Tue, Feb. 24, 10:59 AM
- Transocean (RIG -1.6%) is poised to be the first in a wave of energy-related debt issuers downgraded to junk status, according to a Barclays report that says RIG could be stripped of its investment-grade ratings soon after it reports earnings tomorrow.
- The cost of credit swaps used to protect RIG debt against default within five years has soared to 714 bps, a level associated with junk-rated companies, from less than 200 in September, Bloomberg says.
- Weatherford (NYSE:WFT), Nabors Industries (NYSE:NBR) and Canadian Oil Sands (OTCQX:COSWF) are among the other investment-grade energy companies at risk of a downgrade to junk by mid-2016, according to Barclays.
- As much as $20B of energy-related debt may be cut to junk within 18 months, expanding what is already the largest part of the high-yield, high-risk market by 11%, the report says.
Dec. 16, 2014, 10:49 AM
- Canadian Oil Sands (OTCQX:COSWF +4.5%) lowers its 2014 production guidance for the Syncrude project to ~94M barrels from its previous view of 95M-100M barrels, citing an outage in a sour water treater.
- The unit is expected to be repaired by the end of December, the company says.
- The Syncrude project, which can produce 350K bbl/day, has a history of unplanned shutdowns caused by equipment malfunctions.
Dec. 4, 2014, 12:57 PM
- Canadian Oil Sands (OTCQX:COSWF -15%) plunges after revealing plans to reduce its dividend to $0.20 from $0.35 when it reports Q4 earnings in late January.
- The company, whose main asset is a 37% stake in the Syncrude oil sands mine in Alberta, says its net debt would grow at a pace that would quickly exceed $2B if the current dividend level was maintained.
- Also says it expects 2015 capital spending of $564M, down from its $938M estimate for this year, based on an average U.S. benchmark oil price of $75/bbl.
Apr. 25, 2014, 10:14 AM
- Canadian Oil Sands (COSWF -4.4%) announces an unplanned maintenance-related outage at Syncrude Coker 8-1, prompting it to lower its estimate for 2014 Syncrude production to 95M-105M barrels.
- National Bank downgrades shares to Underperform from Sector Perform, saying the outage could mean Q2 production will get hit especially hard since the timing could overlap with planned maintenance of another upgrader.
- Other owners of Syncrude include Imperial Oil (IMO), Suncor (SU), Murphy Oil (MUR), Sinopec (SNP) and Cnooc (CEO).
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