Wed, Jul. 27, 6:15 PM
Tue, Jul. 26, 5:35 PM
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Wed, Jul. 13, 2:47 PM
- Murphy Oil (MUR -0.5%) is upgraded to Overweight from Equal Weight with a $42 price target, raised from $33, at Barclays, which says the global oil market is in the midst of a "continued upward trajectory" in which Brent could average $85/bbl by Q4 2017 and $80-$90 during 2018-21.
- Barclays believes the risks associated with MUR already are well known and have been priced in by the market, and says shares continue to trade at a significant discount to net asset value and relative to other large cap E&P names even after rising 42% YTD.
- On a risk-adjusted basis, the firm says ConocoPhillips (COP -2.8%) and Husky Energy (OTCPK:HUSKF -2.1%) offer the best value over the next 12 months, while Petrobras (PBR -2.3%) and Exxon Mobil (XOM -0.4%) offer the least.
Tue, Jun. 28, 5:42 PM
- The Enterprise Products Partners (NYSE:EPD) natural gas processing plant in Pascagoula, Miss., remains closed after today's fire, which is now under control but forced the closure of the 225-mile Destin gas pipeline system that can carry 1.2B cf/day from offshore fields to Pascagoula.
- Destin, majority-owned by BP with Enbridge (NYSE:ENB) a minority partner, declares force majeure as a result of the fire.
- Murphy Oil (NYSE:MUR) says it shut its Thunder Hawk platform, which also is connected to the Destin system and has the capacity to handle 60K bbl/day of oil and 70M cf/day of natural gas.
- LLOG, partially owned by the Blackstone Group (NYSE:BX), says it is shutting its Delta House floating production system, which has 100K bbl/day of oil and 240m cf/day of gas capacity.
- Williams Partners (NYSE:WPZ) says the Gulfstream Pipeline, a joint venture with Spectra Energy Partners (NYSE:SEP), appears to be unaffected.
- BP, whose Thunder Horse and Na Kika platforms tie into the Destin pipeline and together produce nearly 400K bbl/day of oil and more than 700M cf/day of natural gas, has not commented; the status of other Gulf producers which operate facilities that connect to Destin, including Stone Energy (NYSE:SGY) and Freeport McMoRan (NYSE:FCX), is not known.
Mon, Jun. 20, 3:58 PM
- Analysts at Raymond James offer perhaps the most optimistic outlook anywhere for crude oil prices, predicting WTI will average $80/bbl by the end of next year on growing confidence that tightening global oil supply/demand dynamics will support a much higher price level.
- James sees production outside the U.S. being curbed by more than previously expected, or 400K fewer bbl/day of oil being produced in 2017 relative to its January estimate, particularly organic declines in China, Columbia, Angola and Mexico.
- Among other reasons, the firm also notes that the unusually large number of unplanned supply outages will, in some cases, persist throughout 2017, taking another 300K bbl/day out of global supply.
- Using his firm's broader oil outlook, James analyst Pavel Molchanov upgrades Murphy Oil (MUR +6%) to Market Perform from Underperform, adding that he believes MUR's dividend is safe.
- ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
Wed, May 4, 5:26 PM
Tue, May 3, 5:35 PM
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Sun, May 1, 1:08 PM
- A new study finds that fracking of U.S. shale fields is causing a global surge in ethane emissions. Ethane is known to contribute to global warming and dangerous air pollution.
- Global ethane levels had been falling since the 1980s, but in 2010 a sensor in Europe picked up a surprise increase. U.S. shale fracking was thought to be the culprit. More recently, a single field in the North Dakota and Montana Bakken Formation has been found to be emitting 2% of the worldwide total.
- "Two percent might not sound like a lot, but the emissions we observed in this single region are 10 to 100 times larger than reported in inventories. They directly impact air quality across North America. And they're sufficient to explain much of the global shift in ethane concentrations," said Eric Kort, the first author of the new study published in Geophysical Research Letters.
