Article in Billings Gazette today. don
Top executives from Montana’s largest mining company are relocating to Denver and plan to close its corporate offices in Billings, two years after a leadership struggle in which the company’s former chief executive was sharply criticized for spending too much time outside the state.
Stillwater Mining Co. Chief Executive Officer Michael McMullen told The Associated Press on Thursday that he is among five senior company officials who will make the move to Colorado this summer. About 15 corporate staff will relocate to Columbus, site of the company’s smelter and refinery and home of its registered headquarters.
The moves will save the 1,600-employee company more than $20,000 per month, a Stillwater spokeswoman said.
In 2013, McMullen’s predecessor, Frank McAllister, was sharply criticized during a shareholder-led effort to oust him for spending too much time out of state.
Among the critics was former Montana Gov. Brian Schweitzer, who emerged from the proxy battle as Stillwater’s chairman. The two-term Democrat at the time questioned how the company’s platinum and palladium mines could be effectively managed from outside Montana.
Schweitzer did not return a message seeking comment.
When/If the USA raises int rates this summer/Fall that will strengthen the US Dollar more..More money may flow to USA.. The Strength of US$ will hurt Ag related commodities, John Deeere, Cat, don
Historical rig count for ND
Active Rigs 98 ................198.................. 186.............. 206 .................170
Jerry. After hrs sales of MDU stock were 1559 shares. , of which 1553 sold for $ 22.05 - $ 22.07, the LAST sale of day was 6 ( yes 6 ) shares at$ 20.25. I used Nasdaq. for the after hr info
Whiting announced a sale of 35 Million Sales of Stock and $ 1.75 Billion $$ of debt.. I believe this is to repay the short term bridge loans they used to purchase ( KOG ) Kodiak oil. What tis tells me , is that although they talk about selling Whiting, ( that was last week ) they are selling off pieces, acreages not the Entiire company.. Why would you lever up a company right before you sell the whole thing.. Fidelity Ceased it drilling operation in ND, and Wyoming will cease because of the Bird Nesting time coming up shortly..in fact the Sage Grouse should be doing the Mating dance any day now..
ND had 104 rigs drilling today, on same day in 2014 the number was 198, and I=on same date in 2013 ND had 187 rigs drilling..
If you go to NDIC and read the latest Directors cut, 3-12-2015 , they talk about 800 Odd wells drilled but waiting to Fracc
The local economy is slowing, the local trailer house park had 7-8 trailers empty out in the last 2-3 weeks.( a friend who lives there keep track for me . The well service workers took a pay cut, I was told..i think if your only skill is driving truck, you may be in trouble for employment, I know up north the rent on apartments/houses is going down..
I think the Biggest shock will be when Fidelity and others run out of Oil that is Hedged..The tanks in /around Cushing are near capacity, but that also occurred in March of 2011.. just go look at EIA Numbers.. But if the US Dollar goes stronger( because of weak world $$$ and US raising Int Rates, , the Saudias still pumping, to help crush Iran,Russia..and No room for oil Storage, WTI could list for $ 22-$ 25.00 , but if you take out the bakken spread, that would be $ 15-$ 18 dollars paid to the ND operators.. Will all of this Occur.. I do NOT have that answer. don
The biggest factor is the Sale of Fidelity , and the Exec of MDU have put this on hold.. Saudia's do not understand that the USA does not have a energy policy., this radically effects the price of WTI. this is discussed in this article/video.. Google ( Saudi Arabia doesn't get it: There is no American 'energy policy' )
The active and Historical rig number in ND . don
........................3/20/2015 ......03/20/2014..... 03/20/2013...... 03/20/2012....03/20/2011
Active Rigs........ 107 ...................195 ...............184................. 205 ................172
info from Milliondolllarway blog
Harold Hamm made the comment in oct, that the ND rig count would drop to 100
Dennis Gartman is proposing that WTI could go to as low #$%$ 15.00 . a combination of Over supply and the Strength of US $$ especially if Fed starts a interest rate hike this summer..
For the complete CNBC video and article.. Google ( Gartman: Crude could hit $15. Here's why )
Only time will tell.. don
The AFP is reporting.. don
Stockholm (AFP) - Sweden's central bank took its key interest rate further into negative territory Wednesday in a surprise move aimed at supporting a return to inflation.
The Riksbank cut its repo rate by 0.15 percentage points to -0.25 percent and said it was buying government bonds worth 30 billion kronor ($3.4 billion, 3.2 billion euros) to prevent an appreciating krona from hindering an uptick in inflation.
I really think more like 0.50% would be the best thing, get people who are waiting to buy a house, or a car or any thing else off the nickel.. Wow that would put a 30 yr mortgage at What 4.25 % .
