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dinepat203 355 posts  |  Last Activity: 6 hours ago Member since: Sep 29, 2011
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  • DUBAI/LONDON, Feb 11 Some OPEC countries are trying to achieve a consensus among the group and key non-members for an oil production "freeze", sources familiar with the discussions say, in an attempt to tackle the global glut without cutting supply.

    Top exporter Saudi Arabia might be warming to the idea, though it was too early to say whether the kingdom would give its blessing because any deal depends mainly on a commitment by Iran to restrict its plan to boost exports, the sources said.

    The proposal of a production "freeze" at current levels was floated by Venezuelan Oil Minister Eulogio Del Pino during his tour of producing countries this month which included Russia, Iran, Qatar and Saudi Arabia, they said.

    "The Venezuelan oil minister wants to organise a meeting before OPEC's June meeting if there is consensus on either a production cut or at least a production 'freeze'," one source familiar with the matter said.

    "There is an ongoing discussion to meet soon for a freeze deal. That's what's happening now," the source said, adding that at least Russia and Qatar had given their initial agreement if there were a consensus among other producers.

  • Sophie Shevarnadze: International oil economist, World Bank consultor, Dr. Mamdouh G. Salameh , thank you for being with us today. So, doctor, Saudi officials have denied reports that OPEC has offered a 5% oil production cut; however, there are signal coming from Riyadh and Baghdad that they are ready to accept the cuts, if OPEC agrees on it. Iran is not planning any cuts in the near future, and then you have President of Venezuela, an OPEC member, saying that world's top oil producers are close to forging a deal to restore oil prices. So, who are we to believe, who is bluffing here?

    Mamdouh G. Salameh: There's no smoke without fire. Certainly, there has been a lot of reports about possible agreements between OPEC members and Russia about cutting oil production in order to bolster the oil price. Of course, OPEC waits for Russia also to help, but the fact remains that OPEC was responsible in the first place about the glut in the market, because its members have been producing 2.2 million barrels a day above their production sealing. So they have a responsibility towards the oil prices and towards their members to cut production. I am sure that if they do that, Russia will match their cut, but they are using, possibly, half a million barrel a day to support the oil price.

  • Reply to

    Buffet buying at wrong time.

    by mvp3243 Feb 8, 2016 11:51 AM
    dinepat203 dinepat203 Feb 8, 2016 12:28 PM Flag

    When everybody sell you buy...WB formula.

  • dinepat203 by dinepat203 Feb 8, 2016 10:34 AM Flag

    According to the Natural Gas Supply Association, Chesapeake trailed only ExxonMobil among natural gas producers in the first half of 2015, at a volume of 2,979 MMcf per day.

  • dinepat203 by dinepat203 Feb 8, 2016 10:14 AM Flag

    And when there’s blood, there’s sharks and one of the biggest sharks of all is activist investor Carl Icahn.

  • dinepat203 by dinepat203 Feb 8, 2016 9:45 AM Flag

    Feb 7 (Reuters) - Less than two months into the year, the top U.S. shale oil companies have already cut their budget for 2016 a second time as the relentless drop in oil prices continues to erode their cash flow.

    With oil prices firmly wedged in the low $30-per-barrel range, oil producers are deferring spending on new wells and projects.

    "Companies' language has shifted towards preserving balance sheets and cash, and keeping expenditure within cash-flows, which means that budgets are going to fall further," said Topeka Capital Markets analyst Gabriele Sorbara.

    Eighteen of the top 30 U.S. oil companies by output have so far outlined their spending plans for 2016. They have reduced their budget by 40 percent on average, steeper than most analysts' expectations, according to a Reuters analysis.

    These 30 companies had, on average, lowered their spending plans for 2016 by more than 70 percent last year.

    Some such as Hess Corp and ConocoPhillips, who had already planned to spend less this year than in 2015, have now further cut their capital expenditure targets. Others are expected to follow suit.

    But, is there room for further cuts?

    While reduced prices for oilfield services and increased efficiencies have helped companies scale back spending, many industry experts say there may not be room for further cuts.

