Occidental Petroleum Corporation (OXY) today announced the leadership team for its subsidiary California Resources Corporation (CRC), appointing Todd A. Stevens as President and Chief Executive Officer, and William E. Albrecht as Executive Chairman of the Board. CRC will be an independent oil and natural gas exploration and production company focused on high-growth, high-return conventional and unconventional assets exclusively in California.
“Todd and Bill are eminently qualified to lead CRC,” said Stephen I. Chazen, President and Chief Executive Officer. “They bring proven leadership abilities and more than 50 years of combined industry experience. Both have played an important part in building and managing our California operations for over 15 years.”
Mr. Stevens, 47, a 19-year veteran of Occidental, has served as Vice President, Corporate Development, since August 2012. In this role, he has led the company’s growth-focused initiatives including mergers and acquisitions, land management and worldwide exploration, and has played a key role in the capital allocation process. From 2008 to 2012, Mr. Stevens was Vice President, Acquisition and Corporate Finance, and Vice President, California Operations, for Occidental.
Mr. Albrecht, 62, has been President, Occidental Oil and Gas - Americas, and Vice President, Occidental Petroleum Corporation, since 2011. With more than 35 years of industry experience, Mr. Albrecht was responsible for Occidental’s oil and gas operations in North and South America, including its Health, Environment and Safety, government relations and social responsibility activities. He joined the company in 2007 as Vice President, California Operations.
Occidental will continue planning for the separation of the businesses, including determining the board of directors for CRC, and will continue to disclose material developments as they occur.
Excerpts from Today's Motley Article:
Now would be as good a time as any for companies to get on with it and make a deal. The M&A market has boomed this year, reaching levels not seen since before the financial crisis.
Chevron (NYSE: CVX ) and ExxonMobil (NYSE: XOM ) are likely to be doing the bidding as both behemoths had net debt-to-equity ratios of less than 10% at the end of the first quarter. Each had tens of billions available to complete any deal.
So which companies would fit best in their portfolios?
First, there's Marathon Oil (NYSE: MRO ) . Marathon is a pure domestic U.S. play, which would work well with Chevron, one of the largest domestic oil producers. Marathon would be a good bolt-on addition to ExxonMobil as well, which after the acquisition of XTO is still overweight in domestic gas.
Further, the company's small size and attractive portfolio would make it a tasty bite for any major.
Over the past few years, Marathon has been reducing its international exposure and is instead focusing on domestic plays. The company has acreage within the Bakken, Oklahoma, and the Eagle Ford. In total, Marathon has 2.4 billion barrels of resources available to it and 4,500 well locations.
The company does still have some international operations, however. These include prospects offshore Africa, the Gulf of Mexico, and Iraqi Kurdistan. That said, around 60% of the company's production is domestic.
Nevertheless, it's Marathon's size that makes the company attractive. Marathon reported production of 483,000 barrels of oil equivalent per day at the end of 2013, around 10% of Exxon's current daily production and 20% of Chevron's.
Moreover, the company's current market capitalization is only around $27 billion. This means that either Chevron or ExxonMobil could acquire Marathon for less than their annual capex budgets and add a double-digit boost to production.
Never respond to his inane/sick posts. Just continue to put all his alias's on ignore also. It only takes one second to put this ignoramus on ignore, no matter how many alias's he can make up. He'll be just flapping in the wind.
I put him on ignore and no longer see any of the posts he initiated or any of the posts that he added to somebody else's posts. It's as though he never existed.
Barclays Bullish on North American Transport Stocks -- Market Talk
5 minutes ago - DJNF
9:43 EDT - Barclays upgrades its sector view North America airfreight & ground transportation to positive from neutral, and also hikes Norfolk Southern (NSC) and Canadian National (CNI) to overweight from equalweight. Firm says an "improving fundamental backdrop is set to drive meaningful earnings expansion across a broad array of transport companies." Valuations are high, Barclays says, but "fear not; asset-based transportation networks thrive in periods of stronger economic expansion and modestly rising inflation." On the railroads, "solid volume growth, pricing gains and a focus on efficiency bode well for continued margin expansion in the group." NSC up 2.4%; CNI rises 0.9%.
Shareholders don't have to worry about price increases at the pump or natural gas price increase for residential utilities. When gasoline or natural gas prices rise, so do the pps and dividends, for MRO. The pps/dividends will more than compensate shareholders gas. MRO shareholders will profit when the price of oil and gas rises.
Shareholders don't have to worry about price increases at the pump or natural gas price increase for residential utilities. When gasoline or natural gas prices rise, so do the pps and dividends, for BP. The pps/dividends will more than compensate shareholders gas. BP shareholders will profit when the price of oil and gas rises.
Marathon Oil has interests in roughly 145,000 net acres in the Kurdistan Region of Iraq, including a 15% working interest in Atrush, a 25% working interest in Sarsang, and a 45% operated working interest in the Harir block. But these properties are all exploratory prospects, with the majority of Marathon's activity consisting of testing and appraisal, and are not currently contributing to its production.
Only the nonoperated Atrush block, where the company plans to drill three wells that will yield first oil in early 2015, is expected to contribute to near-term production. Gross production from Atrush Phase 1 is estimated at roughly 30,000 barrels of oil per day, of which 4,500 barrels per day would be net to Marathon -- a mere drop in the bucket compared to company-wide production that averaged 457,000 barrels of oil equivalent per day (boe/d) in the first quarter of 2014.
Kurdistan unaffected so far
Further, the risk of a disruption in the Kurdistan Region, a semiautonomous region in northern Iraq, is relatively low. Despite extremists belonging to the Islamic State in Iraq and the Levant, or ISIL, having seized additional cities north of Baghdad, production from Iraq's main producing regions -- southern Iraq and Kurdistan -- has so far been unaffected.
