Seeking Alpha
  • Today - Tuesday, October 21, 2014

  • 10:59 AM
    • Russia's Gazprom (OTCPK:OGZPY) says it has increased its investment program for this year by 220B rubles from the previous plan to 1.026T rubles ($5B).
    • Gazprom, which finalized a $400B deal to ship gas to China earlier this year, says gas transportation projects include the one to export gas to Beijing, Power of Siberia, as well as South Stream to bypass Ukraine.
    • Meanwhile, Russia, Ukraine and the European Commission are holding talks today trying to resolve the issue around the price Ukraine pays for Russian gas and its debt.
    | Comment!
  • 10:35 AM
    • Helix Energy (HLX +5.9%) opens with strong gains after Q3 earnings and revenues easily beat Wall Street expectations, as both its well intervention and robotics businesses thrived.
    • In its earnings conference call, HLX says it sees FY 2014 EPS of $1.85-$1.95 vs. $1.80 analyst consensus estimate and revenues of $1.1B vs. $1.09B consensus.
    • Total backlog as of Sept. 30 was ~$2.4B, nearly all in the well intervention and robotics businesses; total 2014 capex is forecast at $385M, with $242M incurred YTD.
    | Comment!
  • 10:18 AM
    • TransCanada (TRP +1.3%) has delayed seeking regulatory approval of the C$12B Energy East pipeline project as it negotiates with Quebec’s Gaz Metro and Ontario units of Spectra Energy (SE +1.7%) and Enbridge (ENB +0.6%), Bloomberg reports.
    • The feud centers on TRP’s plan to convert a 3K km stretch of its mainline gas conduit to carry oil; gas distributors claim that converting the mainline in eastern Ontario would lead to fuel shortages and higher prices, and they want TRP to build a standalone oil conduit or a gas line the same size as the existing one - which TRP would cost $1B more than planned and jeopardize the project.
    • Energy East shippers probably would incur costs of $7.40-$10.20/bbl to move oil across Canada on the pipeline and then by tanker to the U.S. Gulf coast, the most likely market, Morningstar's David McColl says; currently, the costs are less than rail alternatives.
  • 9:38 AM
    • Australian taxi payment company Cabcharge says it rebuffed an approach from FleetCor Technologies (FLT +0.1%) to buy its core payments business.
    • Local media reported that FLT had made an approach to acquire the Cabcharge unit for A$500M ($439M), although the Australian company said terms had not been discussed.
    | Comment!
  • 8:51 AM
    • Oman's state-run oil company says it is in talks with Occidental Petroleum (NYSE:OXY) to buy a minority stake in its assets in the country.
    • OXY said last year that it planned to sell a minority stake in its Middle East and North African operations as part of a restructuring program to lift its valuation.
    | Comment!
  • 8:35 AM
    • Atlantic Power (NYSE:AT+3.2% premarket after deciding against a sale or merger of the company.
    • AT says it will continue to operate as an independent company while seeking to enhance the value of its existing assets through optimization investments and commercial activities, as well as delever its balance sheet to improve its cost of capital and ability to compete for new investments.
    • Last week, Clinton Group called on AT to restart a sale process it abandoned the previous month.
  • 8:22 AM
    • GulfMark Offshore (NYSE:GLF) -8% premarket after Q3 earnings and revenues missed estimates, and the provider of offshore marine services issued a downbeat outlook.
    • GLF says the global offshore vessel market flattened as fewer offshore drilling rigs were utilized than anticipated and as oil producers continued to cut costs; results in the Gulf of Mexico and the North Sea were generally favorable, but the southeast Asia market remained challenged as national oil companies in the region have been slow to award new contracts.
    • Issued downside guidance for Q4 and FY 2015, now seeing Q4 revenues of $110M-$115M vs. $136.5M analyst consensus estimate, and seeing FY 2015 revenues of $480M-$530M vs. $574M consensus.
    | Comment!
  • 7:56 AM
    • Susser Petroleum Partners (NYSE:SUSP) announces a public offering of 8M common units, with an underwriters option to purchase up to 1.2M additional units.
    • SUSP plans to use the proceeds to pay down debt and for general partnership purposes.
    | Comment!
  • 7:48 AM
    • Shares in Total (NYSE:TOT) +1.6% in Paris after falling nearly 2% when markets opened following the death late Monday of longtime CEO Christophe de Margerie in a plane crash in Moscow; shares +0.8% U.S. premarket.
    • While the death surely is a traumatic event for the company, "it is a big enough company and has a strategy well enough in place for this not to cause a significant change in the share price," an analyst says.
    • Possible CEO successors could include its president of refining and chemicals, Patrick Pouyanné and CFO Yves-Louis Darricarrère.
    • TOT is scrambling to convene its board for an emergency meeting as soon as possible.
    | Comment!
  • 6:58 AM
    • Statoil (NYSE:STO) says it has found up to 80M barrels of recoverable oil in a prospect first drilled more than two decades ago and abandoned because the initial discovery was too small.
    • The find is located near the company's operating Grane field in the North Sea, and is well above the 6M barrels estimated when the prospect was explored by Norsk Hydro in 1992.