    "It's almost like a 80/20 rule - 80 pct of the cost reduction has already occurred, another 20 percent remains," said Rob Thummel, a portfolio manager at Tortoise Capital Advisors LLC.

    Although, the reduced spending has not yet impacted shale output, production is expected to start falling by the end of the year.

    "The capital cuts that the industry is making should result in ... a supply shock to the downside," ConocoPhillips' chief executive, Ryan Lance, said on Thursday.

    U.S. crude oil production is expected to decline to 8.5 million barrels per day (mmb/d) in November 2016, from 9.2 mmb/d in December 2015, according to the U.S. Energy Information Administration.

    Even if the supply cuts lead to a recovery in oil prices, spending on exploration and production is not expected to bounce back immediately.

    "If you're burning cash during low oil prices - and the longer that happens, the more pressure on the balance sheet - that means in a recovery scenario, it's likely going to take longer for producers to commit to larger capex budgets," said Fraser McKay, an analyst at energy consultancy Wood Mackenzie.

  • Reply to

    XOM looks ready to go, meanwhile…

    by reagannegus Feb 5, 2016 2:56 PM
    dinepat203 dinepat203 Feb 5, 2016 3:21 PM Flag

    I think Citi hire #$%$, By Katy Barnato she is stupid to report Mark Grant also a Psycho says " there is a cloude in Black hole and World economy trapped in ?death spiral?...LOL

  • Reply to


    by chart2001 Feb 5, 2016 2:20 PM
    dinepat203 dinepat203 Feb 5, 2016 2:42 PM Flag

    Oil below $31 be careful manipulation waiting to dump?

  • Reply to


    by chart2001 Feb 4, 2016 1:25 PM
    dinepat203 dinepat203 Feb 5, 2016 1:01 PM Flag

    Representatives of 6 member-states of the Organization of the Petroleum Exporting Countries (OPEC) are ready to participate in an emergency meeting on coordinated reduction of oil production with non-OPEC members, Venezuela’s Oil Minister Eulogio del Pino said during his visit to Tehran on Thursday.

    According to the minister, such OPEC member-states as Iraq, Algeria, Nigeria, Ecuador, Iran and Venezuela as well as non-OPEC members Oman and Russia have given their consent.

    "The idea is not only to hold the meeting but to reach particular results," he was cited as saying by Iran's news agency Shana.

    The official is expected to discuss the prospects of convening an emergency meeting on oil during his visit to the countries of the Persian Gulf - Qatar, Saudi Arabia and Oman.

  • Reply to

    OPEC ....

    by dinepat203 Feb 5, 2016 10:35 AM
    dinepat203 dinepat203 Feb 5, 2016 11:44 AM Flag

    Meeting or no meeting its only US companies are suffering due to low price...Shorting Oil further will destroy US economy ..!

  • "Volatility on the oil market is extremely high just now. This is due for the most part to the high speculative activity on the part of market participants," Commerzbank said in a note.

    Crude futures benefited earlier this week from the sudden liquidation of a $600 million leveraged fund bet on falling prices.

    "The massive increase in speculative (net) long positions in Brent rather than in WTI could be quickly corrected and cause a considerable setback on the market," Commerzbank warned.

    An effort by Venezuela to rally support for concerted action to boost prices also buoyed futures.

    Venezuelan Oil Minister Eulogio Del Pino is due to meet his Saudi counterpart Ali al-Naimi in Riyadh on Sunday, after meeting the Qatari and Omani ministers this week.

  • dinepat203 dinepat203 Feb 5, 2016 11:29 AM Flag

    There are plenty of reasons, however, to dispel optimism.

    Unlike in 1998, the challenge goes beyond rebuilding bridges between just two Opec members. It pitches the interests of Saudi Arabia alongside fast-rising Opec producers Iran and Iraq as well as non-Opec Russia, the world’s largest oil nation. All four are involved in conflict in the Middle East but also need money to keep their oil-dependent economies afloat and meet social costs.

