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Norwegian oil and gas firm Equinor (EQNR.OL) will remain committed to the mature British continental shelf regardless of the country's plans to leave the European Union, a senior executive told Reuters. British Prime Minister Theresa May abruptly decided on Monday to pull a parliamentary vote on the Brexit deal, thrusting UK's divorce from the EU into chaos, with possible options including a disorderly Brexit with no deal. "We are putting more investments into the UK despite Brexit, the perception of North Sea as being very mature and dying and oil price gyrations," Al Cook, Equinor's executive vice president for strategy, told Reuters, speaking before the vote Brexit vote was postponed.
Troll Phase 3 is considered one of Equinor's (EQNR) most profitable and flexible projects with a break-even of less than $10 per barrel.
Many investors, including Paul Tudor Jones or Stan Druckenmiller, have been saying for a while now that the current market is overvalued due to a low interest rate environment that leads to companies swapping their equity for debt and focusing mostly on short-term performance such as beating the quarterly earnings estimates. In the fourth quarter, […]
Hedge funds and large money managers usually invest with a focus on the long-term horizon and, therefore, short-lived dips on the charts, usually don’t make them change their opinion towards a company. This time it may be different. During the first 6 weeks of the fourth quarter we observed increased volatility and small-cap stocks underperformed […]
Stocks that moved substantially or traded heavily Friday: Altria Group Inc., down 22 cents to $54.18 The maker of Marlboro cigarettes is taking a 45 percent stake in Cronos Group, a Canadian medical and ...
Though E&P stocks are surging today, the outlook doesn’t look great in the coming years, leading the firm to downgrade a slew of names.
Crude oil prices have been getting crushed over the past few months. The decline in oil makes the stock market’s run look pretty good, with crude falling almost 35% from peak to trough after coming into October near its highs. Some view rising oil prices as a negative burden, something that weighs on consumers and hurts their purchasing power.
The recent nosedive in crude oil prices came just as shale producers had started delivering healthy returns after years of heavy spending to boost production and market share. The 29 percent drop in U.S. crude oil prices (CLc1) since October now threatens those improved margins, and sustained prices below $50 per barrel could dent the value of shale reserves, which banks use to determine borrowing power. The dynamic leaves shale producers hoping for a rescue in the form of production cuts from The Organisation of the Petroleum Exporting Countries (OPEC) when it meets on Thursday - and at odds with U.S. President Donald Trump, who has pushed OPEC to keep the taps wide open.
The natural gas rig count was at 189 last week—five less than the previous week. The natural gas rig count has fallen ~88.2% from its record level of 1,606 in 2008.
Considering Apache's (APA) Permian focus along with midstream efforts, we believe that the company will be able to counter the odds and turnaround in the coming years.
The Zacks Analyst Blog Highlights: Antero, Approach Resources, Cabot Oil, Gulfport and W&T Offshore
Devon Energy (DVN) isn’t expected to report a positive FCF (free cash flow) in the fourth quarter. Devon Energy’s management expects an excess cash inflow of $5 billion by the end of 2018 assuming WTI at $65 per barrel, natural gas prices at $3 per MMBtu, and current WCS (Western Canada Select) strip pricing when it released its third-quarter results.
On November 23–30, natural gas January futures rose 5.9% and settled at $4.61 per MMBtu (million British thermal units) on November 30. The inventories are 19.1% below their five-year average, which might be behind the rise in natural gas prices. In November, natural gas prices rose 39.7%.
Devon Energy (DVN) might have an upside of 75.1% in the next 12 months based on analysts’ mean target price. With the current downturn in oil prices and the risk of the WTI-WCS (Western Canada Select) spread, which we discussed in the previous part, such a huge upside isn’t likely. With the recovery in the spread, investors might expect a short-term upside momentum in the stock.
In November 2018, Occidental Petroleum (OXY) gained 4.8%, the biggest gain among the upstream energy stocks in the S&P 500 Index (SPY).
Shale drillers might spend less for the first time since 2016 as oil prices have fallen to $50, which is a breakeven point for many shale oil drillers