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Oil
Obama Invites BP Chairman Svanberg to the Woodshed
In a brief three-paragraph letter to Carl-Henric Svanberg, chairman of BP plc (NYSE: BP), Coast Guard Admiral Todd Allen has requested that Svanberg and other "appropriate officials" of BP attend a meeting with top US officials, including President Obama, on June 16th. Allen's letter pointedly did not mention BP's CEO Tony Hayward, who is scheduled to appear in Washington on June 15th to testify in front of the House Energy and Commerce subcommittee.
Guesswork Pushes BP Shares All Over the Place (BP, APC, RIG, HAL, CAM, NLC, MOPN)
BP shares are up today after falling more than 15% yesterday on fears that one or more of several pieces of bad news would push the company even lower.
EU Refinery Issues Impact Key Crude Oil ADRs (RDS-A, TOT, E)
In 2008, refineries in northwest Europe enjoyed a $6.72/b refining margin. Within a year, the margins had fallen to $3.26/b, and are now about $3.55/b. At the 2008 peak, crude oil costs were dropping faster than pump prices, and refining was a big money-maker.
BP Has Hidden Concern: Rising Default Swap Rates (BP, RIG, HAL)
BP plc (BP) has been nothing short of a disaster. It seems that if anything can fail or go wrong with the disaster recovery, then it goes wrong and gets even worse. But things are getting worse for the company. While it still seems impossible to fathom a credit default from the likes of a BP, the cost to insure BP debt against default is rising.
Is a BP Stock Buyout Possible? (BP, XOM, RDS, CVX, PBR, SNP, CEO)
By most Wall Street estimates, the sell-off of BP plc (BP) is overdone -- sparking speculation of a buyout of the crude oil stock from western rivals like Exxon Mobil (XOM), Royal Dutch Shell (RDS) and Chevron (CVX). There are also thoughts about Brazil's state run oil giant Petrobras, more formally Petroleo Brasileiro (PBR), as a potential BP buyout suitor -- and a few fringe theories about China Petroleum and Chemical Corporation (SNP) or Sinopec, or China National Offshore Oil Corporation (CEO) known as CNOOC.
Baker Hughes Earnings Show Crude Oil Field Services Woes (BHI, SLB, HAL, NOV, WFT)
Since the beginning of the year, the best performing oil field services stock has been Baker Hughes Inc. (NYSE:BHI). Shares are up about 25%, compared with a 10% rise at Schlumberger Ltd. (SLB), about a 4% rise at Halliburton Co. (HAL), and essentially flat performance at both National Oilwell Varco, Inc. (NOV) and Weatherford International, Ltd. (WFT)
Refiners’ Struggles Likely to Get Worse (VLO, BP, RDSA, XOM, COP, CVX, HES, SUN, TSO)
Valero Energy Corp. (VLO) reported a first quarter EPS loss of -$0.20, compared with an EPS profit in the same period a year ago of $0.59. Revenues for the 2010 first quarter were $19.6 billion, up 47% from a year ago. Unfortunately for Valero, cost of sales were also up -- almost 62%. BP plc (BP), which also reported earnings today, saw refining and marketing earnings fall nearly 34%, but BP fell back on a huge increase in crude revenues to post a fine profit. Later this week major integrated companies Royal Dutch Shell (RDSA), Exxon Mobil Corp. (XOM), Conoco Phillips Corp. (COP), and Chevron Corp. (CVX) will report earnings, as will refiners Hess Corp. (HES), Sunoco, Inc. (SUN), and Tesoro Corp. (TSO).
Weatherford WFT Earnings Hurt Amid Oil Field Consolidation
Swiss-based oil field services company Weatherford International Ltd. (WFT) reported first quarter earnings this morning. The company reported diluted EPS of $0.06, excluding a loss of -$0.11 attributed to devaluation of the Venezuelan Bolivar, a charge to the company's suplemental executive retirement plan, and what it calls severance and investigation costs.
Crude Oil Price Rises Didn’t Help HAL, MMR Earnings
Over the past few weeks crude oil prices have jumped to a high of over $87/b before pulling back. Oil fell more than $2/b on Friday, and it is down nearly another $2/b so far today. Halliburton Co. (HAL) and McMoRan Exploration Co. (MMR) both put up weak numbers.
One Oil Company Moves Away From Gas (SD, ARD, XOM, XTO, FST, OXY, CVX)
At the end of December, SandRidge Energy Co. (SD) estimated that it held 1.3 trillion cubic feet equivalent of natural gas reserves. Of that amount, 52% was estimated natural gas reserves and the rest was oil. Today that calculation changed with a merger with Arena Resources, Inc. (ARD) in a transaction worth about $1.6 billion in cash and stock. SandRidge's action runs counter to the current drive by oil companies. Think Exxon Mobil Corp. (XOM) paying $40 billion for XTO Energy (XTO).
Crude Oil Tops $85; On Its Way to $100?
The price of crude oil has been rising steadily for the past two months on indications that the global economy is recovering. The price is now above $85/barrel on the NYMEX, a jump of about 25% just since February.
Sector Review – New 2010 Targets for Oil Stocks (XOM, BP, CVX, PTR, RDS, PBR)
Oil prices have rebounded just as dramatically as stocks have in the last year, with crude bottoming out at around $40 a barrel in early 2009. But a look at demand numbers shows that energy consumption isn't really racing up the charts in kind. So what is the outlook for global oil giants Exxon Mobil (XOM), BP (BP), Chevron (CVX), PetroChina (PTR), Royal Dutch Shell (RDS), and Petrobras (PBR) in this muddled market?
7 Trades to Stuff Your Stocking
'Tis the season for giving, and we come bearing gifts! Seven holiday-inspired trades to bring you some happy tidings in the new year.
Will Delta Petroleum (DPTR) Be the Next Natural Gas Company for Sale?
Exxon Mobil's (XOM) acquisition of XTO has roiled the waters in the natural gas sector, potentially preventing the sale of Delta Petroleum (DPTR).
Oil Refiners VLO, SUN, WNR, FTO, TSO Suffer More Woes
Prospects for oil refining stocks look very bleak as Valero (VLO), Sunoco (SUN) and Western Refining (WNR) close refineries and others like Frontier (FTO) and Tesoro (TSO) slash output.
Market Analysis – How to Play This Market
Sentiment indicators still favor a rising market, but their message is not strong, giving the impression that the markets may be slightly overbought. Find out how to play this.