If the business have not refinanced their debt with new Low cost debt , tough luck. . the 1926-2006 rate of inflation used to be around 3.5 %.. I see OKE was selling about 800 Million in debt the other day. some of the 10 yr bonds were priced at 4.5 %.. don
hare .. maybe we should raise taxes, increase the debt and implement More Federal and State govermint restriction and Laws..
I am all for a 0.25 % rate hike, but what I really want to see is believeable Govermint..don
( NFX ) newfield has discontinued drilling ops in the Unita basin. RBN energy has a article on this dated 3/16/15.. just Google ( do you think I am waxy).. the jist of it is that the costs associated with the waxy oil production and the price difference does not allow for a sufficient profit to be generated.. don
The AP is reporting this morning..
Obama administration is abandoning plans to cut number of US forces in Afghanistan by year's end, officials say - @AP
I realize the concern of lower oil prices, the oil boom may slow but will not stop. This excerpt is from the EIA gov on USA oil reserves..
•North Dakota's crude oil and lease condensate proved reserves surpassed those of the Federal Gulf of Mexico, ranking it second only to Texas among U.S. states.
•The Bakken/Three Forks play (covering portions of North Dakota, Montana, and South Dakota) regained its position as the largest tight oil play in the United States
Google ( U.S. Crude Oil and Natural Gas Proved Reserves ) for complete info
Will MDU ( which currently owns 50 % of the Belfield NG plant be a buyer of balance ) in a excerpt from current Reuters article , ) See complete article at yahoo finance news ( WLL ticker )
NEW YORK/WILLISTON, N.D., March 13 (Reuters) - Whiting Petroleum Corp, North Dakota's largest oil producer, has put Texas acreage and pipeline assets up for sale as an alternative to a sale of the full company, according to sources familiar with the matter.
( later in same article )
Whiting has signaled for weeks that its pipeline and gas processing facilities are part of any possible asset sales, telling analysts last month, for example, that its Redtail processing plant could fetch interest.
The strategy is not new. In 2012, Whiting sold a 50 percent stake in a Belfield, North Dakota, processing plant to MDU Resources Inc for $66 million to pay down debt.
Appetite for partnerships or outright sales could be higher now after Kinder Morgan paid $3 billion two months ago to buy North Dakota pipeline and logistics company Highland Partners.
"There's definitely a red-hot market right now for midstream assets," one Whiting investor said.
this is available as a PDF presentation, divided into 7 different segments at the Corp. website ,was released on March 5th . don
This afternoon over at Seeking Alpha, Richard Ziets has a article on Whiting and if their sale would be correct with WTI at $ 50.00.. ( wll is stock ticker ) ..don
2 years ago yahoo used to allow to provide a direct URL. if I could I would..
Friday and Sat . Whiting Oil has had articles in the WSJ, Reuters and The FT on the potential sale of the company, or selected acreages . Mdu is a owner of 50 % of a Natural Gas processing plant located in Belfield ND.
If Whiting ( WLL is the stock ticker ) sells it Bakken Property this will give MDU investors a idea of their land values. Whiting has 811,737 acres with 7500 drilling locations in the Williston Basin. their 4th qtr production in the Williston basin was 101,000 BOE/pd.
Fidelity and Whiting have oil wells side by side in the South Heart area.in Stark county All of this info is from Yahoo finance. . Read A current PDF presentation and the annual report is available at the corp website. don
The Price of oil is the Main issue with the stock price drop of MDU. the decision to sell Fidelity assets coincided with the drop in oil. Now the decision to retain until price of oil improves can cause indecision in share holders.
If you use a 1 year chart of MDU compare it to ( USO ) this is a oil etf . the the movement in both securities is almost in lock step, although USO has fallen more then MDU . don
These are in Stark county, ( Dickinson ND ) area. posted today on NDIC site. don
#23892 - FIDELITY EXPLORATION & PRODUCTION COMPANY, KATIE 3-10H, LOT1 3-139N-95W, STARK CO.
#24674 - FIDELITY EXPLORATION & PRODUCTION COMPANY, AUSTIN 11-5H, LOT4 5-153N-92W, MOUNTRAIL CO.
#27399 - FIDELITY EXPLORATION & PRODUCTION COMPANY, WALLACE 1-12H, LOT4 1-140N-98W, STARK CO.
#27400 - FIDELITY EXPLORATION & PRODUCTION COMPANY, MIKE 1-12H, LOT4 1-140N-98W, STARK CO.
#27401 - FIDELITY EXPLORATION & PRODUCTION COMPANY, HORSE FENCE 1-12H, LOT4 1-140N-98W, STARK CO.