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Wed, Jan. 20, 11:42 AM
- The California Attorney General's office reportedly has launched an investigation into whether Exxon Mobil (XOM -3.2%) repeatedly lied to the public and its shareholders about the risk to its business from climate change, and whether such actions could amount to securities fraud and violations of environmental laws.
- The LA Times reports that the AG office is reviewing what XOM knew about global warming and what the company told investors, following reports suggesting that during the 1980s and 1990s the company used climate research as part of its planning and other business practices while it argued publicly that climate change science was not clear cut.
- New York's AG also is investigating XOM as a result of the published reports.
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, 8:59 AM
- Chevron (NYSE:CVX) signs a 10-year agreement to sell as much as 500K metric tons/year of liquefied natural gas to China's ENN Energy Holdings, as it prepares to begin shipments from the $54B Gorgon project off northwest Australia.
- The deal follows CVX’s initial agreement last month to sell as much as 1M tons/year of LNG to China Huadian Green Energy.
- CVX said last week that it expects shipments from the Gorgon venture to begin early this year; CVX operates the project and holds a 47.3% stake, while Exxon Mobil (NYSE:XOM) and Royal Dutch Shell (RDS.A, RDS.B) each hold 25%.
- CVX +1.4% premarket.
Sat, Jan. 16, 9:15 AM
- Oppenheimer's Fadel Gheit and Luis Amadeo offer a bleak view of the Q4 2015 earnings season for oil and gas producers, warning of sharply lower earnings with deeper losses and wider cash flow deficits Y/Y and Q/Q.
- Among the integrated oil majors, the analysts see overall Q4 earnings falling by more than 50% Y/Y and more than 30% Q/Q; they expect Chevron (NYSE:CVX) to show the steepest earnings decline of 60%-plus Y/Y and 50%-plus Q/Q, while anticipating Exxon Mobil (NYSE:XOM) to report the lowest declines of 40%-plus Y/Y and 25%-plus Q/Q.
- Of the 15 large E&Ps Oppenheimer covers, 13 likely will report losses in Q4 vs. 10 in Q3 and none in Q4 2014, with only Devon Energy (NYSE:DVN) and Range Resources (NYSE:RRC) reporting a profit; the analysts expect most of the other 13 to report steeper declines, including Anadarko Petroleum (NYSE:APC), Apache (NYSE:APA), Chesapeake Energy (NYSE:CHK), EOG Resources (NYSE:EOG), Hess (NYSE:HES), Marathon Oil (NYSE:MRO), Murphy Oil (NYSE:MUR), Pioneer Natural Resources (NYSE:PXD) and Southwestern Energy (NYSE:SWN).
- Earlier this week, Gheit predicted that half of U.S. shale oil producers could go bankrupt before the crude market reaches equilibrium.
Sat, Jan. 16, 8:25 AM
- Short selling in S&P 500 energy companies in December hit levels not seen since 2003, as average short interest rose to 7.28% at the end of the month from 6.59% at mid-month, Reuters reports.
- Companies that saw notable bets against their stocks in late December include Southwestern Energy (NYSE:SWN), with short interest up to 24.8% of its float from 17.1% just two weeks earlier, and Consol Energy (NYSE:CNX), whose short interest rose to 24.9% from 21% in mid-December; short interest in ONEOK (NYSE:OKE) rose to 6.9% from 3.9% at mid-month.
- Companies that short sellers reduced bets against during the period include Cimarex Energy (NYSE:XEC), Halliburton (NYSE:HAL) and Kinder Morgan (NYSE:KMI); among industry giants, short interest in Chevron (NYSE:CVX) edged up to 1.4% at the end of December from 1.2% while Exxon Mobil (NYSE:XOM) held steady at 1.2%.
- But with crude oil prices hitting 12-year lows and the energy sector down ~10% in the first two weeks of the new year, some short sellers are said to have become more selective about the companies they bet against, thinking further losses may be limited.
Fri, Jan. 15, 3:20 PM
- Nymex crude oil settled -5.7% at $29.42/bbl, its lowest level since November 2003, with concerns that Iran will soon add to the world's glut of crude supplies added to fears about an economic slowdown in China.
- When a decade of trade and banking sanctions against Iran end, perhaps as soon as Monday, the country could lift exports by 500K bbl/day and gradually raise shipments by the same amount again; Iran reportedly has 22 VLCCs floating off its coast, with 13 fully or almost fully loaded.
