3:15 am Transocean beats by $0.20, beats on revs (RIG) : Reports Q4 (Dec) earnings of $0.95 per share, $0.20 better than the Capital IQ Consensus Estimate of $0.75; revenues fell 1.5% year/year to $2.24 bln vs the
3:15 am Transocean beats by $0.20, beats on revs (RIG) : Reports Q4 (Dec) earnings of $0.95 per share, $0.20 better than the Capital IQ Consensus Estimate of $0.75; revenues fell 1.5% year/year to $2.24 bln vs the $2.1 bln consensus.
Fleet revenue efficiency was 95.3%, up from 92.6% in the third quarter. Revenue efficiency on ultra-deepwater rigs was 95.4%, up from 91.6% in the prior quarter
Fleet utilization was 72%, versus 75% in the third quarter
Contract backlog was $21.2 billion as of the February 17, 2015, Fleet Update Summary.
Fleet Average Revenue Efficiency 95%
Capital Expenditures $1.8 billion
2:58 am Ensco beats by $0.32, reports revs in-line (ESV) : Reports Q4 (Dec) earnings of $1.68 per share, $0.32 better than the Capital IQ Consensus Estimate of $1.36; revenues fell 7.6% year/year to $1.16 bln vs the $1.16 bln consensus.
Reported utilization, which includes the impact of uncontracted rig days and planned downtime, declined to 86% from 90% in fourth quarter 2013. The decline was mostly due to year-over-year increases in uncontracted rig days.
Contract drilling expense increased to $514 million from $500 million a year ago. The previously reported sale of jackups operating offshore Mexico influenced the year-to-year comparisons. Excluding the net impact of this sale, contract drilling expense increased 2% to $510 million. Reductions in certain discretionary compensation and insurance costs partially offset the incremental expense associated with four newbuild rigs.
stop with the lies you panicking shorty; That was done BEFORE earnings announcement. If you lie again you'll be send to stand in the corner !!! LOL.
RIG currently up 7% premarket. Upside limited secondary oil down 1.5% currently. However, PGN may go up more than RIG because of recent dramatic hair cut of nearly 30% post earning report of 5-6 days ago which was actually better than that of RIG and had a dividend cut like RIG ( rig cut their dividend to only 15 cents whereas PGN took it completely out for the time being),
If oil turns around and goes up today or in near future expect drillings to be up big (remember RIG is yhe groups leader and by far he largest and one of the oldest having been around since 1953).
That is the way to run a business. I've ran a business for nearly 30 years and I can tell you tying compensations to performance are initially not liked by management folks but eventually their more hard work starts paying off and they love it. It is good for the management and for shareholders. (see yahoo for the full report)
By the way, as promised I went all in today between 2.21 and 2.25. over and out.
PGN's recent correction from $17 to where it is now has nothing to do with anything that Stilley is done. Did Stilley also cause GDP to drop nearly 90% or EXXI to drop nearly 90% or....many many other oil companies who have dropped by huge amounts at the same time span that PGN has?
When he began the dividend he unfortunately forgot to go look into his glass bowel and see that oil prices were going to drop by nearly 60% in a very short time!!!!
GDP was also doing terrible about a month ago going down day after day following their capex cut and many analysts lowering their ratings and price targets to around $2 ...I bought many shares in mid to upper 2's but panicked and sold in low to mid 3's but today in less than a month is at mid 4. Same will happen with PGN.
Buy when there is blood in the street.
I expect the price to hit mid 3's in less than 30 days. Remember this stock was at $17 just a few months ago and before oil's crash. Nothing about the company is changed and if anything they've become more streamlined and cost conscious.
Of course like any other oil stock it all depends on price of oil. It seems at least for the short term the price is stabilized a bit but nobody knows what intermediate future will bring. As for PGN in particular I believe it will move with all the others in the same sector; I think managements latest moves, such as dropping the dividends for now and trying to cut costs and saving money may have been misinterpreted by the market and hence such correction in stock price in the last few days (there may have also been some margin calls, etc). But I really liked what I heard from the management and admire them for being so proactive.
As for myself I had bought the stock around 2.80 but sold around 3.20 just before the earnings announcement but have been buying for both fists today and some yesterday. If it goes down any further I intend to go all into this while selling all my other oil stocks.
I am not a gambler and very conservative and don't ever like to place all my eggs in one basket as that is not very smart but I feel this is an occasional exception.
With all due respect, many of you are making an #$%$ out of yourselves. How in the world did you expect Mr. S, or anyone else for that matter, know in advance that the bottom was going to fall out of the oil market come late in 2014? Or are you all blind to see that all oil related companies have had a major hair cut in the last 2-3 months with some even worse than PGN. As for committing funds Stilley is not the only one and there are many such as EXXI that bought off shore in gulf of Mexico to the tune of over $2 billion only short time before price drops;
Markets always face the unexpected. Face it or get the hell out and stop yelling at a CEO of a new company that is not even one year old as though it is all his fault.
The simple fact that before oil price drops he had instituted $1 dividend tells you that this is a very profitable company once oil recovers.
You all sound like a bunch of winning babies that can't stand the heat or take responsibility for your own actio and always try to blame someone in your lives even when it is nobody's fault!!!
even excluding goodwill impairment the losses were in tens of millions and they missed earnings expectation by analyst big time...Also, who care whether you call some of this hyge loss goodwill impairment ; they are still losses and a direct hit to the value of the shares...in addition it clearly indicates what a bad investment their latest aquisition was...and this goodwill impairment may going on for several more quarters or untill they file bk.
Sentiment: Strong Sell
The big drop just beginning. Shorts are going to go after it with vengeance and for good reason: you can't have $3.86 BILLION in debt and yet show $386 MILLION in losses in a single quarter and not expect crowd worrying about bankruptcy;
The short will have a field few days; And remember when any stock get a substantial hair cut because of poor earnings the correction process always last for awhile and is never limited to a single day.
I expect the knees to be cut from under the share price.
It will be ugly...
Sentiment: Strong Sell
before it revisits the 1.28 OF COUPLE DAYS AGO TO FILL THE GAPS.
it should sell as soon as market opens at the opening price which seems it will be at a dollar and change. If you don't to sell at that price you need to cancel your stop loss before the markets open in a few minutes.
That is just the way it always works. And even 98 cents will be too expensive as the new lenders have been given basically a free hand to do whatever they want and issuing millions more shares and/or selling the company or shutting it down while selling its assets are all in the cards.
Well said. I agree but I think even recent corrections have been because of very aggressive margin calls by major brokerages regarding oil stocks in general but exxi and some others in particular. As such I believe regardless of any further crude price correction, which is unlikely, that exxi should be ascending and going up in
near future specially if margin selling is over (for example I understand TDAmeritrade has been calling in margins on certain oil companies within 48 hours of established margins.).
Sentiment: Strong Buy
Relax longs. This is the time to add to your positions...
Sentiment: Strong Buy
Wow...Average EXXI selling price @ $70 while WTI under $50? That shows the managements foresight. I went an read over their presentation and everything Cyntiques says is 100% accurate including other numbers and issues.
This stock should be back way up there at no time; I expect it to be around $30 within 12 months.
Sentiment: Strong Buy
Read my previous post in reply to Cyntiques-100 for explanation. You will see why EXXI stock deserves a double digit price TODAY!!!!!!!
Sentiment: Strong Buy
I just noticed that 83.7 of the float is owned by insititutions. is that true? if so this is a big and major indication that this stock has a solid future and will roar up in due time...