aug. 9 declined to sign a non-disclosure agreement and conduct diligence without the board’s backing, according to a statement on Aug. 12. Therefore, Dana’s board “does not consider it is prudent or warranted to provide a recommendation,” the company said at the time.
Exploration Licenses
The deal values Dana at about $12 a barrel of oil equivalent, and anything between $10 and $13 a barrel is suitable for an explorer, according to Cho Seung Yeon, an analyst at HMC Investment Securities Co.
With more than 100 interests in exploration and production licenses in nine countries, Dana pumps oil and gas from 37 fields. In June, the company agreed to buy Suncor Energy Inc.’s Dutch North Sea assets for 328 million euros in cash, its biggest purchase to date. Dana drilled 17 exploration wells last year and produced an average of about 38,700 barrels of oil equivalent a day.
“Dana gives KNOC critical mass in the North Sea,” Panmure Gordon’s Hitchens said, “it’s a vehicle they can use to start buying assets that are up for sale from the majors.”
Harvest Energy Purchase
Korea National in October agreed to buy Canada’s Harvest Energy Trust for $3.9 billion in the nation’s biggest overseas energy acquisition after purchasing a stake in Petro-Tech Peruana SA of Peru for $450 million in February last year.
This year is on course to be the busiest for natural resources deals, with commodities companies including miners, oil producers and chemical makers having announced $362 billion of takeovers so far this year. If they maintain that pace, they will eclipse the record $576 billion of deals announced in 2007, according to data compiled by Bloomberg.
BHP Billiton Ltd., which announced a $40 billion hostile bid for Potash Corp. of Saskatchewan Inc. this week, Vedanta Resources Plc and Apache Corp. are taking advantage of low interest rates to finance all-cash deals that allow them to add reserves more cheaply than through exploration. In addition, valuations haven’t rebounded as fast as commodity prices.
To contact the reporters on this story: Shinhye Kang in Seoul at skang24@bloomberg.net; Cathy Chan in Hong Kong at kchan14@bloomberg.net.
Last Updated: August 20, 2010 05:48 EDT
Terms of Service | Privacy Policy | Trademarks
Dg-I doubt you would be in this stock if you really thought the odds were 1 in 10 for finding commercial oil/gas. Not good odds for a real gambler.
It may not happen with CMKX but sometimes a penny stock can go to a very high price. Check out LBSR a mining stock - was .0012 now .08.
Doctors being pushed to use electronic medical records
Payment rewards, penalties tied to 2015 deadline
August 16, 2010
Patient histories, growth charts, immunization logs and X-rays bulge from racks of color-coded file folders lining the walls at Pediatrics by the Sea in Delray Beach, where Dr. Karen Kuhns and a partner see 4,000 patients.
But the two doctors have just ordered a new computer system to begin a paperless future, as the federal government is pushing the nation's doctors and hospitals to do.
New federal standards unveiled last month require doctors to start using electronic medical records routinely, including logging patients' diagnoses and visits, ordering prescriptions, monitoring for drug interactions and making records accessible to other medical providers. Advocates say meeting the "meaningful use" standards will save lives, prevent errors, reduce waste and save money.
To make it happen, Congress is wielding carrots and sticks. Doctors who use electronic record according to the standards by 2015 can collect as much as $64,000 each in federal stimulus funds to help them buy hardware and software. Those who don't comply by that date will see their Medicare or Medicaid payments trimmed by one percent per year.
Only about 20 percent of South Florida medical providers use electronic records now, experts said, and while many doctors are already making the change, some fear that older family physicians may one day close their practices rather than spend the money and time to go digital.
"There is some opposition," said Lisa K. Rawlins, executive director of the South Florida Regional Extension Center, a new nonprofit group that has an $8.5 million federal grant to help the local medical community make the transition.
"We have a lot of challenges ahead of us. Our goal is to help 1,500 doctors" of the 10,000 active in South Florida, she said.
Health care experts have estimated the cost of not having electronic medical records at nearly $78 billion a year. That includes the costs of sending lab results between hospitals and outside laboratories, needlessly duplicating medical procedures and shuttling paper charts among doctors.
Just eliminating phone calls between doctors and pharmacists would save at least $2 billion each year, according to a 2005 study funded by the nonprofit research group Center for Information Technology Leadership.
Instant access to information also could save lives. The first day Orlando Health hospital system launched its electronic records in 2001, a woman age 82 was rushed into the ER unconscious after a car accident. Before starting to treat her, doctors entered her name into their computer and found she was on the highest dose of blood thinners from an operation the week before.
"If we hadn't had that software, we surely would have killed this woman," said Becky Cherney, president of the Florida Health Care Coalition in Orlando, who has held seminars for South Florida doctors about the switch to electronic records.
Cherney's group has spent a decade linking local hospitals and doctors to a Central Florida database of millions of patients, the kind needed for emergency rooms to quickly learn about patients who had never been to that hospital. The database is due to come online this fall for a one-year pilot study.
Rawlins' group is working to create a similar system linking hospitals and doctors in its turf, which runs from Broward County to Key West but may soon expand to Palm Beach County and several counties to the north.
