Dec. 23, 2014, 7:50 AM
- Noble Energy (NYSE:NBL) and Delek Group (OTCQX:DGRLY) could lose part of their combined 85% ownership of Israel's giant Leviathan natural gas field, as the country's antitrust regulator considers allowing other companies to hold stakes in the field.
- Reopening the agreement would “cause regulatory uncertainty and seriously delay the development of the Leviathan field,” an Israeli analyst says.
- The Israeli firms involved in the project, including Delek, Avner Oil (OTCPK:AVOGF) and Ratio Oil (OTC:RTEXF), all dropped sharply on the Tel Aviv exchange.
- The Leviathan gas field was discovered off Israel’s Mediterranean coast in 2010, a year after the smaller Tamar site was found; together, they hold ~29T cf of gas.
Dec. 22, 2014, 10:45 AM
- Natural gas prices fall 9.5% to near two-year lows at $3.133/mmBtu, in the biggest one-day percentage loss since February and the lowest intraday price since January 2013, on mild weather forecasts and inventory that is above year-ago levels.
- Prices are now down more than 15% in three straight losing sessions and are 30% lower than the six-month high closing price of $4.489/mmBtu it hit just a month ago.
- Weather has been unseasonably warm for December, limiting demand for home heating and allowing relatively low stockpiles to catch up to where they were a year ago and encouraging traders to sell based on the belief that supply is relatively healthy.
- Gas producers are among the biggest early decliners: XOM -1.1%, CHK -7.3%, APC -2.6%, SWN -6%, DVN -2.2%, COP -2.3%, BP -1.5%, COG -4%, BHP -1.9%, CVX -1.3%, ECA -5.1%, EQT -4.3%, RDS.A -1.7%, UPL -12%, WPX -6.9%, EOG -1%, OXY -1.1%, RRC -6.1%, APA -2.3%, AR -3.2%, CNX -3%, QEP -4.8%, LINE -4.9%, NBL -1.6%, SM -2.6%, XEC -4.2%, PXD -2.9%, NFX -5.1%.
- ETFs: UNG, DGAZ, UGAZ, BOIL, GAZ, FCG, GASL, KOLD, UNL, NAGS, DCNG
Dec. 17, 2014, 12:26 PM
- FBR Capital chooses Noble Energy (NBL +8.8%), Schlumberger (SLB +4.6%), Synergy Resources (SYRG +6%), Consol Energy (CNX +3.4%) and SunEdison (SUNE +0.7%) as its top energy and natural resources stocks for 2015.
- FBR likes NBL's strong combination of shale assets that are still immature in their adoption and application of technology, which is scalable; a strong balance sheet; and a portfolio that offers abundant exploration risk/reward potential.
- SLB is FBR's favorite energy stock among those whose secular earnings power is clearly the most likely to significantly expand over the next five years and/or is underestimated at current market multiples.
- SYRG offers investors exposure to industry-leading production growth and a solid balance sheet, a unique combination for a small-cap equity, the firm says.
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.
Nov. 27, 2014, 5:11 AM
- Oil/energy and consumer-goods underperformers lead the way.
- Total return takes into account all distributions.
- Table of S&P 500's biggest total-return losers YTD
Nov. 20, 2014, 8:39 AM
- Israel's Tamar gas field reportedly would get a $1.5B-$2B expansion of production capabilities with new wells, platform upgrades and an underwater pipeline to Egypt if a final supply deal is signed with Spain's Union Fenosa Gas.
- If the deal is finalized, the U.S.-Israeli group running Tamar would cover pipeline costs up to the maritime border with Egypt and UFG would pay for the rest.
- The group includes Noble Energy (NYSE:NBL), which holds 36%, in addition to Israeli companies Avner Oil (OTCPK:AVOGF) and Delek Drilling (OTC:DKDRF); Union Fenosa Gas is a joint venture between Spain's Gas Natural (OTCPK:GASNY) and Italy's Eni (NYSE:E).
Nov. 13, 2014, 3:20 PM
- U.S. crude oil prices break below $75/bbl for the first time in more than three years, brushing aside an IEA report showing a surprise 1.735M barrel inventory drawdown as well as remarks by the Saudi oil minister dismissing talk of an oil price war among producers.
- West Texas crude settled today at $74.21/bbl, -3.9% and breaking below an important support level; during the past three years, futures have tested but not broken through that level three times.
- Brent crude recently was trading below $78, -3%.
- Global oil majors are all lower: COP -1.9%, BP -1.4%, CVX -1.4%, XOM -1.1%, TOT -0.9%, RDS.A -0.7%.
- Oil services companies and offshore drillers suffer even sharper drops: SDRL -4.4%, SLB -4.2%, HAL -3.9%, BHI -3.9%, RIG -3.8%, DO -3.5%, NBL -2.9%.
- ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, XOP, ERY, DIG, BNO, UGA, DTO, DBO, DUG, XES, IYE, IEO, CRUD, IXC, IEZ, PXE, USL, UWTI, IPW, FENY, PXJ, UHN, DWTI, DNO, RYE, FXN, SZO, GNAT, OLO, DDG, FILL, OLEM, TWTI
Nov. 11, 2014, 11:26 AM
- A new report from J.P. Morgan says hammered stocks in the energy exploration and production sector may have bottomed, even if the price of oil hasn’t yet.
- JPM says investors looking to buy energy stocks should buy the E&P names with operational momentum and strong balance sheets, including Anadarko Petroleum (NYSE:APC) and EOG Resources (NYSE:EOG), which the firm sees as potential takeover candidates.
- The firm also likes Noble Energy (NYSE:NBL), Pioneer Natural Resources (NYSE:PXD) and Cimarex Energy (NYSE:XEC).
Oct. 28, 2014, 10:49 AM
- Noble Energy (NBL +0.8%) is modestly higher after reporting Q3 earnings that missed estimates but more than doubled from the previous year while revenues slipped 9% as it realized lower prices for crude oil and natural gas liquids.
- NBL says total sales volumes rose 3% Y/Y to average 302K boe/day, its highest ever and a 3% Y/Y increase, and that the growth would be 10% after taking into account assets the company had sold since Q3 2013.
- Average realized prices for crude oil and condensates fell 9%, average realized prices increased 5% for natural gas, and natural gas liquids prices fell 5.5%.
- Total Q3 operating expenses grew 19%.
- Sees Q4 volumes of 307M-327M boe/day; the midpoint of the updated sales volume range represents a 15% gain over Q4 of last year after adjusting for the impact of the sale of its Piceance Basin assets.
Oct. 28, 2014, 7:30 AM
Oct. 27, 2014, 5:30 PM
- ACI, AET, AGCO, AIXG, ALR, AME, AMTD, AN, AXE, BP, CAS, CIT, CMI, CNC, CNX, COH, CPLA, CRY, CVLT, CYNO, DD, DIN, ECL, ENTG, FCX, FDP, FLWS, FMER, GLPI, GLW, HCA, HMC, HOT, HRS, ICON, IIVI, IPGP, LH, MDSO, MLM, MMC, MSM, MSO, MWV, NBL, NCI, NVS, PCAR, PCG, PES, PFE, PH, POR, RDWR, SAIA, SAVE, SCHN, SCOR, SHW, SIRI, SNCR, ST, SYRG, TECH, TKR, TRW, TTS, TWI, UBS, UTHR, VDSI, VRTS, VSH, WAB, WHR, XYL
Oct. 21, 2014, 2:11 PM| Comment!
Oct. 20, 2014, 8:28 AM
- The partners in Israel's offshore Tamar natural gas field say they have signed a non-binding agreement to supply 5B cubic meters of natural gas over seven years to private companies in Egypt.
- The agreement follows a handful of other similar non-binding export deals, including supplying Israeli gas to Jordan.
- The Tamar field contains ~9T cf of gas, most of which has been earmarked for the local market, and production began there last year; the nearby Leviathan field is estimated to contain 10T cf of gas, but production has not yet started.
- The partners include Noble Energy (NYSE:NBL), which holds 36%, in addition to Israeli companies Avner Oil (OTCPK:AVOGF) and Delek Drilling (OTC:DKDRF).
Oct. 2, 2014, 12:58 PM
- Exxon Mobil (XOM -0.4%) and Pemex, Mexico's state-owned oil producer, sign a three-year cooperation agreement to exchange academic, scientific and technical knowledge in analyzing exploration, drilling and refining opportunities.
- XOM joins a growing list of major oil producers including Chevron (NYSE:CVX), Noble Energy (NYSE:NBL) and BHP Billiton (NYSE:BHP) in expressing interest in entering Mexico’s energy industry, which is ending a 76-year state oil monopoly.
Oct. 1, 2014, 10:49 AM
- Noble Energy (NBL -0.3%) says it plans to resume exploration drilling in the Falkland Islands in 2015 following the acquisition and evaluation of a 3D seismic program over portions of its 10M acre position.
- NBL says the latest prospect, called Humpback, has an estimated resource potential of 1B boe.
- NBL also updates guidance for its Q3 exploration expense to $230M-$240M, including ~$75M related to the Scotia well decision; due to the increased exploration expense, it expects a Q3 adjusted effective tax rate of 35%-38%.
Sep. 29, 2014, 11:19 AM
- West Virginia is ready to let companies drill for oil and natural gas deep beneath 14 miles of the Ohio River, as state officials opened bids Friday as it seeks a substantial revenue stream at a time of tight budgets.
- Environmentalists re alarmed at the proposal, since it would allow drilling a mile beneath a river that provides drinking water to millions of people.
- Magnum Hunter (NYSE:MHR), Noble Energy (NYSE:NBL), Gastar Exploration (NYSEMKT:GST) and Statoil (NYSE:STO) submitted bids with 20% royalty rates; state officials plan to pick winners in the next week or two.
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