The ex-dividend date for Sherwin-Williams Company (NYSE:SHW), Snap-on Inc. (NYSE:SNA), Medallion Financial Corp (NASDAQ:TAXI), LMP Corporate Loan Fund Inc. (NYSE:TLI) and Total SA (NYSE:TOT) is May 18.
Sherwin-Williams Company (SHW) pays a dividend of $0.37 with a yield of 1.74 percent.
Snap-on Inc. (SNA) pays a dividend of $0.32 with a yield of 2.13 percent.
Medallion Financial Corp (TAXI) pays a dividend of $0.17 with a yield of 7.45 percent.
LMP Corporate Loan Fund Inc. (TLI) pays a dividend of $0.06 with a yield of 5.71 percent.
Total SA (TOT) pays a dividend of $1.34 with a yield of 4.48 percent.
Showing posts with label Total SA. Show all posts
Showing posts with label Total SA. Show all posts
Friday, May 13, 2011
Tuesday, May 3, 2011
Marathon Oil (MRO) Falls Even With Earnings Beat, Solid Quarter
The fall in oil prices today pushed the share price of Marathon Oil (NYSE:MRO) down even after a big earnings beat for the last quarter.
Net income for Marathon climbed to $996 million, or $1.39 a share, over double the $457 million, or 64 cents a share in the same quarter last year. Revenue soared to $21.07 billion.
The energy giant reported adjusted net income of of $1.65 a share. Analysts on average had been looking for $1.44 a share.
Marathon’s president and CEO Clarence P. Cazalot Jr. said, “Marathon delivered another quarter of strong operations across all segments, positioning the Company to capture higher commodity prices and margins and achieve solid financial results. These results further highlight the strength of our Upstream and Downstream businesses as we continue to progress toward an expected effective date of June 30 for the spin-off of Marathon Petroleum Corporation, creating two independent, highly focused energy companies.”
Over the last five quarters Marathon has grown revenue by double-digits, averaging 35.8 percent.
Key competitors of Marathon include Exxon (NYSE:XOM), Chevron Corporation (NYSE:CVX), ConocoPhillips (NYSE:COP), BP plc (NYSE:BP), TOTAL S.A. (NYSE:TOT), Hess Corp. (NYSE:HES), and Murphy Oil Corporation (NYSE:MUR)
Marathon was trading at $52.25, falling $1.16, or 2.17 percent, as of 2:16 PM EDT.
Net income for Marathon climbed to $996 million, or $1.39 a share, over double the $457 million, or 64 cents a share in the same quarter last year. Revenue soared to $21.07 billion.
The energy giant reported adjusted net income of of $1.65 a share. Analysts on average had been looking for $1.44 a share.
Marathon’s president and CEO Clarence P. Cazalot Jr. said, “Marathon delivered another quarter of strong operations across all segments, positioning the Company to capture higher commodity prices and margins and achieve solid financial results. These results further highlight the strength of our Upstream and Downstream businesses as we continue to progress toward an expected effective date of June 30 for the spin-off of Marathon Petroleum Corporation, creating two independent, highly focused energy companies.”
Over the last five quarters Marathon has grown revenue by double-digits, averaging 35.8 percent.
Key competitors of Marathon include Exxon (NYSE:XOM), Chevron Corporation (NYSE:CVX), ConocoPhillips (NYSE:COP), BP plc (NYSE:BP), TOTAL S.A. (NYSE:TOT), Hess Corp. (NYSE:HES), and Murphy Oil Corporation (NYSE:MUR)
Marathon was trading at $52.25, falling $1.16, or 2.17 percent, as of 2:16 PM EDT.
Monday, May 2, 2011
Trina (TSL) (ASTI) (SOL) (CSIQ) (JKS) Jump on SunPower (SPWRA) Deal
The announcement Total SA (NYSE:TOT) was going to acquire a 60 percent stake in SunPower Corp. (NASDAQ:SPWRA) gave the solar sector a temporary boost, pushing up the share prices of companies like Trina Solar (NYSE:TSL), Ascent Solar Technologies (NASDAQ:ASTI), ReneSola (NYSE:SOL), Canadian Solar (CSIQ) and Jinko Solar (NYSE:JKS), as expected.
In an extremely volatile sector, solar companies tend to move in unison on news affecting the industry, and that did happen, although investors shouldn't get too excited about it, other than trying to figure out whether or not another solar company will be acquired.
Since that's a guessing game, it's more gambling than it is investing, but that won't stop some from throwing money at the risky sector.
