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May 13, 2014
Global Energy & Utilities Conference to be held in Boston on May 13-15.
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September 29, 2015
09:26 EDTSO, NIWolfe Research to hold a conference
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September 28, 2015
11:31 EDTHPDeutsche Bank sees bottom nearing for offshore drillers, upgrades two in space
Detusche Bank upgraded Diamond Offshore (DO) and Transocean (RIG) to Hold from Sell, saying that the companies should be boosted by upcoming reductions in the number of drilling rigs deployed by energy companies. WHAT'S NEW: As many as 180 drilling vessels may cease activity over the next 12-18 months, wrote Deutsche Bank analyst Mike Urban today. The energy sector seems to have become "more realistic" about the need to reduce supply and the offshore drilling industry is "on the cusp of a major restructuring" that should mark the bottom for valuations and pricing, he explained. Addressing the long-term outlook of deepwater drilling, Urban contended that the consensus outlook, which predicts that deepwater drilling will disappear, is incorrect. In ten years, there will be demand for 320 floating rigs, versus the 225 that are active today, Urban predicted. Over the long-term ,energy companies will have to "go where the oil is," and the oil is located in deep water, the analyst explained. He raised his price target on Diamond to $21 from $17 and on Transocean to $10 from $6. WHAT'S NOTABLE: A former executive at Petrobras (PBR) testified to receiving payments made by someone claiming to be an agent of Transocean in exchange for a rig-operation contract, linking the offshore rig contractor for the first time to the corruption probe of Brazil's state-run oil company, reported Bloomberg on September 24. The news outlet cited testimony from last month as its source for the story. Subsequently, Transocean said that it had not identified any wrongdoing by its employees vis-a-vis Petrobras and is "committed to doing business lawfully and with the highest ethical standards." PRICE ACTION: In morning trading, Diamond fell 4% to $17.62 and Transocean lost 1.75% to $12.36. OTHERS TO WATCH: Other oil and gas well drillers include Helmerich & Payne (HP), Ensco (ESV), Nabors Industries (NBR) and Seadrill (SDRL), all of which are in negative territory this morning.
10:37 EDTHALAnalysts sees upside for Halliburton as Baker Hughes deal moves forward
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07:25 EDTNBL, NE, FIJohnson Rice to hold a conference
2015 Johnson Rice Energy Conference is being held in New Orleans, Louisiana on September 28-30.
07:11 EDTDTEDTE Energy sees FY16 EPS $4.80-$5.05, consensus $4.96
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07:11 EDTDTEDTE Energy raises FY15 operating EPS to $4.65-$4.91 from $4.54-$4.90
Earnings given on slide presentation for Investor event.
06:48 EDTHALHalliburton and Baker Hughes announce additional divestiture proposals
Halliburton (HAL) and Baker Hughes (BHI) announced that the companies will market for sale additional businesses in connection with Halliburton's pending acquisition of Baker Hughes. Pursuant to the Merger Agreement, and in order to permit completion of Halliburton's acquisition of Baker Hughes, the following additional businesses are intended to be divested: Halliburton's expandable liner hangers business, which is part of the company's Completion & Production Division; Baker Hughes' core completions business, which includes: packers, flow control tools, subsurface safety systems, intelligent well systems, permanent monitoring, sand control tools and sand control screens; the Baker Hughes sand control business in the Gulf of Mexico, including two pressure pumping vessels; and Baker Hughes' offshore cementing businesses in Australia, Brazil, the Gulf of Mexico, Norway, and the United Kingdom. The combined 2013 revenue associated with all of the businesses intended to be divested was approximately $5.2B. The sale of these businesses will be subject to the negotiation of acceptable terms and conditions for the divestitures, the approval of the divesting company's board, and final approval of the Baker Hughes acquisition by competition enforcement authorities. Halliburton anticipates that the companies will complete the sales of these businesses in the same timeframe as, and the closing of the divestitures would be conditioned on, the closing of the pending Baker Hughes acquisition.
September 25, 2015
16:23 EDTNBLNoble Energy announces Cheetah exploration results offshore Cameroon
Noble Energy announced that the Cheetah exploration well in the Tilapia license offshore Cameroon reached the targeted Cretaceous interval and is being plugged and abandoned. The well encountered both crude oil and natural gas shows in multiple non-commercial reservoir sands. Results from the well are being integrated into the Company's geologic modeling for the remaining prospectivity in the Tilapia license. The rig, which drilled the Cheetah well to a total depth of approximately 13,320 feet, will be released at the completion of well operations. Noble Energy operated the Cheetah well with a 47% participating interest.
September 24, 2015
10:30 EDTNIAmerican Gas Association to hold a forum
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06:52 EDTHALFracking companies see bankruptcies, closures, WSJ reports
A series of bankruptcies and closures has swept across the oil industry, with dozens of mostly small, privately owned fracking companies at risk, the Wall Street Journal reports. Most companies that help oil and gas explorers drill and frack wells are small, privately owned and fairly young, the report says. The fall in oil prices has played a large role in the failures of many of these companies, the report says. Companies in the space include Key Energy Services (KEG), Basic Energy Services (BAS), Schlumberger (SLB), and Halliburton (HAL). Reference Link
September 22, 2015
15:50 EDTCOPConocoPhillips nears deal to sell certain Canadian assets, Bloomberg says
ConocoPhillips (COP) is closing in on a deal to sell several Western Canadian assets to different acquirers including Canadian Natural Resources (CNQ), says Bloomberg, citing sources. A deal for the assets may be reached as early as this week, added Bloomberg. Reference Link
14:34 EDTSOGeorgia Power files request for 11% fuel rate reduction
Georgia Power announced it has filed a request with the Georgia Public Service Commission to reduce fuel rates by 11%, or approximately $268M, in annual fuel billings. The decrease in fuel costs is primarily driven by lower natural gas prices as a result of increased natural gas supplies driven by strong production levels. If approved by the PSC on or around Dec. 15, the new, lower fuel rates will be effective Jan. 1, 2016. A typical residential customer averaging 1,000 kilowatt-hours per month could see a fuel savings of approximately $4, or 3%, on their total monthly bill. Georgia Power is the largest subsidiary of Southern Company (SO).
