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Sasol's CEO Hosts CFO Newsletter Conference (Transcript)Nov. 25, 2013
Sasol's CEO Hosts CFO Newsletter Conference (Transcript)Jun. 11, 2013
Sasol Ltd (Qtr End 6/30/07) Earnings Call TranscriptsSep. 18, 2007
Tue, Dec. 2, 11:29 AM
- Citi cuts its target price for South African energy and chemicals company Sasol (SSL +2.3%) by 14% to $41.50 from $48.28 in light of lower oil prices, saying the stock could move lower over the next year.
- Despite a 30% drop in SSL’s ADR price over the past four months, the firm believes there can be more pressure once downgrades commence and especially if the spot oil price prevails.
- In its oil price outlook issued this week, Citi cuts its expectation for crude in FY 2015 to average $87.90/bbl and $82.50 in FY 2016.
Thu, Nov. 6, 8:41 AM
- Sasol (NYSE:SSL) says it expects full production at its Escravos gas-to-liquids plant in Nigeria it is developing with Chevron (NYSE:CVX) by mid-2015.
- The plant in the Niger Delta has suffered multiple delays and its development cost has soared to ~$10B from an initial $2.5B; it is expected to produce 33.2K bbl/day of fuel.
- The plant is jointly owned by Nigerian state energy company NNPC and CVX, which uses Sasol's GTL technology.
Mon, Oct. 27, 9:58 AM
- Sasol (SSL -2.8%) says it has approved construction of an $8.1B ethane cracker and derivatives complex in the U.S. capable of producing 1.5M metric tons/year of ethylene.
- SSL says financing for the complex, which will roughly triple its chemical production capacity in the U.S., is “well advanced” and will use “a variety of international U.S.-based dollar sources.”
- A joint venture between Fluor (NYSE:FLR) and Technip (OTCPK:TNHPF) will be the primary engineering, procurement and construction management contractor.
Mon, Sep. 8, 7:59 AM
- Sasol (NYSE:SSL) reports a 14% increase in full-year earnings, boosted by higher chemical prices and a weaker rand, but still short of analysts' expectations.
- SSL says the economic outlook in its domestic South African base remains challenging as the country is still recovering from a five-month long strike in the platinum sector.
- Says it is considering potential expansion into Angola, Ghana and Tanzania but Mozambique remains its immediate focus in Africa.
- Also says it has obtained all air, water and wetlands permits for its Louisiana projects - an ethane cracker and derivatives plant, and an integrated gas-to-liquids and chemicals facility - which could cost ~$20B to build.
Fri, Aug. 29, 12:38 PM
- Barclays regards Russian oil and gas companies as too risky for now, with no reason to assume any resolution to the Ukrainian crisis in the near term, but it sees Latin American energy stocks offering a more appealing set of risk/rewards.
- Of the firm's two Overweight ratings among emerging market energy stocks, the firm says Pacific Rubiales (OTCPK:PEGFF) offers a combination of relatively small size, expertise in heavy oil and is positioned to take part in Mexico's energy reform.
- The firm also likes Petrobras (NYSE:PBR), expecting near- to medium-term positive momentum following the Brazilian presidential election in October, but it remains concerned about production and reserve replacement at Ecopetrol (NYSE:EC).
- In South Africa, Barclays believes Sasol (NYSE:SSL) is entering a period of sustainable positive momentum, with a number of potential near- to medium-term catalysts which could boost valuation.
Thu, Jul. 3, 11:35 AM
- Sasol (SSL) says it is teaming with Eni (E) and Mozambique's state-run energy company to study the viability of building a gas-to-liquids plant in the African country.
- The plant would service the gas fields off Mozambique's northern coast in the deepwater Rovuma Basin being developed by Eni and Anadarko Petroleum (APC) which could contain 35T-65T cu. ft. of recoverable natural gas.
- If SSL goes ahead with the plant, it will be the first gas-to-liquids facility in the country; gas production would not begin until at least 2018, and SSL does not say how much such a plant would cost.
Tue, Jun. 10, 8:14 AM
- Eni (E) agrees to buy a 40% interest in an exploration permit held by Sasol (SSL) granting rights to explore an offshore area of 82K sq. km off South Africa's east coast for hydrocarbons
- The agreement is for exploration permit 236, south of Mozambique, the country where Eni and Anadarko Petroleum (APC) discovered more than 100T cf of gas.
- No financial terms are provided.
Mon, Jun. 9, 12:38 PM
- Sasol (SSL -0.4%) and INEOS Technologies say they have reached a final investment decision to form a joint venture to build a high-density polyethylene plant in LaPorte, Tex., to produce 470 kilotons/year of bimodal HDPE using Innovene S process technology licensed from INEOS.
- Also, CFO Paul Victor says SSL delivered a strong operational performance over the first nine months of FY 2014 despite a still mixed macroeconomic environment, and that continued advancement of its growth projects will enable production of increased volumes over the near to medium term.
Mon, Mar. 10, 8:23 AM
- Sasol (SSL) says its fiscal first-half profit rose 26% Y/Y, helped by higher chemical prices and a weaker rand against the dollar.
- Earnings excluding one-time items rose to 18.4B rand, or 30.19 rand/share in the six months through December, from 14B rand, or 24.01/share a year earlier.