Solar will continue to struggle because there really isn't a market for it, other than governments around the world attempting to spin it as an alternative energy source. At best it'll be a very expensive source of energy that is unpredictable as to supply, and will only add a tiny bit of energy to the grid.
Spin it as they will, the media can't change that fact, and countries that had supported the extremely expensive sector are starting to pull back as they can no longer afford it. Germany and Italy are two examples; especially Italy in the shorter term.
For those guessing correctly, or even if there is a move toward energy companies buying up solar (not a surety by any means), there is money to be made in solar, but it's far too volatile to commit serious capital to.
SunPower closed Friday at $21.69, gaining $5.57, or 34.55 percent. Jinko Solar closed at $27.15, rising $1.24, or 4.79 percent. Ascent Solar Technologies ended the session at $1.61, up $0.03, or 1.90 percent. Trina Solar closed at $28.49, jumping $0.58, or 2.08 percent. ReneSola closed at $9.18, increasing $0.52, or 6.00 percent. Canadian Solar ended at $10.80, up $0.50, or 4.85 percent.
Of the major solar companies, only Suntech closed down Friday, ended the day at $8.97, down $0.08, or 0.88 percent.
In an extremely volatile sector, solar companies tend to move in unison on news affecting the industry, and that did happen, although investors shouldn't get too excited about it, other than trying to figure out whether or not another solar company will be acquired.
Since that's a guessing game, it's more gambling than it is investing, but that won't stop some from throwing money at the risky sector.
Solar will continue to struggle because there really isn't a market for it, other than governments around the world attempting to spin it as an alternative energy source. At best it'll be a very expensive source of energy that is unpredictable as to supply, and will only add a tiny bit of energy to the grid.
Spin it as they will, the media can't change that fact, and countries that had supported the extremely expensive sector are starting to pull back as they can no longer afford it. Germany and Italy are two examples; especially Italy in the shorter term.
For those guessing correctly, or even if there is a move toward energy companies buying up solar (not a surety by any means), there is money to be made in solar, but it's far too volatile to commit serious capital to.
SunPower closed Friday at $21.69, gaining $5.57, or 34.55 percent. Jinko Solar closed at $27.15, rising $1.24, or 4.79 percent. Ascent Solar Technologies ended the session at $1.61, up $0.03, or 1.90 percent. Trina Solar closed at $28.49, jumping $0.58, or 2.08 percent. ReneSola closed at $9.18, increasing $0.52, or 6.00 percent. Canadian Solar ended at $10.80, up $0.50, or 4.85 percent.
Of the major solar companies, only Suntech closed down Friday, ended the day at $8.97, down $0.08, or 0.88 percent.
MEMC (NYSE:WFR) Gets "Buy" Rating from Wunderlich
Wunderlich Securities analyst Theodore O'Neill placed a "Buy" rating on MEMC Electronic Materials, Inc. (NYSE:WFR), bumping it up from a "Hold," after the annoucement Total SA (NYSE:TOT) would be acquiring a 60 percent stake in SunPower (NASDAQ:SPWRA).
O'Neill wrote in a note, "We would take proceeds from the sales of these shares and invest them in other solar companies with lower valuation."Another reason to sell into strength on the notice of the tender offer is that Total isn't buying the whole company ... yet. We believe that Total will likely take the remaining 40% of the company if the stock drifts lower, which it may. There is still quite a lot of uncertainty in the market over the direction of subsidies and there is constant pricing pressure from Chinese panel makers."
"MEMC is developing its own line of super-efficient solar panels that are certain to impact 2012 revenue in a positive way. We believe having its own panel line will make WFR a more attractive takeover contact," ONeill added.
MEMC closed Friday at $11.83, gaining $0.68, or 6.10 percent.
O'Neill wrote in a note, "We would take proceeds from the sales of these shares and invest them in other solar companies with lower valuation."Another reason to sell into strength on the notice of the tender offer is that Total isn't buying the whole company ... yet. We believe that Total will likely take the remaining 40% of the company if the stock drifts lower, which it may. There is still quite a lot of uncertainty in the market over the direction of subsidies and there is constant pricing pressure from Chinese panel makers."
"MEMC is developing its own line of super-efficient solar panels that are certain to impact 2012 revenue in a positive way. We believe having its own panel line will make WFR a more attractive takeover contact," ONeill added.
MEMC closed Friday at $11.83, gaining $0.68, or 6.10 percent.
