May is gone, Summer is almost over. It's time for Drys to make a come back in a positive way.
Sentiment: Strong Buy
Venezuela is seeking an emergency OPEC meeting to figure out how the cartel can stem the collapse in oil prices, The Wall Street Journal is reporting.
According to people familiar with the matter, the Journal reports that Venezuela has contacted other members of OPEC — the 12-state oil cartel led by Saudi Arabia — to hold an emergency meeting "in coordination with Russia."
Russia is not a member of OPEC — the Organization of Petroleum Exporting Countries — but like OPEC's members, Moscow is heavily dependent on oil revenues to meet its governmental budget needs.
Saudi Arabia said they would bankrupt all the oil drillers (competition) and they are doing just that. More layoffs coming.
(Reuters) - Exxon Mobil Corp (XOM.N) reported lower-than-expected second-quarter results on Friday as tumbling crude prices halved profit at the world's largest publicly traded oil company.
Profit at Exxon's exploration and production business fared even more poorly with a profit of $2 billion, down sharply from $7.9 billion a year earlier.
BP one of the world's biggest oil companies, announced a second-quarter replacement cost loss of $6.3 billion Tuesday, and warned that low oil prices are here to stay.
Bob Dudley, chief executive of the oil major, said in a statement that the "external environment remains challenging."
As crude gets crushed, traders play for $40 oiL
The Saudi's said they would regain market share, and they are doing just that, by bankrupting many oil drilling companies around the world. It's bad, but Hero is not the only one suffering.
Saudi Arabia said they would take back market share, and they are doing just that. More oil drilling companies will bite the dust and when it's finished the Saudi's will increase oil to $100 plus dollars a barrel.
HOUSTON (AP) — Seahawk Drilling Inc. said it has filed for bankruptcy protection and plans to sell its fleet of offshore drilling rigs to a competitor for $105 million.
Seahawk Drilling Inc. plans to sell its fleet of offshore oil rigs, boats and other equipment to a competitor for $105 million as part of a bankruptcy filing.
Seahawk Drilling via AP
Seahawk, which announced the deal with Hercules Offshore Inc. Friday, has been hurt by a slowdown in Gulf of Mexico drilling after the BP oil spill last April. The government halted drilling in deep waters and imposed tough new rules that have curtained all energy exploration in U.S. waters.
With an attitude like yours, you deserve to lose your money and live in a card board box
Remember a few years back when Obama shut down the Gulf of Mexico because of the BP/Trans-ocean oil spill ? That in my opinion starting the ball rolling down hill. Obama would not allow permits to be issued therefore Hero could not get contracts and the revenue stream started drying up. Hero would be in a whole lot better shape with more cash flow on hand if the moratorium had not been put on the Gulf of Mexico. That's why Sea Hawk declared bankrupt and went totally out of business. Hero should sue the government for damages.
How do existing shareholders have 100 times the value when our current holdings are cut to a fraction ? Please explain.
Saudi Arabia said they were losing market share and they would do whatever it takes to regain that share, so they flooded the world with oil and drove down the price to force the drillers in America out of business. It appears the plan has worked, and the Saudi's are winning. Layoffs and bankruptcy is hitting the oil industry in America.
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You say you told me many times this was going to happen, so if you were so sure, then why didn't you sell when the price was $6.78 ? You rode this stock all the way down to .25 cents.
Yes, Hero could survive and even prosper, but the existing shareholders will get the shaft. After the re-organization our shares will be worthless.
At last report the company had about 209 million dollars cash on hand, so they will not be announcing bankruptcy anytime soon.
Sentiment: Strong Buy