Jun. 30, 2014, 12:42 PM
- New York’s cities and towns can block fracking within their borders, the state’s highest court rules, upholding the dismissal of lawsuits challenging bans in two small upstate towns.
- The ruling could lead the oil and gas industry to abandon fracking in New York, or it could mean that a patchwork of rules eventually may govern whether exploration can take place across the state; the case also may invigorate local challenges to the practice in states across the U.S.
- Parts of New York sit above the Marcellus Shale, some of whose top producers are: CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN.
Jun. 12, 2014, 9:11 AM
- An Anadarko Petroleum (APC) takeover by Exxon Mobil (XOM), as rumored yesterday, is unlikely, J.P. Morgan says.
- APC listed its net asset value in March at above $140/share, and the firm thinks management could require a premium to net asset value in a corporate takeover.
- JPM believes a more likely scenario is APC undertaking accretive transactions, including the monetization of assets.
- APC -0.8% premarket.
Jun. 11, 2014, 12:18 PM
- Anadarko Petroleum (APC +3.1%) moves to 52-week highs before pulling back a bit amid speculation it may be the subject of takeover interest from Exxon Mobil (XOM +0.6%).
- APC has “an asset base that would be coveted by any large player looking to make that kind of a splash," says a Raymond James analyst. "The question would be, is now the time for that?"
- APC says it doesn't comment on rumors.
Jun. 10, 2014, 5:58 PM
- A Ghana court has ordered state-run Ghana Gas to stop construction at a $650M gas plant designed to process gas from the offshore Jubilee field until the government pays land compensation to local chiefs.
- The government hopes the project's completion will boost power supply and help reduce spending on light crude imports for thermal power generation.
- Tullow Oil (TUWLF, TUWOY) is the lead operator of the Jubilee field; partners include Anadarko Petroleum (APC) and Kosmos Energy (KOS).
Jun. 10, 2014, 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.
Jun. 4, 2014, 7:27 PM
- BP and Anadarko Petroleum (APC) could be facing billions of dollars in fines after the U.S. Court of Appeals in New Orleans said today the companies are automatically liable under the U.S. Clean Water Act as co-owners of the Macondo well that blew out and started the 2010 Gulf of Mexico oil spill.
- The court upheld a lower-court decision that allows the U.S. to seek up to $18B in fines from BP if it is found grossly negligent for its actions surrounding the spill; APC faces a maximum of $4.6B.
- The Clean Water Act allows the government to seek fines of as much as $1,100/bbl spilled on a finding of strict liability and up to $4,300/bbl for gross negligence; the ruling leaves both companies immediately vulnerable to the $1,100/bbl fines.
May. 28, 2014, 2:15 PM
- Anadarko Petroleum’s (APC +1.2%) $5.15B settlement to pay for pollution cleanup across the U.S. is approved by a bankruptcy judge over objections from people who say their illnesses won’t be properly compensated.
- The judge is sending his recommendation to a district court, where the settlement also needs to be reviewed; he says the money should be enough for claimants in Columbus, Miss., who had objected to the deal.
May. 22, 2014, 8:59 AM
- Total (TOT) and Repsol (REPYY, REPYF) are the latest western oil companies to pull out some expatriate employees from Libya amid escalating violence there, posing the latest challenge to the Libyan oil industry's fragile recovery.
- Strikes and armed occupation of oil terminals already have reduced the Libya's oil output to less than 20% of its normal level of ~1.5M bbl/day.
- Among other oil majors with a Libyan presence are Statoil (STO), ConocoPhillips (COP), Marathon Oil (MRO), Hess (HES), Eni (E) and Occidental Petroleum (APC).
May. 20, 2014, 3:32 PM
- Anadarko Petroleum (APC -1.1%) is looking too pricey after a 25% YTD gain for Barclays analyst Thomas Driscoll, who downgrades shares to Equal Weight from Overweight.
- It is easy to understand the enthusiasm for APC considering the strong record of deepwater exploration success, the willingness to monetize assets and the large discovery in Mozambique, Driscoll says; yet Continental Resources (CLR), EOG Resources (EOG) and Noble Energy (NBL) all are likely to grow twice as fast as APC while lacking any appreciable premium in their shares.