Yingli (YGE) (JASO) (PWER) (WFR) Jump on SunPower (SPWRA) Deal
The announcement Total SA (NYSE:TOT) was going to acquire a 60 percent stake in SunPower Corp. (NASDAQ:SPWRA) gave the solar sector a temporary boost, pushing up the share prices of companies like Yingli Green Energy (NYSE:YGE), JA Solar (NASDAQ:JASO), Power-One Inc (PWER) and MEMC Electronic Materials, Inc. (NYSE:WFR), as expected.
In an extremely volatile sector, solar companies tend to move in unison on news affecting the industry, and that did happen, although investors shouldn't get too excited about it, other than trying to figure out whether or not another solar company will be acquired.
Since that's a guessing game, it's more gambling than it is investing, but that won't stop some from throwing money at the risky sector.
Solar will continue to struggle because there really isn't a market for it, other than governments around the world attempting to spin it as an alternative energy source. At best it'll be a very expensive source of energy that is unpredictable as to supply, and will only add a tiny bit of energy to the grid.
Spin it as they will, the media can't change that fact, and countries that had supported the extremely expensive sector are starting to pull back as they can no longer afford it. Germany and Italy are two examples; especially Italy in the shorter term.
For those guessing correctly, or even if there is a move toward energy companies buying up solar (not a surety by any means), there is money to be made in solar, but it's far too volatile to commit serious capital to.
SunPower closed Friday at $21.69, gaining $5.57, or 34.55 percent. MEMC Electronic Materials, Inc. closed at $11.83, rising $0.68, or 6.10 percent. Yingli Green Energy ended the session at $12.53, up $0.27, or 2.20 percent. JA Solar closed at $6.85, jumping $0.40, or 6.20 percent. Power-One Inc closed at $8.25, increasing $0.04, or 0.49 percent.
In an extremely volatile sector, solar companies tend to move in unison on news affecting the industry, and that did happen, although investors shouldn't get too excited about it, other than trying to figure out whether or not another solar company will be acquired.
Since that's a guessing game, it's more gambling than it is investing, but that won't stop some from throwing money at the risky sector.
Solar will continue to struggle because there really isn't a market for it, other than governments around the world attempting to spin it as an alternative energy source. At best it'll be a very expensive source of energy that is unpredictable as to supply, and will only add a tiny bit of energy to the grid.
Spin it as they will, the media can't change that fact, and countries that had supported the extremely expensive sector are starting to pull back as they can no longer afford it. Germany and Italy are two examples; especially Italy in the shorter term.
For those guessing correctly, or even if there is a move toward energy companies buying up solar (not a surety by any means), there is money to be made in solar, but it's far too volatile to commit serious capital to.
SunPower closed Friday at $21.69, gaining $5.57, or 34.55 percent. MEMC Electronic Materials, Inc. closed at $11.83, rising $0.68, or 6.10 percent. Yingli Green Energy ended the session at $12.53, up $0.27, or 2.20 percent. JA Solar closed at $6.85, jumping $0.40, or 6.20 percent. Power-One Inc closed at $8.25, increasing $0.04, or 0.49 percent.
Friday, April 29, 2011
Jinko (JKS) (CSIQ) (HSOL) (PWER) Should Jump on Total (TOT) Deal
There is no doubt the move by Total SA (NYSE:TOT) to acquire a majority stake in U.S. solar company SunPower Corp. (NASDAQ:SPWRA) will spur the industry, as it will generate the idea of who may be next to be infused with cash, such as Canadian Solar (NASDAQ:CSIQ), Hanwha SolarOne Co. (NASDAQ:HSOL), Jinko Solar (NYSE:JKS) and Power-One Inc (NASDAQ:PWER).
It must be kept in mind that the China-based solar companies already have access to capital, so it probably won't affect them as much, although they'll more than likely be pulled up with the rest of the sector over the short term, based on speculation.
Analysts were suprised by the decision of Total, as the solar industry, if you can call it that, is pressured by slow sales, rising costs of raw materials, financing, no real market for the product, and shrinking government support.
If it wasn't for government subsidies there would be no solar market, and the general population couldn't care less about solar, contrary to media allusions to that effect.
That's not to say you can't make money in the industry, as it's subject to wild swings because of it being a media darling and even when it's debatable as to the validity of the industry as a whole, it won't stop the media from hyping it up and causing the share prices of solar companies to jump, as they will on the news of the deal by Total for SunPower.
