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Mike Walker

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  • Cook Does Icahn's Dirty Work At Apple [View article]
    'Create income streams using option premiums' - just didn't feel right being short the 540 and 550 calls against a long stock position going into earnings yesterday. So I covered all my short calls pre-close. What a great move.

    Option premiums are great, as long as the underlying doesn't get away from you in either direction.

    Just wished I would have covered some short call positions prior to APC's big run up last month post Tronox settlement.
    Apr 24 02:40 AM | Likes Like |Link to Comment
  • U.S. Oil Export Ban: A Catalyst That May Harm Economy, Producers And Foreign Policy [View article]
    If indeed the Brent/WTI spread widened for any length of time to >$10/BBL - wouldn't this just encourage US refinery and pipeline capacity to increase ? There is no ban on export of refined products. From PXD's perspective - isn't this the real message - that they would like to see more refineries in the US ?
    Apr 9 01:43 PM | 2 Likes Like |Link to Comment
  • Why Barron's Is Wrong On $75 Oil [View article]
    I agree with the author's premise. The marginal supply - deep water, heavy oil and fracturing oil - all requires $100 oil to 'work'.
    Apr 2 09:05 AM | 1 Like Like |Link to Comment
  • Anadarko is cheap despite Tronox uncertainty, Deutsche Bank believes [View news story]
    Shhh... I'm still re-accumulating to get back to my 2013 position level on this one
    Mar 25 03:34 PM | Likes Like |Link to Comment
  • Weatherford says it's cutting back Venezuela operations [View news story]
    There is a vast amount of difference from a service company perspective between Venezuela and Russia.

    Venezuela - absolutely cannot get dollars out of the country
    Russia - some hurdles, but definitely can get your dollars out.
    Mar 24 03:38 PM | Likes Like |Link to Comment
  • I Will Short Pandora Furiously Until The Letter 'P' Key Falls Off My Keyboard [View article]
    Raven - I went short at around 33 and covered around 33 post earnings dip.

    Long term I think this is a good candidate - just a painful one when it shoots up into the high 30's
    Mar 23 08:05 AM | 1 Like Like |Link to Comment
  • Laredo Stumbles Out Of The Blocks In 2014 [View article]
    On my watch list at $24/shr
    Mar 9 01:10 AM | Likes Like |Link to Comment
  • Eagle Ford Treadmill Speeding Up: Time Running Out To Recuperate Investments [View article]
    Nice article. The red queen hypothesis is alive and well.

    I agree that the two major development areas - Bakken and Eagle Ford are running out of locations, or at least running out of the most profitable sweet spots. Downsizing and multiple horizons have stayed the decline in available locations, but running at of drill locations may be a theme in the next few years.

    This plays out well for the Permian operators with their massive Oil in Place and multiple horizons.
    Feb 20 01:05 PM | 3 Likes Like |Link to Comment
  • Anadarko Announces $1.075 Billion China Divestiture [View article]
    Good move by Anadarko.
    Feb 18 12:08 AM | Likes Like |Link to Comment
  • Anadarko: Positive Outlook On Tronox Issue And Strong Operational Performance [View article]
    Thanks for the detailed review of the rational behind the Gropper award numbers.

    GEC - do you have a link to the Checkler summary ?

    Consensus pre Dec 13 was for a $3BB award. With a 6 point decline subsequently, that consensus is now $6BB. So I don't see the same downside to market cap with damages in the $850MM to $5BB range as does GEC.

    Algeria is ramping, Wattenberg is back on track and Lucius will come on stream in H2 2014 for a net 20,000 BOPD. All good.

    Feb 14 02:38 PM | Likes Like |Link to Comment
  • Oil Drop Creates Buying Opportunities [View article]
    CLR, EOG - both great names and down a bit here.

    I only wonder how much 'positive forward visibility' the Bakken and Eagle Ford have left. Still a lot of running room, but that has been achieved via downspacing and alternate horizons (Upper Eagle Ford, Three Forks, ect).

    What happens to equity prices on these companies as drilling inventory starts to shrink ?
    Jan 8 08:13 AM | Likes Like |Link to Comment
  • The Best Oil And Gas Independents To Own In Q1 [View article]
    My comment is that the Permian plays trade more on market perception of resource size than a single quarter's earnings.

    No doubt there may very be a short lived reaction if Q4 production disappoints, but I wonder how much is already priced in and if a healthy Q1 guidance and additional 'monster' well results in the Wolfcamp would not trump Q4.
    Jan 3 06:04 AM | 2 Likes Like |Link to Comment
  • Apple urges shareholders vote against Icahn buyback proposal [View news story]
    Voting with Icahn on this one. No reason for Apple to retain $150BB on its balance sheet earning money market interest rates.
    Dec 29 02:53 AM | 2 Likes Like |Link to Comment
  • ConocoPhillips: 2013 Was A Very Good Year, 2014 Should See 20% Total Returns [View article]
    Nice overview of COP's prospects. They also have a nice position in the Permian - which at this point is probably under appreciated.
    Dec 28 02:37 AM | 2 Likes Like |Link to Comment
  • Anadarko Advances Commercial Discovery In Deepwater Cote D'Ivoire [View article]
    It is not difficult. They have a pressure gradient (psi per foot) and a depth for the hydrocarbons in the Paon 1X well via formation tester data. They also have a pressure gradient and a depth for the water in the Paon 2A, also via formation tester, or alternately could reconstruct such a gradient from the calculated water salinity. The overlayed pressure gradients when plotted on a pressure versus depth plot will then intersect at a depth corresponding to the oil water contact. The down dip oil water contact 9.2 km SW of the exploration well is inferred using the gradient intersection representing the oil water contact and calculated dip angle between the two wells.
    Dec 27 04:44 PM | Likes Like |Link to Comment