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June 12, 2014
11:09 EDTTOT, BP, XOM, STOExxon Mobil oil production to increase from on-time startup of CLOV project
Exxon Mobil Corporation (XOM) announced the CLOV project in Angola started up on schedule and is expected to reach daily production capacity of 160,000 barrels in the coming months. CLOV is the fourth major development hub of Total-operated Block 17, after Girassol, Dalia and Pazflor. An ExxonMobil affiliate has a 20 percent working interest in CLOV, which will produce oil from the four fields of Cravo, Lirio, Orquidea and Violeta at water depths ranging from 3,600 feet to 4,593 feet. CLOV, located 87 miles offshore Luanda, includes 34 wells and eight manifolds connected by 112 miles of subsea pipelines to a floating production storage and offloading vessel and crude oil offloading terminal. The 1,000-foot-long, 197-foot-wide vessel can store up to 1.8 million barrels of oil. Natural gas produced at CLOV will be exported through a subsea pipeline to an Angola liquefied natural gas plant in Soyo. Sonangol is the concessionaire for Block 17. Total (TOT) has 40% interest, Statoil (STO) has 23.33%, and BP (BP) has 16.67%.
News For XOM;TOT;STO;BP From The Last 14 Days
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October 5, 2015
11:27 EDTBPU.S., five Gulf states reach settlement with BP; total resolution worth $20.8B
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October 2, 2015
11:23 EDTTOTShell and Total to operate first foreign gas stations in Iran, AP reports
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06:28 EDTBPBP in talks over deal with Iran, the Times reports
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October 1, 2015
19:56 EDTXOMExxon Mobil filed $2.63M for Arkansas crude spill, Reuters says
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12:16 EDTXOMOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday as investors remain cautious following last quarter's rout. The Dow, Nasdaq and S&P 500 each lost 7% or more in the third quarter and yesterday's end-of-quarter rally is turning out to be very short-lived as investors brace for tomorrow's nonfarm jobs report and the Federal Reserve rate setting meeting that comes late this month. ECONOMIC EVENTS: In the U.S., Markit's manufacturing purchasing managers' index inched up to 53.1 in the final September reading, compared to the preliminary September figure of 53.0 that was flat from August. ISM's manufacturing index fell to 50.2 in September, however, versus expectations for a reading of 50.6. Construction spending grew 0.7% in August, versus the consensus expectation for a rise of 0.5% for the month. Initial jobless claims rose to 277,000 in the week of September 26, versus expectations for 271,000 first-time claims. In Asia, Chinese markets were closed for holidays, but monthly manufacturing data was still released. The government's official manufacturing PMI ticked up to 49.8, beating expectations for a 49.6 reading. The final Caixin/Markit PMI, meanwhile, fell to a fresh six-and-a-half-year low of 47.2 in September, though that was slightly improved an earlier flash estimate of 47. In Japan, the Bank of Japan's quarterly tankan survey of large manufacturers for the September quarter came in at positive 12, compared with expectations for a positive 13 reading. In Europe, Markit's final Eurozone manufacturing PMI for September came in at 52.0, consistent with the flash figure and down from August's final 52.3 reading. COMPANY NEWS: Shares of General Motors (GM) rose fractionally near midday after the company reported its U.S. sales grew 12% in September compared to the same month of last year. Additionally, the auto giant hosted a global business update event, where it announced two new car- and ride-sharing projects and confirmed its plans to jointly develop a commercially viable fuel cell vehicle with Honda (HMC) in the 2020 timeframe. Fiat Chrysler (FCAU), which reported U.S. sales increased 14% last month, and Ford (F), which said its U.S. sales rose 23% in September, both saw their shares slip fractionally near noon. MAJOR MOVERS: Among the notable gainers was Sarepta Therapeutics (SRPT), which rallied 19% after the company released additional data from its Phase IIb program of eteplirsen in patients with Duchenne muscular dystrophy. Also higher was PBF Energy (PBF), which gained 10% after agreeing to purchase the 155,000 barrel-per-day Torrance refinery, and related logistics assets, from ExxonMobil (XOM). Among the noteworthy losers was Crocs (CROX), which dropped 14% after Piper Jaffray analyst Erinn Murphy downgraded the stock to Neutral, saying adverse currency moves and China weakness could cause sales to miss expectations in Q3. Also lower were shares of Dunkin' Brands (DNKN), which fell 10% after the company projected third quarter U.S. same-store sales that fell below the prior year period and said it would close 100 stores in the U.S. in 2015 and 2016. INDEXES: Near midday, the Dow was down 195.02, or 1.2%, to 16,089.68, the Nasdaq was down 55.92, or 1.21%, to 4,564.24, and the S&P 500 was down 17.57, or 0.92%, to 1,902.46.
