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February 5, 2014
08:35 EDTNS, OXYNuStar signs long-term agreement with Occidental Petroleum
NuStar Energy L.P. (NS) has signed a long-term agreement allowing Occidental Petroleum (OXY) to ship natural gas liquids on NuStarís currently idled, 200-mile, 12-inch pipeline between Mont Belvieu and Corpus Christi, Texas. NuStar has begun work to reactivate the line, reverse its flow and convert it from refined products service to NGL service. The pipeline has capacity to move approximately 110,000 barrels per day. Oxy will use a majority of the lineís capacity to transport NGLs via an interconnect with an Oxy pipeline to the Oxy Ingleside Energy Center export facility located in Ingleside, Texas, at the site of the former Naval base purchased by Oxy in 2012. NuStar will continue to market any remaining capacity on the pipeline. The pipeline project is scheduled to be completed and in full operation in the second quarter of 2015, although the pipeline may flow at reduced rates this year. Once the line is in service, it is expected to generate approximately $23M per year of incremental EBITDA for NuStar.
News For NS;OXY From The Last 14 Days
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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.
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.
January 29, 2016
10:36 EDTNSNuStar Energy: Not actively seeking preferred issuance
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10:18 EDTNSNuStar Energy sees Q1 EPS 40c-50c, consensus 47c
Says market conditions have continued to "falter" since end of Q3. Says Eagle Ford portion of business is "small slice" of total business. Says other pipeline assets should continue to perform well in FY16. Says Eagle Ford throughput should be slightly above expected volumes in FY16. Says storage segment should perform well in FY16. Says has no plans to cut distribution now or in "foreseeable future." Sees Q1 distributable cash flow $1.00-$1.10. Sees Q1 SG&A expense $26M-$28M. Sees oil markets to remain volatile for the foreseeable future. Comments taken from Q4 earnings conference call. In morning trading, NuStar shares rallied 7.66% to $32.88.
06:45 EDTNSNuStar Energy sees FY16 storage segment EBITDA $310M-$330M
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06:44 EDTNSNuStar Energy reports Q4 EPS 61c, consensus 56c
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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
10:51 EDTOXYOccidental sells remains of Phibro to former Morgan Stanley banker, FT says
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