It must be kept in mind that the China-based solar companies already have access to capital, so it probably won't affect them as much, although they'll more than likely be pulled up with the rest of the sector over the short term, based on speculation.
Analysts were suprised by the decision of Total, as the solar industry, if you can call it that, is pressured by slow sales, rising costs of raw materials, financing, no real market for the product, and shrinking government support.
If it wasn't for government subsidies there would be no solar market, and the general population couldn't care less about solar, contrary to media allusions to that effect.
That's not to say you can't make money in the industry, as it's subject to wild swings because of it being a media darling and even when it's debatable as to the validity of the industry as a whole, it won't stop the media from hyping it up and causing the share prices of solar companies to jump, as they will on the news of the deal by Total for SunPower.
ReneSola (SOL) (ASTI) (JASO) (LDK) Should Jump on Total (TOT) Deal
There is no doubt the move by Total SA (NYSE:TOT) to acquire a majority stake in U.S. solar company SunPower Corp. (NASDAQ:SPWRA) will spur the industry, as it will generate the idea of who may be next to be infused with cash, such as Ascent Solar Technologies (ASTI), JA Solar (NASDAQ:JASO), LDK Solar (LDK) and ReneSola (NYSE:SOL).
It must be kept in mind that the China-based solar companies already have access to capital, so it probably won't affect them as much, although they'll more than likely be pulled up with the rest of the sector over the short term, based on speculation.
Analysts were surprised by the decision of Total, as the solar industry, if you can call it that, is pressured by slow sales, rising costs of raw materials, financing, no real market for the product, and shrinking government support.
If it wasn't for government subsidies there would be no solar market, and the general population couldn't care less about solar, contrary to media allusions to that effect.
That's not to say you can't make money in the industry, as it's subject to wild swings because of it being a media darling and even when it's debatable as to the validity of the industry as a whole, it won't stop the media from hyping it up and causing the share prices of solar companies to jump, as they will on the news of the deal by Total for SunPower.
It must be kept in mind that the China-based solar companies already have access to capital, so it probably won't affect them as much, although they'll more than likely be pulled up with the rest of the sector over the short term, based on speculation.
Analysts were surprised by the decision of Total, as the solar industry, if you can call it that, is pressured by slow sales, rising costs of raw materials, financing, no real market for the product, and shrinking government support.
If it wasn't for government subsidies there would be no solar market, and the general population couldn't care less about solar, contrary to media allusions to that effect.
That's not to say you can't make money in the industry, as it's subject to wild swings because of it being a media darling and even when it's debatable as to the validity of the industry as a whole, it won't stop the media from hyping it up and causing the share prices of solar companies to jump, as they will on the news of the deal by Total for SunPower.
SunPower (SPWRA) (FSLR) (STP) (YGE) (TSL) (SOLR) Should Jump on Total (TOT) Deal
There is no doubt the move by Total SA (NYSE:TOT) to acquire a majority stake in U.S. solar company SunPower Corp. (NASDAQ:SPWRA) will spur the industry, as it will generate the idea of who may be next to be infused with cash, such as First Solar (Nasdaq:FSLR), Suntech Power Holdings (NYSE:STP), Yingli Green Energy (NYSE:YGE), Trina Solar (NYSE:TSL) and GT Solar International (SOLR).
It must be kept in mind that the China-based solar companies already have access to capital, so it probably won't affect them as much, although they'll more than likely be pulled up with the rest of the sector over the short term, based on speculation.
Analysts were surprised by the decision of Total, as the solar industry, if you can call it that, is pressured by slow sales, rising costs of raw materials, financing, no real market for the product, and shrinking government support.
If it wasn't for government subsidies there would be no solar market, and the general population couldn't care less about solar, contrary to media allusions to that effect.
That's not to say you can't make money in the industry, as it's subject to wild swings because of it being a media darling and even when it's debatable as to the validity of the industry as a whole, it won't stop the media from hyping it up and causing the share prices of solar companies to jump, as they will on the news of the deal by Total for SunPower.
It must be kept in mind that the China-based solar companies already have access to capital, so it probably won't affect them as much, although they'll more than likely be pulled up with the rest of the sector over the short term, based on speculation.
Analysts were surprised by the decision of Total, as the solar industry, if you can call it that, is pressured by slow sales, rising costs of raw materials, financing, no real market for the product, and shrinking government support.
If it wasn't for government subsidies there would be no solar market, and the general population couldn't care less about solar, contrary to media allusions to that effect.
