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Yesterday, 3:48 PM
- Anadarko Petroleum (APC -5.8%) plunges 6% after announcing an 81% dividend cut, as shares resume trading following a halt; shares already had been ~3.5% lower.
- APC says the cut provides ~$450M of additional cash on an annualized basis to enhance its operations and financial flexibility.
- APC had dropped strong hints about a dividend cut last week during its earnings conference call.
Yesterday, 3:22 PM
Tue, Feb. 2, 11:30 AM
- Anadarko Petroleum (NYSE:APC) says it may cut its dividend because plunging oil prices have pushed its yield too high.
- "If we look at the yield associated with our common stock at 3%, that's historically high for us," CEO Al Walker said during this morning's earnings conference calls. "So we look forward to discussing that with our board."
- "There are other things we could do with that cash in the current environment," says CFO Bob Gwin, adding that he does not expect the entire dividend to be eliminated.
- The dividend costs APC ~$550M/year.
- APC +3.7%.
Mon, Feb. 1, 6:39 PM
- Anadarko Petroleum (NYSE:APC) -0.3% AH after reporting a smaller Q4 loss than Wall Street expected and announcing plans to cut capex by nearly 50% in 2016 to conserve cash.
- For the full year, APC's $6.69B loss was the company's largest ever, and final revenue came in at ~$8.7B, 53% lower than 2014 revenue of $18.47B.
- APC plans an initial 2016 capital budget of ~$2.8B, which would be nearly half as much as its actual 2015 capex and almost 70% lower than 2014.
- Q4 oil and gas sales volumes averaged 779K boe/day, down ~9% Y/Y.
- APC says it cut drilling costs per foot in half while bringing down well stimulation costs about a third at its Wattenberg field in Colorado, but output rose 30%; Edward Jones analyst Brian Youngberg says APC's cost-cutting efforts were better than the market anticipated,
- APC does not provide guidance, but says it will host an investor conference call on March 1.
Mon, Feb. 1, 4:11 PM
Sun, Jan. 31, 5:35 PM
Thu, Jan. 21, 3:49 PM
- Crude oil futures settled more than 4% higher on the back of perceived oversold conditions, despite a higher than expected inventory build; March WTI jumped 4.2% to settle at $29.53/bbl after trading as high as $30.25, while Brent surged 4.9% to $29.25.
- Crude prices were supported by the inventory increase in this morning's EIA report, which was less than the API’s report released on Wednesday, says Phil Flynn, senior market analyst at Price Futures Group; also, reports of Libyan oil tanks on fire eased speculation that Libya would be exporting more oil soon.
- Also supportive for prices, oil production in the lower 48 states edged lower for the first time in seven weeks, “which is at least ‘less bearish’ for the extremely oversupplied global oil market,” says Tyler Richey of The 7:00’s Report.
- The energy sector is bouncing after hitting a multiyear low yesterday: XOM +1.4%, CVX +2.7%, RDS.A +3.8%, BP +3.7%, TOT +2.3%, STO +4.5%, COP +6.2%, MRO +12.2%, APC +10.3%, OXY +2.1%, EOG +6.4%, PXD +2.7%, APA +8.2%, HES +7%, KMI +15.5%, EPD +3.3%, ETP +6.8%.
- ETFs: UNG, USO, OIL, XLE, UGAZ, UCO, DGAZ, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, BOIL, GAZ, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, KOLD, BGR, USL, XES, IYE, IEO, UNL, IEZ, DNO, FENY, PXE, PXI, FIF, PXJ, OLO, SZO, NDP, RYE, DCNG, FXN, OLEM, DDG
Tue, Jan. 19, 2:43 PM
- Anadarko Petroleum (APC -4.3%) says it achieved first oil at its Heidelberg field, the company's second of a pair of truss spar developments in the deepwater Gulf of Mexico.
- Lucius, the spar’s sister development, began production last January; the spars have design capacities of 80K bbl/day and 80M cf/day.
