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February 18, 2014
10:40 EDTRJF, RJF, PQ, PQ, EXXI, EXXI, GRH, GRH, CPE, CPE, EGY, EGY, KOG, KOG, EPL, EPL, SN, SN, CLB, CLB, GDP, GDPEnerCom to hold a conference
The Oil & Services Conference: TOSC 12 is being held in San Francisco on February 18-19 with webcasted company presentations to begin on February 18 at 10:45 am; not all company presentations may be webcasted. Webcast Link
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October 12, 2015
06:58 EDTEGYVAALCO Energy provides update on operations offshor Gabon
VAALCO Energy announced a re-sequencing update to its drilling and workover program offshore Gabon in the Etame Marin block. As previously reported in a press release dated September 16, 2015 announcing the strong results from the initial North Tchibala field development well, the Company planned to mobilize the Transocean Constellation II jackup rig to the Avouma/South Tchibala field to conduct workover operations to replace electrical submersible pumps, or ESP's, on three existing development wells, two of which are currently off production. The North Tchibala 1-H well, the first well drilled by VAALCO to the Dentale formation, continues to produce at a rate of approximately 3,000 gross barrels of oil per day without artificial lift. Subsequent to completion of the well, adverse sea state conditions at the location of the SEENT Platform prevented VAALCO from moving the rig to the Avouma/South Tchibala Platform. Rather than wait for a change in sea state conditions and incur the expense of idle / standby rig time, and coupled with the continued strong performance of the first Gabon offshore Dentale development well, VAALCO and its partners jointly agreed to re-sequence the drilling and workover program and proceed with the drilling and completion of the North Tchibala 2-H well, designed to develop oil production from the deeper Dentale D18-19 formation. Drilling operations are currently proceeding on time and on budget with the expectation that the well will be drilled to a depth of approximately 16,000 feet and will be finalized in November. Following finalization of the current operation, and on the assumption of satisfactory sea state conditions, the rig will be mobilized to the Avouma/South Tchibala Platform to conduct the aforementioned workover operations. Historic weather patterns suggest that conditions will be improving in the timeframe in which the rig will next require mobilization. Additionally, the annual five-day shutdown of the Etame Marin block to allow the owner of the FPSO to perform maintenance operations that would have occurred this fall has been postponed until Q1 of FY16.
October 11, 2015
12:35 EDTRJFRaymond James shares could rally to low $60s, Barron's says
Shares of Raymond James could rebound to the low $60s as investors recognize the company's use of contracted financial advisors, which gives it a unique financial cushion in down markets, Barron's contends in a feature story. Reference Link
October 9, 2015
13:56 EDTGDPAllianz Global reports 16.2% passive stake in Goodrich Petroleum
October 6, 2015
16:50 EDTEGYVAALCO Energy says executing plan to boost shareholder value
VAALCO Energy issued the following statement regarding the letter sent earlier to its Board of Directors from Bradley L. Radoff and Group 42, Inc.: "Our Board of Directors and management team are committed to acting in the best interests of all VAALCO stockholders. Consistent with this commitment, the Board and management team are executing a strategic plan that we believe will drive enhanced stockholder value and ensure that VAALCO successfully moves through what is currently one of the most challenging environments for the oil and gas industry. As a matter of course, we maintain an open dialogue with current and prospective investors. Although we received no response to our most recent invitation to meet with Bradley L. Radoff and Group 42 to better understand their views, we have had several previous conversations with Bradley L. Radoff and Group 42. We welcome constructive input from our stockholders on how we can create additional value."
12:32 EDTEGYBradley Radoff and Group 42 deliver letter to VAALCO Energy board
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October 5, 2015
18:56 EDTEXXIOn The Fly: After Hours Movers
HIGHER: Regulus Therapeutics (RGLS), up 8.7% after the company announced that it will present new preclinical data on RG-012 for kidney disease... Palatin Technologies (PTN), up 9.6% after director Robert deVeer Jr. buys 10,000 shares of common stock... Arena Pharmaceuticals (ARNA), up 4.7% after CEO Jack Lief announced his retirement and Harry Hixson was named interim CEO... DuPont (DD), up 5.9% after CEO and chair Ellen Kullman retires... Ruckus Wireless (RKUS), up 4.9% after joining the S&P 600... Starz (STRZA), up 10.1% after the LA Times reports that Lionsgate (LGF) is in advanced talks to merge with Starz. DOWN AFTER EARNINGS: Container Store (TCS), down 10.4%. ALSO LOWER: Sarepta Therapeutics (SRPT), down 3.8% after filing to sell $125M of common stock... Haemonetics (HAE), down 12.2% after lowering its fiscal 2016 outlook... Energy XXI (EXXI), down 8.3% after filing a $500M mixed securities shelf... Mallinckrodt (MNK), down 1.6% after announcing that it will provide a business update and financial guidance for the fiscal year ending September 30, 2016, on an investor call on October 6.
16:57 EDTEXXIEnergy XXI files $500M mixed securities shelf
12:25 EDTCPECallon Petroleum management to meet with Sterne Agee CRT
Meetings to be held in Texas on October 8-9 hosted by Sterne Agee CRT.