Kurdistan is also quite well fortified with an estimated 190,000 troops protecting the region's interests, according to a recent note by Morgan Stanley analysts. The Kurds have also taken control of Kirkuk, their historic capital and an oil-rich region, which further limits the risk of oil production disruptions.
In fact, recent news reports suggest that Kurdistan is actually planning to boost its oil exports in coming months. Exports from the region are currently at around 120,000 barrels per day and could increase by 100,000 barrels per day by year-end, if a revenue-sharing agreement with Iraq is instituted, experts say.
When the price of gasoline/natural gas rise, the increase in the pps for TPLM shares will more than offset any of these price increases.
When the price of gasoline/natural gas/oil rises, the shares/dividends of OXY will also rise and more than offset the prices that OXY shareholders have to pay for gasoline or home heating/cooling.
Shareholders don't have to worry about price increases at the pump. When gas prices rise, the rise in the pps and dividends, for COP, will more than compensate shareholders for the rise in gas. COP shareholders will profit when the price of oil and gas rises.
The Best Way to Capitalize on Higher Oil Prices
By Lennox Yieke | More Articles
June 25, 2014
Enerplus Corporation (NYSE: ERF ) continues to impress. Since recovering in 2013, the stock has largely been on an upward movement, gaining around 76% from the beginning of 2013 to date.
Enerplus has not only favored growth investors but income investors, too, have something to smile about. Despite the current dividend being less than what we had in the 2010-2013 timeframe and before, the current 4.20% yield is markedly better than what the broader market presents.
The only question that persists is whether or not Enerplus will carry on in its encouraging trend. But Enerplus' production mix plays perfectly into the current and expected price movements in natural gas and crude oil, a factor that will sustain its rally for the foreseeable future.
Enerplus is targeting a balanced production mix for 2014, with 52% of overall output comprising natural gas, 44% constituting crude oil, and the remaining 4% going to liquids, according to company filings. This targeted production mix will allow Enerplus to skillfully navigate the pricing vagaries that both crude oil and natural gas present.
Crude oil, which Enerplus produces from the Bakken, will present great margins for Enerplus. The West Texas Intermediate and the Brent benchmarks are currently hovering close to their 2014 Higher crude prices allow producers to increase their margins. critics may argue that gains in crude oil prices due to political risks are temporary, which I agree with, the argument for higher crude oil prices not only in the mid term, but in the long term, is supported by other stronger factors. The International Energy Agency (IEA) in a new report says that the energy sector will require $48 trillion in investments through 2035 to meet the world's energy needs. Such a mammoth investment bill will certainly be reflected in prices of commodities such as crude oil.
Has been pushed back to January 2016. First the Spanish constructions balked, caused a delay, and wanted more money. Then union workers went on strike, wanting more money. None of those whose livelihoods depend on the expansion want the project to end, because when it ends, they lose their jobs. They all want it to go on forever. Geez, at the rate they keep pushing back the completion date, I'll be dead and gone before my investment in CSX pays off through the increase in traffic due to the completion.
Enerplus (NYSE: ERF ) recently held an investor presentation that took a deeper look into its assets in the Williston Basin. What the company shared was its discoveries from its own deeper look into its Bakken assets. The biggest discovery was that the company now estimates that there's 50% more original oil in place than it previously thought. In doing so,
What Enerplus found was that as it evaluated well data and core data across its average, there was more oil saturating the rocks beneath its acreage. Not only was there more oil in the Bakken Shale and the first bench of the Three Forks formation than estimated, but Enerplus is finding that there's also oil in the second bench of the Three Forks formation.
What this means to investors
In discovering that there is more oil saturating the rocks underneath its acreage, while at the same time discovering how to access this oil, Enerplus is now seeing a significant increase in its resource potential. As the following slide notes, the company now estimates it should be able to extract another 97 million barrels of oil equivalent, or BOE, from its land position in the Williston Basin.
The company is boosting its contingent resource potential from 39 million BOE to 136 million BOE. That's a 250% surge in contingent resources and a big potential value boost to the company in the future. Over time, some or all of these contingent resources will become proved reserves, and when that happens, it will provide a big boost to the company's value.
It's pretty clear that current RIG shareholders WILL NOT receive 'spinoff' shares in the MLP.
Transocean Ltd. plans to raise as much as $350 million in the initial public offering of a company owning three of its drillships as the world’s largest offshore rig contractor seeks to strengthen its balance sheet.
The new entity, Transocean Partners LLC, expects to sell 51 percent partnership units in each of the three rigs, while Vernier, Switzerland-based Transocean Ltd. retains the remaining 49 percent stakes, the company said in a federal filing today.
Offshore rig contractors have been studying tax-free partnerships for some long-term contract drillships since Norway’s Seadrill Ltd. adopted such a structure in 2012. Transocean has been seeking ways to raise cash to upgrade its fleet and fund its dividend including a tax-free partnership, which is comparable to a master-limited partnership.
“We’ll start at a reasonable number of rigs that will allow us to grow the MLP over time so we can meet the MLP investor’s expectations regarding growth in distributions,” Chief Executive Officer Steven Newman said June 6 in an interview at Bloomberg’s Houston office. Transocean is on track to do a partnership IPO in the third quarter of this year, he said then.
Transocean’s filing didn’t provide timing for the IPO.
NEW YORK (TheStreet) -- Shares of DISH Network Corp. (DISH_) were upgraded to "buy" from "neutral" at Citigroup (C_) as the bank said the two upcoming wireless auctions should increase the company's spectrum value.
Citi believes DISH shares are undervalued based on the company's spectrum and raised its price target to $79 from $61.