Dec. 3, 2014, 11:32 AM
- The energy sector (XLE +1.5%) continues its momentum from yesterday, leading the way again as the best performing sector in early trading with crude oil rising 1.2% so far today and reports that U.S. well permits fell 40% last month.
- Top performers include Clayton Williams (CWEI +7.7%), Transocean Partners (RIGP +10.6%), Gaslog (GLOG +13.8%) and Energy XXI (EXXI +15.7%).
- Other leading energy names are showing stronger recoveries as they clear last Friday's bearish gap zone: XOM +0.2%, CVX +0.4%, COP +2.5%, OXY +2.5%, DVN +2.9%, EOG +2.5%, HES +2.2%, MUR +1.5%, NBL +2.3%, PXD +4.2%, SU +3%, CNQ +1.9%.
- Some analysts warn that the worst may not be over, however, as much of the advance is being driven by investors repurchasing ETFs they used to make short bets; investors also could opt to sell oil shares at a loss in coming weeks to reduce tax burdens.
Oct. 9, 2014, 3:25 PM
- Crushed by relentless anxiety about oversupply and weakening global demand, Nymex crude oil futures closed down $1.54 at $85.76/bbl, their lowest close since Dec. 2012, while Brent crude fell below $90/bbl for the first time in more than two years.
- Including today's losses, WTI crude is down 6.2% since the start of the month and Brent has surrendered ~5%.
- In the face of surging output, a move in WTI below its 10-year average at $82 is not out of the realm of possibility, Brown Brothers Harriman says, adding that "a break of $73/barrel could send WTI toward $64, which corresponds with the 2010 low."
- Among big oil names so far today: APC -6.3%, LINE -4.6%, EPD -3.8%, DVN -3.8%, MRO -3.6%, HES -3.8%, KMI -3.7%, TOT -3.5%, STO -3.3%, RDS.A -3.1%, OXY -3%, KMP -3%, XOM -2.6%, COP -2.6%, MUR -2.6%, CVX -2.5%, BP -2.4%.
- ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, ERY, XOP, DIG, BNO, DTO, DBO, DUG, IYE, XES, IEO, CRUD, IEZ, PXE, USL, UWTI, PXJ, FENY, DNO, DWTI, RYE, FXN, SZO, OLO, DDG, OLEM, TWTI
Sep. 30, 2014, 10:01 AM
- Murphy Oil (MUR +1.8%) says it is selling 30% of its oil and gas assets in Malaysia for $2B in cash to Indonesian state oil company Pertamina.
- MUR will remain operator, and says it will continue to execute its development plans as well as grow through future exploration in both deep-water and shallow-water Malaysia.
- Earlier reports had said MUR, which has interests in Malaysia, Vietnam, Indonesia, Brunei and Australia, was seeking buyers for its Malaysian assets.
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).
Sep. 3, 2013, 12:46 PM
Sep. 3, 2013, 11:31 AM
- Murphy Oil (MUR -13%) completes the spinoff of its U.S. retail marketing business into an independent public company, Murphy USA, which begins trading today on the NYSE under the ticker MUSA.
- To complete the spinoff, MUR shareholders received one common share of MUSA for every four shares of MUR stock.
- Andrew Clyde will be president and CEO of the new company, which will include more than 1,100 retail outlets, seven product distribution terminals and two ethanol production facilities in North Dakota and Texas.
- Howard Weil upgrades shares to Outperform and raises its target to $76 from $69, seeing increased upside based on valuation versus peers and a new management team focused on stock price appreciation.
Aug. 7, 2013, 4:45 PM
Jan. 30, 2013, 5:05 PM
Oct. 16, 2012, 2:14 PMHess (HES +3.8%) shares are strong on Murphy Oil's (MUR +8.8%) move to spin off its U.S. fuel-making business into a new company. Conoco used a similar strategy earlier this year when it spun off its fuels, petrochemicals and pipeline businesses into Phillips 66. HES operates in two segments - exploration and production, and marketing and refining - making it a potential candidate for a spinoff. | Comment!
Oct. 16, 2012, 11:58 AMMurphy Oil's (MUR +7.8%) move to spin off its U.S. fuel-making and distribution business into a new company could unlock up $5/share in trapped enterprise value, Simmons analysts say, and “could be a sign for more aggressive moves to continue to improve the valuation in shares (more aggressive divestments, for example)." Chalk up at least one item, and maybe two, on Dan Loeb's wish list. | Comment!
Oct. 16, 2012, 9:10 AM
Oct. 16, 2012, 8:41 AM
Oct. 16, 2012, 8:24 AMMurphy Oil (MUR) +7.3% premarket after announcing it will spin off its U.S. downstream business into an independent company. MUR also authorizes a $2.50/share special dividend and $1B share buyback program, and says it’s still working to divest its U.K. downstream operations and continuing to review options with respect to "selected assets." | Comment!
Oct. 11, 2012, 12:57 PMMurphy Oil (MUR +2.7%) moves higher after activist hedge fund Third Point wins U.S. antitrust approval to buy an unspecified stake in the company. MUR has climbed 5% since Third Point's Dan Loeb told the fund's investors that shares could be 60% higher if the company would take steps such as selling fuel stations and other downstream operations. | Comment!
Oct. 4, 2012, 9:41 AMResponding to Third Point appearing to take a more active role in the company, Murphy Oil (MUR +1.8%) says the hedge fund "made a variety of suggestions with regard to the company's portfolio and the company values their input... the Board and management have been working to evaluate opportunities." | Comment!
Oct. 3, 2012, 3:41 PMMurphy Oil (MUR +4.3%) shares spike following a CNBC report that Dan Loeb's Third Point hedge fund may take an activist role in the company and has now accumulated a stake of at least 5%. CNBC says Loeb wants MUR to spin off its retail business, sell its Canadian assets, sell its 5% stake in Syncrude and complete its U.K. refinery business exit. (earlier) | Comment!
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