That's not to say you can't make money in the industry, as it's subject to wild swings because of it being a media darling and even when it's debatable as to the validity of the industry as a whole, it won't stop the media from hyping it up and causing the share prices of solar companies to jump, as they will on the news of the deal by Total for SunPower.
Friday, April 1, 2011
Statoil (STO) Rocks on Major Resource Find
Shares of Statoil ASA (NYSE:STO) are soaring today on news the company found a major gas and oil field at the Skugard prospect in the Barents Sea.
The largest oil company in Norway said it may be the most important discovery in Norway in over 10 years.
According to Statoil, the field could hold as much as 250 million barrels of recoverable reserves.
Being partners with Statoil, shares of Hess (NYSE:HES), Total SA (NYSE:TOT), ENI SpA (NYSE:E) were also all up today in response to the find.
Statoil was trading at $28.59, gaining $0.95, or 3.44 percent, as of 2:42 PM EDT. Total was at $61.73, rising $0.76, or 1.25 percent. Eni S.p.A. was trading at $50.16, up $1.03, or 2.10 percent. Hess was at $86.85, gaining $1.64, or 1.92 percent.
The largest oil company in Norway said it may be the most important discovery in Norway in over 10 years.
According to Statoil, the field could hold as much as 250 million barrels of recoverable reserves.
Being partners with Statoil, shares of Hess (NYSE:HES), Total SA (NYSE:TOT), ENI SpA (NYSE:E) were also all up today in response to the find.
Statoil was trading at $28.59, gaining $0.95, or 3.44 percent, as of 2:42 PM EDT. Total was at $61.73, rising $0.76, or 1.25 percent. Eni S.p.A. was trading at $50.16, up $1.03, or 2.10 percent. Hess was at $86.85, gaining $1.64, or 1.92 percent.
Thursday, February 24, 2011
ExxonMobil (XOM), BP (BP), Shell (RDS-A), Total (TOT), Statoil (STO) Have Billions at Stake in Libya
The instability in the Arab world claimed its first oil-rich victim over the weekend with the uprising in Libya. That's bad news for the bevy of international oil firms that have set up shop in the cloistered North African nation over the years, most notably Eni, the Italian oil giant. Libya has become a hot bed of energy investment since the lifting of trade sanctions seven years ago. Major oil companies from BP (NYSE:BP) to ExxonMobil (NYSE:XOM) could now stand to lose millions, and in some cases, billions of dollars in investments and expected future revenue if the current regime falls.
Just a week ago it would have been unthinkable to suggest that Muammar Qaddafi could be ousted from power. The former army colonel, who seized power of the sparsely populated country in 1969 at the tender age of 27, had totally reshaped the country in his image. It would be impossible to mention the desert nation without some crack about its eccentric leader.
But suddenly over one weekend, Qaddafi seemed to lose his grip on power. Protesters set fire to government building and burned his likeness in effigy. The sheer speed of the uprising caught nearly everyone off guard. To put it in perspective, it took over a year of protests to oust the Shah of Iran in 1979. But in this new world of social media, revolutions seem to move at the speed of tweets.
Nevertheless, Qaddafi is determined to fight back, and unlike in Tunisia and Egypt, he seems to have no qualms in gunning down protesters en masse and even using fighter jets to bomb crowds. On Libyan state television yesterday, he showed his defiance, vowing to remain in the country "until the end."
Full Story
Just a week ago it would have been unthinkable to suggest that Muammar Qaddafi could be ousted from power. The former army colonel, who seized power of the sparsely populated country in 1969 at the tender age of 27, had totally reshaped the country in his image. It would be impossible to mention the desert nation without some crack about its eccentric leader.
But suddenly over one weekend, Qaddafi seemed to lose his grip on power. Protesters set fire to government building and burned his likeness in effigy. The sheer speed of the uprising caught nearly everyone off guard. To put it in perspective, it took over a year of protests to oust the Shah of Iran in 1979. But in this new world of social media, revolutions seem to move at the speed of tweets.
Nevertheless, Qaddafi is determined to fight back, and unlike in Tunisia and Egypt, he seems to have no qualms in gunning down protesters en masse and even using fighter jets to bomb crowds. On Libyan state television yesterday, he showed his defiance, vowing to remain in the country "until the end."
Full Story
Thursday, February 17, 2011
BP (BP), Exxon (XOM) Joined by Total (TOT) in Russian Oil Deals
With the Arctic Circle opening up to offshore drillers, majors like ExxonMobil (NYSE:XOM), BP Plc (NYSE:BP) and now Total S.A. (NYSE:TOT) are pursuing the Russians in an attempt to secure promising deals.