07:10 EDTGRHGreenHunter Resources reports record disposal volumes of 15,000 barrels per day
GreenHunter Resources reported record SWD injection volumes company-wide of approximately 15,000 barrels per day over the last week. The majority of this growth in the new oilfield brine water injection volumes is directly attributable to the expansion efforts completed at the company's Mills Hunter Facility located in Meigs County, Ohio. GreenHunter Water is currently operating 11 SWD injection wells and has 3 more new SWD wells currently waiting on state regulatory approval. These new SWD wells should be turned on to commercial operations prior to year-end.
07:06 EDTSNSanchez Energy enters into midstream JV with Targa Resources Partners
Sanchez Energy (SN) announced that it has entered into joint venture agreements with Targa Resources Partners LP (NGLS) to construct a new cryogenic natural gas processing plant and associated high pressure gathering pipelines near Sanchez Energy's Catarina asset in the Eagle Ford Shale. The processing plant, which will be located in La Salle County, Texas, is expected to have initial capacity of 200M cubic feet per day, or MMcf/d, with the ability to increase to 260 MMcf/d. In connection with the joint venture agreements, Sanchez Energy intends to invest approximately $115M and receive a 50% ownership interest in the plant and the approximately 45 miles of high pressure gathering pipelines that will connect SN's existing Catarina gathering system to the plant. Targa will hold all of the transportation capacity on the pipeline, and the gathering joint venture will receive fees for transportation. The new midstream joint ventures are expected to provide significant operational and commercial benefits and improve yields, increase net-back prices, and lower the gathering and transportation fees SN currently pays for its Catarina production. Sanchez Energy has firm capacity for 125,000 Mcf/d of plant processing and associated pipeline capacity for the first five years and has dedicated the Catarina acreage and all production developed during the 15 year term. The company has the option to deliver additional volumes and commit additional acreage to the new plant as production increases. The natural gas processing plant and gathering pipelines will be designed, built and operated by Targa. The plant is expected to be operational by early 2017.
October 2, 2015
07:02 EDTSNSanchez Energy names Eduardo Sanchez president
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September 29, 2015
17:40 EDTEXXIEnergy XXI suspends development drilling program at West Delta 73
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17:38 EDTEXXIEnergy XXI sees Q1 production average 58,300 BOE/d, 71% oil
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17:38 EDTEXXIEnergy XXI sees FY16 oil and NGLs production 35K-40K Bbls
Sees FY16 net production of 54K-59K BOE/d, 66% oil.
17:36 EDTEXXIEnergy XXI reports Q4 EPS ($17.92), may not compare to consensus ($1.22)
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11:56 EDTCLBCore Labs sees 2015, 2016 revenue to decrease, but still outperform market
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11:52 EDTCLBCore Labs drops 8% after outlining impact of lower activity on Q4 view
Shares of Core Laboratories (CLB) are moving lower after the oil services and equipment company disclosed that its Chairman and CEO will address Q4 industry activity and its possible impact on our previously given guidance while presenting at a conference. According to the company, Core Laboratories CEO David Demshur plans to state that Core is now seeing a weakening environment in Q3 industry activity, but no change to its Q3 EPS guidance. Core now projects a significant decrease in Q4 operating activities, especially in North American tight oil plays due to E&P budget constraints and lower free cash flow levels for E&P companies due to low commodity prices, Demshur will add. Core now projects U.S. production to fall more than 700k bopd by year-end 2015, the executive will state. Demshur also plans to state: "Should oilfield activity levels head lower in Q4, especially in North America, Core may need to right size its cost base once again. The slowing activity level is anticipated to be significant, so the Company is currently reducing cost levels to maintain operating margins and returns on invested capital going into 2016." In late morning trading, Core Laboratories dropped 8% to $93 per share. Peer Franks International (FI) is also down 1.4% in late morning trading.
11:45 EDTCLBCore Labs says may need to 'right size' again if activity levels drop in Q4
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11:42 EDTCLBCore Labs sees U.S. production down more than 500k bopd from peak by year-end
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11:38 EDTCLBCore Laboratories now projects 'significant decrease' in Q4 operating activities
Core Laboratories announces that its Chairman and CEO, David Demshur, will be speaking at the Johnson Rice Energy Conference in New Orleans, Louisiana on Tuesday, September 29. At the conference, he will be delivering information in a prepared question and answer format. "The answers do not impact our Q3 2015 EPS guidance, but do address Q4 2015 industry activity and its possible impact on our previously given Q4 2015 guidance," the company said. In a transcript of the Q&A disclosed by the company, Demshur stated: "Some recent reports have suggested that Q4 activity levels in North America could be down significantly from current levels which would also have an impact for our operations in North America, primarily our Production Enhancement segment. From Q2 to Q3 2015, Core did realize flattish activity levels with an upward bias to operating margins as per earlier earnings guidance. Core is now seeing a weakening environment in Q3 industry activity, but no change to its Q3 EPS guidance, and now projects a significant decrease in Q4 operating activities, especially in North American tight oil plays due to E&P budget constraints and lower free cash flow levels for E&P companies due to low commodity prices. Core's Production Enhancement segment would then realize sequential decreases in revenue and operating margins as well, and to a lesser degree, decreases in revenue and margins in the Company's Reservoir Description segment...Even though Core still anticipates the worldwide crude oil markets balancing in early 2016, and, the V-shaped recovery in operating activities to follow, Core will continue to right size its cost basis for current activity levels."
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