09:35 EDTBPActive equity options trading on open
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September 30, 2015
16:19 EDTXOMExxon Mobil to sell Torrance refinery to PBF Energy
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September 28, 2015
10:00 EDTTOT, BPOn The Fly: Analyst Initiation Summary
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08:04 EDTTOTTotal initiated with an Outperform at BMO Capital
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08:03 EDTBPBP initiated with an Outperform at BMO Capital
06:20 EDTBPBP not concerned over hostile takeover due to Macondo disclaimer, Bloomberg says
BP, which is allegedly readying defenses for potential acquisition offers, isn't concerned about a hostile takeover because of a disclaimer in its Macondo spill settlement that could put $12.6B onto the price tag, Bloomberg reports. A potential buyer may have to accelerate the payment of as much as two-thirds of the $18.7B in penalties BP agreed to pay the U.S. and several states, the report says, citing company filings. An option that provides the government and certain states the power to demand faster payment in a takeover basically hands them a veto over any deal, the report says. Reference Link
September 25, 2015
10:00 EDTXOMOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Atlas Air (AAWW) downgraded to In-Line from Outperform at Imperial Capital... Caterpillar (CAT) downgraded to Market Perform from Outperform at William Blair... Cummins (CMI) downgraded to Market Perform from Outperform at William Blair... Emerge Energy (EMES) downgraded after guidance withdrawal at Stifel... Exxon Mobil (XOM) downgraded to Underperform from Peer Perform at Wolfe Research... F5 Networks (FFIV) downgraded to Market Perform from Outperform at Raymond James... Internap (INAP) downgraded on earnings miss, negative outlook at Oppenheimer... Semtech (SMTC) downgraded to Neutral from Buy at MKM Partners... Silicon Laboratories (SLAB) downgraded to Neutral from Buy at MKM Partners... Superconductor Technologies (SCON) downgraded to Neutral from Buy at Ladenburg... Virgin America (VA) downgraded to Market Perform from Outperform at Cowen.
09:10 EDTXOMExxon Mobil downgraded to Underperform from Peer Perform at Wolfe Research
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September 24, 2015
13:29 EDTTOTTotal's Russian Arctic gas project receives Chinese investment, WSJ reports
The chances of Total's (TOT) Arctic natural gas project in Russia coming to fruition has been strengthened by a state-backed Chinese investment, the Wall Street Journal reports, citing comments from Total CEO Patrick Pouyanne. Yamal, a $27B project on a Russian peninsula, will be the main test to see if Russian energy projects are possible after its lead partner OAO Novatek (NOVKY) was hit with U.S. sanctions, the report says. Reference Link
06:20 EDTBPBP management to meet with Jefferies
Meetings to be held in Chicago/Kansas City/Minneapolis September 29- October 1 hosted by Jefferies.
September 23, 2015
18:19 EDTTOTTotal CEO downplays allegations of market manipulation, WSJ says
In a Wall Street Journal interview following market manipulation claims by the Federal Energy Regulatory Commission, Total CEO Patrick Pouyanne disclosed that the company is also being investigated by the Commodity Futures Trading Commission, though Pouyanne downplayed the matter. "There was no wrongdoing," said the Chief Executive, adding that the CFTC claims are being settled "for a few million dollars." Reference Link
16:00 EDTXOMOptions Update; September 23, 2015
iPath S&P 500 VIX Short-Term Futures down 53c to 23.81 Option volume leaders: AAPL NFLX BAC FB BABA DOW RIG MU FCX PBR XOM JPM
10:00 EDTXOMOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: A.O. Smith (AOS) initiated with a Buy at BB&T...Exxon Mobil (XOM) initiated with an Underperform at Macquarie... Farmland Partners (FPI) initiated with a Buy at Wunderlich... Ferro (FOE) initiated with an Outperform at Oppenheimer... FibroGen (FGEN) initiated with a Hold at Lake Street.
06:06 EDTTOTTotal to cut 2015 CapEx to $23B-$24B, 2016 CapEx to $20B-$21B
Total plans to return to a "sustainable level" in CapEx of $17B-$19B from 2017 onwards. The company is further increasing its OpEx reduction target by $50% to $3B from $2B by 2017. Total achieved a production increase of 11% YoY during 1H15. Production is planned to grow by an average of 6%-7% per year between 2014 and 2017, and by an average of 5% per year between 2014 and 2019. The company confirms that organic free cash flow will cover the dividend by 2017. The company also plans to invest CapEx of around $500M per year to build profitable businesses in new energies. Comments taken from Total Strategy & Outlook Presentation.
05:31 EDTXOM, TOTExxon Mobil initiated with an Underperform at Macquarie (yesterday)
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