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Fri, Jan. 22, 9:21 AM
Thu, Jan. 21, 12:45 PM
Tue, Jan. 12, 12:41 PM
Dec. 31, 2015, 1:52 PM
- The volatility continues: After getting drubbed yesterday following the release of EIA inventory data, a slew of North American oil/gas industry firms are up strongly today as Nymex natural gas futures rise 6.1% to $2.35/MMBtu. The EIA reported today a weekly U.S. natural gas inventory change of -58 Bcf (close to expectations) to 3,756 Bcf.
- Oil is also higher: WTI crude is up 2.5% to $37.53/barrel, and Brent crude up 3.7% to $37.80/barrel. The S&P is down 0.3%.
- Also: Cheniere Energy (LNG +3.4%) has begun production at its Sabine Pass terminal, which will be the first to export shale gas from the U.S. Partner ING Capital states Cheniere is currently receiving, chilling, and storing 50M cubic feet of gas per day at the facility.
- Major gainers include Southwestern Energy (SWN +9.6%), Williams (WMB +5.6%), Encana (ECA +4.5%), Gulfport Energy (GPOR +5.3%), Whiting Petroleum (WLL +8.2%), Rice Energy (RICE +5.6%), SandRidge Permian Trust (PER +8.9%), Oasis Petroleum (OAS +5.9%), BP Prudhoe Bay Royalty Trust (BPT +7.3%), and Baytex Energy (BTE +9.3%). ONEOK is up over 7% after catching an upgrade from Credit Suisse.
Dec. 16, 2015, 5:38 PM
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. 10, 2015, 2:58 PM
- Baytex Energy Trust (BTE +1.9%) announces a 2016 capital budget of $325M-$400M, at least 20% lower than 2015's anticipated $500M capex and below the low end of its previously forecast spending range of $350M-$400M.
- BTE says 80%-90% of its 2016 planned capex will be directed to Eagle Ford operations, which at current commodity prices represents the highest individual well economics and highest netbacks in its portfolio.
- BTE foresees 2016 production of 74K-78K boe/day, with 53% generated in the Eagle Ford and 47% coming from Canadian assets; expected production mix is 78% liquids (34% heavy oil, 32% light oil and condensate, 12% natural gas liquids) and 22% natural gas.
Nov. 6, 2015, 7:36 AM
- Baytex Energy (NYSE:BTE): Q3 EPS of -$2.49 may not be comparable to consensus of -$0.22.
- Oil & Natural gas sales of $268.6M (-57.7% Y/Y).
Nov. 5, 2015, 5:30 PM
Oct. 19, 2015, 12:43 PM
Oct. 6, 2015, 12:44 PM
Sep. 23, 2015, 5:40 PM
Aug. 21, 2015, 9:20 AM
- Baytex Energy (NYSE:BTE) is off 12.8% premarket after suspending its monthly dividend, via an update to its outlook that sees it cutting capex 25% in 2016.
- The company said total exploration and development expenditures for 2015 would come in at $500M, on the low end of its guidance for $500M-$575M, and it's narrowed its production guidance for the full year, to 84,000-86,000 boe/d (from 84K-88K).
- For 2016 the E&D spend range should be $350M-$400M, targeting relatively stable production from 2015's exit rate.
- It's pursuing sustainability in a low crude oil price environment, the company says. "Through negotiated cost savings with service providers, we have materially reduced the amount of exploration and development capital we must spend to maintain our production," says CEO James Bowzer.
- It's suspending its monthly payment after the previously declared Sept. 15 dividend, and will reinstate it "when commodity prices recover to a supportive level."
Aug. 21, 2015, 9:15 AM
Aug. 19, 2015, 12:45 PM
Jul. 30, 2015, 7:38 AM
- Baytex Energy (NYSE:BTE): Q2 FFO of $0.77
- Revenue of $345.43M (+20.9% Y/Y) beats by $5.26M.
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