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SodaStream International Ltd. (SODA) Message Board

funwithfriends179 8 posts  |  Last Activity: May 20, 2015 9:06 PM Member since: Sep 4, 2007
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  • * Kuwait, UAE also deny requests for more cargoes

    * Middle East crude flows to China down over 10 pct since January

    * Reductions come despite record Saudi exports, Chinese demand

    * Crude needed to meet rising Mideast refining demand

    BEIJING/SINGAPORE, May 20 (Reuters) - Saudi Arabia and its main Middle East OPEC partners are turning down Chinese requests for extra oil as they hold back fuel for their own refineries just as demand from the world's biggest crude importer hits new records.

    While the Saudi and other refusals for additional crude supplies may not be part of a new pricing strategy, the rejections to their biggest client help explain a 40 percent rise in oil prices this year as Chinese importers have had to seek more oil from other suppliers in what analysts say is still an oversupplied market.

    Senior Chinese oil traders told Reuters the Saudis have turned down requests from Chinaoil and Unipec - the respective trading arms of PetroChina and Sinopec - for extra cargoes of crude for May and June loadings, forcing them to seek supplies from producers in West Africa, Oman and Russia.

    Saudi Arabia "used to provide as and if we asked for extra cargoes on top of contract during the first four months of the year, but not for May and June," said a trader with one of China's biggest oil importers on condition of anonymity as he had no permission to talk to media.

    Sounds like everybody in the mid east is tapped out. I wonder how long until reality sets in and oil price explodes when traders realize the US has cut production that is sorely needed soon now that the spare capacity cushion is gone.

  • It was in the presentation given earlier in the day. It was a complete rebutal of the short thesis when the PGN executive said that lots of rigs could be scrapped soon, but ALMOST NO PGN RIGS ARE EVEN CANDIDATES FOR SCRAPPING because they are way too valuable and newly rebuilt to even CONSIDER SCRAPPING! People seem to have already forgotten that Noble spent $2 Billion rebuilding some of PGNs rigs in the 2 years before the split. PGNs debt load was less than just the cash cost that NE put into it right before the spinoff. I hope that some of this gets mentioned on the earnings call tomorrow morning.

  • I really want to know what they sold. It does not shock me at all that they record a gain anytime they sell something because they marked all of their assets down so low already (book value of $5.80/share is ridiculously low), but I really want to know what they are selling in this low price environment.

  • The new numbers say they added 3.348 million shares shorted in 15 days. Now 14.33 days to cover which is the largest time in 3 months.

  • Reply to

    To put things in perspective

    by funwithfriends179 Apr 15, 2015 2:13 PM
    funwithfriends179 funwithfriends179 Apr 15, 2015 5:55 PM Flag

    They are limited in buying back shares. I believe it is something 25% of the float they can buy back without risking the spinoff being treated as a tax free event (even if they did risk that, who would pay? Noble, PGN, or just the people that initially received PGN shares?). They certainly have held out lots of hope of buying back shares from day one as a public company, although the talk of it has died down now that they want to get the prospector debt placed first.

  • funwithfriends179 by funwithfriends179 Apr 15, 2015 2:13 PM Flag

    Even though today seems like a high volume day and a good (20% or so) daily gain, PGN actually increased their revenue in the last "terrible, god awful" FSR by about double the value of all PGN stock that traded today! Just think what could happen if/when PGN actually used a bit of their enormous cash flows to buy back some of their shares at these prices!!!

  • Reply to

    FSR just out pdf. at website 04-13-2015

    by freeze.dried_mule Apr 13, 2015 4:51 PM
    funwithfriends179 funwithfriends179 Apr 13, 2015 11:26 PM Flag

    Nothing great to report. Just a few wells in progress that keep on working at current dayrates. It added $13 million dollars more revenue but that'll only add 6 or 7 cents to earnings after all the costs come out of the $13 million. For a company that earns $4/share+ every year, a few cents/share means nothing.

  • It's the first FSR in months that NE had new contracts and still all 3 contracts are jackups (34 year old jack up, 35 year old jackup, and a 2 year old jackup). What I liked in the report was the tiny amount that rates went down (about 12% for each old rig and about 15% for the high spec new rig vs. PGN's dayrate on the Prospector 1). Randey Stilley has been spot this whole time, but who knows how long it will take for Wall Street to finally figure it out and push PGN's stock price higher than SDRL, RIG, NE, etc... PGN has rigs that get profitable work no matter what, while all the expensive deepwater players are in deep water with $50-60 oil!

    Sentiment: Strong Buy

SODA
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