With today's spike I was looking to see if any news would be forth coming after hours but nothing yet.
Thank you for the mention to the Vets! I was a blue water sailor during the last couple years of Nam. My oldest was a soldier and served in both Afghanistan and Iraq and my youngest currently flies an F18. I guess their mother had good genes.
In September and October 2014, flow testing was performed on middle Miocene sand sections in the Blackbeard West No. 2 well on Ship Shoal Block 188, in which FM O&G has a 69.4 percent working interest. During the testing period, the well flowed at a rate of approximately 2,000 barrels of water per day with flowing tubing pressure of approximately 9,000 pounds per square inch. While the well did not result in hydrocarbon production in commercial quantities, this water rate indicates that subsalt sands on the Shelf below 20,000 feet are capable of substantial production rates. Based on the porosity and permeability properties of the sand, FM O&G believes, if the sand had been full to base, the sand could have flowed at a rate of approximately 50 million cubic feet of natural gas per day. The well will be temporarily abandoned while FM O&G evaluates plans to complete and test shallower upper Miocene sands in the well. A rig will be moved to Blackbeard East in fourth-quarter 2014 to complete and test the middle Miocene sands in this well. FM O&G holds a 90 percent working interest in Blackbeard East. FM O&G has completed the Davy Jones No. 2 well and is conducting a flow test of the Wilcox sands. FM O&G holds a 75 percent working interest in Davy Jones.
Anymore great price forecasts? Your going to have to do a lot better that that post if your going to panic the market. I bet your boss lost a whole lot more money than he paid you for that pitiful attempt.
If they are denying it they are keeping their denial a secret. I just looked on their web site and any such denial is not posted.
$0.09 / quarter since June 2012 with a $0.20 special last January.
Just speculation on my part as I really don't know. But there was a huge short interest . HK has been trending north for a few days on good volume suggesting the shorts were unwinding their positions. It just may be that some were running up against the clock and needed some downward pressure to finish closing out their positions (and preserve profits) incase the earnings beat the street. Today's volume plus the price being off the day's lows suggest the shorts are continuing to cover this morning.
Ex-Dividend Date 02/20/2014
Record Date 02/24/2014
Payable Date 03/14/2014
Thank you Mr. Adkerson. You have made me a lot of money this year. Keep going and I wont mind you collecting another $36 million.
All of the miners are up in the premarket. Look at RIO, FCX and VALE. Weekend China news was good.
Couple reasons for EXXI to be down this week.
1. Market as a whole has been struggling with FED tapper talk.
2. A weather pattern down in the Caribbean was moving toward the Gulf. Even a near miss on EXXI platforms can force evacuations and cause a production miss. A hard hit can do even more as Isaac did. This particular weather system is now looking like it will be a none event.
3. August and September are usually not good market months.
I am considering adding more, haven't decided. Will certainty hold what I have.
From the PDF issued along with the Earnings Release.
Gulf of Mexico Shelf
Second-quarter 2013 production in the Gulf of Mexico Shelf was 99,082 Boe/d, an 8 percent increase from the first quarter of 2013.
During the quarter, Apache averaged six rigs and drilled a total of five operated wells.
Apache’s shallow-water sub-salt exploration play, the Heron well (Main Pass Block 295), is currently preparing to drill out from casing run to 10,510 feet MD / 10,500 feet TVD, targeting multiple sands trapped
against a salt dome. The well has initially encountered 76 feet of net oil pay in two sands, as identified with wireline logging equipment. Drilling continues toward deeper primary targets with a proposed depth of 20,000 feet TVD.
WAZ and short cable seismic acquisitions will continue to enhance imaging to aid the exploration / exploitation of the emerging sub-salt play.
From Rowan's site:
Rowan EXL III
Depth Water: 350'
Depth Drilling: 35,000'
Year in Service: 2011
Location: Gulf of Mexico
Day Rate: 160k
Estimated Duration (3) September 2013
Footnote (3) Estimated contract durations reflect either stated
drilling periods or expected time required for the contracted well or wells.
Contract commenced at the beginning of July 2013
After Hours : 27.75 Up 3.36 (13.78%)
Almost 14%. Lets see what it dose in regular trading tomorrow.
I hope they can get some of those reserves flowing to market. Said they are adding one new platform but no description, hopefully a full production package is justified.
The current market is not easy to impress.
Just a guess on my part but I suspect the analysis over hyped the up coming quarter and now the bigger brokerages are taking profits before a miss. If I am right they will be buying back in after a correction.
The profits will eventually be there but I am thinking 4th and 1st quarters. Lots of new drilling and hook up costs in this quarter plus anticipated oil sands revenues aren't well know just yet.
I am not bashing the company, I am long and holding.
I read the 10-Q, still trying to wrap my brain around it.
Alan Greenspan was about as easy to decode.
As best I can decode it they are saying: Some objectives have been hit, some haven't. There is lots and lots of gas down there but we have no clue how to complete these wells. If we can produce any gas the trust will get at about $0.03+ out of every dollar earned, maybe. You have paid your money and bought your ticket so win, lose or draw the rest of the show is free.