- Among major energy companies today: XOM -1.8%, CVX -2.2%, RDS.A -5%, BP -5.2%, COP -4.9%, TOT -3.7%, PBR -8.6%, E -4.5%, TOT -3.7%, STO -2.5%, MRO -10.2%, HES -3.6%, OXY -1.8%, DVN -5.8%, APA -4.9%, EOG -3.8%, APC -7.9%, PXD -2.6%, CXO -4.9%.
- 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, PXJ, FIF, DBE, OLO, SZO, NDP, RYE, DCNG, RJN, FXN, OLEM, DDG
Fri, Jan. 15, 12:59 PM
- New York’s state pension fund and the Church of England, both investors in Exxon Mobil (XOM -2.3%), say they will file a shareholder resolution demanding the company assess the impact of climate change policy on its business.
- Government attempts to tax or put a price on carbon, for example, could affect the viability of some of XOM’s long-term investment plans, says the head of responsible investing for the Church of England, which has a ~£10B ($14.44B) portfolio.
- The resolution is evidence of a growing trend among large European investment companies that have become increasingly vocal about climate change business risks, and is beginning to sweep across the Atlantic.
- Together, the Church, New York State and several other co-filers of the resolution own shares worth more than $1B.
Fri, Jan. 15, 7:58 AM
- Chevron (NYSE:CVX) says it is on track to export the first cargo of liquefied natural gas from its $54B Gorgon project in Western Australia early this year.
- CVX says that in preparation for the project's start-up, it has begun to cool down the LNG storage and loading facilities at the Gorgon plant.
- CVX does not specify when the first cargo will be exported, but CEO John Watson said last year it would be shipped in Q1 2016.
- Commercial deliveries of LNG from the 15.6M metric ton/year project will go mainly to customers in Asia, although prices for the fuel in Asia have plummeted as slowing economic growth has hurt demand growth.
- CVX operates the project and holds a 47.3% stake, while Exxon Mobil (NYSE:XOM) and Royal Dutch Shell (RDS.A, RDS.B) each hold 25%.
- Oil companies are shellacked in premarket trading as crude futures turn sharply lower: RDS.A -4.9%, CVX -3.3%, XOM -2.9%.
Thu, Jan. 14, 3:26 PM
- Energy stocks are broadly higher as U.S. crude oil bounces off $30/bbl to end pit trading at $31.22, +2.6%; the SPDR Energy ETF (XLE +5.1%) soars 5%, with 36 of its 40 equity components trading higher, after closing yesterday at its lowest level since September 2010.
- Exxon Mobil (XOM +5.5%) and Chevron (CVX +5.9%) are the Dow's top two gainers; and pipeline companies sport strong showings with Kinder Morgan (KMI +8.2%), Plains All American Pipeline (PAA +11.7%) and Williams Cos. (WMB +27.4%) among the biggest winners.
- Among other major energy movers: ETE +22.6%, BP +7.6%, MRO +7.5%, OXY +7.1%, PBR +7%, COP +7%, RDS.A +6.7%, SE +6.1%, PSX +6.1%, ETP +6.1%, EPD +5.3%, APA +5%, E +4.6%, HES +4.1%, MPC +4.1%.
- Amid overwhelmingly negative sentiment, a few analysts are venturing out to say the worst may be over or nearly so: Deutsche Bank’s Torsten Slok thinks "we now have the worst behind us in terms of the negative impact of falling oil prices on the economy," and Gluskin Sheff’s David Rosenberg argues that the oil selloff is getting “long in the tooth.”
- ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
Wed, Jan. 13, 6:51 PM
- Exxon Mobil (NYSE:XOM) reportedly will shut one of two crude units at its 350K bbl/day Beaumont, Tex., refinery in mid-April for up to 90 days.
- The planned maintenance is said to impact a 130K bbl/day crude distillation unit and related operations.
- Recent U.S. oil data has showed an abundance of gasoline and distillates, which may be why XOM would find it an opportune time to shut the refinery, writes Adam Button at forexlive.com.
Wed, Jan. 13, 5:25 PM
- An explosion at Exxon Mobil's (NYSE:XOM) Torrance, Calif., oil refinery last February could have been prevented if managers had taken into account aging safety equipment and shut down a key, spark-generating part of the refinery before attempting repairs elsewhere, according to a preliminary investigation by the U.S. Chemical Safety and Hazard Investigation Board.
- XOM disputes the findings in the blast, saying it has stringent safety rules and that an internal review of the incident found no protocols were violated.
- The head of the Board says XOM has refused to provide its investigators with nearly half of the documents they requested for the probe.
