imaginejml - What choice does he really have? What would it say about his company if he filed to sell 4 million shares? Don't get me wrong, I think they survive, but I'm not going to put too much weight into this.
The choice he had was not to buy these shares.
Those purchases were made by for his family trust at a cost of about $47million. I do not think he would have done this if he was worried about bk.
I think it is significant.
I bought SDRL in the $13'ww qnd would like to see this slid halt like any other long, as I am sure JF would like but market forces are killing everything now and the drop in SDRL may not be so specific, jsut sympathetic to the overall dorection of anything oil.
Since December 26 SDRL when looking on a YTD chart Momentum has been positive and it has a rising MACD. The A/D Line also turned up. At least it looks like selling for now is at an end.
Until the dividend was discontinued, he was getting over 1 billion worth of dividend payments per year just from SDRL. 47 million is a drop in the bucket. This action is the equivalent of talking your book.
Less than $500 million per year actually, but yeah, it's not much for him owning 23.9% of SDRL. Only about 10% of his net worth.
yourself. They are right with the Warren Buffet quote,"buy when there is blood in the streets".
Consolidation in $11.50-$12 range has been going on for a week or so now with oil selling off.
That is exactly what they are concerned with! The biggest reasons cuts weren't made was because they would of had to do all the heavy lifting with the cuts, which means that they would of lost market share all the while helping others.
The U.S. government has issued a set of guidelines for the export of ultra-light U.S. oil, essentially clearing the way for crude exports to a global market for the first time in 40 years.
The Department of Commerce said Tuesday that it has approved requests by some companies to export lightly refined condensates and has begun approving a backlog of requests to sell light oil overseas.
U.S. crude production to hit 45-year high in 2015
Unrefined oil exports approved by U.S. on limited basis
It also published rules on how it will treat further requests for permission to export oil, saying their light condensate crude that is put through a distillation tower will be eligible for export.
The shale oil taken from the Bakken formation in North Dakota is light oil and processing in a distillation tower can be done simply in the field.
Domestic drillers have complained that they are selling their shale oil at a discount of as much as $15 a barrel to the global price because domestic production has outstripped U.S. demand.
The U.S. has blocked the export of crude since the Arab oil embargo of the 1970s, except for oil sent to Canada or certain products from Alaska and California. While untreated crude oil cannot be exported, refined fuels such as gasoline and diesel can be freely sold abroad.
But earlier this year, the Department of Commerce approved a limited export of light crude. The rules issued Tuesday opens the door for more such exports.
"In practice this long-awaited move can open up the floodgates to substantial increases in exports by end 2015," Ed Morse, global head of commodities research at Citigroup in New York said in a research note.
The new ruling could mean up to a million barrels a day of U.S. ultra-light oil could be heading for global markets.
Places such as Ukraine and European countries dependent on Russian oil may benefit.
But the move will complicate the oversupply of crude oil worldwide, which has led to a precipitous drop in oil prices fr
Yes and yesterday they had an article claiming they could fall further. I am a buyer however in the 11-13 range.
Debt is OVER Double the market Cap.
That seems pretty high.
Gotta agree with you, Ram.