- Ethane emissions from other U.S. fields, especially the Texas Eagle Ford, likely contributed as well, the research team says. The findings illustrate the key role of shale oil and gas production in rising ethane levels.
- Baaken stocks include: CLR, ERF, EOG, HK, HES, MRO, OAS, QEP, SM, STO, TPLM, WLL
- Eagle Ford stocks include: APC, APA, COG, CRZO, CHK, COP, ECA, XOM, MUR, PXD
- See the full study here »
Mon, Apr. 18, 6:53 PM
- Moody's (NYSE:MCO) has emerged as a new problem for energy companies, as the bond rater has deprived 19 energy companies of their investment-grade ratings this year, and has dropped some by several notches into the deeper reaches of junk territory, WSJ reports.
- At the same time, Standard & Poor’s rates only four of the 19 companies that lost an investment-grade rating at Moody’s as below investment grade, while Fitch rates just two below investment grade.
- So far, the market has largely shaken off the Moody’s reassessment of the oil sector; for example, Anadarko Petroleum (NYSE:APC) was cut by Moody's to junk status but still managed to raise large sums in the bond market last month at favorable terms vs. what it would have needed to pay a month earlier.
- Nevertheless, companies that Moody’s has dropped to junk are in a vulnerable position because they need investment-grade ratings from two of the three ratings firms to remain in the Barclays investment-grade corporate bond index and thus retain access to a large pool of investors that are not allowed to invest in bonds outside of the index.
- Among other oil companies Moody's has downgraded this year: ECA, ENLK, ESV, CVE, MUR
Fri, Apr. 15, 6:30 PM
- North Dakota crude oil production fell for the third straight month in February to hit its lowest level in 18 months, while the state's rig count sunk to its lowest since October 2005, according to the latest data from the state's Department of Mineral Resources.
- The U.S.’s second largest oil producing state pumped 1.118M bbl/day in February, down very slightly from January's 1.122M but January output fell 2.6% from December, which fell 2.5% from November.
- The number of rigs drilling for oil in North Dakota is now at 29, down from 52 in January and 40 in February; the all-time high was 218 in May 2012.
- However, natural gas production in the state rose 2.9% in February to 1.69B cf/day, a new all-time high.
- Bakken shale exposure includes: CLR, HES, WLL, STO, OAS, MRO, EOG, XOM, NOG, CHK, DNR, SM, NFX, OXY, MUR, COP, SSN, CXO, EOX
- Now read U.S. oil rig count falls by three in latest Baker Hughes tally
Fri, Apr. 1, 3:59 PM
- Murphy Oil (MUR -3.9%) says it will reduce jobs in every location but is not yet prepared to quantify the size of the cuts, Bloomberg reports.
- “Headcount has been lowered across all functions in every location to match our lower capital spend," the company says.
- MUR, which drills in the U.S. and Canada, offshore Malaysia and in the Gulf of Mexico, has cut its capital budget by 73% this year to $580M.
- Now read More Houston-area oil-related job losses from Devon, Maersk and Cenovus Energy whacks another 440 jobs on low oil prices
Tue, Feb. 23, 6:41 PM
- Exxon Mobil (NYSE:XOM) and ConocoPhillips (NYSE:COP) make the grade as the Top Picks among E&P stocks at Wells Fargo, while Occidental Petroleum (NYSE:OXY) remains Buy rated but is pulled as a Top Pick.
- Wells raises its valuation range for XOM to $89-$98, citing the company's large size and capitalization as assets that will help at a time of capital constraints in the sector.
- COP is “not out of the woods,” as Wells estimates it will outspend cash flows this year and likely will be hit by credit downgrades, but the firm sees a “clear path” to generate free cash flow in 2017.
- OXY is up more than 20% in the past month, so it is off the Top Pick list due to valuation.
