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E vs. ETF Alternatives
Thursday, Mar 67:18 PM
Thursday, Mar 67:18 PM| 16 Comments
- The very notion of global warming used to anger most energy executives, but anti-environment rhetoric was dialed way back at this week's CERAWeek industry conference in Houston.
- "You can't argue with a rock," says BHP Billiton (BHP) CEO Andrew MacKenzie, whose geology training makes it clear to him that climate change is real and must be addressed; the telltale signs of a warming climate, he says, are baked right into the layers of earth his company digs up and drills through every day.
- Skepticism over the Obama administration also seemed on the wane, as EPA Administrator Gina McCarthy told attendees that looming new power plant rules would not "put the brakes on business"; Duke Energy's (DUK) Lynn Good is "encouraged" by McCarthy's approach - but says building new coal plants are not worth the regulatory risk.
- But skepticism of renewable energy abounds, with Eni's (E) Paolo Scaroni noting that Europe is realizing that renewables are "more a problem than a solution”; Siemens (SI) CEO Joe Kaeser says “using solar panels in Germany is like growing pineapples in Alaska."
Thursday, Feb 272:50 PM
Thursday, Feb 272:50 PM| Comment!
- Eni (E -0.3%) says it signed an initial deal with Statoil (STO -0.3%) on revisions to natural gas supply contracts, including pricing and volumes of gas, as it seeks to lower purchasing costs.
- Eni is renegotiating its gas supply contracts with the aim of achieving a competitive portfolio by 2016; CEO Paolo Scaroni has said the cost of gas it buys from STO under long-term contracts is among its most expensive.
Tuesday, Feb 2510:46 AM
Tuesday, Feb 2510:46 AM| Comment!
- Eni (E -0.3%) threatens to leave Iraq unless Baghdad signs outstanding energy contracts "within a couple of weeks" after waiting for six months, CEO Paolo Scaroni says.
- Eni is operator of the Zubair oil field, where current production is ~300K bbl/day; other partners are Occidental Petroleum (OXY), Korea Gas and Iraqi state company Missna Oil.
- Iraqi government red tape is becoming a growing problem for western oil companies; the future of BP's Rumalia oilfield is in question after a bureaucratic foul-up.
Monday, Feb 249:59 AM
Monday, Feb 249:59 AM| 2 Comments
- The future of BP's (BP +0.5%) key Rumalia oilfield in Iraq is in jeopardy after a bureaucratic foul-up in Baghdad forced the company to cut 100 contractor jobs, FT reports.
- Iraq already was notorious for red tape and infrastructure bottlenecks, and now BP is said to have fallen victim to a slowdown in decision-making across government ministries ahead of elections on April 30.
- The move highlights the difficulties western oil majors face in Iraq, and some companies are so disenchanted with doing business there that they are considering leaving the country for good.
- Eni (E) also has been forced to lay off contractors at its Zubair field, which is near Rumaila.
Thursday, Feb 1312:45 PM
Thursday, Feb 1312:45 PM| Comment!
- FMC Technologies (FTI +1.7%) wins a $720M contract for subsea systems from Eni (E) for work at the deepwater Jangkrik development offshore Indonesia.
- FMC Tech's scope of supply includes subsea trees, manifolds, jumpers and connection systems, umbilicals, tooling and associated topside and subsea controls systems.
Thursday, Feb 134:38 AM
Thursday, Feb 134:38 AM| Comment!
- Eni's (E) Q4 adjusted net profit dropped 14% to €1.3B but topped forecasts of €1.2B.
- Net sales from operations fell 19% to €26.3B.
- Output dropped 9.7% to 1.577M barrels of oil equivalent a day.
- Eni's earnings were hurt by disruptions to its operations in Africa, lower refining results and the strengthening of the euro vs the dollar.
- Nonetheless, Eni plans to increase its dividend by 1.9% to €1.10 a share on 2013 earnings.
- Eni also said that it has discovered the equivalent of 2.5B barrels of oil and gas off the coast of the Republic of Congo in West Africa.
