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Stock Market & Financial Investment News

News Breaks
November 21, 2012
17:02 EDTCOP, ORIGOcean Rig in three year offshore Angola drilling contract with ConocoPhillips
On November 15,Ocean Rig UDW (ORIG) entered into a drilling contract for the seventh generation drillship under construction scheduled to be delivered in November 2013, Ocean Rig Athena with Conocophillips (COP). The contract is for a three-year period for drilling offshore Angola, with an estimated backlog of approximately $745M. The contract is expected to commence upon delivery of the drillship from the shipyard. Under the contract, Conocophillips has options to extend the contract for up to two years beyond the initial three-year contract period.
News For ORIG;COP From The Last 14 Days
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May 27, 2015
10:14 EDTCOPAnalyst says China trend good for oil equities
China's demand for oil has been stronger than expected and the trend should be positive for oil companies' stocks, research firm Bernstein wrote in a note to investors today. WHAT'S NEW: Chinese oil imports reached a record high in April, rising 9% versus the same period a year earlier, Bernstein analyst Neil Beveridge reported. The imports have exceeded expectations and have been boosted by high gasoline demand, according to the analyst. The high gasoline demand in China, in turn, has been driven by a 50% year-over-year increase in the sales of SUVs, according to Beveridge. Analysts will respond to this trend by increasing their global oil demand estimates, he predicted. Oil prices are likely to rise in the near-term, providing a tailwind for oil equities, according to Beveridge, who identified InterOil (IOC) and China's CNOOC (CEO) as two of his favorite names in the Asian region. Other publicly traded companies in the oil space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). WHAT'S NOTABLE: Jaguar Land Rover, owned by India's Tata Motors (TTM), is launching its Range Rover Evoque SUV in China this fiscal year, but is having trouble ramping up production of the vehicle, Forbes reported last week. PRICE ACTION: in early trading, CNOOC was flat at $162.50 and InterOil slipped fractionally to $46.58.
May 25, 2015
13:23 EDTCOPCenovus Energy pauses operations at Foster Creek, Athabasca due to forest fire
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May 21, 2015
07:25 EDTCOPUBS to hold a conference
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May 20, 2015
07:26 EDTCOPUBS to hold a conference
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May 18, 2015
09:04 EDTORIGDryShips announces contract extension, new contract for Ocean Rig Olympia
DryShips (DRYS), through its majority owned subsidiary, Ocean Rig UDW (ORIG) of off-shore deepwater drilling services, announced that in connection with the previously announced Omnibus Agreement with ENI Angola S.p.A, all closing conditions including approvals by national authorities and signing of definitive documentation have been satisfied. As a result Ocean Rig has extended the contract for the drillship Ocean Rig Poseidon for a further one year until 2Q17 with total contract backlog now standing at about $367M. In addition, Ocean Rig has entered into a new contract for the drillship Ocean Rig Olympia to drill offshore Angola commencing in Q3 for a minimum of 8 months with a total contract backlog of about $91M.
06:06 EDTCOPConocoPhillips sees holding CapEx flat for next three years, Reuters reports
ConocoPhillips CEO Ryan Lance told Reuters in an interview that the energy company is planning to hold its capital expenditure level over the next three years. The company cut its 2015 capital budget to $11.5B in January due to the oil price drop, but now sees maintaining the CapEx view for three years despite a slight recovery in oil prices. Reference Link

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