- Wells also sees an equity capital raise as an increasingly likely outcome for Marathon Oil (NYSE:MRO) and possibly for Murphy Oil (NYSE:MUR) after last week’s credit rating downgrade by Moody’s.
Sat, Feb. 20, 8:25 AM
- Moody’s says it has downgraded a total of 28 energy companies since December, including another eight yesterday.
- Anadarko Petroleum (NYSE:APC), Continental Resources (NYSE:CLR), Hess (NYSE:HES), Murphy Oil (NYSE:MUR), Southwestern Energy (NYSE:SWN) and Western Gas Partners (NYSE:WES) were cut to junk levels.
- National Fuel Gas (NYSE:NFG) and Noble Energy (NYSE:NBL) were lowered to Baa3, one notch above junk.
- Outlooks for Cimarex Energy (NYSE:XEC) and EQT Corp. (NYSE:EQT) were confirmed above junk without downgrades, while EQT Midstream (NYSE:EQM) was affirmed in junk territory but not downgraded.
- Moody's says weakness in prices for crude oil and natural gas has caused a fundamental change in the energy industry, whose ability to generate cash flow has fallen substantially - a condition Moody's believes will persist for "several years," so it is in the process of recalibrating the ratings of many energy companies to reflect the industry shift.
- More downgrades are sure to be on the way following last month's move by the ratings agency in placing the credit ratings of 120 energy companies and 55 mining companies from around the world on review for possible downgrade.
Wed, Feb. 17, 5:47 PM
- North Dakota's crude oil production fell in December for the first time in three months, down 2.5% to 1,152,280 bbl/day, as oil producers begin to acknowledging the low-price reality rolling over the entire energy industry.
- Only 41 drilling rigs are operating in the state as of Wednesday, the lowest level since July 2009, and North Dakota producers have cut back requests to drill new wells, with only 78 permitted in January compared to 125 in November.
- Bakken shale exposure includes: CLR, HES, WLL, STO, OAS, MRO, EOG, XOM, NOG, CHK, DNR, SM, NFX, OXY, MUR, OXY, COP, SSN, CXO, EOX
Tue, Feb. 16, 2:43 PM
- Transocean (RIG -2.2%) says it will cut up to 190 Gulf of Mexico jobs this month as it shelves two of its drillships operating in the Gulf, according to layoff notices filed with the Texas Workforce Commission.
- RIG says 130-140 of the jobs will end as it moors its Discoverer Deep Seas drill ship after it contracts was canceled last week by Murphy Oil (MUR -0.9%); the other jobs will be lost due to the lack of work for its Deepwater Champion drillship.
- Also, Pioneer Natural Resources (PXD +0.5%) says will terminate nearly 150 jobs in April, after saying last week it was largely withdrawing from Texas’ Eagle Ford for now, taking six rigs offline, and maintaining its activity mostly in the Permian Basin.
Mon, Feb. 8, 12:25 PM
- Transocean (RIG -8.1%) is tumbling after Murphy Oil (MUR -2.1%) terminated its contract for the Discoverer Deep Seas in exchange for a lump-sum payment, the latest of the company's rigs to have a contract cancelled after two other rigs were terminated by customers in December.
- The 15-year-old drillship was contracted from October 2013 through November 2016 at a $604K dayrate.
- Citigroup's Scott Gruber says the issue is that the idling of the Deep Seas is likely to reduce its ability to secure a new contract through the downturn, meaning there is an increased likelihood that the rig is cold stacked, which in turn increases the likelihood that it never returns to service.
- MUR also “exercised its option to revert the term” on a contract with Diamond Offshore (DO -1.2%).
Murphy Oil Corp. is a holding company, which engages in the exploration and production of oil and gas. It operates through the following geographical segments: United States, Canada, Malaysia, and Republic of the Congo. Its products include oil and gas liquids, natural gas, and synthetic oil.... More
Sector: Basic Materials
Industry: Oil & Gas Refining & Marketing
Country: United States
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