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Stock Market & Financial Investment News

News Breaks
June 6, 2014
09:06 EDTMMP, OXYBridgeTex Pipeline ready to accept applications from spot shippers
BridgeTex Pipeline Company, a company owned by Magellan Midstream Partners (MMP) and Occidental Petroleum (OXY), plans to begin the commissioning of the BridgeTex Pipeline in Q3, it announced. BridgeTex intends to begin limited commercial operations on the pipeline as part of the initial commissioning process. The company has begun to fill storage tankage at the origin of the system in Colorado City, Texas, and operations to fill the pipeline will begin in the near future.
News For MMP;OXY From The Last 14 Days
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February 5, 2016
08:21 EDTMMPMagellan Midstream downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst John Edwards downgraded Magellan Midstream to Neutral following the Q4 beat citing valuation. Edwards lowered his price target on Magellan Midstream shares to $70 from $80 based on slowing growth.
February 4, 2016
10:50 EDTOXYOccidental Petroleum: No plan to raise shale portion of output above 20%
Says ready to borrow to cover dividends.
10:32 EDTOXYOccidental expects to receive remainder of $900M settlement from Ecuador in FY16
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10:16 EDTOXYOccidental sees gradual recovery in energy prices in FY16
Sees gradual recovery in energy prices in FY16. Says has been able to realign business to focus on core areas amid energy price plunge. Says majority of spending to be allocated to domestic Oil and Gas business. Says decline in core assets attributable almost entirely to energy prices. Comments taken from Q4 earnings conference call.
10:06 EDTOXYOccidental sees FY16 total production from core assets 570,000-585,000 BOED
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10:03 EDTOXYOccidental Petroleum sees Q1 total production 620,000-630,000 BOED
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10:02 EDTOXYOccidental sees FY16 capital budget down 50% year over year
Sees 50% decline in FY16 capital budget year over year. Says 2016 plan approximates expected cash from operations at around current prices. Says will carefully reduce activity levels without harming the strong progress on growth prospects. Says capital spending will continue to decline and cash flows and earnings are expected to grow as projects start-up. Says plan will bring increased flexibility on capital budget in 2016 and 2017. Sees FY16 oil and gas capital budget down 55%. Sees FY16 chemicals and midstream capital budget down 17%. Says overall spending levels in the Permian will decline. Says spending levels in MENA will decline by about 56% mostly from the Al Hosn gas project and the exit from several countries. Says OxyChem is expected to be free cash flow positive through construction of the Ingleside Ethylene joint venture. Says U.S. Midstream in FY16 will decline by about $100M from 2015 levels. Comments taken from slides to be presented on Q4 earnings conference call. Occidental shares gained 2.52% to $69.85.
08:34 EDTMMPMagellan Midstream committed to goal of increasing cash distribution by 10%
Management remains committed to its goal of increasing annual cash distributions by 10% for 2016 and currently expects to generate annual DCF of $900 million in 2016, resulting in 1.2 times the amount needed to pay cash distributions for 2016. Current DCF guidance assumes an average crude oil price of approximately $35 per barrel for 2016, with each $1 change in the price of crude oil estimated to impact Magellan's 2016 financial results by approximately $3 million, primarily related to the partnership's butane blending activities and the value of its pipeline tender deductions and product overages. Management is targeting annual distribution growth of at least 8% for 2017 while maintaining distribution coverage of at least 1.2 times the amount needed to pay cash distributions for 2017. Distribution growth guidance specific to 2017 has not been provided previously.
08:34 EDTMMPMagellan Midstream sees FY16 EPS $3.20, consensus $3.67
08:34 EDTMMPMagellan Midstream sees Q1 EPS 70c, consensus 87c
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08:33 EDTMMPMagellan Midstream to spend $800M in 2016 to complete construction projects
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08:32 EDTMMPMagellan Midstream reports Q4 DCF $256.9M
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08:32 EDTMMPMagellan Midstream reports Q4 non-GAAP EPS 86c, consensus 91c
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07:11 EDTOXYOccidental sees 2016 production growth of 2%-4% from ongoing operations
2016 capital program is expected to be no more than $3B with production growth of 2%-4% from ongoing operations, Occidental Petroleum said.
07:10 EDTOXYOccidental Petroleum reports Q4 core EPS (17c), consensus (12c)
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February 3, 2016
14:48 EDTOXYNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Philip Morris (PM), consensus 81c... AstraZeneca (AZN), consensus 88c... Occidental Petroleum (OXY), consensus (12c)... ConocoPhillips (COP), consensus (65c)... Cigna (CI), consensus $1.80... Intercontinental Exchange (ICE), consensus $3.01... Boston Scientific (BSX), consensus 25c... Charter Communications (CHTR), consensus (12c)... Ralph Lauren (RL), consensus $2.13... Dunkin' Brands (DNKN), consensus 50c... GrubHub (GRUB), consensus 14c... Level 3 (LVLT), consensus 53c... AmerisourceBergen (ABC), consensus $1.25... Cummins (CMI), consensus $2.11.
February 1, 2016
17:50 EDTMMPBridgeTex Pipeline extends open season to Feb 15 for new Eaglebine origin
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January 28, 2016
14:05 EDTOXYJPMorgan reports 5.0% passive stake in Occidental Petroleum
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January 26, 2016
16:19 EDTMMPMagellan Midstream increases dividend 3% to 78.5c
Magellan Midstream Partners has increased the partnership's quarterly cash distribution to 78.5c per unit for the period October 1 through December 31, 2015, representing the 55th distribution increase since its initial public offering in 2001. Q4 distribution is 13% higher than the Q4 FY14 distribution of 69.5c per unit and represents a 3% increase over the Q3 distribution of 76.25c.
10:51 EDTOXYOccidental sells remains of Phibro to former Morgan Stanley banker, FT says
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