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Teekay Offshore Partners L.P. (TOO)

  • Thu, Nov. 5, 2:14 AM
    • Teekay Offshore (NYSE:TOO): Q3 Adjusted Net Income of $32.1M.
    • Revenue of $314.05M (+21.5% Y/Y) beats by $5.57M.
    • Press Release
    | Thu, Nov. 5, 2:14 AM | 12 Comments
  • Fri, Oct. 2, 7:04 AM
    • Teekay Offshore (NYSE:TOO) declares $0.56/share quarterly dividend, 4% increase from prior dividend of $0.5384.
    • Forward yield 15.43%
    • Payable Nov. 13; for shareholders of record Oct. 13; ex-div Oct. 9.
    | Fri, Oct. 2, 7:04 AM | Comment!
  • Thu, Aug. 6, 2:28 AM
    • Teekay Offshore (NYSE:TOO): Q2 Adjusted Net income of $39.45M
    • Revenue of $255.75M (+5.9% Y/Y) misses by $10.65M.
    • Press Release
    | Thu, Aug. 6, 2:28 AM | 2 Comments
  • Tue, Aug. 4, 7:15 PM
    • The first oil from a long-duration output test in Brazil's giant Libra offshore area now is projected to flow in Q1 2017 instead of H2 2016, says Odebrecht Oil & Gas, which will operate the test platform with Teekay Offshore Partners (NYSE:TOO).
    • The later startup date could be one the first signs that Petrobras (NYSE:PBR), which manages exploration in Libra, may be having trouble meeting targets in its $130B 2015-19 strategic plan.
    • PBR owns a 40% stake in E&P rights to Libra, one of the largest oil discoveries of the past three decades; Total (NYSE:TOT) owns 20%, Royal Dutch Shell (RDS.A RDS.B) 20%, and 10% each for Chinese state oil companies Cnooc (NYSE:CEO) and China National Petroleum (NYSE:PTR).
    | Tue, Aug. 4, 7:15 PM | 5 Comments
  • Tue, Jul. 21, 10:32 AM
    • The crash in oil prices is good for business for operators of the supertankers capable of hauling more than 2M barrels of crude around the world, such as Frontline (FRO +9.1%), Teekay Tankers (TNK +4.2%), Nordic American (NAT +2.6%), DHT Holdings (DHT +2.4%) and Euronav (EURN +1.5%), whose stocks have been moving up in recent weeks.
    • The oil market rout that started in 2014 is a boon that could allow the companies to reduce debt, invest in new vessels and reward shareholders that have stuck with them through some very lean years, FT reports.
    • Since the start of the year, the cost of hiring a VLCC has jumped more than 50%, with the rate for shipping oil from Saudi Arabia to Japan - the benchmark supertanker route - rising to $93.6K/day, a seven-year seasonal high.
    • The supply of supertankers also has fallen sharply since 2008.
    • Other related tickers: GLNG, GNRT, SFL, NAO, ASC, TOO, TK, TGP
    | Tue, Jul. 21, 10:32 AM | 29 Comments
  • Fri, Jul. 10, 10:33 AM
    • Notable movers in the shipping sector include DryShips (DRYS +3.1%), Danaois (DAC +5.6%), and Paragon Shipping (PRGN +1.6%).
    • Some names in the volatile sector has been trading off of developments in Greece even with many of the Greece-based companies deriving nearly all their revenue outside the nation.
    • On a broader look, the Baltic Dry Index is +21 to 874. The breakdown shows the Cape index is 1279 with a spot price of 9612 vs. 11,149 a year ago, the Panamax index is 1052 with a spot price of  8380 vs. 5432 a year ago, and the Supramax index is 767 with a spot price of 8021 vs. 7099 a year ago.
    • The Baltic Tanker Clean Index is 837 vs. 521 a year ago and the Baltic Dirty Index is 857 vs. 786 a year ago.
    • The Guggenheim Shipping ETF (NYSEARCA:SEA) is +1.43% on the day and -4.12% YTD.
