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Wrap - Week Ended 02/25/11

|Includes: CHK, EOG, REXX, Statoil ASA (STO)

Holdings Watch - last week's closed options trades: 

    • CHK – Sold the (20) $36 strike March calls for $0.64, up 120%.
    • CHK – Sold the (10 of 20) $34 strike March calls for $1.48, up 111%.


Housekeeping Watch:

  • Note that ZLT and ZIM portfolio positions are updated on the ZEB Positions tab and that the month end performance letter for the month of February will go out on Tuesday (See Letter From Z tab at upper left on the site for updated charts on Tuesday). Please also note that options are risky and only a very small portion of our focus. 


Nutbag Watch: Libya. Clock very much ticking for M.Q. and it's not likely that it will be the U.N. sanctions that remove him but instead the will of the people. Very ugly.  Attacks on oil infrastructure are going to be increasingly likely and the regime has threatened Hussein style scorched well tactics.

Nutbag Watch: Iraq. Protests spread to Iraq late in the week. Separately, last night we saw an attack on a unit of Iraq's largest refinery (150,000 bopd throughput, or almost 1/3 of the country's entire currently operating refining capacity)  that shut it down.

Articles of Interest This Past Week (or so):

  • REXX 4Q results - (this one didn't get a lot of attention in the press but the stock has turned on a dime following a sell off on the quarterly press release) ... and I added shares.
  • EOG 4QResults - Strong quarter and a reiteration of guidance .... and suddenly the Street wakes up to the fact that all is not lost with these guys after they cut production guidance last fall ... quiet the contrary and now they are talking Matrix Flow vs Fracture flow in the Niobrara. 
  • My Mideast Tensions Piece on the Supply Risk Premium Coming Back To Oil
  • BEXP's Strong Quarter - 4Q Results - to get the full effect here you really need to be a subscriber to see the running commentary during the conference call. We continue to own it as one of our largest positions in the Zman Long Term Portfolio.