In the case of Total, they're negotiating with Rosneft to develop fields within the Artic Circle in the Barents Sea, according to Total's head of its Russian office Pierre Nerguararian.
BP was the first of the three to enter a deal with Rosneft, last month agreeing to swap shares with the state-owned Russian company in exchange for access to billions of barrels of crude. That deal is being held up by a challenge from other Russian partners in TNK-BP, which challenged whether BP had the right to make the deal without consulting them first.
Exxon entered a $1 billion deal with Rosneft for exploration rights in the Black Sea.
Total is already working with another Russian partner in the Arctic - Gazprom - where they are developing the Shtokman field, which holds an estimated 3.9 trillion cubic meters of gas.
According to the American government, about 20 percent of the undiscovered oil and gas in the world that can be used commercially is located in the Arctic.
Chevron (CVX) has also entered into a preliminary agreement with Russia to explore a block in the Black Sea.
In the case of Total, they're negotiating with Rosneft to develop fields within the Artic Circle in the Barents Sea, according to Total's head of its Russian office Pierre Nerguararian.
BP was the first of the three to enter a deal with Rosneft, last month agreeing to swap shares with the state-owned Russian company in exchange for access to billions of barrels of crude. That deal is being held up by a challenge from other Russian partners in TNK-BP, which challenged whether BP had the right to make the deal without consulting them first.
Exxon entered a $1 billion deal with Rosneft for exploration rights in the Black Sea.
Total is already working with another Russian partner in the Arctic - Gazprom - where they are developing the Shtokman field, which holds an estimated 3.9 trillion cubic meters of gas.
According to the American government, about 20 percent of the undiscovered oil and gas in the world that can be used commercially is located in the Arctic.
Chevron (CVX) has also entered into a preliminary agreement with Russia to explore a block in the Black Sea.
Thursday, October 28, 2010
Petrobras (NYSE:PBR) Preparing to Resume Gulf Deepwater Drilling
The first production from the Cascade and Chinook fields in the Gulf of Mexico by Brazil's state-owned oil giant Petrobras (NYSE:PBR) is set to launch sometime near the end of 2010.
Petrobras owns the entirety of the Cascade field after acquiring the remaining 50 percent from Devon Energy Corp. (NYSE:DVN), which has turned its focus to onshore natural gas in North America.
Concerning Chinook, Petrobras has a 66.7 percent stake in that field, with Total SA (NYSE:TOT) of France having the remaining 33.3 percent. Petrobras is the operator of both the fields.
The oil moratorium from the Obama administration has set the project back, but since the wells were drilled before the implementation of the moratorium, it won't be negatively impacted from the permitting process, which will take a lot of time for competitors to get approved for.
Petrobras owns the entirety of the Cascade field after acquiring the remaining 50 percent from Devon Energy Corp. (NYSE:DVN), which has turned its focus to onshore natural gas in North America.
Concerning Chinook, Petrobras has a 66.7 percent stake in that field, with Total SA (NYSE:TOT) of France having the remaining 33.3 percent. Petrobras is the operator of both the fields.
The oil moratorium from the Obama administration has set the project back, but since the wells were drilled before the implementation of the moratorium, it won't be negatively impacted from the permitting process, which will take a lot of time for competitors to get approved for.
Wednesday, October 27, 2010
BP (NYSE:BP), Conoco (NYSE:COP), Exxon (NYSE:XOM), Total (NYSE:TOT), Shell (NYSE:RDS-A), Apache (NYSE:APA) Land North Sea Licenses
Major oil companies like BP PLC (NYSE:BP), Royal Dutch Shell SA (NYSE:RDS-A), ConocoPhillips (NYSE:COP), ExxonMobil Corp. (NYSE:XOM), Total SA (NYSE:TOT) and Apache Corp. (NYSE:APA) were awarded gas and oil licenses by the British government to drill in the North Sea.
According the the government, 83 companies were awarded 144 licenses to drill for oil and gas in over 268 blocks in the region.
Although a lower number of licenses were awarded than the previous round of licensing in 2008, where 192 were offered, another 99 blocks entailing up to 45 licenses will be available after more research is done on them.
Oil production in British waters have dropped by about 5 percent annually since peaking in 1999 at 2.6 million barrels a day. In the next five years, even with an estimated 20 billion barrels of oil equivalent estimated to be left in the North Sea, production is expected to drop to about 1 million barrels a day.
