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  • BHP Billiton: No Spin-Off Boost As South32 Starts Trading As A Standalone Company [View article]
    One pound sterling is 100 pence..
    S32 share price of 108 pence on LSE = 1 pound 8 pence = approximately $1.70
    May 19, 2015. 03:04 AM | 4 Likes Like |Link to Comment
  • BHP Billiton: No Spin-Off Boost As South32 Starts Trading As A Standalone Company [View article]
    Corporate Action Announcement

    Citibank, N.A., acting as sponsored depositary bank, announces the following:

    Date: May 7, 2015 Status: Final
    Announcement For: Demerger (Spin-off)
    Company Name: BHP Billiton Limited

    Security Information
    Ticker Symbol: BHP
    CUSIP: 088606108
    Country: AU
    Exchange: NYSE
    Ratio (ADR:ORD): 1 : 2
    Ordinary Ticker: BHP AU
    DTC Eligible: Yes
    Ordinary ISIN: AU000000BHP4
    DR ISIN: US0886061086

    Citibank N.A. has been informed by BHP Billiton Limited that the Company has received shareholder approval to proceed with the Demerger of South32 from BHP Billiton Limited. BHP Billiton ADR holders will be entitled to receive .4 new South32 Limited American Depositary Share (“ADS”) for every one (1) BHP Billiton Limited ADSs held at the record date of May 20, 2015.

    The Demerger is subject to conditions which are summarized in Section 7.1 of the Shareholder Circular that can be found on the BHP Billiton Limited website at:

    Please see below for additional pertinent details:

    DR Record Date: May 20, 2015
    DR Payable Date: May 29, 2015

    Distribution Rate: .4 new South32 Limited ADS (CUSIP# 84473L 105) for every 1 BHP Billiton Limited ADS (CUSIP# 088606108) held.

    Each South32 Limited ADS will represent 5 South32 Limited ordinary share.

    We understand FINRA will announce “when-issued” trading of South32 ADSs beginning on May 18 through May 29.

    ADR books will be closed for issuance and cancellation of BHP Billiton LTD ADSs from close of business on May 15, 2015 through May 21, 2015.

    Cash-in-Lieu rate will be announced upon sale of fractions.

    In accordance with section 5.9 of the BHP Billiton Limited Deposit Agreement, Citibank will charge a distribution fee of $0.05 per each BHP ADS held as of the record date.

    Shareholder Services
    Questions may be directed to Shareholder Services toll free at 1-877-248-4237.
    For more information about Citi’s Depositary Receipt Services please visit
    May 19, 2015. 02:54 AM | 7 Likes Like |Link to Comment
  • Petrobras turns lower after early gains, Goldman downgrades to Sell [View news story]
    That price target gave me the best laugh all day.. thanks GS!
    May 18, 2015. 11:50 AM | 3 Likes Like |Link to Comment
  • Petrobras posts surprising 50% Y/Y jump in Q1 adjusted earnings [View news story]
    Buy (cheap) and hold wins every time. Petrobras in the mid single digits was the clearest opportunity in years when it comes to special situations investing.. Hats of to the Brazilian DOJ for Operation Car Wash
    May 16, 2015. 02:04 AM | 3 Likes Like |Link to Comment
  • Petrobras gains as investors hope no more surprises ahead [View news story]
    Huge short covering going on with the common stock PBR. You can actually buy the preffered stock PBR/A at a $0.75 discount to the common stock today, gotta love these markets!
    Apr 23, 2015. 12:43 PM | 2 Likes Like |Link to Comment
  • Report: BP readies defenses against takeover following Shell’s raid [View news story]
    Not to mention that BP owns a 19,75% stake in Rosneft. Exxon and Rosneft both want to further cement their relationship in the coming years, with Rosneft having the world’s biggest reserves + output and Exxon having the largest market cap. ROSN & XOM will certainly progress with their plans to continue drilling huge oil discoveries together in the Russian Arctic's Kara Sea. Given the strong dollar it would seem good timing for Exxon to make a play for BP..
    Apr 21, 2015. 11:46 AM | 5 Likes Like |Link to Comment
  • Why I Would Buy Ensco Now [View article]
    Recently (re-)initiated positions in the same stocks you mention. Next to Ensco also Shell and BHP. Stock prices will move with the underlying commodities, but the South32 spin-off with its own dividend while maintaining similar dividend under the 'new' BHP gives you a couple of reasons to hold in a diversified portfolio currently.

