They have 50% of this well and its follow-ons, significantly more than they have in their analog La Cantera field discovery. Todd said in their Q2 call they could have it hooked to sales in February, assuming a commercial discovery, of course. If we're in the midst of a deep freeze in February, you can just imagine the collar or swap for that gas that could be created.
Maybe we'll be happy to be producing ~70% natural gas in the fourth quarter given the fall in CL prices and the forecasts for another cold winter ahead. Natural gas at $4.14 feels like a victory today.
Note what make PXD special for UBS:
UBS lists six top potential targets, some of which already are swirling in the rumor mill, including Pioneer Natural Resources (NYSE:PXD), with its own fracking fleet and huge Midland Basin play making it a very attractive but expensive target.
The firm's other five top M&A candidates: COG, CXO, OAS, RRC, WLL.
Don't wait too long. Stochastics, MACD and other technicals are turning up. Next resistance band is $5.86 to $6.06. The bets on a cold winter are being laid now. I like PQ for a Dec. 31 trade, should that be your time horizon. I'm in through the winter at a minimum.
When nat gas breaks above $4.10 we should see more buying in the un-loved gassers like PQ, SFY and others in the second tier..
I think the Q3 exit rate will be higher. They said previously they had 2700 Boepd curtailed and this is being brought back on day by day. I'm guessing 2500 for an exit rate next Tuesday.
2.9 million shares should be worried about this catalyst in 4Q.
The latest quarterly filing is for the March 31 quarter. I suppose they didn't want to be asked about these results at the investment conferences. Maybe they'll put on their big boy accounting pants and get the June 30 results out soon? The registration statement also filed on Sept. 25 will require weekend study.
I didn't hear anything new in the webcast from SF--just the same old promises of production and activity by year end. Did anybody attend the breakout session and get any greater insights?
The technicals are very bearish while the fundamentals are bullish if you believe what Charlie said yesterday in SF and showed on his slides. Under $5 would be an early Christmas. I just shorted the November $5 Puts to collect $0.25 premium for the visions of sugar plums.
Slide #8 of the latest presentation indicates 2106 boepd as an average for thus far in the 3Q. It is the exit rate for Q3 that needs to demonstrate better progress.
That presentation delivery yesterday from SF was weak. Clifford bumbled all through it and apparently had some out of date slides in it. He said the correct deck is available on the website, but I sure don't find it if it is.
but as always the meat is carved in the grilling in the breakout room following the prepared remarks. I wonder if Schiller bellows from the boardroom in Houston, "DePinho, bring up more Pinot."
NG has given up its earlier gain and now the game is well results and temp forecasts. Hurry up and wait.
Good to hear from San Francisco the potential buyer for the Central Loozie package is still at the table and meeting dd timelines and milestones. It sounded like they are also taking offers for pieces of it as a fall back position. The production results in S. TX continue to be good and within cash flow and JV proceeds this year. Any kind of debt pay down from sales in Louisiana would pop this stock. Adding under $10 makes sense to me for a trade between now and Dec. 31.
Antonio could aid the short term by dropping a nugget in the plate Monday in San Francisco. I hope he wasn't expecting the Giants to be in town Sunday or Monday, however.
HOUSTON, Sept. 17, 2014 (GLOBE NEWSWIRE) -- Energy XXI (EXXI.L) (EXXI.L) today announced Executive Vice President, Exploration and Production Antonio de Pinho will present at the IPAA OGIS Conference in San Francisco on Monday, Sept. 22, 2014 at 9:20 a.m. Pacific Time..
Some option strategies for Friday's close at the $57.50 strike may have just become problematic. Big open interest there on the calls and puts. Max-Pain under review tomorrow,
Ed, I have a lot of respect for your opinions and contributions here. What's your take on Bob's use of "reasonable rates and encouraging rates" with respect to Jourdanton? I've never seen anything like this.
"At Abraxas’ Jourdanton prospect in Atascosa County, Texas, the Ribeye 1H was recently placed on pump and is producing to sales at reasonable rates. The Ribeye 2H was recently placed on pump and is producing to sales at encouraging rates. 30 day rates will be provided when available. Abraxas owns a 100% working interest across the Jourdanton prospect."
The selling today made no sense unless you were anticipating the wave developing off the Africa coast tomorrow would enter the GOM and raise havoc as a significant storm. It's way too early to panic IMO, but it was easy to buy today at $1.41.