In 2009-2010, 1.36 million barrels a day are being produced in British waters.
According the the government, 83 companies were awarded 144 licenses to drill for oil and gas in over 268 blocks in the region.
Although a lower number of licenses were awarded than the previous round of licensing in 2008, where 192 were offered, another 99 blocks entailing up to 45 licenses will be available after more research is done on them.
Oil production in British waters have dropped by about 5 percent annually since peaking in 1999 at 2.6 million barrels a day. In the next five years, even with an estimated 20 billion barrels of oil equivalent estimated to be left in the North Sea, production is expected to drop to about 1 million barrels a day.
In 2009-2010, 1.36 million barrels a day are being produced in British waters.
Tuesday, October 26, 2010
BP's (NYSE:BP) Well Design Under Fire Again
A day after BP (NYSE:BP) CEO Bob Dudley came out swinging to support and defend the company, competitors from major oil companies - Chevron (NYSE:CVX) and Total SA (NYSE:TOT) - came out and criticized the well design of BP on the Macondo Well, saying wasn't the best for the type of well it was.
Talking to a parliamentary committee in the UK, Richard Cohagan, managing director of Chevron UK, and Roland Festor, managing director of Total's Exploration and Production unit in the UK, said the the design of the Macondo Well wasn't the type that should have been used in a reservoir like Macondo.
This seems to be an ongoing attempt by most major oil companies to say their practices wouldn't have resulted in the explosion and resultant disaster.
Even so, Chevron and Total executives wouldn't commit to saying the design of the well was the cause of the explosion and oil leaking into the Gulf of Mexico.
BP with their internal investigation concluded there was no relationship between the design of the well and the accident. Investigations are ongoing as to the cause of the disaster.
Talking to a parliamentary committee in the UK, Richard Cohagan, managing director of Chevron UK, and Roland Festor, managing director of Total's Exploration and Production unit in the UK, said the the design of the Macondo Well wasn't the type that should have been used in a reservoir like Macondo.
This seems to be an ongoing attempt by most major oil companies to say their practices wouldn't have resulted in the explosion and resultant disaster.
Even so, Chevron and Total executives wouldn't commit to saying the design of the well was the cause of the explosion and oil leaking into the Gulf of Mexico.
BP with their internal investigation concluded there was no relationship between the design of the well and the accident. Investigations are ongoing as to the cause of the disaster.
Tuesday, October 19, 2010
BP (NYSE:BP), Total (NYSE:TOT) Talking with Russia over Offshore Oil Fields
BP (NYSE:BP) and Total (NYSE:TOT) have been approached by Russia to enter into talks concerning offshore oil fields in the region which have been in the past off limits for foreign companies.
Russian Prime Minister Vladimir Putin recently met with a group of potential foreign investors and companies who aired their concerns over challenges which need to be addressed and improvements made to loosen their pocketbooks and enter into the Russian market.
Russia realizes it must make improvements to attract foreign investment, and part of that strategy, apparently, is to open up formerly closed sectors.
Deputy Prime Minister Igor Sechin and Eduard Khudainatov, who is CEO of Rosneft, the giant Russian oil company, said they talked with BP and Total about "potential future cooperation on offshore deposits."
BP CEO Bob Dudley and Total's Christophe de Margerie participated in the discussions.
Russian Prime Minister Vladimir Putin recently met with a group of potential foreign investors and companies who aired their concerns over challenges which need to be addressed and improvements made to loosen their pocketbooks and enter into the Russian market.
Russia realizes it must make improvements to attract foreign investment, and part of that strategy, apparently, is to open up formerly closed sectors.
Deputy Prime Minister Igor Sechin and Eduard Khudainatov, who is CEO of Rosneft, the giant Russian oil company, said they talked with BP and Total about "potential future cooperation on offshore deposits."
BP CEO Bob Dudley and Total's Christophe de Margerie participated in the discussions.
Thursday, September 23, 2010
Morgan Stanley (NYSE:MS) Acquires Forties Crude from Trafigura, Shell (NYSE:RDS-A), BP (NYSE:BP) Also Buy North Sea Grade
Morgan Stanley (NYSE:MS) acquired Forties cargo from Trafigura Beheer BV, the third acquisition they made of the North Sea grade this week.
The latest acquisition by Morgan Stanley was for October 11 to October 14, paying a premium of 10 cents over Dated Brent, according to the financial institution.
