MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Friday, May 24
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10:38 AM Reliance Industries (RLNIY.OB), BP and Niko Resources say they made a significant gas and condensate discovery at their Krisha Godavari D6 deepwater block off eastern India. Reliance, which operates the venture and holds a 60% interest with BP holding 30%, says the data suggests good flow potential and will evaluate development options. Comment!
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10:11 AM Should there be a cap on oil spill payouts? A group of accounting professors essentially says yes and is backing BP's fight to cap the U.S. oil spill compensation payouts it must fund, which threatens to add billions of dollars to its bill for the 2010 Gulf of Mexico oil spill. "Identifying revenues and expenses requires more than a mere consideration of cash receipts and disbursements," the profs say. Comment!
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9:47 AM Exxon's (XOM -0.4%) arrival as a tentative partner gives InterOil's (IOC +6.9%) Elk/Antelope resource a blue chip "stamp of approval," Raymond James writes, but "the market's enthusiasm will be tempered by the fact that a deal has yet to be finalized." Still unknown: how much of the resource will be monetized; the timing of a final deal; and "most importantly," the purchase price. 1 Comment
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9:38 AM Phillips 66 (PSX) says it plans to use more domestic shale oil at its New Jersey Bayway refinery and could consider exporting gasoline from the facility thanks to lower costs and as U.S. fuel demand wanes. PSX is in the process of building an offloading facility that will allow it to receive 75K bbl/day of additional Bakken crude directly to the refinery. Comment!
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9:28 AM Petrobras (PBR) agrees to sell a stake in an oil and gas exploration block offshore Tanzania to Statoil (STO) for an unspecified amount. PBR will continue to operate the block with a 38% stake, while Shell (RDS.A, RDS.B) will retain a 50% share and STO 12%. The deal is part of $9.9B in planned divestments as PBR focuses on developing offshore fields in Brazil. Comment!
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8:57 AM Whiting Petroleum (WLL) is upgraded to Buy from Neutral with a $58 price target, up from $51, at SunTrust, due to valuation and upcoming catalysts that include results from its first Bakken Silt and Sanish down-spacing tests, Niobrara results and potential monetization of its Potle EOR field. Shares +1.5% premarket. Comment!
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8:49 AM More on Tsakos Energy's (TNP) Q1 results: Profit improvement was primarily driven by a 6% increase in the average time charter rate per vessel, and a drop in the fleet's overall expenses of 7.4% Y/Y on a per-ship basis while the fleet's total voyage expenses fell 24.1% Y/Y. Utilization rate was 98%. Shares +22.8% premarket. 1 Comment
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8:36 AM Yingli Green Energy (YGE) +13.5% premarket after announcing it will supply 10.269 MW of multicrystalline photovoltaic modules to Amcorp Power in Malaysia in what the company calls the country's largest single site PV power plant. The plant will be able to generate ~13.6M kWh of clean electricity per year. 1 Comment
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8:27 AM Eni (E) could spend more on acquisitions in Belgium as it looks to close the gap on the power retail leader in the country, GDF Suez-owned Electrabel. CEO Paolo Scaroni isn't deterred by the 2008 purchase of Belgium's Distrigas; Eni overpaid but only in the context of the global economic meltdown, Scaroni says. Comment!
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7:53 AM InterOil (IOC) +10.1% premarket on news it has entered into exclusive negotiations with ExxonMobil (XOM) to develop the Elk and Antelope gas fields IOC owns in Papua New Guinea. The discussions include the possibility of XOM purchasing a stake in Petroleum Retention License 15 and providing funding to drill additional wells in the Elk and Antelope fields. 4 Comments
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