14:19 EDTCOPConocoPhillips nearing sale of some Canada assets, Bloomberg reports
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14:14 EDTHALWeatherford spikes after cancelling share offering
Shares of Weatherford (WFT) spiked Tuesday after the company cancelled plans for a public share offering, saying it was "unwilling to sell securities at prices that do not reflect the value" created at the company. Several analysts weighed in on the news, appearing generally bullish on the company but disagreeing on whether Weatherford should focus on its own operations or continue to pursue acquisitions. FOCUS ON FUNDAMENTALS: Jefferies analyst Brad Handler reiterated his Buy rating and $13 price target on Weatherford shares, explaining that the capital increase plans would likely have gone towards buying Halliburton (HAL) drilling assets at an "unattractive" price point. Note that Halliburton is conducting various asset divestitures as part of its planned takeover of Baker Hughes (BHI), with Bloomberg reporting on September 14 that Weatherford had made a bid for the service portion of Halliburton's Sperry Drilling unit. In today's note, Handler acknowledged that the potential acquisition would add some "meaningful" synergies on paper, but he also highlighted the risk of further diluting Weatherford share value. Handler concluded that he is generally more comfortable with a Weatherford "that walks before it runs," adding that he hopes the company "continues to resist the temptation" of large acquisitions amid the current sector downturn. ACQUISITION POTENTIAL: Iberia analyst Robert MacKenzie said he is a buyer of Weatherford shares after Monday's 17% selloff prior to the capital raise cancellation last night. Although an acquisition by Weatherford is less likely without the funds from the public offering, it is still possible, "especially considering that no mention of backing away from their acquisition intent was made in the most recent press release," MacKenzie noted. However, Weatherford's press release announcing the capital raise specifically cited the need to pre-fund potential acquisitions, while its cancellation notice emphasized a focus on core businesses and efficient operations. Nevertheless, MacKenzie argued that Halliburton "remains a motivated seller" and called Weatherford the "most logical" candidate to pick up the company's previously-mentioned assets, saying the potentially transformative acquisition would make "tremendous sense." PRICE ACTION: Weatherford shares are up more than 8.5% to $9.13 in intraday trading after falling throughout yesterday's session on the company's initial decision to pursue a public offering.
07:45 EDTNE, APCGlobal Hunter Securities to hold a bus tour
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07:41 EDTSERaymond James to hold a conference
North American Equities Conference to be held in London, England on September 22.
06:14 EDTDTEDTE Energy to host investor day
Investor day to be held on September 28 at 11:30 am. Webcast Link
September 21, 2015
10:00 EDTHPOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AB InBev (BUD) downgraded to Sector Perform from Outperform at RBC Capital... Aircastle (AYR) downgraded to Underperform from Buy at BofA/Merrill... Atmel (ATML) downgraded to Hold from Buy at Craig-Hallum... Boston Properties (BXP) downgraded to Neutral from Buy at Mizuho... Buenaventura (BVN) downgraded to Neutral from Outperform at Credit Suisse... CARBO Ceramics (CRR) downgraded to Underperform from Sector Perform at Iberia... Cameron (CAM) downgraded to Sector Perform from Outperform at Iberia... D.R. Horton (DHI) downgraded to Hold from Buy at Deutsche Bank... General Finance Corp (GFN) downgraded on pricing pressures at Oppenheimer... Greenbrier (GBX) downgraded to Market Perform from Outperform at Wells Fargo... HCP (HCP) downgraded to Sell from Neutral at Goldman... Helmerich & Payne (HP) downgraded to Sector Perform from Outperform at Iberia... ImmunoGen (IMGN) downgraded to Underweight on IMGN 853 risk at Morgan Stanley... Janus Capital (JNS) downgraded to Underweight from Equal Weight at Morgan Stanley... Key Energy (KEG) downgraded to Sector Perform from Outperform at Iberia... Melco Crown (MPEL) downgraded to Underperform from Neutral at Macquarie... Olympic Steel (ZEUS) downgraded to Sector Weight from Overweight at KeyBanc... Potash (POT) downgraded to Underperform from Neutral at Macquarie... Precision Castparts (PCP) downgraded following acquisition at RBC Capital... Rocky Brands (RCKY) downgraded to Neutral from Buy at B. Riley... Sirona Dental (SIRO) downgraded to Equal Weight from Overweight at Stephens... Tribune Publishing (TPUB) downgraded to Underperform from Neutral at Macquarie... Trinity Industries (TRN) downgraded on lower growth outlook at Wells Fargo... Waddell & Reed (WDR) downgraded to Underweight from Equal Weight at Morgan Stanley... WisdomTree (WETF) downgraded to Equal Weight from Overweight at Morgan Stanley... ZS Pharma (ZSPH) downgraded to Equal Weight on valuation at Morgan Stanley.
07:49 EDTNBLNoble Energy coverage resumed with an Overweight at Morgan Stanley
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06:50 EDTHPHelmerich & Payne downgraded to Sector Perform from Outperform at Iberia
Iberia downgraded Helmerich & Payne to Sector Perform to reflect a lower rig count forecast and less upside potential to earnings. The firm lowered its price target to $60 from $79.
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