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Freeport-McMoRan Inc. Message Board

hardwoodjoe 34 posts  |  Last Activity: Jan 23, 2015 10:22 PM Member since: Oct 31, 2005
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  • hardwoodjoe hardwoodjoe Jan 23, 2015 10:22 PM Flag

    Im not a basher but a long on this stock...Ive done contract work for LPI in the cline shale south of Garden City in Texas. I familiar with the company and I know the company prospects , Ive invested in this company after reading the prospectus and looking at their financials, The company is hedged for 2015 and the better part of 2016 the hedge is far above the current price of crude ...If you look at the current press release it states the price of these hedge. If your looking for long term I believe this company will survive this current environment....The media loves to gain ratings on doom and gloom so whatever you hear is greatly going to be blown out to make people fear oil stocks....the best time to buy stocks are when they are low and right now it is extremely attractive to enter this space....DD is recommended, Ive read and reread all I can about this company and feel Ive invested in a great company with long term goals....short term this stock pulls back at around 10.50 resistance and go back to 8.50 support so any pullback at 8.50 is good entry...9.12 is decent price if oil goes green on Monday....I don't know what happened today that it got a smackdown of 6.5% didn't make sense to me being that most oil stocks were up or not beatdown as bad...there is also rumuor that Oxy is looking at this company but that is hearsay in the oil patch...short term be ready for violent swings as this is high beta....good luck

  • Reply to

    Bankruptcy?

    by captain_colon69 Jan 22, 2015 1:41 PM
    hardwoodjoe hardwoodjoe Jan 23, 2015 9:09 AM Flag

    They file BK your shares would be worthless.....do your homework before posting you sound like a moron.

  • Reply to

    Looking for more SN's, got some more names?

    by bicepsbunny Jan 10, 2015 6:44 PM
    hardwoodjoe hardwoodjoe Jan 20, 2015 12:27 PM Flag

    Lpi is trimming the fat and there is possible buyout talk in todays scandal rag...been that way since oil prices went lower .

  • hardwoodjoe hardwoodjoe Jan 20, 2015 12:23 PM Flag

    DVN ramping up production in eagleford sees drilling at profitable levels in this environment....

  • Reply to

    lpi Closing Dallas office

    by nortini Jan 20, 2015 10:45 AM
    hardwoodjoe hardwoodjoe Jan 20, 2015 12:16 PM Flag

    That explains why we are in the green....that and buyout rumours ....work in the patch and large cap oil company is looking for more acreage in Permian cline....looking to purchase assets at depressed level....lets just say Athelon sold out about the right time....

  • Reply to

    lpi Closing Dallas office

    by nortini Jan 20, 2015 10:45 AM
    hardwoodjoe hardwoodjoe Jan 20, 2015 11:39 AM Flag

    Trimming the fat....getting rid of the golfers.....

  • hardwoodjoe hardwoodjoe Jan 6, 2015 8:59 PM Flag

    This company is my neighbor in the Permian basin ...I live right next door to offices of sandridge Permian....they laid everybody off in the Andrews area with intentions of not producing anymore oil for 2015 shutting in wells....no clue of whats is going on as far as managing a company....the whole company is poorly managed IMO....I wouldn't touch this stock even if its .50....good luck to whoever even considers buying this...more companies out there to choose from...

  • hardwoodjoe hardwoodjoe Jan 6, 2015 4:56 AM Flag

    Bloomberg) -- Tumbling crude prices will trigger a flood of oilfield writedowns starting this month after industry returns slumped to a 16-year low, calling into question half a decade of exploration.

    With crude prices down more than 50 percent from their 2014 peak, fields as far-flung as Kazakhstan and Australia are no longer worth pumping, said a team of Citigroup Inc. analysts led by Alastair Syme. Companies on the hook for risky, high-cost projects that don’t make sense in a $50-a-barrel market include international titans such as Royal Dutch Shell Plc and small wildcatters like Sanchez Energy Corp.

