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Stock Market & Financial Investment News

News Breaks
June 25, 2014
08:49 EDTFCX, RDCRowan Companies entered into contract with Freeport-McMoRan Oil and Gas
Rowan Companies (RDC) entered into a two-year contract with Freeport-McMoRan Oil & Gas LLC, a subsidiary of Freeport-McMoRan Copper & Gold (FCX), that will add approximately $425 million to Rowan's current contract backlog. The drillship is expected to be delivered at the end of March 2015 and operate in the U.S. Gulf of Mexico starting early third quarter 2015. It commenced operations at its Rowan Renaissance on April 22, experiencing 17 days off rate time during Q2. Rowan Companies reduced Q2 and Q3 off rate time at Rowan Viking by 23 days to 107 days for previously schedule inspections and equipment modification. It increased shipyard off rate time by 31 days in Q3 for Gorilla VI, and the rig is expected to return to service at the end of July.
News For RDC;FCX From The Last 14 Days
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July 28, 2015
10:38 EDTFCXOptions with increasing implied volatility
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09:42 EDTFCXActive equity options trading on open
Active equity options trading on open: AAPL BIDU FB NFLX F T FCX TWTR
08:36 EDTFCXFreeport McMoRan recent selloff overdone, says Morgan Stanley
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08:11 EDTFCXIndonesia grants export permit extension to Freeport, Reuters reports
Indonesia will allow Freeport-McMoRan to export up to 775,000 tonnes of copper over the next six months and may also lower Freeport's export tax to 5%-7.5%, reported Reuters yesterday. The government and the company continue to negotiate terms of a contract or license that could extend to 2041, the report added. Reference Link
July 27, 2015
10:56 EDTFCXOptions with increasing implied volatility
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06:20 EDTRDCU.S. oil firms preparing for extended job cuts, WSJ reports
U.S. energy companies intend to cut more jobs, sell more assets, and engage in more financial maneuvers to deal with the recent drop in U.S. crude-oil prices to below $50 a barrel, the Wall Street Journal reports. Companies have started to warn that more layoffs will come, particularly Halliburton (HAL) and Baker Hughes (BHI), who disclosed last week that they had cut 27,000 jobs between them, the report says. Job cuts for the industry are beginning to extend to engineers and scientists, the report adds. Publicly traded companies in oil industry include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Other publicly traded companies in the space include Baker Hughes (BHI), Diamond Offshore (DO), Halliburton (HAL), Nabors Industries (NBR), Noble Corp. (NE), Rowan Companies (RDC), Schlumberger (SLB), Transocean (RIG) and Weatherford (WFT). Reference Link
July 24, 2015
10:37 EDTFCXOptions with increasing implied volatility
Options with increasing implied volatility: LOCK DUST JNUG CHK LINE ABX TCK GDX LNKD FCX
July 23, 2015
11:57 EDTFCXOptions with increasing put volume
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10:39 EDTFCXFreeport McMoRan sees 2016 CapEx approximately $5.6B
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10:27 EDTFCXFreeport McMoRan sees FY16 sales of copper 5.4B pounds, sales of gold 1.9M oz
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10:12 EDTFCXFreeport McMoRan says improving operating trends at Grasberg
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10:10 EDTFCXFreeport McMoRan says company highly leveraged to copper prices
Slowdown of economy in China has had an impact. Doesn't see a hard landing for China economy. Comments made on Q2 earnings call.
