Thu, Apr. 2, 5:19 PM
Wed, Mar. 25, 11:36 AM
- MKM Partners chief market technician Jonathan Krinsky offers his picks and pans in the world of energy MLPs, based mostly on relative strength compared to the sector’s benchmark Alerian MLP Index, which has slumped for the past six months.
- Krinsky's Buy recommendations: ALDW, BPL, CPLP, ENB, ETE, KMI, PAGP, SEMG.
- However, he tags CNP, NRP, SDLP and TOO with Sell ratings.
- ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, MLPN, EMLP, MLPG, MLPX, MLPS, MLPY, AMU, YMLI, MLPJ, ZMLP, ENFR, AMZA, ATMP, MLPW, MLPC, IMLP, OSMS, YGRO, MLPO
Thu, Feb. 19, 5:51 AM
Tue, Feb. 17, 4:59 PM
- Teekay Offshore Partners (NYSE:TOO) is upgraded to Buy from Neutral with a $28 price target at UBS, which believes worries over TOO's oil exposure are overdone.
- UBS says the long-term fundamentals for offshore production remain intact, and TOO is largely shielded from short-term volatility in the crude price, with the ~60% pullback since the end of June representing an attractive entry point.
- TOO's long-term fee-based contracts mitigate commodity exposure, and its focus on the production side of E&P makes its operations less sensitive to short-term moves in oil prices, the firm says; however, it expects an overhang on the units until TOO issues equity to fund its recent acquisitions, which have been bridged with debt thus far.
- Meanwhile, TOO has taken delivery of its first cylindrical floating accommodation vessel from a Chinese yard, ready to begin work on a long-term contract with Petrobras off Brazil.
Fri, Jan. 9, 12:25 PM
- Frontline (FRO +10.1%) has now jumped 63% this week amid speculation that a plunge in crude prices is spurring demand for the vessels to store cargoes.
- “The re-emergence of floating storage is what could move the crude tanker market this year from being rather good to possibly very very good," says a shipping analyst at Pareto Securities in Oslo.
- Traders may park as much as 60M barrels of oil on tankers in the coming months, according to consulting firm JBC Energy.
- Among other tanker companies: TK +1.2%, TNK +3.4%, TOO -0.3%, TGP -0.1%, TNP -0.7%, GLNG -1.9%, NAT -0.6%, DHT +3.1%.
- Earlier: Reuters: Oil glut sparks top traders to book supertankers for storage at sea
Thu, Jan. 8, 12:36 PM
- Some of the world's largest oil traders are hiring supertankers to store crude at sea, Reuters reports: Trading firms including Vitol and Trafigura, and energy major Shell (RDS.A, RDS.B) are said to have booked crude tankers for up to 12 months in the past week.
- Freight brokers and shipping sources consider the flurry of long-term bookings unusual and suggests that traders could use the vessels to store excess crude at sea until prices rebound, repeating a popular 2009 trading gambit when prices last crashed.
- Analysts at JBC Energy say floating storage, while a sign of an oversupplied market, may provide some temporary support for oil prices in the coming weeks.
- Related tanker companies: TK, TNK, TOO, TGP, TNP, FRO, GLNG, NAT, DHT.
Dec. 18, 2014, 9:19 AM
- Teekay Offshore Partners (NYSE:TOO) says it has won a contract to supply its Petrojarl I FPSO for work in waters off Brazil by the partners at Brazil's Atlanta heavy-oil field.
- In connection with the contract, TOO agrees to purchase the Petrojarl I FPSO from parent Teekay Corp. (NYSE:TK) for $57M; the unit then will be upgraded at a shipyard for a fully built-up cost of ~$240M.
- The FPSO is scheduled to commence operations in H1 2016 under a five-year charter contract with the Atlanta group; TOO expects the charter contract to generate annual cash flow from vessel operations of $55M-$60M.
Nov. 6, 2014, 6:26 AM
Oct. 6, 2014, 10:33 AM
- Teekay (TK +0.2%) is not enjoying the typical Barron's bounce, after a weekend profile of the oil and gas marine transporter and servicer is touted as offering a potential 30% upside.
- With TK, "you’re getting global exposure to emerging economies, and you’re not getting the currency exposure you would with a company like Petrobras or any emerging-markets equity,” says Clearbridge Investments' Chris Eades.
- The stock jumped 16% last week, to above $67, after TK announced plans to triple its $1.265 annual dividend by 2018.
- TGP +0.2%, TOO +0.9%, TNK +0.2%.
Sep. 30, 2014, 12:32 PM
- Teekay (TK +13.8%) says it will change its dividend policy to link its quarterly payouts to growing cash flows from its two MLPs, Teekay LNG Partners (TGP -0.2%)and Teekay Offshore Partners (TOO -1.7%), and includes an 80% increase in its annual dividend effective Q1 2015.
- The moves prompt Deutsche Bank to upgrade shares to Buy from Hold with a $90 price target, raised from $68; the firm says TK’s "bold" new strategy should result in a 20%/year growth in TK’s dividend for the foreseeable future.
Aug. 7, 2014, 5:58 PM
- In its Q2 earnings report, Teekay Offshore (NYSE:TOO) confirmed that its joint venture with Brazil's Odebrecht Oil & Gas has been selected by Petrobras as the lead commercial bidder to provide a floating production, storage and offloading unit for the giant Libra field.
- TOO said the FPSO unit is expected to be owned and operated by its 50/50 joint venture with Odebrecht and will service the Libra pre-salt field in the Santos Basin offshore Brazil, which is expected to begin operations in early 2017.
- Also in the report, TOO said its Q2 distributable cash flow fell to $40.1M from $43M in the year-ago quarter, due to the expiration of time-charter contracts relating to four existing shuttle tankers since Q1 2013, the sale of three conventional tankers since Q1 2013, and other factors.
Aug. 7, 2014, 5:44 AM
May. 15, 2014, 7:55 AM
Feb. 21, 2014, 10:33 AM
- Teekay Offshore Partners (TOO +1.3%) agrees to acquire ALP Maritime Services, a Netherlands-based provider of long-haul ocean towage and offshore installation services to the global offshore oil and gas industry, for ~$260M.
- As part of the deal, TOO orders four towing and anchor handling vessel newbuildings, which will be capable of ultra-long distance towing, offshore installation and decommissioning of large FPSO units, FLNG units and floating drill rigs.
Feb. 20, 2014, 8:51 AM| Comment!
Nov. 7, 2013, 9:48 AM
TOO vs. ETF Alternatives
Teekay Offshore Partners LP is an international provider of marine transportation, oil production and storage services to the offshore oil industry. Its segments include: Shuttle Tankers, FPSO, Conventional Tankers, FSO Units.
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