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Tue, Feb. 2, 9:17 AM| Tue, Feb. 2, 9:17 AM | 5 Comments
Thu, Jan. 28, 2:49 PM
- Statoil (STO +5.8%) says it is relocating ~250 workers in the North Sea and canceling helicopter traffic, due to forecasts of hurricane-force winds and high waves.
- STO says production would continue as usual, but the crew at the Snorre B platform would be reduced to 44 from 109, and 150-200 workers at the Statfjord A, B, and C platforms would be relocated to the Gullfaks field and other installations in the area.
- Norway maintains strict regulations and safety practices over oil companies that operate in the area, and STO is required to reduce the size of the platforms’ crews whenever waves reach a certain height.
Thu, Jan. 28, 9:23 AM
- Gainers: NEOS +59%. DNR +17%. BCEI +16%. UA +16%. FB +14%. INO +13%. ATHX +12%. PBR +12%. WLL +11%. MRO +10%. [[PBR-A]] +10%. TRXC +9%. CHK +9%. MLNX +9%. LINE +9%. MT +9%. SDRL +8%. HOG +8%. ETE +8%. STO +8%. CRUS 7%. KMI 7%. BBL 6%. HCA 6%. MJN 6%. CJES 6%. PYPL 6%.
- Losers: NOW -22%. OSIS -22%. EBAY -11%. INVN -10%. URI -10%. INCY -9%. JNPR -10%. OAS -7%.
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.
Tue, Jan. 19, 12:36 PM
- Statoil (STO +1.5%) has cut estimated development costs at the Johan Sverdrup field off Norway to NOK160B-NOK190B from an earlier view of NOK170B-NOK220B, says stakeholder Det Norske Oljeselskap, as the project profits from a slide of the Norwegian kroner against the dollar in parallel with the oil slump.
- The oil price crash could help make Sverdrup, which may hold as much as 3B barrels of oil, among Norway’s most profitable projects ever, but there’s a catch: Crude prices will need to recover by the time production starts in 2019.
- "Indirectly, lower oil price has a positive effect on the Johan Sverdrup project, as it has contributed to significantly lower capex,” says Carnegie Investment Bank, which sees the project's break-even price at $20/bbl.
Tue, Jan. 19, 11:42 AM
- Statoil (STO +1.9%) says it is moving ahead with planning for the delayed Johan Castberg oil field in the Barents Sea after cutting estimated development costs by half.
- CEO Eldar Saetre says STO plans to invest NOK50B-60B (~$6B) in the company's most northern development ever, compared with earlier estimates for ~NOK100B ($11.3B), with production possibly starting in 2022 after a final decision in 2017.
- STO and partners Eni and Petoro plan to develop the field with a floating production, storage and offloading vessel, and load the oil directly onto oil tankers rather than piping it to shore.
- "The major cost improvements are the result of a different and more streamlined concept, a smarter subsea design, a more efficient drilling and drainage strategy, a more streamlined concept and the benefit of general market cost reductions," according to the head of the Johan Castberg development.
Dec. 17, 2015, 5:41 PM
- Transocean (NYSE:RIG) -1.8% AH after Statoil (NYSE:STO) says it canceled its contract for RIG's Discoverer Americas drillship before the scheduled expiration in May due to lack of work.
- STO says the rig has been on contract since 2009 but it was unable to secure additional activity in the current environment for the remainder of the contract period, ending in May 2016.
- The rig was most recently working in the Gulf of Mexico at a rate of $590K/day, according to RIG’s most recent fleet status report.
Dec. 15, 2015, 11:33 AM
- Statoil (STO +2.7%) says its development of the Johan Castberg oil field will move ahead as planned despite the decision by Norway's oil ministry to give up seeking permission from European competition authorities to provide state support to the project.
- Norway had wanted to offer a package of incentives to STO and partner Eni (E +2%) to help set up an onshore processing oil terminal for the field, which is believed to contain up to 650M boe.
- Separately, STO awards contracts worth up to NOK24B ($2.77B) for the maintenance of its offshore and onshore oil and gas installations in Norway, saying it had designed a new compensation system to save more money on oil services.
Dec. 9, 2015, 11:20 AM
- Statoil (STO +2.2%) says it is seeking clarification on Tanzania’s new petroleum law and wants to determine how it will affect companies like itself already operating in the country.
- Tanzania's parliament passed the petroleum legislation in July, ushering in a royalty regime in which energy companies pay 12.5% for onshore oil and gas production and 7.5% for offshore, and profit-sharing rates will be negotiated with individual companies.
