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Stock Market & Financial Investment News

News Breaks
November 21, 2012
17:02 EDTORIG, COPOcean 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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October 30, 2014
07:03 EDTCOPConocoPhillips reports Q3 ex-items EPS $1.29, consensus $1.20
Reports Q3 production of 1,473 MBOED from continuing operations, excluding Libya, representing 4% growth year-over-year when adjusted for downtime. ConocoPhillips said it "is on track to meet its previously stated growth target of 3 to 5 percent volume and margin growth in 2014. Full-year 2014 production from continuing operations, excluding Libya, is expected to be approximately 1,525 to 1,535 MBOED. Fourth-quarter 2014 production guidance for continuing operations, excluding Libya, is being adjusted to reflect anticipated impacts from the absence of ramp gas sales from APLNG to a third-party LNG project, temporary third-party infrastructure constraints in Malaysia and value-driven ethane rejection in the Lower 48. Fourth-quarter production guidance is 1,545 to 1,575 MBOED."
October 29, 2014
15:41 EDTCOPNotable companies reporting before tomorrow's open
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October 26, 2014
17:07 EDTCOPVenezuela decides against Citgo sale, WSJ says
Venezuela has decided against selling its U.S. refining unit Citgo, says the Wall street Journal. Earlier this year Venezuelan officials indicated that they were looking to sell Citgo for as much as $10B, added the Wall Street Journal. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link
October 20, 2014
09:45 EDTORIGOcean Rig UDW says stock price does not reflect true value
George Economou, Ocean Rig UDW CEO, said in a press release, "We do not believe that the current stock price of Ocean Rig reflects the true value of company, which stock price has be adversely affected by the recent volatility of the oil price. The loan from Ocean Rig to Dryships is just a backstop in case Dryships need more time to execute on its various alternatives to refinance its Convertible Notes due December 1, 2014, and will be repaid as soon as possible. Ocean Rig with its high specification, pure play UDW fleet and solid balance sheet and backlog is uniquely positioned amongst its clients. Ocean Rig's newbuilding program in 2016 and 2017 provides further growth into a market we believe in and its solid backlog supports for dividends and other value creation initiatives, such as the MLP." Ocean Rig shares are down 10c to $13.34 while its parent DryShips is rallying 24c to $1.93 in early trading.
09:39 EDTORIGOcean Rig UDW lends $120M to DryShips, extends Petrobras contracts
Ocean Rig UDW (ORIG) said it has agreed to lend its parent company, DryShips (DRYS), up to $120M of immediate liquidity through a short-term unsecured loan. The proceeds will be used, if needed, to repay Dryships’ 5% Convertible Notes maturing in Dec. 1. Ocean Rig has declared its third consecutive quarterly cash dividend with respect to the quarter ended September 30, of 19c per common share, to shareholders of record as of October 31, and payable on or about November 11. Ocean Rig added that it has been awarded extensions of the drilling contracts for its two ultra deepwater drillships, the Ocean Rig Corcovado and the Ocean Rig Mykonos by Petrobras (PBR) for drilling offshore Brazil. The contract extensions are subject to partner approvals. The term of each extension is for 1,095 days with a total combined revenue backlog of over $1.1Bm excluding reimbursement by Petrobras for contract related equipment upgrades. The new contracts will commence in direct continuation from the end of the current agreements with Petrobras, in Q1 and Q2 of 2015. Ocean Rig also signed an amendment with Total E&P Angola to extend the date by which Total E&P Angola should exercise the option to extend the term of the contract for two additional one-year periods. The first option is now exercisable until February 27, 2015 and the second option exercisable within one year after the date of exercise of the first option.

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