    • Statoil owns 57% of the production license for the new discovery. State holding firm Petoro has 30% and ExxonMobil (NYSE:XOM) has 13%.
    • STO +2.2% premarket
    | 1 Comment
  • Monday, October 20, 2014

  • 7:10 PM
    • Total SA (NYSE:TOT) CEO Christophe de Margerie is reported dead after a plane crash in Moscow, according to Interfax.
    • De Margerie, 62, has held the positions of chairman and CEO at the oil/gas giant since 2010.
    • Updated 7:13 p.m.: Various sources are saying that de Margerie was the only passenger on a light aircraft aside from a three-person crew, all of whom also died when the plane hit a snowplow on takeoff.
  • 6:56 PM
    • British Columbia will require proponents of liquefied natural gas terminals to keep their carbon emissions at the lowest level in the world, not to exceed the equivalent of 0.16 metric ton of carbon dioxide per ton of LNG, the province's Environment Ministry says.
    • The lower carbon stipulation for LNG plants would add to an existing levy on greenhouse gases in B.C., which has a target to reduce emissions by a third below 2007 levels by 2020.
    • Legislation regarding an LNG-specific tax - long awaited by major players such as Petronas, Shell (RDS.A, RDS.B) and Chevron (NYSE:CVX), who are proposing as many as 18 projects to ship LNG from the province to meet Asian demand - is scheduled to be announced tomorrow.
  • 6:14 PM
    • Seadrill (NYSE:SDRL) was downgraded to Neutral/High Risk from Buy today at Citigroup, which cited a combination of disappointing exploration, further investment decision delays and increased oil price uncertainty as leading to a 10% reduction in its medium-term rig demand forecast.
    • Citi believes the decline, combined with significant supply added in 2015, likely will extend the current market weakness into 2016, which could materially affect SDRL’s ability to sign and thus finance the next wave of its newbuilds; it also sees increased risk of dividend cuts to maintain the leverage ratio within covenants.
    • SDRL finished flat today but most offshore drillers rose even as the firm lowered its growth estimates across the sector to reflect a slowdown in investment: ATW +3.4%, HP +3.3%, RDC +3.2%, DO +2%, RIG +1.8%, NE +1.7%, PACD +1.2%, ESV +1%.
  • 6:04 PM
    • GulfMark Offshore (NYSE:GLF): Q3 EPS of $0.75 misses by $0.07.
    • Revenue of $128.7M (+5.7% Y/Y) misses by $5.7M.
    • Press Release
    | Comment!
  • 6:03 PM
    • Steel Dynamics (NASDAQ:STLD): Q3 EPS of $0.47 beats by $0.04.
    • Revenue of $2.3B (+20.4% Y/Y) beats by $160M.
    • Press Release
    | Comment!
  • 5:44 PM
    • Rhino Resource Partners (NYSE:RNO) -36.9% AH after announcing a Q3 distribution of $0.05/unit, far lower than the previous quarter's distribution of $0.445/unit.
    • RNO says the reduced distribution is the result of prolonged weakness in the coal markets, which has continued to adversely affect its cash flow.
    • RNO says it will redouble its cost cutting efforts, including reducing overhead to reflect market realities and the company's smaller size.
  • 5:32 PM
    • Helix Energy Solutions Group (NYSE:HLX): Q3 EPS of $0.71 beats by $0.21.
    • Revenue of $340.84M (+54.8% Y/Y) beats by $41.34M.
    • Shares +4.3% AH.
    • Press Release
    | Comment!
  • 5:20 PM
    • Trinity Industries (NYSE:TRN) -2.4% AH after plummeting 12.3% during regular trading after the company confirms a federal jury in Texas awarded $175M to a whistleblower in a trial over the safety of thousands of highway guardrail end caps on U.S. roads (earlier).
    • The whistleblower accused TRN of redesigning its ET-Plus guardrail end piece in 2005 in a way that made them unsafe; at least a dozen accidents - some fatal - have been reported for vehicles that run off the road and collide with the guardrail end caps that, instead of cushioning the impact, malfunction and spear the vehicle.
    • TRN says it believes "the decision cannot and will not withstand legal scrutiny."
  • 5:13 PM
    • Celanese (NYSE:CE): Q3 EPS of $1.61 beats by $0.17.
    • Revenue of $1.77B (+7.9% Y/Y) beats by $40M.
    • Shares +3.2% AH.
    • Press Release
  • 4:39 PM
    • Optimism that Petrobras (NYSE:PBR) would benefit if Brazilian Pres. Rousseff is voted out of office is unfounded, Jim Chanos tells attendees at the Robin Hood Investors Conference in NYC today.
    • PBR regularly misses production guidance, has persistent negative cash flow from deepwater projects, net debt has increased, and its returns on assets have fallen to 4.5% and well below its 15% cost of capital, Chanos says.
    • Rousseff and opposition candidate Aecio Neves are in a dead heat as election day approaches, but Chanos notes that no Brazilian president has lost a re-election campaign since a 1997 constitutional amendment allowed for them to serve more than one term consecutively.
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