- The analyst prefers Devon Energy (DVN +1.2%), which he says has made decisive steps to upgrade its portfolio in recent months, significantly improving its near-term investment opportunity set.
May. 13, 2014, 4:42 PM| 1 Comment
May. 9, 2014, 11:58 AM
- Wall Street’s idea of investing in climate change means investors are piling into natural gas - the least polluting fossil fuel - as energy have accounted for nearly two-thirds of the $8B of inflows into sector-based ETFs this year.
- A White House advisory panel said this week that global warming already is blighting the U.S. with more intense coastal flooding, rainstorms and wildfires, but “weather extremes are good for the energy business," says money manager Skip Aylesworth.
- Climate change is proving to be a boon for energy investment; on the day the report was issued, the S&P Energy Index hit a record, and $322M flowed into ETFs that specialize in energy.
- "Natural gas is a potential bridge to new technologies that are green or clean,” says State Street's David Mazza, which he says has sparked investor interest in companies such as Nabors Industries (NBR), EOG Resources (EOG), Anadarko Petroleum (APC) and Chesapeake Energy (CHK).
- ETFs: XLE, ERX, VDE, OIH, ERY, FCG, DIG, DUG, GASL, IYE, GASX, PXJ, PXI, PSCE, FENY, RYE, FXN, DDG
May. 6, 2014, 3:43 PM
- Anadarko Petroleum (APC +3.2%) pushes to a new 52-week high after its better than expected Q1, and Citigroup upgrades shares to Buy from Neutral with a $115 price target.
- Citi notes APC's strong Q1 operational and financial results, and that the company has a significant amount of financial flexibility along with a deep asset base to continue pushing growth rates higher.
- In today's earnings call, CEO Al Walker said he expects the long-running Tronox legal saga to end sometime during H2, enabling APC to focus on exploration, development and project management.
May. 5, 2014, 5:25 PM
- Anadarko Petroleum (APC) +2.3% AH after it swung to a Q1 loss due to a $4.3B contingent loss related to its settlement of litigation involving the 2006 acquisition of Kerr-McGee, but excluding settlement impacts and other items, adjusted earnings rose to $1.26 from $1.08 a year ago, and revenue easily beat expectations in soaring 50% to $5.84B.
- Delivered record daily sales volumes of 819K boe/day, up 3.2% Y/Y, boosted by a ~10K boe jump in output from wells in fields including the Eagle Ford in south Texas and the Wattenberg in Colorado.
- Raises the midpoint of FY 2014 sales-volume guidance by 3.5M boe.
- Says successful appraisal drilling activities in the Orca field increased total estimated recoverable resources in Mozambique's Offshore Area 1 to 50T-70T cf or more of natural gas.
May. 5, 2014, 4:13 PM| Comment!
May. 4, 2014, 5:35 PM
- AEIS, AIG, APC, APL, ARE, AXLL, BDE, BNFT, CATM, CFN, CKEC, CKP, CRK, DATA, ECOL, ECOM, EGOV, ELNK, ENH, EOG, EOX, FLDM, FN, G, HCLP, HGR, HI, IDTI, ININ, KAR, LF, MCEP, MED, MR, NLS, OAS, OTTR, PIKE, PRI, PSMI, QLYS, RBC, RGR, ROSE, RWT, SALE, SKH, SMG, SNHY, STAG, SZYM, THC, TXRH, UAM, VECO, VNO, VVUS, WG, YY, ZIPR.
Apr. 16, 2014, 11:24 AM
- Anadarko Petroleum (APC +0.9%) suspends drilling on a Gulf of Mexico deepwater rig that was rocked by weather-driven waves, apparently rupturing the hull column and flooding the ballast tank.
- The Ensco (ESV -1.5%) rig was conducting exploration activities for APC in the Nansen field when the weather front moved through the area; it was slammed by a giant wave and began taking on water.
- ESV says the situation is stable for now, and there is no need to evacuate the 116 people on board the rig.
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