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Michael Fitzsimmons

 
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  • Chevron: Litigation Woes Abate, Freeing Up Cash [View article]
    Hi gapwedge: I bought a Nike 60 degree wedge a few weeks back. Having a lot of fun with it. Difficult to hit just right, but capable of some spectacular looking shots!
    Sep 19 08:01 PM | Likes Like |Link to Comment
  • Kodiak Oil & Gas Polar Project: Higher WTI Imply A Blowout Q3 [View article]
    Hello Wiz - long time no see. The Fed decision today sure didn't hurt the energy sector....
    Sep 18 11:43 PM | Likes Like |Link to Comment
  • Chevron: Litigation Woes Abate, Freeing Up Cash [View article]
    Hi Bill - I think that is kind of what happened in the Ecuador case. Here is an article in the WSJ about plaintiffs inability to pay lawyer fees:

    "On Friday, a law firm representing the Ecuadorian plaintiffs sought to withdraw from the New York case, saying it was owed $1.8 million in legal fees that its clients wouldn't be able to pay. Another law firm representing Steven Donziger, a lawyer for the Ecuadorians also accused of fraud, said he owes it $1.4 million and also asked to withdraw."

    http://on.wsj.com/1aMcEaE
    Sep 18 09:20 PM | 1 Like Like |Link to Comment
  • Chevron: Litigation Woes Abate, Freeing Up Cash [View article]
    TnT: Yes, with respect to Ecuador, let me quote from an earlier article on why CVX is the best integrated company in the world:

    "Recently, in a sworn declaration filed today in New York federal court, Alberto Guerra, who presided over the case when it was first filed in 2003, reveals that he was paid thousands of dollars by the plaintiffs' lawyers and a subsequent judge, Nicholas Zambrano, for illegally ghostwriting judicial orders issued by Zambrano and steering the case in the plaintiffs' favor. Guerra, who is no longer a judge, attests that the plaintiffs' lawyers were permitted to draft the $18 billion judgment in their own favor after they promised to pay Zambrano a $500,000 bribe out of the judgment's enforcement proceeds, and that Guerra then reviewed the plaintiffs' lawyers draft for Zambrano before the judge issued it as his own."

    Combine that with the tribunal's decision that the earlier settlement covered all public interest or collective environmental claims, including collective claims asserted by third parties, and it sure seems to me that it is Ecuador that may be the one paying a settlement fee....
    Sep 18 08:47 PM | 1 Like Like |Link to Comment
  • Chevron: Litigation Woes Abate, Freeing Up Cash [View article]
    I do think the higher prices haven't been factored into CVX estimates yet. That, and remember that along with Frade, this quarter should see significant full quarter contributions from Angola LNG which started up in mid June:

    http://seekingalpha.co...

    I think $175-$200 and a $6 dividend is quite doable by 2016, perhaps even late 2015.
    Sep 18 08:42 PM | 1 Like Like |Link to Comment
  • Kodiak Oil & Gas Polar Project: Higher WTI Imply A Blowout Q3 [View article]
    Good question solojif. To be honest, I haven't done a deep dive on the Liberty acquisition yet. I know Filloon wrote an article on it, but I haven't read it yet. And to make a good stab on an inventory estimate, I think I'd like to wait until I see more data on Polar and Smokey and the downspacing tests.

    Note the KOG CEO, at the Barclay energy conference (see transcript), had this to say on the subject:

    "I think we are certainly going to a tighter spacing. People ask us about years of inventory, I think we are comfortable saying we are somewhere probably between 12 and 15 years at our current rate here."
    Sep 18 08:36 PM | 1 Like Like |Link to Comment
  • Kodiak Oil & Gas Polar Project: Higher WTI Imply A Blowout Q3 [View article]
    Thank you 143 - I appreciate your readership.
    Sep 18 02:39 PM | Likes Like |Link to Comment
  • Kodiak Oil & Gas Polar Project: Higher WTI Imply A Blowout Q3 [View article]
    I'd rather not go out on that limb Stephen...EPS estimates for Bakken producers like WLL & KOG can be very tricky. I'd rather give no estimate than give one that could potentially be significantly off the mark.
    Sep 17 06:25 PM | Likes Like |Link to Comment
  • Kodiak Oil & Gas Polar Project: Higher WTI Imply A Blowout Q3 [View article]
    Pablo: The crack editing staff at SA has already modified the article to take into account the differences between "gross" and "net" production. The conclusions reached in the article are still valid, although the Q3 revenue number is obviously not quite as rosy as it was before. Thanks for your eagle eye!
    Sep 17 05:45 PM | Likes Like |Link to Comment
  • Face Off: Kodiak Oil & Gas Vs. Whiting Petroleum [View article]
    Exactly Pablo - not sure why KOG is confusing the issue with all the "gross" production figures and slides. Who cares? All I care about is production net to the company.
    Sep 17 04:55 PM | Likes Like |Link to Comment
  • Kodiak Oil & Gas Polar Project: Higher WTI Imply A Blowout Q3 [View article]
    Hi Pablo: I went off the slide...but I think you may be correct on the lower number. In the Barclay's transcript the CEO says:

    "Again currently we’re producing somewhere between 36,000 and 38,000 with expectations to push through to 40,000 by the end of the year and if we accomplish all this we should end up right in the range we put out between 30,000 and 34,000 BOE on average."

    The difference is that the slide is "gross" production, not net. My mistake! The trend is still correct, and so is the conclusion predicting a great Q3. But the $400 million in Q3 revenue is off because revenues would be based on production net to the company. I'll have to go back, recalculate the real numbers, and submit a change request. Thanks for double-checking...you are not confused, I am! Not sure why they presented "gross" production like that.
    Sep 17 04:52 PM | Likes Like |Link to Comment
  • Kodiak Oil & Gas Polar Project: Higher WTI Imply A Blowout Q3 [View article]
    Thanks blueice - yup, KOG stock is heating up isn't it?
    Sep 17 04:46 PM | 1 Like Like |Link to Comment
  • Face Off: Kodiak Oil & Gas Vs. Whiting Petroleum [View article]
    No one is making you read them....
    Sep 17 02:39 PM | Likes Like |Link to Comment
  • Face Off: Kodiak Oil & Gas Vs. Whiting Petroleum [View article]
    It wouldn't bother me if WLL got bought out, but I don't think Repsol could swallow it. I noticed Credit Suisse downgraded Repsol due to the potential for a $5-10 billion acquisition. It would probably take closer to $15 billion to nab WLL.

    http://seekingalpha.co...
    Sep 17 02:38 PM | Likes Like |Link to Comment
  • Kodiak Oil & Gas Polar Project: Higher WTI Imply A Blowout Q3 [View article]
    Thanks TnT - I'm getting more interested in KOG myself...perhaps I'll take a small starter position after all.
    Sep 17 02:34 PM | 1 Like Like |Link to Comment
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