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News Breaks
June 30, 2014
16:17 EDTSGYStone Energy sells non-core GOM properties to Talos Energy Offshore
Stone Energy announced a definitive agreement to sell its non-core Gulf of Mexico, GOM, conventional shelf properties to Talos Energy Offshore for $200M in cash and assumed future undiscounted abandonment liabilities estimated at approximately $117M. These properties represented production volumes of approximately 57 MMcfe per day for the first quarter of 2014. The estimated proved reserves associated with these properties represented approximately 9% of Stone's year end 2013 estimated proved reserves. Stone will retain an option for a 50% working interest in the deep drilling rights on the properties. Chairman, President and CEO David H. Welch stated, "The sale of our non-core GOM shelf properties will allow us to further focus our efforts on GOM deep water, gulf coast deep gas and Appalachian projects, which we have targeted for our growth. We also retained the right to drill deep gas prospects on the divested properties. Our remaining conventional GOM shelf properties will consist of two core operated fields currently producing approximately 6,000 boe per day, which will allow us to better focus our human capital and financial capital. Together with the sale of our two onshore south Louisiana properties in late 2013 and first quarter 2014, we have sold approximately $300M in non-core GOM shelf properties with over $140M in future undiscounted abandonment liabilities." The effective date will be April 1 and the transaction is expected to close by early August, subject to customary closing conditions and adjustments. After the closing of this transaction, Stone will be providing updated 2014 guidance, which will adjust for the proposed divestiture.
News For SGY From The Last 14 Days
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February 3, 2016
10:00 EDTSGYOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AIG (AIG) downgraded to Market Perform from Outperform at William Blair... Credit Acceptance (CACC) downgraded to Underperform at Raymond James... CIT Group (CIT) downgraded to Neutral from Buy at Citi... Cobalt (CIE) downgraded at Stifel... Cypress Energy (CELP) downgraded to Outperform from Strong Buy at Raymond James... Freeport McMoRan (FCX) downgraded on weak near-term outlook at Argus... Gastar Exploration (GST) downgraded to In-Line from Outperform at Imperial Capital... Intersil (ISIL) downgraded to Sell from Neutral at Citi... LyondellBasell (LYB) downgraded to Outperform from Top Pick at RBC Capital... Marriott (MAR) downgraded to Market Perform from Outperform at Wells Fargo... Microchip (MCHP) downgraded to Sell from Neutral at Goldman... Morgan Stanley (MS) downgraded to Underweight from Neutral at Atlantic Equities... Navios Maritime Partners (NMM) downgraded to Hold from Buy at Deutsche Bank... Peapack-Gladstone (PGC) downgraded to Hold from Buy at Sandler O'Neill... QIWI (QIWI) downgraded to Market Perform from Outperform at William Blair... STORE Capital (STOR) downgraded to Neutral from Buy at Ladenburg... Spark Energy (SPKE) downgraded to Neutral from Outperform at Baird... Stone Energy (SGY) downgraded to In-Line from Outperform at Imperial Capital... SunEdison Semiconductor (SEMI) downgraded to Sell from Neutral at Goldman... Teradyne (TER) downgraded to Neutral from Buy at Goldman... Texas Instruments (TXN) downgraded to Sell from Neutral at Goldman... UBS (UBS) downgraded to Sector Perform from Outperform at RBC Capital... Whiting Petroleum (WLL) downgraded on oil price outlook at Stifel... Xcel Energy (XEL) downgraded to Sell from Neutral at UBS... Xilinx (XLNX) downgraded to Buy from Conviction Buy at Goldman... Yahoo (YHOO) downgraded to Hold from Buy at Axiom.
05:33 EDTSGYStone Energy downgraded to In-Line from Outperform at Imperial Capital
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