For BP, their acquisition was from Royal Dutch Shell Plc (NYSE:RDS-A) for October 7 to October 9 loading. They paid close to 30 cents above Dated Brent, which was 19 cents below the cash cost of North Sea oil.
Shell purchased Forties from Total SA (NYSE:TOT) for October 4 to October 6, paying 20 cents above Dated Brent, according to the two companies.
The November settlement for Brent crude traded at $77.65 a barrel, while the December contract traded at $77.97, generating a contango of 32 cents between the two contracts. Both were in reference to the London-based ICE Futures Europe exchange.
The latest acquisition by Morgan Stanley was for October 11 to October 14, paying a premium of 10 cents over Dated Brent, according to the financial institution.
For BP, their acquisition was from Royal Dutch Shell Plc (NYSE:RDS-A) for October 7 to October 9 loading. They paid close to 30 cents above Dated Brent, which was 19 cents below the cash cost of North Sea oil.
Shell purchased Forties from Total SA (NYSE:TOT) for October 4 to October 6, paying 20 cents above Dated Brent, according to the two companies.
The November settlement for Brent crude traded at $77.65 a barrel, while the December contract traded at $77.97, generating a contango of 32 cents between the two contracts. Both were in reference to the London-based ICE Futures Europe exchange.
Wednesday, September 15, 2010
ING Group Upgrades Total S.A. (NYSE:TOT)
ING Group upgraded Total S.A. (NYSE:TOT) from "Hold" to "Buy," citing improved volume growth and committed spending to that end.
"We see renewed interest in Total's improved (and increasingly credible) volume-growth offering near term, supported by a robust spending commitment," said ING.
The global integrated oil and gas company closed Tuesday's session at $51.09, up $0.53, or 1.05 percent.
"We see renewed interest in Total's improved (and increasingly credible) volume-growth offering near term, supported by a robust spending commitment," said ING.
The global integrated oil and gas company closed Tuesday's session at $51.09, up $0.53, or 1.05 percent.
Wednesday, September 8, 2010
Citigroup (NYSE:C), Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), UBS (NYSE:UBS), Barclays (NYSE:BCS) Initiate Coverage on Chesapeake (NYSE:CHKM)
It has been awhile since I've seen this many companies initiate coverage on a company at one time, but Citigroup (NYSE:C), Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), UBS (NYSE:UBS) and Barclays (NYSE:BCS) have all started covering Chesapeake Midstream Partners, L.P (NYSE:CHKM).
UBS and Citigroup were the most upbeat on Chesapeake, starting them off at a "Buy." UBS wasn't as positive on its price target for the company, setting it at $25.50, while Citigroup is looking for $28.50.
Goldman Sachs and Bank of America, via Merrill Lynch, placed a "Neutral" rating on Chesapeake. Goldman has a price target of $25 on them.
Barclays rates the company at "Overweight," with a price target of $26.
Every financial institution liked the way the revenue for the company is structured, based on contracted fees over a period of 10 years.
That means there is little risk or downside to changing commodity or natural gas prices, as the fees aren't primarily based on price but on the service offered, which is transporting gas from the well head to the pipeline of the company they're doing business with.
Along with Chesapeake Energy (NYSE:CHK), the other major customer of Chesapeake Midstream is Total (NYSE:TOT).
There is a minimum volume agreement in place over a ten-year period, which will increase on an annual basis through 2018.
Chesapeake Midstream is a venture between Global Infrastructure Partners LP and Chesapeake Energy.
UBS and Citigroup were the most upbeat on Chesapeake, starting them off at a "Buy." UBS wasn't as positive on its price target for the company, setting it at $25.50, while Citigroup is looking for $28.50.
Goldman Sachs and Bank of America, via Merrill Lynch, placed a "Neutral" rating on Chesapeake. Goldman has a price target of $25 on them.
Barclays rates the company at "Overweight," with a price target of $26.
Every financial institution liked the way the revenue for the company is structured, based on contracted fees over a period of 10 years.
That means there is little risk or downside to changing commodity or natural gas prices, as the fees aren't primarily based on price but on the service offered, which is transporting gas from the well head to the pipeline of the company they're doing business with.
Along with Chesapeake Energy (NYSE:CHK), the other major customer of Chesapeake Midstream is Total (NYSE:TOT).
There is a minimum volume agreement in place over a ten-year period, which will increase on an annual basis through 2018.
Chesapeake Midstream is a venture between Global Infrastructure Partners LP and Chesapeake Energy.
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