    The impending writedowns represent the latest blow to an industry rocked by a combination of faltering demand growth and booming supplies from North American shale fields. The downturn threatens to wipe out more than $1.6 trillion in earnings for producing companies and nations this year. Oil explorers already are canceling drilling plans and laying off crews to conserve cash needed to cover dividend checks to investors and pay back debts.

    “The mid-cap and small-cap operators are going to be hardest hit because this is all driven by their cost to produce,” said Gianna Bern, founder of Brookshire Advisory and Research Inc., who also teaches international finance at the University of Notre Dame.

    An index of 43 U.S. oil and gas companies lost about one- fourth of its value since crude began its descent from last year’s intraday high of $107.73 a barrel on June 20. The price dipped below $50 on Jan. 5, the lowest since April 2009. The decline represents a $4.4 billion drop in daily revenue for oil producers, which equates to $1.6 trillion on an annualized basis, Citigroup researchers led by Edward Morse said in a Jan. 4 note to clients.

    Exposing Risk

    The oil-market rout is exposing projects dating as far back as 2009 that were either poorly executed or bad ideas to begin with, Syme’s team said in a note to clients. Shell, Europe’s largest energy producer, may have as much #$%$ percent of its capital tied up in money-losing projects. For U.K.-based BG Group Plc, the figure could be as high as 8 percent, according to the Citi analysts.

    The biggest swath of asset writedowns probably will happen among U.S. explorers such as Sanchez, Matador Resources Co. and Clayton Williams Energy Inc. that don’t have the same financial discipline as bigger producers such as Marathon Oil Corp., Bern said.

    Houston-based Sanchez fell 12 percent Jan. 5 in New York trading, bringing its one-year decline to 66 percent. Matador, based in Dallas, dropped by 8.5 percent and Midland, Texas-based Clayton Williams declined by 7.8 percent.

    Declining Worth

    “Impairments are unavoidable,” said Mark Sadeghian, an energy-industry analyst at Fitch Ratings Ltd. in Chicago.

    The writedowns that occur will be in the form of asset impairment charges related to the declining worth of specific oilfields, rather than wholesale reductions in proved reserves, Sadeghian said. Investors are less inclined to punish oil companies for impairment charges than they would for a drop in reserve volumes, said Gabriele Sorbara, an analyst at Topeka Capital Markets Inc. in New York.

    Citi expects Brent crude, an international crude benchmark, to average $62 this year, cutting earnings per share for major oil companies by an average of 29 percent through 2017 and increasing pressure to postpone some drilling.

    For the biggest U.S. and European petroleum producers, return on equity -- a measure of how profitably earnings are reinvested -- has fallen to an average of 7.5 percent, the lowest since the fourth quarter of 1998, according to Syme’s team.

    Spending Cuts

    That’s triggering a cascade of spending cuts from Dallas to London that could boost return-on-equity for the group to an average of 11.5 percent within three years, Syme’s group said.

    The oil industry may cut spending on offshore platforms, refinery upgrades and other capital projects by 20 percent this year, according to Sanford C. Bernstein analyst Oswald Clint in a Jan. 5 report. This will mean less funds for refining and “more shuttering of underperforming European assets should be expected in 2015.”

    The major international explorers such as Exxon Mobil Corp. and Chevron Corp. are unlikely to incur any significant impairment charges unless crude prices continue falling and remain depressed for an extended period, Bern said.

    The oil-market slump still hasn’t reached the depths of the 2008 rout that accompanied the worldwide financial crisis, she said. Back then, West Texas Intermediate crude dropped from $147.27 to $32.40 -- a 78 percent decline -- in a five-month span. A commensurate fall from last year’s peak would entail reaching a nadir of $23.70.

    “You’d look for a longer, more sustained decline before the Marathons and ConocoPhillips and Exxons of the world start to revisit asset valuations,” Bern said.

  • hardwoodjoe hardwoodjoe Dec 17, 2014 10:17 AM Flag

    Wheres the happy smiliy face button.....

  • Reply to

    When will we see such a buy opp again?

    by summerwind_57 Dec 15, 2014 2:00 PM
    hardwoodjoe hardwoodjoe Dec 15, 2014 8:49 PM Flag

    In 2009 the price of las Vegas sands was 1.39....I sat on the sidelines because everyone said it was going to bk.....just think ....if I had bought 10,000 shares.....should've would've could've.....will this be a repeat of an opportunity..... In at ten with 1400...
    Where's the mad face button on this site...