- APC operates Heidelberg and holds a 31.5% interest; partners include Freeport McMoRan (FCX -8.2%) and Eni (E -0.5%), each with a 12.5% stake; Statoil (STO -1.1%), with 12%, and Exxon Mobil (XOM -2.5%) and Cobalt Energy (CIE -10.4%), with 9.375% each.
Sat, Jan. 16, 9:15 AM
- Oppenheimer's Fadel Gheit and Luis Amadeo offer a bleak view of the Q4 2015 earnings season for oil and gas producers, warning of sharply lower earnings with deeper losses and wider cash flow deficits Y/Y and Q/Q.
- Among the integrated oil majors, the analysts see overall Q4 earnings falling by more than 50% Y/Y and more than 30% Q/Q; they expect Chevron (NYSE:CVX) to show the steepest earnings decline of 60%-plus Y/Y and 50%-plus Q/Q, while anticipating Exxon Mobil (NYSE:XOM) to report the lowest declines of 40%-plus Y/Y and 25%-plus Q/Q.
- Of the 15 large E&Ps Oppenheimer covers, 13 likely will report losses in Q4 vs. 10 in Q3 and none in Q4 2014, with only Devon Energy (NYSE:DVN) and Range Resources (NYSE:RRC) reporting a profit; the analysts expect most of the other 13 to report steeper declines, including Anadarko Petroleum (NYSE:APC), Apache (NYSE:APA), Chesapeake Energy (NYSE:CHK), EOG Resources (NYSE:EOG), Hess (NYSE:HES), Marathon Oil (NYSE:MRO), Murphy Oil (NYSE:MUR), Pioneer Natural Resources (NYSE:PXD) and Southwestern Energy (NYSE:SWN).
- Earlier this week, Gheit predicted that half of U.S. shale oil producers could go bankrupt before the crude market reaches equilibrium.
Fri, Jan. 15, 3:20 PM
- Nymex crude oil settled -5.7% at $29.42/bbl, its lowest level since November 2003, with concerns that Iran will soon add to the world's glut of crude supplies added to fears about an economic slowdown in China.
- When a decade of trade and banking sanctions against Iran end, perhaps as soon as Monday, the country could lift exports by 500K bbl/day and gradually raise shipments by the same amount again; Iran reportedly has 22 VLCCs floating off its coast, with 13 fully or almost fully loaded.
- Among major energy companies today: XOM -1.8%, CVX -2.2%, RDS.A -5%, BP -5.2%, COP -4.9%, TOT -3.7%, PBR -8.6%, E -4.5%, TOT -3.7%, STO -2.5%, MRO -10.2%, HES -3.6%, OXY -1.8%, DVN -5.8%, APA -4.9%, EOG -3.8%, APC -7.9%, PXD -2.6%, CXO -4.9%.
- ETFs: UNG, USO, OIL, XLE, UGAZ, UCO, DGAZ, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, BOIL, GAZ, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, KOLD, BGR, USL, XES, IYE, IEO, UNL, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, DBE, OLO, SZO, NDP, RYE, DCNG, RJN, FXN, OLEM, DDG
Thu, Jan. 7, 3:24 PM
- Anadarko Petroleum (APC -8.6%) is downgraded to Hold from Buy with a $60 price target, lowered from $85, at Deutsche Bank, which says the stock is "not particularly defensive" given its 3.3x leverage and 51% net debt-cap at year-end 2016 and the company is not well leveraged to sector-wide recovery.
- Deutsche Bank argues that APC is "not particularly inexpensive" at a 22% discount to its net asset value and 7.4x 2017 EV/DACF vs. 31% and 7.4x for the group, respectively, so investors can find greater upside elsewhere.
- The firm earlier upgraded (I, II) Noble Energy and Pioneer Natural Resources as defensive plays with under-appreciated balance sheets.