A patient database could greatly benefit public health, too, said Alan Spitzer, a neonatal researcher at Pediatrix Medical Group in Sunrise. Keeping track of how many children are injured in accidents such as pool drownings or head injuries can alert doctors to troubling trends in real time.
But the cost of purchasing and maintaining the systems is steep, and health care providers said the stimulus grants will not always offset the full cost.
Kuhns and her partner will probably break even, or better. They chose to buy a simple $6,000 system of laptops or tablet computers for entering data, which then gets stored by an online service costing several hundred dollars a month.
In contrast, Delray Beach family physician Dr. James Byrnes said he went bigger last year, buying a powerful in-house system of portable computers and a server for $38,000, plus $22,000 in staff training and $1,000 a month for data storage. His maximum grant would be $44,000.
"For four or five years, it's going to cost me money. But in the long run it's worth it," Byrnes said. "I can document better with my records. It's better for the patients. I can get paid better [because] I can prove what I did. And for the health system into the future, it's definitely a good idea."
Hospitals can expect to collect tens of millions each in stimulus funds to help pay for their record systems, Rawlins said. Some hospitals have said that may only cover part of their costs.
Not everyone is on board with the changes.
Some primary-care physicians worry that electronic records will create more work – such as filling out a questionnaire about each patient and clicking boxes on computer forms — and take away time that should be spent face to face with the patient.
"Once you learn it, it might be faster. But not at the beginning," Kuhns said.
"A lot of the doctors are being dragged into it against their will," said Hollywood surgeon Dr. Arthur Palamara, who supports electronic records but says the systems are "not ready for prime time."
Some physicians have voiced concerns over whether the systems can protect patients' privacy.
Others worry that the systems they buy today will be outdated in a few years and will have to be replaced, or that the data services endorsed by the government may not survive.
Still, doctors are embracing the change.
"This is a big undertaking for a small office like ours," Kuhns said, "but it's the right way to go."
Marissa Cevallos can be reached at mcevallos@orlandosentinel.com or 407-540-3531.
Copyright © 2010, South Florida Sun-Sentinel
Stimulus funds help create electronic health records
By Bob LaMendola
5:39 PM EST, February 16, 2010
A nonprofit group won $8.5 million in federal stimulus money Monday to help South Florida physicians start the complex process of converting paper files to electronic medical records.
The project by Health Choice Network was the only one in Florida funded with $1 billion in grants from the Obama administration to push doctors lagging far behind in the electronic age.
Government and health officials say computerizing medical records has been shown to reduce duplicated tests and treatments, save money, eliminate many medical errors and ultimately let doctors anywhere call up a patient's record.
Studies estimate that only one-quarter to one-third of doctors use electronic medical records, and local officials said it's probably less in South Florida, which has many small medical practices that are less likely to abandon paper records.
The grant will pay for Health Choice to identify a menu of data systems that work best for physicians, and to educate as many as 1,800 doctors over the next few years in how best to use electronic records. The group will set up a new agency, the South Florida Regional Extension Center, to run the project.
Not until next year will federal grants help doctors buy the gear, and those will be available mainly to those in public health or treating many uninsured patients, said Aventura internist Dr. Bernd Wollschlaeger, a member of the South Florida Health Information Exchange, a volunteer board overseeing the project.
"I personally urge doctors not to sit on the fence and wait for someone to say, 'I will buy you a system.' That is not realistic," Wollschlaeger said. "They can buy a system on their own. They can pool their resources and work through a regional system like ours."
The board was created by the biggest health systems in Broward and Miami-Dade counties: tax-assisted Broward Health, Memorial Healthcare, Jackson Memorial, county health departments and doctor groups. Palm Beach County had its own group, which did not win a grant this time.
Staffers of the newly created extension center will do the research on data systems and will run teaching sessions for physicians.
"Doctors really need a lot more to make the best use of the promise that electronic records can offer," said Kevin Kearns, chief executive of Health Choice.
Bob LaMendola can be reached at blamendola@sunsentinel. com or 954-356-4526.
Copyright © 2010, South Florida Sun-Sentinel
Strass-I can't believe that you have been selling after pumping this stock on the ERHE board for the last six months and this post just last Friday on the MMRF board and did not seem negative to me. You can justify this as I am sure you will but you have lost a lot of respect IMO.
MMRF Board last Friday,
"Forget for a minute your concerns about "how" they are doing it and concentrate on the idea of "getting it done." If we were the CEO's it may be different but the idea is the same, to get it done. I know the term exceeding expectations is a foreign concept for us ERHC shareholders since they have yet to even meet them but MMRGlobal is a different company with a different business model and plan, where advertizing and selling services (rather than hiding information) will be the keys to success. I have high hopes for both of them and see no competitive issues between them despite what some shareholders would like to conjur up. "
On ERHE board July 15:
"mz157,
You seem to have targeted me regarding another investment. Something I do not do to you. But, to answer your question, it is maintaining it's own and I still predict it will outshine this one by a long way. Your problem is you want it to happen now. I told you I would be happy to revisit this topic at the EOY.