- Eni gave a downbeat outlook for 2014, "due to weak growth prospects in the eurozone and risks concerning emerging economies." (PR)
Wednesday, Feb 1211:44 AM
Wednesday, Feb 1211:44 AM| 2 Comments
- Commodity trading houses Glencore (GLCNF, GLNCY) and Mercuria are expected to make final bids on Nigerian energy assets worth ~$3B that Royal Dutch Shell (RDS.A, RDS.B), Total (TOT) and Eni (E) are selling, Reuters reports.
- Shell is selling its 30% stake in four oil blocks, while TOT and E are set to sell respective 10% and 5% holdings; Shell also seeks to sell the 60-mile Nembe Creek oil pipeline, which has been regularly attacked by oil thieves.
- The blocks' combined output averaged 90K bbl/day of oil and 60M cf/day of gas in 2012 and they hold reserves of 4.6B boe, according to a Shell report seen by Reuters.
Tuesday, Jan 2811:44 AM
Tuesday, Jan 2811:44 AM| 3 Comments
- The MSCI Emerging Markets Index (ETF: EEM) is off 22% from a peak set about three years ago, with the most recent slide coming as currencies tumble. Central banks have begun hiking rates to combat, with India overnight boosting its benchmark for the third time in six months and Turkey expected to take action today (an announcement is due at 5 ET). The South African central bank meets tomorrow, but a rate hike is not necessarily on the table.
- As usual, the unwinding of an epic credit bubble in China and the effect on growth tops the list of fears. One trust product - the China Credit Trust - narrowly avoided default this week thanks to a mystery third-party rescue.
- Buy the dip, says Ashmore head of research Jan Dehn. “There is some serious dumbing down going on in financial markets right now when it comes to EM. EM debt levels (especially external debt), EM’s general reliance on external markets, and EM’s reserve holdings have all improved beyond all recognition over the past 10 years.”
- Loomis Sayles' Peter Marber: “Compared to 1998, emerging markets hold over $7T more in hard currency reserves to cushion themselves from market volatility. For most emerging markets, the problems today are nothing like the problems of the mid-1990s. Very few countries are near default, and those that may be are relatively small.”
- Turkey and India ETFs: TUR, EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, SCIN, INXX, INCO, SMIN
- EM ETFs: EEM, VWO, DEM, EDC, DGS, EDZ, EEMV, EEB, SCHE, EDIV, IEMG, DVYE, EEV, BIK, EWX, BKF, CEW, PIE, ADRE, HILO, EUM, FNI, EET, GMM, PXH, EEMS, BBRC, EELV, FEMS, EEME, EMDD, BICK, DBEM, EMCR, FEM, EWEM, EVAL, EMBB, JEM, EMLB, EEHB, TLTE, EGRW, FNDE, EMHD, EMSA, EMFT, EMDR, QEM, QDEM
Thursday, Jan 1611:35 AM
Thursday, Jan 1611:35 AM| 1 Comment
- Eni (E -0.5%) says an internal audit conducted as part of a possible corruption probe shows it hasn't committed any irregularities in Algeria.
- Italian and Algerian authorities are investigating whether officials at oil services company Saipem (SAPMY), in which Eni has a 43% controlling stake, gave kickbacks to procure contracts worth billions of euros.
Wednesday, Jan 152:50 PM
Wednesday, Jan 152:50 PM| Comment!
- Eni (E) reportedly is set to abandon efforts to produce shale gas in Poland, dealing another blow to the country's ambitions of becoming a significant gas producer and raising further doubts about shale's prospects elsewhere in Europe.
- Eni apparently will let its three concessions in the north of the country expire because the geology was much more unfavorable than it had anticipated.
- Exxon, Marathon Oil and Talisman Energy already have pulled out of Poland, which was once seen as Europe's best shale prospect with substantial reserves and a friendly government; Chevron is one of few major companies still hunting for gas.