    Also again looking into Glencore and Fortescue, a bit of a waiting game at the moment. Rosneft also looks good value, they will be increasing development of in-house drilling service capability I expect
    Mar 9, 2015. 08:03 AM | 2 Likes Like |Link to Comment
  • Ensco - Excellent Operational Metrics Mask A Weaker Fleet [View article]
    Ensco's 120 series, enough said.. http://
    Mar 4, 2015. 04:51 PM | Likes Like |Link to Comment
  • Shell to launch new scrip dividend program [View news story]
    Exactly the same SCRIP program as they had til middle last year. On mainland Europe you always received A, also on the RDS-B shares. Anyway, good move by Shell
    Mar 3, 2015. 11:59 AM | 1 Like Like |Link to Comment
  • Evaluating Ensco's Dividend Cut [View article]
    It's useful to add that the majority of the impairment was due to almost completely removing goodwill from the balance sheet. Goodwill was reduced from 3.27B to 270M in, dealing with the Pride-elephant in the room. Assets are now 16.9B, 8.2B net equity, current P/B 0.7. It always better to buy cyclicals like BBL and ESV with good EPS, valuation, balance sheet, rating when their at the lower point of the cycle. They cpuld have maintained $3 dividend for a long time, even with increased coldstacking, but they learned from Pride. HERO, SDRL, NADL are in bad shake, providing possible opportunities in the next 36 months
    Mar 2, 2015. 02:08 AM | 4 Likes Like |Link to Comment
  • Why Ensco's 10% Dividend Is Built To Last [View article]
    Ensco's board didn't cut the dividend 80% because they can't sustain $0,375 - $0,75 quarterly now or during the next quarters. It's an entirely different situation from SDRL and NADL with their balance sheet issues (..apples and oranges) .

    ESV decided to cut it because they are currently expecting two very, very difficult years for the entire sector. Revenues and profit margins are going down for everyone and visibility is terrible. Given that, the main thing to do now is keeping rigs working, cost control and reduction, and maintaining a healthy balance sheet through this downturn.

    There's nothing wrong with bracing yourself for the worst. If it gets to that I can think of one or two sizeable players who may well go belly-up or face restructuring within 24-48 months.. but Ensco won't be one of them.

    "David Wilson - Howard Weil, Inc.
    Okay, great. Thanks for that, Jay. And then just I guess the follow-on, on the dividend cut. Just running through some iterations and sensitivities on my forecast, I've got even if you did cold-stack every rig that rolled off, that you would have been able to maintain the prior dividend for quite a while. Just kind of curious as to the timing of doing it now versus maybe doing it later and seeing if the market improves and you wouldn't have to cut it. Just I know you guys talked about the rationale for the cut, but just wanted to get a little bit more color on that.

    Carl Trowell - President and Chief Executive Officer
    Yes, Dave. It's Carl here. There are a whole series of issues that have come up in this decision and reasons why we've done it. If I go back to the prepared comments, one of the first things that really came into our decision-making process was the rapid deterioration we saw in the market conditions as we went through the end of Q4. But even at that time, we had a relatively opaque view on what our clients were going to do and what our customers were going to do in 2015 and a little bit into 2016.

    And as we came to the end of the quarter and really over the last four weeks to eight weeks, we've had chance to be able to now see some of those announcements and actually sit with most of our customers and really see what the demand outlook was and their drilling plans were going to be and we've very much focused on not just 2015, but going through into 2016. And so, we've really tried to look at the company in terms of where we want to be one year to two years down the line not just today.

    And we looked at several things. The first was the risk and opportunities involved in an extended market downturn and from that, we decided that increased liquidity and the flexibility for our capital management was something we wanted to do earlier rather than later, one to manage the risk, but also, to be able to be in a position to take opportunities if they came and we felt that were appropriate.

    The second is that we wish to maintain our credit rating. And thirdly, we still wish to maintain to pay a meaningful dividend that was comparable to other S&P companies, but to give us more flexibility in what is, we think, quite clearly going to be a multiyear down cycle."
    Feb 27, 2015. 08:16 AM | 1 Like Like |Link to Comment
  • Ensco beats by $0.32, revenue in-line [View news story]
    After the goodwill impairment current P/B is now 0.75
    Feb 26, 2015. 02:22 AM | Likes Like |Link to Comment
  • Ensco beats by $0.32, revenue in-line [View news story]
    EPS good, 5th beat in 6 quarters, and divi is fine. The big point is they have now dealt with the elephant in the room.. impairement for almost all the goodwill! Goodwill from 3.27B to 270M, total assets now 16.1B, total net equity now 8.2B
    Feb 26, 2015. 02:09 AM | 1 Like Like |Link to Comment
  • Big investors cut stakes in Petrobras as corruption scandal weighs [View news story]
    so far..
    Feb 20, 2015. 02:27 PM | Likes Like |Link to Comment
  • Big investors cut stakes in Petrobras as corruption scandal weighs [View news story]
    And surely some are increasing their stake again now PwC is being signed for another 2 years, audited Q3 has been announced for end of March, and audited Q4 - including writedowns - has been announced for end of May. No complaints about new management software far
    Feb 20, 2015. 01:26 PM | 1 Like Like |Link to Comment