    • Related stocks: TNK, EURN, TGP, NMM, SSW, SFL, TK, SMM, TOO, GMLP, DHT, NM, MATX, NAT, FREE, DSX, SB, FRO.
    | Fri, Jul. 10, 10:33 AM | 12 Comments
  • Mon, Jun. 1, 3:58 PM
    • Teekay Offshore Partners (TOO -1.1%) says it has signs new long-term contracts with a consortium of energy companies to provide shuttle tanker services for oil production activities on Canada's east coast.
    • TOO says it will construct three Suezmax-size, DP2 shuttle tanker newbuildings with a South Korean shipyard for a fully built-up cost of ~$365M, with an option to order a fourth vessel if needed; the three firm vessels are expected to be delivered in Q4 2017 through H1 2018.
    • The group of companies include Chevron (NYSE:CVX), Husky Energy (OTCPK:HUSKF), Murphy Oil (NYSE:MUR), Statoil (NYSE:STO) and Suncor Energy (NYSE:SU).
    | Mon, Jun. 1, 3:58 PM | 7 Comments
  • Thu, May 28, 11:15 AM
    • Despite crude oil’s rebound from six-year lows, the tanker market is sending a clear signal that the rally is under threat, according to a Bloomberg analysis.
    • A surge in demand for supertankers drove benchmark charter rates 57% higher in the two weeks through May 20; OPEC will have almost 500M barrels of oil in transit to buyers at the start of June, the most this year, while analysts say ~20M barrels is being stored on ships in another indication the supply glut has yet to dissipate.
    • Daily rates for supertankers on the industry’s benchmark route reached $83,412 on May 20, from $52,987 on May 6, according to the Baltic Exchange; while rates have since retreated to $65,784, they are still the highest for this time of year since at least 2008.
    • "There still seems to be a lot of physical activity, a lot of oil on the water," says the head of research at Hartland Shipping in London; while Q2 is usually quieter as refineries switch to summer fuels for the Northern Hemisphere, “the market is still busy and rates are incredibly high.”
    • Relevant tickers: FRO, TK, TNK, TOO, TGP, TNP, GLNG, STNG, NAT, DHT, EURN
    | Thu, May 28, 11:15 AM | 12 Comments
  • Fri, May 15, 2:59 PM
    • Rates for the world’s biggest oil tankers surged to the highest since January as shipments accelerated from Saudi Arabia and Iraq, Bloomberg reports.
    • Ships hauling 2M-barrel cargoes of Saudi crude to Japan, a benchmark route, earned ~$81.5K/day, a 13% gain from Thursday and the highest for the time of year since at least 2009.
    • Tanker rates rose on 15 out of 16 routes tracked by the Baltic Exchange, led by advances in prices from the Persian Gulf.
    • Relevant tickers: FRO, TK, TNK, TOO, TGP, TNP, GLNG, NAT, DHT
    | Fri, May 15, 2:59 PM | 27 Comments
  • Thu, May 14, 4:40 AM
    • Teekay Offshore (NYSE:TOO): Q1 net income of $40.5M
    • Revenue of $228.4M (+1.2% Y/Y) misses by $38.62M.
    • Press Release
    | Thu, May 14, 4:40 AM | Comment!
  • Sat, May 9, 11:27 AM
    • The broadly-defined shipping sector continues to be volatile over the impact of oil price fluctuations and concerns over carrier/tanker supply along with charter rates.
    • The Baltic Dry Index stands at 574 vs. a 52-week trading range of 509 to 1,484.
    • The Guggenheim Shipping ETF (NYSEARCA:SEA) is down 9.4% over the last 52 weeks, although it trades with smoother peaks and troughs than the underlying stocks in the fund.
    • Analysts are convinced that some value picks exist in the sector, although consensus is tricky to find. A few rough screens are listed below (add your own in the comments).
    • Best YTD performance: Navios Maritime (NYSE:NAP) +37%, Scorpio Bulkers (NYSE:SALT) +35%, Tsakos Energy (NYSE:TNP) +31%, Golar LNG (NASDAQ:GLNG) +28%.