Strass "
What about your bet with mz157. Still think you will win this bet by EOY?
ssc-I have read a large number of your posts (granted not all) on many of the boards you post on and I can hardly find a positive post on any stock. What's up??
stocks2rise-Opinions are like A**Holes everyone has one.
Strass-Have you thought about selling some ERHE to buy more MMRF?
janice-If this is over and CMKXers will never be paid you should shut down this board and find another stock to talk about.
ssc-You must be a complete idiot.
Janice-I have read this board for awhile but I do not post. I just was wondering do you own any CMKX or have you owned it in the past. Thanks
Krom-Does your spreadsheet consider the possible EEZ valuation??
Krom-Where do I find your spreadsheet
Strass-As this is over 2 years normal (less latley) vol on the stock I cant imagine that more "OTBB suckers" will buy this amount of shares.
Strass_Who do you think would be a buyer of the shares for $50,000,000
This is obvious but in order to sell $50,000,000 of new stock someone has to be willing to buy the shares. ERHE trades an average of 554,000 shares per day according to Yahoo finance. 230,000,000 shares is almost 2 years vol for this stock. There must be a big investor for this number of shares to sell.
Strass-When you say "If you are very negative like myself" can I assume that you are very negative about management but still positive about the assets.
Threefilght-You are entitled to your opinion but you should remove yourself as a moderator of this board.
Why in the world would SEO sell at .30???
ERHClongtimer-Could be true about VB but anyone could have set up that profile.
King=Your like a zombie-Dead since 1/6/2009. Missed all the move to .90. Now you come back to life. Go back to sleep.
coyotesaz
Could you please post an updated OS count. It has been a while since you posted it. I want to see how close we are to 735 million OS.
Thanks
Bid quotes on IHUB do not seem to be accurate. If you go to Etrade or Ameritrade bid prices are higher. I have noticed this for a couple of weeks.
Strass-You say you would like to see our share price approach $1 so you could sell with a profit. It seems to me that your goal is not served by being on this board saying less than positive things almost every day. As my mother told me-If you don't have anything good to say!!! Im sure you know the rest.
Kingstarlong-You made this post on Jan 03, 2009. In the next 6 months the share price went to .90. You missed a 9 fold move. Some may have sold at .90 but even after the correction price is much higher that your valuation.
Posted by Kingstar long - Jan 03, 2009
Much more reasonable valuation of ERHE at 10 cents. But to say that it is the "bottom" is not necessarily true. 1) if drilling doesn't happen, cash continues to be used up 2) if oil is not commercially viable, half the value is lost 3) if the investigations take away the rights, they only have the cash left. So there are plenty of reasons why it could be valued at less than 10 cents.
the king
Robjer post on the Shore Gold Board 2/04/2010
Yeah, I'm now officially a long on ERHE
with a basis of $.397, I think I'll either be able to trade it profitably; buy and hold for a buyout (it's the only thing that makes since for Mr. O to cash in); or sell out on next block announcement.
My best read on this is that it should be able to trade above it's high of $.91 sometime.
I've consolidated my IRAs in only 5 stocks now.
BNVI
GNVC
DSCO (only free shares from a good $.485 set of buys and out on the run-up to $1.60+
ERHE
AMNL (.61) (You'll hate this, because it is the former ALMI that I've scalped a few times--and should have again yesterday at $.84). Don't have 100K+ shares like I did last time but I've been looking for some relatively safer havens from the overall market so far this year. Got lucky and have gotten out of some trading stocks with decent profits or minimal losses.
I've tried to buy enough of these 5 stocks to make a difference if I have guessed right.
Not always a good guesser, but sometimes I am.
good luck lugs on all of it--especially ERHE right now.
I think BNVI is a coiled spring but GNVC will be the fastest 2x at this price. (BNVI will be the fastest 10X from this level, though, imo)
robj
Has anyone asked DK about the status of the Arbitration for Blocks 5 - 6. Did they say anything about this at the shareholder meeting.
Cali831-I hardly ever post. I am just asking for Coyotez opinion.
coyotesaz-You were saying that your group (Kelly's Heroes) would begin buying BGOI first at .005 and recently at .0025 loading up (100 million shares) for a run to .03. Are you now saying that you will not buy it at all.
Is anyone here???
Balance please give us some positive comments. We need some.
Trades last 10 minutes Friday
0.615 200 OBB 15:59:32
0.61 3000 OBB 15:59:31
0.61 500 OBB 15:58:48
0.61 13000 OBB 15:58:41
0.61 2000 OBB 15:58:31
0.61 13000 OBB 15:57:01
0.615 20000 OBB 15:56:42
0.61 2000 OBB 15:56:28
0.615 2500 OBB 15:56:07
0.61 2500 OBB 15:56:04
0.60 1875 OBB 15:53:37
0.60 2500 OBB 15:53:04
0.60 2150 OBB 15:53:02
0.58 18000 OBB 15:51:42
0.58 10000 OBB 15:51:21
0.58 2500 OBB 15:50:27
0.58 2500 OBB 15:50:24
0.58 10000 OBB 15:50:20
0.58 14000 OBB 15:49:49