Aug. 21, 2014, 11:43 AM
- Hedge funds are having a difficult time of it again this year, up 1% vs. a 7.5% gain for the S&P 500, according to Goldman Sachs, which crunched the numbers on 775 funds with $1.9T in AUM.
- Nevertheless, Goldman's list of 50 stocks which "matter most" to hedge funds has outperformed the S&P 500 on a quarterly basis 66% of the time since 2001. The stocks this quarter (posted in order of the number of funds in which a name is a top-10 holding):
- ACT, AAPL, FB, AGN, AAL, GM, TWC, AIG, MSFT, HTZ, CHTR, MU, WMB, LNG, C, DAL, HCA, APC, CBS, ALLY, GOOGL, APD, NRF, BAC, EBAY, LBTYK, PCLN, VRX, BIDU, DTV, DISH, DG, EQIX, MA, WAG, ARCP, GILD, LINTA, MON, FOXA, VC, AMZN, BRK.A, BRK.B, SUNE, CMCSA, JPM, MIC, CCI, HES, LAMR.
- A special call-out to Northstar Realty (NYSE:NRF), Visteon (NYSE:VC), SunEdison (NYSE:SUNE), Macquarie Infrastructure (NYSE:MIC), and Lamar Advertising (NASDAQ:LAMR) for making the list of hedge fund hotels despite their relatively tiny market caps.
Aug. 15, 2014, 8:42 AM
- Mozambique’s lawmakers approve petroleum laws that open the way for new oil and gas bids as well as a special tax break for offshore fields operated by Anadarko Petroleum (NYSE:APC) and Eni (NYSE:E) to aid their development.
- The government is finalizing the process for new oil and gas bids and will conclude this by the end of the year, the mineral resources minister says; while the new bill enables the two companies to pay less tax, the final percentages have yet to be released.
- Mozambique’s offshore fields may hold enough gas to meet global demand for more than two years, according to the state-owned oil company that holds stakes in the Rovuma-1 deposit operated by APC.
Aug. 12, 2014, 10:45 AM
- Anadarko Petroleum's (APC -1.7%) plan to develop a massive gas resource offshore Mozambique is the subject of a page one story in today's WSJ; it is a highly promising new resource but there are plenty of challenges.
- The nearest viable customers are thousands of miles away, so for APC to make the most of its investment - which has cost it $1B already and could cost tens of billions more - it will need to build plants to liquefy the gas to make it easier to export.
- Mozambique's large gas reserves should provide an opportunity for the country to earn much needed revenue, but APC’s plans already require the resettlement of ~3K villagers; the company is working on a plan to compensate them, but local groups so far have refused to cooperate.
Aug. 5, 2014, 7:17 PM
- Natural gas production in the Marcellus region exceeded 15B cf/day in July, the most productive period ever recorded there, according to a new report from the U.S. Energy Information Administration.
- Marcellus, located mostly in West Virginia and Pennsylvania, now accounts for nearly 40% of total U.S. shale gas production, and its rapid growth isn’t expected to ebb soon, the report says.
- New wells in the region are expected to deliver another 600M cf/day, more than offsetting decline rates, for a net production increase of 247M cf/day.
- Major Marcellus shale producers include CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN.
Aug. 5, 2014, 7:53 AM
Aug. 4, 2014, 2:31 PM
- Noble Energy (NBL +5.8%) and Anadarko Petroleum (APC +5.3%) spike higher on news of an agreement to remove anti-fracking initiates from the ballot in Colorado.
- Gov. Hickenlooper and U.S. Rep. Polis are forming a task force to craft regulations to minimize conflicts over the siting of oil and gas facilities in Colorado; under the proposal, two initiatives aimed at tightening controls would be withdrawn and two initiatives considered pro-industry also would be pulled.
- Wells Fargo views the deal as a positive for companies with exposure to the Denver-Julesburg Basin, including NBL, APC, Bill Barrett (BBG +4.8%), PDC Energy (PDCE +10.1%), Whiting Petroleum (WLL +4.5%) and Carrizo Oil & Gas (CRZO +4.3%).
Jul. 29, 2014, 4:47 PM
- Anadarko Petroleum (NYSE:APC) posts a 76% drop in Q2 earnings due in part to the $5.15B Tronox payout to settle environmental pollution charges, but says sales volumes were above the high end of quarterly guidance at ~77M boe, or 845K boe/day, and raises its FY 2014 sales volume outlook.
- APC says record U.S. onshore sales volumes averaged 667K boe/day, up 21% Y/Y, driven primarily by strong results from APC's Wattenberg field, Eagleford shale and Delaware Basin assets.
- Algerian sales volumes totaled ~73K bbl/day, up 70% Y/Y, driven mostly by El Merk, which recently achieved record daily gross volumes of 150K-plus bbl/day.
- Raises its FY 2014 sales volume guidance to 299M-302M boe from earlier guidance of 293M-298M boe.
- APC +0.4% AH.
Jul. 29, 2014, 4:11 PM| Comment!