08:07 EDTFCXFreeport McMoRan files registration statement for possible IPO of O&G stake
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08:05 EDTFCXFreeport McMoRan sees consolidated sales of 1B pounds of copper in Q3
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08:04 EDTFCXFreeport McMoRan sees consolidated sales of 4.2B pounds of copper in FY15
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08:02 EDTFCXFreeport McMoRan reports Q2 adjusted EPS 14c, consensus 7c
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July 22, 2015
13:47 EDTFCXEarnings Watch: Morgan Stanley positive on Freeport-McMoRan ahead of Q2 results
Freeport-McMoRan (FCX) is expected to report second quarter earnings on Thursday, July 23, before the market open with a conference call scheduled for 10:00 am ET. Freeport-McMoRan is a natural resource company with an industry portfolio of mineral assets, oil and natural gas resources, and a production profile. EXPECTATIONS: Analysts are looking for earnings per share of 7c on revenue of $4.28B, according to First Call. The consensus range for EPS is (15c)-17c on revenue of $3.68B-$5.11B. LAST QUARTER: Freeport-McMoRan reported first quarter adjusted EPS of (6c) against estimates for (7c), on revenue of $4.15B against estimates for $4.06B. Consolidated sales for Q1 totaled 960M pounds of copper, 263K ounces of gold, 23M pounds of molybdenum and 12.5M barrels of oil equivalents, compared with 871M pounds of copper, 187K ounces of gold, 27M pounds of molybdenum and 16.1 MMBOE in Q1 of last year. Consolidated sales for 2015 are expected to approximate 4.2B pounds of copper, 1.3M ounces of gold, 95M pounds of molybdenum and 52.3 MMBOE. The company forecast FY16 sales of copper at 5.4B pounds and sales of gold at 1.9M oz. It sees FY17 sales of copper at 5B pounds and sales of gold at 2.4M oz. Capital expenditures are expected to approximate $6.5B for 2015, including $2.5B for major projects at mining operations and $2.8B for oil and gas operations. Freeport-McMoRan said it has taken actions to reduce or defer capital expenditures and other costs and is evaluating funding alternatives to advance growth projects in its oil and gas business, including consideration of a sale of public equity for a minority interest in its oil and gas subsidiary. On its Q1 conference call, management said they were optimistic for mid-term and long-term prospects for business. STREET RESEARCH: Sentiment on the Street leading up to Freeportís Q2 report has been positive. On April 28, Morgan Stanley upgraded Freeport-McMoRan to Overweight from Equal Weight with a $29 price target. The firm had reduced concerns about financing due to ramping volumes and cost declines. Morgan Stanley believed Freeport-McMoRan's copper growth projects were near an inflection point and production increases would drive a 28% volume increase at a lower cost and reduced capex. On June 9, Morgan Stanley said Freeport-McMoRanís valuation was attractive. The firm believed Freeport's Q1 was a multi-year trough for earnings and free cash flow. Morgan Stanley saw minimal execution risk at three key projects and expected costs to decline 22% in 2016. Morgan Stanley viewed Freeport's valuation as attractive and reiterated its Overweight rating and $29 price target. PRICE ACTION: Freeportís shares are down about 25% since the company's Q1 report and have plummeted more than 60% over the past twelve months. In afternoon trading ahead of Thursday's Q2 report, Freeportís shares are down about 4.7%.
July 20, 2015
13:10 EDTFCXFreeport McMoRan 30-day call volatility increases as gold pulls back
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10:00 EDTFCXFreeport McMoRan hits new 52-week low, levels to watch
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07:10 EDTRDCRowan Companies reports fleet contract status update as of July 20, 2015
Rowan Companies announced that its report of drilling rig status and contract information has been updated as of July 20, 2015. The company continues to estimate planned out-of-service time for the second quarter and full-year of 2015 to range from 3% to 6% for its jack-ups and drillships, subject to fleet repositioning and market conditions. No operational downtime is included in projected out-of-service days, but the company estimates jack-up operational downtime to account for approximately 2.5% of in-service days in current and future quarters. Rowan continues to expect drillship operational downtime to be approximately 5% after a break-in period of approximately six months up to one year. Out-of-service days are days where a rig is out-of-service and is not able to earn revenue. The company may be compensated for certain out-of-service days such as shipyard stays or transit periods preceding a contract. However, any such compensation is deferred and recognized over the period of drilling operations. Operational downtime is when a rig is under contract and unable to conduct planned operations due to equipment breakdowns or procedural failures. Unless otherwise indicated, all day rates on the fleet status include estimated amortization of contract mobilization/modification revenues. However, day rates exclude approximately $20 to $30 million of other miscellaneous aggregate annual revenue the company receives during rig operations. Day rates also exclude rebillable revenues which are equally offset by drilling expenses.
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