- SSL will pay a record interim dividend of 8 rand/share, a 40% increase Y/Y.
- Says it was hit by a one-time 5.7B rand writedown due to costs associated with its Canadian shale gas operation and sale of its stake in Iran-based Arya Sasol Polymer Co.
- Says its Louisiana plant that converts ethylene into other chemical products will be fully operational by the middle of this year.
Thu, Mar. 6, 10:49 AM
- Canada’s Industry Minister approves Progress Energy’s (TLM +1.1%) ~C$1.5B purchase of Talisman Energy's Montney natural gas assets in British Columbia.
- In November, TLM - under pressure from investors to reduce its holdings - signed the deal for the subsidiary of Malaysia's Petronas to acquire ~51K net hectares of land in areas of the Montney that TLM owns through a 50-50 partnership with Sasol (SSL).
- If the deal closes as planned and SSL doesn't exercise its right of first refusal for the assets, the Malaysian and South African companies would be partners in the Montney.
Dec. 6, 2013, 3:30 AM
- South African markets are calm following the passing of Nelson Mandela, who was instrumental in the country's peaceful transition away from apartheid.
- One of Mandela's biggest achievements was enacting policies that paved the way for GDP to grow for 15 years, the longest period of expansion in South Africa's history. These policies included embracing the free market, cutting costs and attracting foreign investment.
- The question is now that Mandela has passed on, whether South Africa will feel more free to abandon the policies and conciliation that he espoused. For example, the ANC's youth wing wants to nationalize banks and mines, policies that Mandela ditched in 1994.
- There are also fears that Mandela's death could leave South Africa open to renewed racial and social tensions, such as those seen in the mine strikes over the past year or so.
- The economy is already not in a good way: unemployment is 24.7% and there is a large inequality in earnings between blacks and whites.
- The FTSE/JSE Top 40 is +0.3%, the South African 10-year bond yield is -2.5 bps at 8.16%, and the USD-ZAR is +0.2% at 10.4732 rand.
- Tickers: HMY, AGPPY, AGPPF, AAUKY, AAUKF, SSL, GFI, ABX, AU, SBGGF.
- ETF: EZA
Oct. 23, 2013, 2:19 PM
- Mining and energy companies keep a wary eye on escalating tensions in Mozambique after a former rebel group says it will no longer abide by a peace deal that ended a civil war in the country.
- Fears of renewed conflict come as Mozambiquw stands on the brink of becoming one of Africa's major energy producers, with billions of dollars in investment planned by the likes of Eni (E), Anadarko (APC), Rio Tinto (RIO) and Vale (VALE).
- South African energy company Sasol (SSL), whose main operations are a natural gas processing facility in southern Mozambique, says it is "deeply concerned" by developments.
Oct. 16, 2013, 2:52 PM
- Technip (TNHPF.PK, TKPPY.PK) wins a contract to supply its ethylene technology and front-end engineering design for Sasol's (SSL) planned cracker in Louisiana, which is expected to produce ~1.5M tons/year of ethylene.
- Technip’s operating center in Houston will execute the FEED project, which is scheduled for completion by the end of this year.
Sep. 16, 2013, 5:17 PM
- Sasol (SSL) needs to raise $5B-$7B, which may include selling bonds in the U.S., to fund a petrochemical plant in Louisiana that would start up in 2017, CEO David Constable says.
- The hunt for cash comes against a backdrop of rising borrowing costs for emerging market companies that drove SSL’s Nov. 2022 bond yield to a record 6.2% on Sept. 5 before falling 27 bps since then.
- SSL is trying to finance a cracker which will convert ethane natural gas to ethylene, which would precede a $14B facility to convert gas to liquid fuel; it will make the final investment decision on the cracker in 2014 and on the gas-to-liquids plant 18-24 months later.
Sep. 12, 2013, 6:44 PM
- Fifty of the world's 500 largest publicly traded companies are responsible for nearly three quarters of the group’s greenhouse gas emissions, according to a new report by a group that compiles data on climate change.
- The big emitters are not doing enough to reduce emissions, and the top 50 have increased their emissions since 2009, the report says.
- U.S. companies in the top 50 include oil majors such as Exxon (XOM), Chevron (CVX) and ConocoPhillips (COP), and other giants such as Wal-Mart (WMT), FedEx (FDX), Dow Chemical (DOW), AT&T (T) and Duke Energy (DUK).
- Exxon, Shell (RDS.A, RDS.B), Sasol (SSL), BP and Petrobras (PBR) are the five biggest emitters in the energy sector.
Sep. 12, 2013, 3:41 PM
- Sasol (SSL -1.2%) urges South Africa to say what size stakes it plans to take in new energy ventures under proposed changes to the law as a way to reduce industry opposition.
- The chance of commercial success for exploration projects is 10%-30%, and risks and rewards should be shared among all participants, SSL says.
- The country's parliament is holding public hearings into amendments that would give the state a holding in new oil and gas projects, a plan that has drawn opposition from companies such as Exxon (XOM) and Shell (RDS.A, RDS.B).
SSL vs. ETF Alternatives
Sasol Ltd is an international integrated energy and chemicals company. It develops and commercializes technologies, and builds and operates facilities, to produce product streams, including liquid fuels, high-value chemicals and low-carbon electricity.
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