Monday, Jan 1310:40 AM
Monday, Jan 1310:40 AM| 1 Comment
- The Italian government - hungry for revenue and desperate to jump start the impoverished economy of its Basilicata region, called the Texas of Italy for its abundant oil reserves - is trying to clear the way for the country's own Eni (E) and other major oil companies to step up drilling.
- The government has made changes to allow more oil royalties to go to local coffers, simplified application procedures and opened offshore areas to exploration, but resistance from environmentalists and regional lawmakers remains fierce.
- "This is the right time" for oil exploration in Italy, says the head of Italian operations for Royal Dutch Shell (RDS.A, RDS.B), which seeks to triple its investment and spend "many hundreds of millions of euros" in the country.
Friday, Jan 102:19 PM
Friday, Jan 102:19 PM| Comment!
- Eni (E +1.4%) shuts down an export pipeline following a sabotage in the Niger Delta of Nigeria as community unrest adds to oil theft to rattle the oil industry in the African country.
- The Tedidaba-Brass pipeline normally carries the high-quality Brass grade for export; Eni says it was losing 3.5K bbl/day through its 20% share of the venture, suggesting a loss of 17.5K bbl/day for the overall operation.
Wednesday, Jan 812:55 PM
Wednesday, Jan 812:55 PM| Comment!
- Lebanon again delays its first auction of oil and natural gas licenses in its coastal waters after the government repeatedly failed to vote on decrees needed to start the bidding process.
- The auction will now be held April 10, three months later than scheduled, instead of this Friday.
- Exxon Mobil (XOM), Chevron (CVX), Total (TOT), Statoil (STO), Royal Dutch Shell (RDS.A, RDS.B) and Eni (E) are among 12 firms that prequalified as operators; another 34 firms were short-listed as non-operators.
Thursday, Jan 211:51 AM
Thursday, Jan 211:51 AM| 7 Comments
- The giant Kashagan oil field, which was brought to a halt by leaks shortly after start-up last year, is grappling with a bureaucratic "nightmare" on top of its engineering troubles as it strives for commercial production in 2014, according to a Reuters report.
- The scale and complexity of the project, which has cost ~$50B so far, led its partners - which include Exxon (XOM), Shell (RDS.A, RDS.B), Total (TOT) and Eni (E) - away from the traditional single operator command-and-control model, where one of the larger companies takes charge while others provide support and share risks, costs and rewards.
- Commercial production could still be many months away, and engineering difficulties have exposed the weaknesses of the cumbersome administrative structure, which will stay in place until oil is flowing properly.
Wednesday, Dec 182013, 2:26 PM
Wednesday, Dec 182013, 2:26 PM| Comment!
- Eni (E +0.9%) strikes a deal with Dutch firm GasTerra for long-term natural gas supplies at a lower price, as it renegotiates contract terms with various companies amid weaker demand in Europe.
- Earlier this year, Eni threatened to take GasTerra, in which Shell (RDS.A, RDS.B) and Exxon (XOM) each own a 25% stake, to arbitration over contracts it said made long-term gas supplies unprofitable.
- Eni is in arbitration with Statoil (STO) as it seeks changes to how much it pays for gas, but the outcome isn't expected for many months.
Monday, Dec 92013, 11:34 AM
Monday, Dec 92013, 11:34 AM| Comment!
- Eni (E +0.3%) is reopening flow stations on a key Tebidaba-Brass oil pipeline in Nigeria that was sabotaged over the weekend; the pipeline normally carries 75K bbl/day of high-quality Brass grade for export.
- The Nigerian army said locals had blown up parts of the pipeline in a dispute with the company, so Eni shut the flow stations serving the pipe.
- Oil theft occurs frequently on the line, which was shut down for months earlier this year.
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Ong Kang Wei:: Looking for buying opportunity around $17 mark
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mitrado:: As usual, what's cheap always becomes cheaper... $5.51 now. Even a better buy?
Ron Reed:: An investment like any other, up and down, know when to buy and when to sell then buy again. No long term purchase on this, good short term.