    “The 1997-98 deal brokered between Saudi, Venezuela and Mexico took over a year to negotiate and it was touch and go as to whether it would get done or not,” said the veteran Opec-watcher Yasser Elguindi of Medley Global Advisors.

    But low prices are making producers desperate. Oil sank to below $30 per barrel this year from as high of $115 per barrel just 18 months ago because of one of the worst oil gluts in history.

    And sceptics could do well to read a paper by Robert Mabro, founder of the Oxford Institute for Energy Studies who helped to broker the 1998 deal. Mr Mabro wrote at the time: “Changes in policy are always possible, even likely, when significant revenue losses are at stake.”

  • minister Sunday@ (Adds Riyadh meeting on Sunday, background)

    DUBAI, Feb 4 (Reuters) - Venezuelan Oil Minister Eulogio del Pino, on a tour of oil producers to lobby for action to prop up prices, said on Thursday he had a "good and productive" meeting with his Qatari counterpart.

    The Qatari ministry also said the two ministers "exchanged views and expectations in the short and long term", but gave no further details. Qatar's Energy Minister Mohammed al-Sada is the current holder of the rotating OPEC presidency.

    Cash-strapped OPEC member Venezuela has been calling for an emergency meeting of producers to discuss steps to prop up prices, which are close to their lowest since 2003.

    On Wednesday, Iranian news agency Shana quoted Del Pino as saying six producing countries, including OPEC members Iran and Iraq and non-members Russia and Oman, supported a producer meeting.

  • Reply to

    OPEC ....

    by dinepat203 Feb 5, 2016 10:35 AM
    dinepat203 dinepat203 Feb 5, 2016 11:19 AM Flag

    Six OPEC member states and two non-members would be open to attending an extraordinary meeting if one is called, Venezuela’s oil ministry said after Oil Minister Eulogio Del Pino held talks in Iran on Wednesday.
    Iraq, Algeria, Nigeria and Ecuador would join OPEC members Iran and Venezuela and non-OPEC producers Russia and Oman if talks are scheduled, the South American country’s oil ministry said in an e-mailed statement. Still, such a gathering would be “pointless” without Saudi Arabia, which hasn’t yet agreed to attend, according to Commerzbank AG.

  • Reply to

    OPEC ....

    by dinepat203 Feb 5, 2016 10:35 AM
    dinepat203 dinepat203 Feb 5, 2016 11:01 AM Flag

    Nigeria February 5, 2016 ... as a deal between OPEC and Russia on cutting production remained elusive. ... So far, however, his push for an emergency meeting of Opec and non-Opec producers has been met with a

  • dinepat203 by dinepat203 Feb 5, 2016 10:35 AM Flag

    Venezuala’s oil minister says emergency oil meeting around the corner
    Fri, Feb 05 2016, 10:49 GMT

  • Reply to

    Buy On Dip

    by mclellantegeler Feb 5, 2016 8:40 AM
    dinepat203 dinepat203 Feb 5, 2016 10:04 AM Flag


  • dinepat203 dinepat203 Feb 5, 2016 9:48 AM Flag

    Venezuela’s Oil Minister Eulogio del Pino has mentioned that certain OPEC member-states as Iraq, Algeria, Nigeria, Ecuador, Iran and Venezuela as well as non-OPEC members such as Oman and Russia are prepared for a talk. Venezuela’s Eulogio del Pino confirmed yesterday that representatives of 6 member-states of OPEC have given their consent to participate in an emergency meeting oil production cut with non-OPEC members. Iran's news agency Shana quoted Eulogio del Pino who said "The idea is not only to hold the meeting but to reach particular results.” He will likely discuss the possibility of an emergency meeting during his visit to the countries such as Qatar, Saudi Arabia and Oman.

  • Venezuala’s oil minister says emergency oil meeting around the corner

  • Reply to


    by smallsparkbigproblem Feb 5, 2016 9:19 AM
    dinepat203 dinepat203 Feb 5, 2016 9:21 AM Flag

    Just 60K shares premarket shows low trades.

57.560.00(0.00%)Dec 21 4:00 PMEST