    • Lowest price-to book value: DryShips (NASDAQ:DRYS) 0.14,  Safe Bulkers (NASDAQ:SBLK) 0.32, Scorpio Bulkers 0.33, Navios Maritime Holdings (NYSE:NM) 0.34, GasLog (NYSE:GLOG) 0.39.
    • Lowest forward P/E ratio: Danaos (NYSE:DAC) 4.43, Tsakos Energy 7.15, Navios Maritime Acquisition (NYSE:NNA) 7.25, Dorian (NYSE:LPG) 7.43, Dry Ships 7.57.
    • Dividend yield: Navios Maritime Partners (NYSE:NMM) 15.2%, Capital Product Partners (NASDAQ:CPLP) 10.8%, Ship Finance International (NYSE:SFL) 10.8%, Teekay Offshore Partners (NYSE:TOO) 9.7%, Dynagas LNG Partners (NYSE:DLNG) 8.8%.
    • Other shipping stocks: PRGN, FRO, NAT, OSK, TNK, FREE, ESEA, TOPS, DSX, SHIP, NM.
    | Sat, May 9, 11:27 AM | 43 Comments
  • Thu, Apr. 2, 5:19 PM
    • Teekay Offshore (NYSE:TOO) declares $0.5384/share quarterly dividend, in line with previous.
    • Forward yield 10.02%
    • Payable May 15; for shareholders of record April 13; ex-div April 9.
    | Thu, Apr. 2, 5:19 PM | Comment!
  • Wed, Mar. 25, 11:36 AM
    | Wed, Mar. 25, 11:36 AM | 23 Comments
  • Thu, Feb. 19, 5:51 AM
    • Teekay Offshore (NYSE:TOO): Q4 net income of $40.1M
    • Revenue of $260.46M (-0.1% Y/Y) beats by $9.58M.
    • Press Release
    | Thu, Feb. 19, 5:51 AM | Comment!
  • Tue, Feb. 17, 4:59 PM
    • Teekay Offshore Partners (NYSE:TOO) is upgraded to Buy from Neutral with a $28 price target at UBS, which believes worries over TOO's oil exposure are overdone.
    • UBS says the long-term fundamentals for offshore production remain intact, and TOO is largely shielded from short-term volatility in the crude price, with the ~60% pullback since the end of June representing an attractive entry point.
    • TOO's long-term fee-based contracts mitigate commodity exposure, and its focus on the production side of E&P makes its operations less sensitive to short-term moves in oil prices, the firm says; however, it expects an overhang on the units until TOO issues equity to fund its recent acquisitions, which have been bridged with debt thus far.
    • Meanwhile, TOO has taken delivery of its first cylindrical floating accommodation vessel from a Chinese yard, ready to begin work on a long-term contract with Petrobras off Brazil.
    | Tue, Feb. 17, 4:59 PM | Comment!
  • Fri, Jan. 9, 12:25 PM
    • Frontline (FRO +10.1%) has now jumped 63% this week amid speculation that a plunge in crude prices is spurring demand for the vessels to store cargoes.
    • “The re-emergence of floating storage is what could move the crude tanker market this year from being rather good to possibly very very good," says a shipping analyst at Pareto Securities in Oslo.
    • Traders may park as much as 60M barrels of oil on tankers in the coming months, according to consulting firm JBC Energy.
    • Among other tanker companies: TK +1.2%, TNK +3.4%, TOO -0.3%, TGP -0.1%, TNP -0.7%, GLNG -1.9%, NAT -0.6%, DHT +3.1%.
    • Earlier: Reuters: Oil glut sparks top traders to book supertankers for storage at sea
    | Fri, Jan. 9, 12:25 PM | 5 Comments
Company Description
Teekay Offshore Partners LP is an international provider of marine transportation, oil production and storage services to the offshore oil industry. Its segments include: Shuttle Tankers, FPSO, Conventional Tankers, FSO Units.