  • Reply to

    When will we see such a buy opp again?

    by summerwind_57 Dec 15, 2014 2:00 PM
    hardwoodjoe hardwoodjoe Dec 15, 2014 3:27 PM Flag

    I'm riding this all the way to the bottom...where is the sad face button on this site...

  • Reply to

    1.1B liquidity would help a lot

    by llam_01 Dec 10, 2014 2:37 PM
    hardwoodjoe hardwoodjoe Dec 14, 2014 2:51 PM Flag

    Sandriidge office is 1 mile from my house...I had friends that worked there up until last week ...all the Andrews TX workers are getting pink slips as of Jan 1 2015....the company is poorly managed and always has been...huge debt and unskilled management....I wouldn't put SD and SN in the same category two entirely dif companies...SD is also a service company with Lariat oil as subsidiary....company is bleeding cash...too many employees and not enough productivity....wouldn't surprise me if this company folds in the aftermath if oil prolongs this decline...

  • Reply to

    Nice update......very impressed ....???????

    by wiszad Dec 10, 2014 9:04 AM
    hardwoodjoe hardwoodjoe Dec 10, 2014 10:24 AM Flag

    Now....if we could get management to load up then I think there will be an influx of buyers..... Come on Tonio get of your #$%$ and buy.....

  • Reply to

    Nice update......very impressed ....???????

    by wiszad Dec 10, 2014 9:04 AM
    hardwoodjoe hardwoodjoe Dec 10, 2014 10:19 AM Flag

    Indeed this update puts many of us here at ease.....now I can read this and disect this update for 100 times....we may be very close to the bottom....hope is a good thing maybe the best of things....

  • Reply to

    Loaded up on SN earlier

    by dudethattrades Dec 9, 2014 1:12 PM
    hardwoodjoe hardwoodjoe Dec 9, 2014 7:20 PM Flag

    So you're saying the selloff is over...you made a buy on conviction??? Let's hope you're right....you're either going to look like a financial genius or a financial idiot....but nonetheless welcome to the board... I'm waiting a day or two to load 500 shares lpi 500 shares pe and remain with 1400 shares of an...of which I will margin trade on daily basis....this is a traders dream...when oil upticks so does an....10% swings most average days....but the 1400 core is going to ride it out for 2,3,4,5, yrs....

  • Reply to

    Expect a buyback announcement

    by conservative_8899 Dec 8, 2014 10:35 AM
    hardwoodjoe hardwoodjoe Dec 8, 2014 8:57 PM Flag

    IMHO I think management is wise to salvage cash flow or cash on hand.....if they do a share buyback it could evaporate I'm one day.... There are many small players in the eagle ford that aren't viable or can sustain prolonged weakness....dry powder is good ...es someone stated.... They could buy acreage on the cheapcheap and reposition for future growth.... Meanwhile I'm stuffing my under pants with more common shares to keep warm....if this sizzles out me and Tonio will be seen panhandling on the corners of Laredo....

  • Reply to

    Just think on the bright side .....??????

    by hymanroz Dec 8, 2014 8:13 PM
    hardwoodjoe hardwoodjoe Dec 8, 2014 8:47 PM Flag

    Screw Warren Buffet.... I'm listening to you ole wise magi....I'm gonna stuff my underpants with this worthless stock....

  • Reply to

    BMO Dowhgrades

    by coldpizza22 Dec 8, 2014 11:16 AM
    hardwoodjoe hardwoodjoe Dec 8, 2014 3:44 PM Flag

    Jesus this is evaporating before our eyes....is there a least one buyer for 1 share.... Sheesh

  • Reply to

    hard to believe

    by uncle_miami_danny Dec 5, 2014 3:03 PM
    hardwoodjoe hardwoodjoe Dec 8, 2014 10:08 AM Flag

    Hard to believe water at 7-11 is more expensive by the gallon than a gallon of gas....1.99 gallon in south Texas

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