Permian Basin property was sold back in May and was finalized yesterday. Lets hope they can pay down another chunk of debt.
Apple And Cisco Team Up To Make iPhones Better Suited For Enterprise.
Apple and Cisco announced on Monday that they have partnered up to integrate iOS products more tightly into the kind of enterprise networks sold by Cisco. Together, they will create a “fast lane” for iOS products in enterprise networks.
The two companies also announced a plan to build tools to help iPhones and iPads take advantage of Cisco’s business collaboration products, such as its voice and video conferencing services.
By tightly integrating iOS and Cisco products, the end result could make iPhones and iPads perform better in corporate environments, as well as kickstart sales for the iPad, which has been experiencing declining sales for six consecutive quarters.
“Apple has mastered consumer, but not enterprise, and Apple is partnering in the enterprise on technologies and experiences that aren’t their core competency,” said Patrick Moorhead, president and principal analyst at Moor Insights and Strategy. “Long-term, I think Apple is trying to completely rethink enterprise work and workflow.”
“Their economies are not diversified,” said Hastings. “Without oil prices at exceptionally high prices, then they are staring at big troubles.”
OPEC, in its monthly bulletin, said that the low oil prices, brought about by higher crude production and market speculation, may translate into a “loss of much-needed revenue required from member countries’ socio-economic development” as well as a decline in investment in future capacity additions.
And “failure to invest now could mean prices in the coming years spiking to levels inconsistent with what is considered ‘reasonable’ for both producers and consumers,” it said.
Still, Tariq Zahir, a managing member at Tyche Capital Advisors, said he wouldn’t read too much into the OPEC news.
Saudi Arabia, OPEC’s largest producer, will continue to defend its market share, “producing at record levels, especially with Iranian oil coming online” following an agreement with the West over Iran’s nuclear program.
The Saudis have “made it clear they will not cut [output] unless other OPEC members cut,” said Zahir.
The OPEC comments follow a report Thursday that Venezuela was pushing for an emergency meeting of the oil cartel in coordination with non-OPEC Russia to find a way to stem the oil-price rout. On the heels of that news, prices Thursday jumped by more than 10% for the largest one-day percentage rise since 2009.
In its bulletin Monday, OPEC seemingly addressed the speculation of an emergency meeting, saying that it “stands ready to talk to all other producers,” but emphasized that any talks must be on a “level playing field” and that “OPEC will protect its own interests.”
“There is no quick fix, but if there is willingness to face the oil industry’s challenges together, then the prospects for the future have to be a lot better than what everyone in the industry has been experiencing over the past nine months or so,” OPEC said.
OPEC’s statement “that they’re willing to work with other countries ... was a big deal,” said Bob Yawger, director of the futures division at Mizuho Securities USA Inc. “That has rallied the market strongly.”
Previous attempts in the past 12 months to discuss cooperation with non-OPEC producers have brought no results. The unsuccessful attempts included a November meeting between OPEC members Saudi Arabia and Venezuela and non-members Mexico and Russia.
OPEC did not specify any timing or location for a dialogue with other producers and didn’t indicate what it saw as a fair price.
But Iran’s oil minister Bijan Zanganeh said Saturday there was a consensus within the group that $80 per barrel was an equitable price—echoing a target previously given by Iraq and Venezuela.
In addition, the U.S. Energy Information Administration said Monday that U.S. oil production this year was lower than previously estimated. The newly released federal data confirmed that U.S. oil output has taken a hit from lower oil prices, as new investments have proven uneconomic and some companies have struggled to stay afloat.
The EIA cut its estimates for production in the first five months of the year by between 40,000 and 130,000 barrels a day each month, due to new survey methodology. The largest revisions came in Texas and the Gulf of Mexico.
In addition, the EIA said that June production fell by 100,000 barrels a day to 9.3 million barrels a day, bringing total production in the first half of the year to 9.4 million barrels a day.
The agency also said that U.S. production peaked in April at 9.6 million barrels a day, not in March at 9.7 million barrels a day as previously reported.
The updated data “will encourage more bottom-picking,” as traders pile into the market in expectation that production will keep falling, said Olivier Jakob, managing director of oil-advisory firm Petromatrix. “We went through a wave of [production] increase, but now this is starting to come to an end.”
What is your point? Berry is an indirect wholly owned subsidiary of LINN Energy now so that solar plant is now Linn's as well. Are you aware that this process is used to extract oil.
