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August 18, 2014
09:40 EDTRRC, RRC, CLB, CLB, COG, COG, DWSN, DWSN, WLL, WLL, EXXI, EXXI, SN, SN, EGY, EGYEnerCom to hold a conference
The Oil & Gas Conference to be held in Denver on August 18-21 with webcasted company presentations to begin on August 18 at 9:45 am; not all company presentations may be webcasted. Webcast Link
News For RRC;CLB;COG;DWSN;WLL;EXXI;SN;EGY From The Last 14 Days
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October 5, 2015
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 30, 2015
07:07 EDTRRCDeutsche Bank to hold a conference
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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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12:26 EDTCOGCabot Oil & Gas backs FY15 production growth view 10%-18%
Information from company slides presentation.
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."
September 28, 2015
16:19 EDTSNOn The Fly: Top stock stories for Monday
Stocks on Wall Street were sharply lower as investors continue to worry about the health of China's economy and continue to flee the biotech sector. The iShares NASDAQ Biotechnology Index (IBB) was down 6.33% today and is down about 18.5% since September 21, when Democratic presidential candidate Hillary Clinton pledged to take action against the high prices of specialty drugs. Adding to the tentative mood among investors was noted investor Carl Icahn's preview for a presentation that will be made available on his site tomorrow, entitled "Danger Ahead." The preview includes several cautious comments that the billionaire has publicly made recently regarding his concerns about the high-yield bond market and the stock market. ECONOMIC EVENTS: In the U.S., personal income grew 0.3% in August, versus expectations for it to rise 0.4%. Personal spending rose 0.4% last month, versus expectations for growth of 0.3%. The pending home sales index fell 1.4% in August, missing expectations for it to have risen 0.4%. The Dallas Fed manufacturing outlook survey for September had a reading of -9.5, versus expectations for a reading of -10.0. In China, industrial profits plunged 8.8% in August, adding to the recent string of weak data from the Asian giant. COMPANY NEWS: Apple (AAPL) reported that it set a record by selling more than 13M new iPhone 6s and iPhone 6s Plus models in the first three days after launch of the devices. However, shares of the tech giant slid about 2% to $112.44 following the announcement... Alcoa (AA) shares advanced 52c, or 5.73%, to $9.59 after the company announced that its board has approved a plan to separate into two independent, publicly-traded companies - an Upstream company that will operate under the Alcoa name and a new "Value-Add company" that will provide high-performance, multi-material products whose name will be announced at a later date... Biotech stocks continued recent declines, with Valeant (VRX) dropping 16.6% after a group of Democratic congressmen urged additional scrutiny of the company's "price hike" business model, while Epizyme (EPZM) and NewLink (NLNK) fell a respective 27% and 21% after presenting data at the 2015 European Cancer Congress... Shares of both Energy Transfer Equity (ETE) and Williams (WMB) fell after they announced a combination deal valued at approximately $37.7B, including the assumption of debt and other liabilities. Under the terms of their deal, an affiliate of ETE will acquire Williams at an implied current price of $43.50 per Williams share, the companies said. In late June, Energy Transfer Equity made a proposal to merge with Williams in an all-equity transaction valued at that time at $53.1B, including the assumption of debt and other liabilities. Under that prior merger proposal, ETE would have acquired all of the outstanding common stock of Williams at an implied price of $64 per Williams share, which represented a 32.4% premium to Williams' common share closing price as of June 19. Energy Transfer Equity shares closed down $2.95, or 12.69%, to $20.29 after announcing today's revised deal, while Williams dropped $5.03, or 12.09%, to close at $36.57. MAJOR MOVERS: Among the notable gainers was Republic Airways (RJET), which surged $2.38, or 81.8%, to $5.29 after announcing that the company and Teamsters Local 357 have reached a consensual tentative agreement on the terms of a new three-year contract for the 2,100 Republic pilots represented by the International Brotherhood of Teamsters. Also higher was Media General (MEG), which gained $2.49, or 22.3%, to $13.64 after Nexstar (NXST) proposed a cash-and-stock deal to acquire the company for $14.50 per share, which Media General said it would "carefully review." Additionally, Sanchez Energy (SN) rose 4.5% to $5.57 after agreeing to sell certain Eagle Ford Shale midstream assets to Sanchez Production Partners (SPP) for $345M. Among the noteworthy losers was Huntsman (HUN), which plunged $3.99, or 28.7%, to $9.92 after warning that headwinds would impact its third quarter earnings. Also lower were shares of Depomed (DEPO) and Horizon Pharma (HZNP), falling a respective 22% and 21%, after Depomed continued its criticism of Horizon's hostile takeover bid for the company. INDEXES: The Dow fell 312.78, or 1.92%, to 16,001.89, the Nasdaq lost 142.53, or 3.04%, to 4,543.97, and the S&P 500 dropped 49.57, or 2.57%, to 1,881.77.
13:01 EDTSNAnalyst says Sanchez Energy's asset sale to strengthen liquidity position
Shares of Sanchez Energy (SN) surged after the company said it plans to sell certain Eagle Ford Shale midstream assets to Sanchez Production Partners (SPP) for $345M. WHAT'S NEW: Sanchez Energy said it reached an agreement with Sanchez Production Partners under which SPP will acquire and operate certain midstream assets located on the Western part of its Catarina asset in the Eagle Ford Shale in South Texas for cash consideration of roughly $345M. As part of the divestiture, Sanchez Energy said it will sell roughly 150 miles of midstream gathering lines and associated midstream infrastructure concentrated in four gathering and processing facilities. The deal is expected to close in October. In a statement, Sanchez Energy chief Executive Officer Tony Sanchez III said the midstream sale "highlights our ability to capture the full spectrum of value in our asset base, raise capital outside of traditional markets and improve our financial flexibility." Sanchez Energy also confirmed this morning that its third quarter 2015 average production will "likely meet or exceed" the high end of the previous guidance range of 46,000-50,000 barrels of oil equivalent per day. The company said it is still confident that it can build a 20-30 well bank toward its 50-well per year drilling commencement at Catarina at its current rig count. WHAT'S NOTABLE: Affiliates of Pioneer Natural Resources (PXD) and Reliance Holding USA sold off pipelines and other midstream assets in the Eagle Ford to Enterprise Product Partners (EPD) in July for $2.15B to be paid in two installments, and Matador Resources (MTDR) recently sold off similar assets to EnLink Midstream Partners (ENLK) for $143M. Meanwhile, Sanchez Production Partners said it will recommend that the board of directors of its general partner approve a plan to start distributions at an initial annualized rate of $1.60 per share. STREET RESEARCH: Northland Capital Markets analyst Jeff Grampp said that the proceeds from the announced asset sale will strengthen Sanchez Energy's "already meaningful" liquidity position and set up the company well for opportunistic acquisitions. The analyst said that even though the company previously discussed the possible sale of midstream assets, the move's value capture is "meaningfully positive" and underappreciated by the market. Grampp reiterated an Outperform rating and $12 price target on the stock. PRICE ACTION: In midday trading, Sanchez Energy is up 5.82% to $5.64 and Sanchez Production Partners is up 88.89% to $8.84.
12:07 EDTSNSanchez Energy value capture from asset sale underappreciated, says Northland
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07:05 EDTSNSanchez Production Partners to recommend distributions of $1.60 per unit
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07:04 EDTSNSanchez Energy confirms Q3 average production to meet or exceed previous range
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07:03 EDTSNSanchez Energy to sell $345M in midstream assets
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06:48 EDTEGYVAALCO Energy adopts stockholder rights plan
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