Tue, Jan. 5, 2:47 PM
- An eventual upturn in crude oil prices should turn the tide for the E&P sector In 2016, Citi analyst Robert Morris says as he upgrades Anadarko Petroleum (APC -1%), Canadian Natural Resources (CNQ +1%), EOG Resources (EOG +0.8%) and Cimarex Energy (XEC +1.4%) to Buy from Neutral and ups Oasis Petroleum (OAS -3.3%) to Neutral from Sell.
- For the first time in more than a decade, the per share debt-adjusted growth metrics within the E&P sector showed no correlation to the share price performance in 2015, according to Morris; without a further collapse in commodity prices, he sees debt-adjusted growth metrics, along with key debt metrics and the ability to increase production by spending within cash flow, driving relative E&P share performance.
- Morris maintains Buy ratings on Antero Resources (AR -2.4%), Apache (APA -2.3%), Concho Resources (CXO +1%), Memorial Resource Development (MRD -2%), Range Resources (RRC -0.4%) and Whiting Petroleum (WLL -7.1%), but downgrades Hess (HES -0.5%) to Neutral from Buy.
Dec. 21, 2015, 3:09 PM
- Anadarko Petroleum (APC +0.9%) spikes more than 3% before fading, following chatter that Sinopec (SNP -1.2%) is considering a takeover bid for the E&P company.
- Stifel analyst Michael Scialla tells Benzinga the rumor fits into the story around the China gas sector and the understood benefits of APC's inventory and Permian exposure.
- Oppenheimer's Fadel Gheit says a SNP deal for APC has a less than 50% probability, but that APC is believed to be a takeover target by other analysts.
Dec. 17, 2015, 8:28 AM
- Anadarko Petroleum (NYSE:APC) raises its Q4 oil sales volume guidance and announces extensions to the maturity dates of its credit facilities.
- APC increases the midpoint of its guidance by more than 15K bbl/day to 314K-319K bbl/day, as production increases are driven by its core oil-producing areas in the Wattenberg field and the Delaware Basin; the outperformance is the primary contributor to a 2M boe increase in its total Q4 sales volume guidance to 70M-72M boe.
- APC says its Heidelberg development in the Gulf of Mexico is well ahead of schedule and now expects to achieve first oil in Q1 2016.
- APC also says it extended the maturity of its $3B unsecured revolving credit facility to January 2021 and received commitments to renew its $2B 364-day credit facility upon its expiration in January 2016 to a new maturity in 2017.
Dec. 16, 2015, 2:31 PM
- Moody's says it is reviewing 29 E&P companies from the U.S. and seven from Canada for a potential downgrade, saying the companies "will be stressed for a longer period with much lower cash flows, difficulty selling assets and limited capital markets access."
- Based on the severity and potential duration of the industry challenges, Moody's expects many companies will be downgraded one notch and others could be lowered by more than one notch.
- Yesterday, the ratings agency cut its oil and gas price assumptions in light of continuing oversupply in the global oil markets and the U.S. natural gas market.
- Among the U.S. companies: APC, AR, APA, XEC, CXO, COP, CLR, DNR, EGN, EOG, EPE, EQT, HES, MRO, MUR, NFG, NFX, NBL, OXY, PXD, QEP, RRC, SM, SWN, UNT, WLL, WPX
- From Canada: BTE, CNQ, OTCQX:COSWF, CVE, ECA, OTCPK:HUSKF, SU
Dec. 7, 2015, 12:47 PM
- Anadarko Petroleum (APC -5.8%) plans to make a final decision in H2 next year on how it will develop the vast gas discoveries it has made offshore Mozambique, CEO Al Walker tells Financial Times.
- APC has discovered more than 75T cf of gas in the Rovuma Basin, while Eni (E -2.8%) has identified ~85T cf; combined, the resources have the potential to transform Mozambique into one of the world’s top producers of liquefied natural gas.
- "By the end of the 2020s, as we approach 2030, Mozambique probably will be second only to Qatar in terms of providing lowest-cost LNG in the world," the CEO says.
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