OPEC is concerned by the drop in oil prices—trading near multi-year lows—and is ready to talk to other producers, an article in an OPEC publication issued on Monday said.
"Today's continuing pressure on prices, brought about by higher crude production, coupled with market speculation, remains a cause for concern for OPEC and its members—indeed for all stakeholders in the industry," the commentary in the latest OPEC Bulletin said.
The Organization of the Petroleum Exporting Countries renewed its openness for dialogue with other producers. OPEC has refused to cut its own output without help from outside producers such as Russia, which have also declined to lower supply.
"As the Organization has stressed on numerous occasions, it stands ready to talk to all other producers. But this has to be on a level playing field. OPEC will protect its own interests."
Brent and U.S. crude futures turned higher, after its biggest two-day rally in six years last week, pressured by a supply glut and renewed concern about a hard landing for China's economy.
Separately, Russian President Vladimir Putin and his Venezuelan counterpart Nicolas Maduro will discuss "possible mutual steps" to stabilize global oil prices during a visit to China this week, a Kremlin aide said on Monday.
Putin and Maduro will attend a military parade in Beijing marking 70 years since the end of World War Two in Asia.
Kremlin aide Yury Ushakov said the steps would be discussed as part of Moscow's cooperation with OPEC. He did not give any further details.
The price of oil, Russia's chief commodity export, have halved since last year to trade below $50 per barrel, helping send the Russian economy into recession.
The Wall Street Journal reported last week that Venezuela has been contacting other members of the OPEC, pushing for an emergency meeting with Russia to come up with a plan to stop the global oil price rout.
You do realize Linn was in acquisition mode and was spending Billions for Hugoton Basin, Jonah Field and Berry Petroleum in that time frame. Speaking of fraud's try looking in the mirror Skippy!
I hope they do follow through and suspend it for awhile as long as they use the cash to repurchase debt at a discount. The SP will rise as the debt falls and the bankruptcy talk will fade away as well. Sacrifice a nickel or dime a month to stay in business a year or 2 longer until oil recovers has my blessing. If Linn can navigate through this $40 oil price we all will be very happy with the SP when oil rises again.
So Linn's drop from the $30's to $2 and change was because of the price of NG and not the drop in price of oil. Too funny!
I guess it's time to flush you down to the sewer also known as ignoreland!
Saudi Arabia is preparing to cut billions of dollars from its budget amid a steady drop in crude oil prices, a Bloomberg report suggests. Reportedly, Riyadh is currently working with advisers to review capital spending plans and delay some projects.
“The government is in the early stages of the review and could look at cutting investment spending, estimated to be about 382 billion riyals ($102 billion) this year, by about 10 percent or more,” wrote Bloomberg, citing two people familiar with the matter speaking on condition of anonymity.
According to the sources, besides reviewing its capital spending, the Saudi government may delay or reduce some of its projects to save money. However, spending items such as public sector salaries would not be affected, the report claims.
The Saudi budget, which draws some 90 percent of its revenue from the petroleum sector, has been heavily hit by a 50 percent drop in oil prices and is expected to incur a deficit amounting to 20 percent of GDP in 2015, the International Monetary Fund has estimated.
“This is a response to the lower oil prices but also to the fact that capital spending has been growing strongly over the past few years,” Fahad Alturki, chief economist and head of research at Jadwa Investment Co., told Bloomberg while commenting on the report.
He added that though a cut in capital spending “will impact economic growth, the non-oil sector is not as reliant on government spending as it was 20 or 30 years ago.”
In the meantime, the Saudi Finance Ministry declined to comment.
Earlier in August, the Financial Times reported that Riyadh planned to raise $27 billion on the bond market by the end of 2015 to balance its budget, which had been prepared based on an estimated crude oil price of $106 per barrel.
Hey bull, oil technology in the US has changed dramatically since the 1980's. The frackers can find and extract oil now at a fraction of the cost back then. OPEC is in disarray and may not even exist in a few years. The Saudis are losing millions every day trying to support their citizens with these low prices and can't hold them down forever. They also no longer have the Bush cartel in their back pocket to defend them from foreign invaders such as ISIS and have to absorb the cost of supporting their own military. The US oil business is here to stay regardless what games the Saudis try to play. I think the Saudis are regretting this recent game plan already and OPEC is close to mutiny.