Jul. 28, 2014, 5:35 PM
- ACHC, ACMP, AEC, AEGN, AEGR, AFL, AJG, AMCC, AMGN, AMP, APC, APU, ARI, AXP, AXS, BGFV, BLDP, BOOM, BWLD, BXP, CALX, CAP, CBG, CBL, CEB, CEMP, CHMT, CHRW, CINF, CLD, CLMS, CPWR, CRAY, CSLT, CVD, DLR, DOX, DWA, EEFT, EQR, ESRX, EW, EXAM, EZPW, FARO, FBP, FISV, GAS, GNW, GPN, GPRE, HTA, HURN, IGT, INAP, INVN, IPHI, IVR, KIM, LNDC, MAR, MOVE, NATI, NCR, NEM, NEU, NFX, NTRI, NUVA, PEI, PLT, PNRA, QGEN, RBC, RGR, RKT, RNG, RNR, ROG, RPXC, RT, RUBI, SB, SLCA, SM, SQNM, TMH, TRN, TWTR, TX, UGI, ULTI, USNA, VRSK, VRTX, WNC, WSH, WTS, X, XCO, XPO
Jul. 25, 2014, 9:59 AM
- A fracking ban in Longmont, Colo., was thrown out by a judge yesterday, rejecting the city's argument that the ban is legitimate because the fracking amounts to a purely local matter.
- Colorado's governor and business leaders aim to defeat ballot initiative proposals that would amend the state constitution to require wells to be set back 2,000 feet from structures and provide communities with more control over where drilling takes place.
- Anadarko Petroleum (NYSE:APC), Whiting Petroleum (NYSE:WLL) and Encana (NYSE:ECA), which are drilling in the Denver-Julesburg Basin, plan to spend $50M to fight the measures.
Jul. 21, 2014, 5:17 PM
- FMC Technologies (NYSE:FTI) says it signed an agreement to create a joint industry program that includes Anadarko (NYSE:APC), BP, ConocoPhillips (NYSE:COP) and Royal Dutch Shell (RDS.A, RDS.B) to develop the next generation of subsea production equipment.
- The companies plan to jointly work on a new generation of standardized subsea production equipment and systems designed to meet the challenges of producing oil and gas from deepwater reservoirs with pressures of up to 20K psi and temperatures of 350 F at the mudline.
Jul. 18, 2014, 5:38 PM
- Colorado Gov. Hickenlooper and business leaders say they will do “whatever it takes” to defeat initiatives proposed for fall elections that would restrict oil and gas drilling generating $30B/year for the state economy.
- Hickenlooper is trying to head off a ballot measure that would prohibit drilling within 2,000 feet of structures, a step energy companies say would effectively ban fracking in the state; another proposal would provide communities with more control over where drilling takes place.
- Anadarko Petroleum (NYSE:APC), Whiting Petroleum (NYSE:WLL) and Encana (NYSE:ECA), which are drilling in the Denver-Julesburg Basin, one of the nation’s richest oil and gas fields, said this week they will spend $50M to fight the measures.
Jul. 15, 2014, 11:46 AM
- Anadarko Petroleum (APC +2.6%) shares are strong after its financial update says its 8M acres of mineral rights in the Rocky Mountains are accelerating beyond last year’s $675M revenue boost.
- The disclosure has encouraged investors who want APC to sell some interest in the land or find a way to more fully recognize its value, Oppenheimer's Fadel Gheit says; the rights, which date back to land grants given 150 years ago, are in one of the fastest-growing areas for oil drilling in the U.S.
- APC is weighing a deal that would amount to “renting” some of the acreage and the revenue it generates to investors, Citi analyst Robert Morris says, adding that a similar deal within the next year could be worth as much as $750M.
Jul. 15, 2014, 8:42 AM
- Anadarko Petroleum (NYSE:APC) +1.5% premarket after providing a financial update, including the establishment of a new unsecured five-year credit facility, the issuance of senior notes, and the sale of Western Gas Equity Partners (NYSE:WGP) common units.
- Oil and natural gas revenues from both operated and non-operated production totaled ~$675M in 2013, and is trending higher in 2014 based on Q1 results, CFO Bob Gwin says.
- APC says it pared its stake in WGP and made $335M in cash on the offering.
Jul. 3, 2014, 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.
Jul. 2, 2014, 11:46 AM
- Schlumberger (SLB +0.1%) makes its debut on the UBS Equity Focus List, as UBS and other Wall Street analysts think the oilfield services company will continue to drive margins on execution, technologies and efficiencies.
- UBS raises its rating on the sector to Neutral from Underweight, citing the growing drive for North American energy independence by the end of the decade.
- UBS also likes other top E&P and oilfield services leaders: Halliburton (HAL +0.3%) should enjoy a boost from a forecast 5% increase in margins over the next three years combined with a tightening frac calendar in some regions, Apache (APA -0.5%) trades at a discount vs. peers, and Anadarko (APC -0.9%) is favored amid rising demand for natural gas.
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