Successfully traded HERO over the past few years; however, this time around all that profit has been sucked dry and then some like a 2008 recession event.. At this point I will hold and hope for a hint of some positive news.. contract, asset sale, Oil rebound? anything that may breathe some life back into this company.. Hey my RAD was one such miracle..
Everyone that bought Solar panels on the East Coast are going to have a lot of fun the next couple of weeks...
OPEC has defended its decision not to intervene in the market after one of world’s largest energy companies warned crude could hit $200 a barrel because of reduced investment brought about by sharply lower Oil prices..
chief executive of Eni warned that oil could hit $200 a barrel by the end of the decade if Opec did not step in and help stabilise prices.
Oil the bi-polar commodity..
Some examples from the recent past:
Korean National Oil agreed to buy Canadian oil and gas assets from Dallas-based Hunt Oil Co. for C$525 million ($521 million) in the state-owned company’s second overseas acquisition this year.
The deal comes as Korea National completes its hostile 1.87 billion pounds ($2.95 billion) takeover of Scotland’s Dana Petroleum Plc. and is the latest in a series of South Korean investments in Canadian oil and gas.
National Oil Corp to buy Canada’s Harvest Energy for $3.9 billion, South Korea will be able to boost its daily oil and gas production by nearly one-third.
Abu Dhabi National Energy Co. buys Northrock Resources Ltd.
This first of three Canadian acquisitions by Abu Dhabi’s national oil company wasn#$%$ largest here. The company rebranded its Canadian operations TAQA North after completing the $2-billion cash acquisition of Northrock Resources Ltd., a subsidiary of American Pogo Producing Co. with a daily production of 37,000 barrels of oil equivalent per day at the time.
A precursor to CNOOC’s massive Nexen acquisition, the Chinese firm spent $2.1 billion to acquire a bankrupt OPTI Canada, which owned 40 per cent of the Long Lake oil sands project. OPTI had entered creditor protection just seven days before the CNOOC takeover offer was announced, which included an offer to take on $825 million worth of OPTI’s debt.
China National Offshore Oil Co., known as CNOOC, said Saturday that it is delighted that the Canadian Ministry of Industry has approved its $15.1 billion takeover of Canadian oil and gas producer Nexen.
Prime Minister Stephen Harper may not too happy with China buying up these assets.. But it shows that these assets are valuable..
"The street" is just an advertizement vehicle the for Jim & co. it auto generates a generic rating on every company that's at or close to a 52 week low with the sell rating and a buy rating with companies at or close to the 52 week highs.. It's a useless Capt Obvious rating advertizement site.. IMHO..
That's why I'm holding on.. I wanting to swap this out with a beaten down O&G company; however, ANR cash & debt situation is 5 times better than most of those companies.. so I'll hold..
I did well with AA also; however, with Vale at least I didn't sell at the bottom I did buy some shares in the $7's and $6's I just don't want to revisit those prices.. I'm swapping out of VALE into a company that has a better turnover timeline.. don't want to wait for a couple of years.. unfortunately I was caught over-weighted commodities in this horrific commodities crash.. GL..
I'm out today had enough of this constant relentless unforgiven bear raid on commodities.. I will take my losses and speculate with another promising sector.. GL!
Looks like some of the shorts are working full time today.. Any piece of news that is slightly positive will move the PPS by huge a %..
Can't believe that some still want to short a $1 stock that has a $5.38 pps in cash.. Thermal Coal will take multiple years to phase out and we have enough cash to last the next administration.. Thermal Coal is still the #1 energy source for power generation in the entire globe.. We also have Met coal and some NatGas to boot for any turnaround.. It's worth the risk to hold on, to short here doesn't make sense but to each his own..
It appears that they are putting hedges in place for 2017 and 2018 that are substantially higher than the current price.. well that could be to protect themselves from the new norm but could bite them if prices climb back to the old highs..
Currently, Pengrowth has approximately 26,000 bbl/d of 2015 crude oil production (75 percent of 2015 estimated oil production) hedged at Cdn $93.96/bbl and approximately 20,000 bbl/d of 2016 crude oil production (58 percent of 2015 estimated oil production) hedged at Cdn $89.95/bbl. For natural gas, Pengrowth has approximately 93 million cubic feet per day (MMcf/d) of 2015 natural gas production (49 percent of 2015 estimated gas production) hedged at Cdn $3.77/Mcf and approximately 64 MMcf/d of 2016 natural gas production (34 percent of estimated 2015 gas production) hedged at Cdn $3.53/Mcf.
Pengrowth continues to mitigate commodity price risk and provide a measure of stability and predictability to cash flows through the utilization of hedging. Current hedging efforts are targeting 2017 and 2018 at prices that are substantially higher than the current prevailing markets.
Pengrowth remains fully compliant with the various financial covenants that it is subject to under its long-term debt and bank facilities.
Especially like this comment:
Despite the pullback in oil prices, Lindbergh remains a viable and robust project with positive cash flow, even down to a WTI price of approximately $40/bbl.