- Tanzania has east Africa’s biggest reserves of natural gas after Mozambique, with new discoveries raising hopes it can become an exporter with the development of a processing plant and pipeline; the government estimates reserves at 55T cf.
Dec. 2, 2015, 2:36 PM
- Citigroup’s Alastair Syme and his team of energy advisers like Total (TOT -1.8%) and Statoil (STO -2.2%) - not just Chevron (CVX -2.2%) - as investments that offer investors dividend protection and medium-term dividend growth at discounted valuations; the firm rates all three at Buy.
- With oil prices set to remain at cyclical lows through H1 2016, Citi says the environment will challenge companies that rely too heavily on price recovery, so it prefers TOT, STO and CVX for their low beta themes of balance sheet, cost cutting, and growth - "the fastest self-help mechanism."
- Syme also likes ConocoPhillips (COP -3.4%) even though the company's fortunes are tied more closely to oil prices and that it likely will cut its dividend, which he says already looks discounted in the valuation.
- Earlier: Chevron upgraded to Buy at Citi, but -2% as crude oil falls
Nov. 18, 2015, 10:48 AM
- Statoil (STO +3.3%) says it will decide next fall on how to upgrade the Snorre oil and gas field in the North Sea, Reuters reports.
- The Snorre 2040 extension project, which has been estimated to cost $4B, has been postponed as STO sought to lower the price of developments.
- Snorre field reserves are estimated at 1.55B barrels of oil, and the upgrade is expected to yield an additional 300M barrels.
Nov. 3, 2015, 12:54 PM
- Statoil (STO +4.3%) must make a decision to move forward with the Johan Castberg oil project in Norway’s Arctic next year after a series of delay, Norway's state-owned Petoro oil company says.
- STO has postponed the project three times since 2013 to make it more profitable, and has managed to lower the project’s break-even price to $60/bbl from $80 and seeks to cut costs even further; a decision on the development concept is planned for H2 2016 and an investment decision for 2017.
- The project encompasses the Skrugard and Havis finds, which hold as much as as 650M barrels of oil, but the frontier area in the Barents Sea lacks production infrastructure such as pipelines, making it expensive to develop the deposits.
Nov. 3, 2015, 9:59 AM
- Statoil (STO +1.6%) says it will invest ~NOK2B ($236M) to build a floating wind farm off the Scottish coast, in what the Norwegian company says would be the first of its kind in the world.
- STO, which has run a single floating offshore turbine for several years in Norway, is planning to build a pilot project consisting of five floating turbines, each with 6 MW of capacity, off the coast near Aberdeen.
- STO does not disclose the forecast cost of energy from the project but says it expects to make floating offshore wind competitive without government support by 2030.
Nov. 2, 2015, 3:45 PM
- Statoil's (STO +0.8%) cancellation of a contract for a Songa Offshore (OTC:SGAZF) rig four months early is the latest blow for North Sea-focused companies including Transocean (RIG +5.8%), Seadrill’s (SDRL +4.2%) North Atlantic Drilling (NADL +4.2%) unit and Fred Olsen Energy (OTC:FOEAF), which have floating rigs idling or completing offshore contracts in the country in the coming year.
- By the time the market turns, as many as 20 units in Norway and the U.K. may be scrapped, Janne Kvernland of Nordea Markets tells Bloomberg.
- Investment by oil companies in Norway is expected to fall 11% this year and another 8% next year, according to the Finance Ministry, and demand for offshore rigs in Norwegian waters likely will total 18-20 units next year, with the equivalent of 27 rigs available.
Oct. 28, 2015, 7:52 AM
- Statoil (NYSE:STO) -3.1% premarket after reporting a NOK2.8B net loss ($330.3M) on NOK112.2B in revenues, a narrower loss than a year ago but below analyst expectations for a net profit of NOK4.9B on revenues of NOK119.5B.
- STO says it will delay the production start at the Aasta Hansteen gas field in Norway and the U.K. Mariner field to H2 2018 from 2017.
- STO says costs had increased by ~9% at Aasta Hansteen and by more than 10% at Mariner since the planning stage, while costs had been reduced by 7% at the giant Johan Sverdrup field off Norway.
- STO's overall production for Q3 rose 4% Y/Y to 1.9M boe/day.
- Says its capex for the current year will total $16.5B, down from a previous forecast of $17.5B, and that it is seeking to save $1.7B/year through a cost-cutting plan that includes thousands of job cuts.
Statoil ASA is an integrated oil and gas company. It explores, produces, transports, refines, and markets petroleum and petroleum-derived products. It has operations in Norway, rest of Europe, North America, Africa, Asia and South America.
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