- Repairs are ongoing at the 149.5K bbl/day Torrance plant, which provides 10% of California's gasoline supply; XOM has hoped to restart shut units in February, but Macquarie analysts now say the restart likely will be pushed into Q2 because of setbacks in repairs, which could delay finalization of the plant's pending $537M sale to PBF Energy (NYSE:PBF).
Mon, Jan. 11, 4:00 AM
- Stocks to watch for a Barron's bounce are headlined by HanesBrands (NYSE:HBI) which is tapped to rise as much as 30% over the next year. Hanesbrands is poised to benefit from strategic acquisitions and product innovation, according to the publication.
- An interview with Fidelity's John Dowd yields Schulmberger (NYSE:SLB), ExxonMobile (NYSE:XOM), EOG Resources (NYSE:EOG), and Newfield Exploration (NYSE:NFX) as strong long-term picks from the energy sector.
- Deckers Outdoor (NYSE:DECK) is also mentioned favorably. A new line of Uggs is seen helping Deckers recover from its recent slide.
Fri, Jan. 8, 11:27 AM
- Saudi Aramco confirms it is studying "various options" for the sale of shares, a day after the Saudi deputy crown prince said an IPO of equity in the state oil giant was being considered.
- The Economist reported yesterday that ~5% of Aramco could be offered initially in Riyadh and more shares could be sold later, although the kingdom would retain control; in its own statement, Aramco said it is considering “the listing in capital markets of an appropriate percentages of the company’s shares and/or the listing of a bundle of its downstream subsidiaries.”
- Saudi Aramco had 261B barrels of proved crude oil reserves at year-end 2014, compared with less than 14B reported at the same time by Exxon Mobil; just using proved oil reserves as a benchmark for valuation, Aramco could be worth up to 20x as much as Exxon Mobil (NYSE:XOM), the largest non-state-controlled publicly listed oil company with a market valuation of $317M.
Tue, Jan. 5, 12:49 PM
- Oilprice.com's Michael McDonald says investors interested in energy should watch four bellwether stocks throughout 2016 to maintain a feel for the sector; Exxon Mobil (XOM -0.4%), Devon Energy (DVN -0.1%), Transocean (RIG -5.5%) and Kinder Morgan (KMI -1.7%).
- As the bluest of blue chips, a stable XOM would indicate that better times are coming for the rest of the sector but as long as XOM business is suffering, one can be sure that financially weaker companies are in even more distress, McDonald writes.
- DVN is still a favorite Wall Street name and should be one of the shale companies that emerges from the downturn well positioned to capitalize on weakness among competitors.
- Deepwater drilling likely will be one of the last groups to recover when oil prices start to rise, so McDonald says investors should keep an eye on RIG for a possible late inning recovery opportunity.
- KMI's reduced dependence on capital markets may be good for the stock in the long run, but the process of getting there has been painful, and investors should watch the stock during 2016 to assess when the pipeline group again becomes a sound investment.
Mon, Jan. 4, 9:03 AM| Mon, Jan. 4, 9:03 AM | 2 Comments
- December monthly performance was: -1.18%
- 52-week performance vs. the S&P 500 is: -1%
- $0.10 in dividends were paid in December
- Top 10 Holdings as of 11/30/2015: Exxon Mobil Corporation (XOM): 4.98%, Microsoft Corp (MSFT): 4.49%, Apple Inc (AAPL): 4.18%, Altria Group Inc (MO): 3.37%, McDonald's Corp (MCD): 2.94%, PepsiCo Inc (PEP): 2.93%, Home Depot Inc (HD): 2.4%, Intel Corp (INTC): 2.31%, International Business Machines Corp (IBM): 2.02%, AbbVie Inc (ABBV): 1.96%
Mon, Jan. 4, 9:02 AM| Mon, Jan. 4, 9:02 AM
- December monthly performance was: -0.5%
- 52-week performance vs. the S&P 500 is: -3%
- $0.25 in dividends were paid in December
- Top 10 Holdings as of 11/30/2015: Apple Inc (AAPL): 3.5%, Microsoft Corp (MSFT): 3.48%, Exxon Mobil Corporation (XOM): 3.24%, General Electric Co (GE): 3.13%, AT&T Inc (T): 2.94%, Verizon Communications Inc (VZ): 2.68%, Johnson & Johnson (JNJ): 2.24%, Wells Fargo & Co (WFC): 2.19%, Chevron Corp (CVX): 2.12%, Pfizer Inc (PFE): 2.04%
Exxon Mobil Corporation is engaged in energy, involving exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale of crude oil, natural gas and petroleum products.
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