|Bid||69.61 x 1200|
|Ask||0.00 x 800|
|Day's Range||69.32 - 70.11|
|52 Week Range||42.27 - 73.76|
|PE Ratio (TTM)||18.42|
|Earnings Date||Oct 24, 2018 - Oct 29, 2018|
|Forward Dividend & Yield||1.14 (1.60%)|
|1y Target Est||80.55|
A decade ago, analysts suggested that U.S. oil companies target Venezuela’s Citgo refineries as compensation for Venezuela’s expropriation of their assets, and now, that may finally become a reality
NEW YORK, NY / ACCESSWIRE / August 16, 2018 / U.S. markets retreated on Wednesday as ongoing trade concerns and the currency crisis in Turkey continued to take center stage. The Dow Jones Industrial Average ...
As Venezuela and its state-owned oil firm PDVSA lurch from crisis to crisis, defaulted creditors are jockeying for position to ensure they are among the first to receive cash when payday eventually comes. ...
Indonesia's PT Pertamina will get an extra 225,000 barrels per day (bpd) of crude oil under a government plan requiring all contractors in the country to sell their output to the state energy firm to curb imports and support the rupiah. Indonesia, the biggest oil producer in Southeast Asia, currently produces around 775,000 bpd of crude oil, of which 550,000 bpd already goes to Pertamina including its own oil output. With the new rule, the entire domestic output will go to Pertamina, oil and gas director general Djoko Siswanto told reporters on Wednesday.
Conventional wisdom in oil markets since the 2014 oil market meltdown suggests that shale is by far the most competitive form of oil production, but deepwater drilling is now mounting a serious comeback
Oil prices started the day trading up on news that Saudi Arabia had reduced its production in July, but economic uncertainty driven by Turkey’s currency crisis dragged prices down later in the day
“We have been transparent with employees that targeted modest workforce reductions in certain areas of our business may be necessary from time to time to help us operate more efficiently.”
US E&P (exploration and production) stocks, particularly oil-weighted stocks, were sluggish last week (ended August 10) due to crude oil prices falling sharply mid-week. Although crude oil recovered slightly on Friday, it fell 1.3% last week to close at $67.60 per barrel. Trade tensions, expectations of lower demand, and strength in the US dollar weighed on crude oil prices, while sanctions on Iranian oil supported them.
Last month, Venezuelan crude output came in even lower than the PDVSA had expected as oil production in the Orinoco heavy oil belt was flat out disappointing
Venezuela's crude exports to the United States declined to 494,400 barrels per day (bpd) in July after rising the prior three months, showing the impact of asset seizures against state-run oil firm PDVSA, according to Thomson Reuters data. July was the first month crude exports fell below 500,000 bpd since the months of January through March. U.S. oil producer ConocoPhillips in May began seizing PDVSA's overseas assets in an attempt to collect on a $2 billion arbitration award.
Venezuela’s efforts to stay afloat financially have suffered another blow after a judge in the US gave a Canadian mining company permission to seize the shares of the Venezuelan holding company that owns Citgo, a US oil refiner. The case dates back to 2011 when Venezuela nationalised Las Cristinas, a gold reserve owned by Crystallex.
Energy stocks are just beginning to pay attention to the price action, with a number of names looking vulnerable to some profit taking after an impressive rally in oil prices from the lows seen last summer. Analysts are looking for earnings of $1.17 per share on revenues of $9.7 billion. When the company last reported on July 26, earnings of $1.09 per share missed estimates by a penny on a drop in production out of Libya.
HOUSTON/PUNTO FIJO (Reuters) - Venezuela's state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighbouring Cuba to avoid asset seizures. Venezuela has been pumping oil this year at the lowest rate in three decades after years of underinvestment and a mass exodus of workers. PDVSA's problems were compounded in May when U.S. oil firm ConocoPhillips (COP.N) began seizing PDVSA assets in the Caribbean as payment for a $2 billion arbitration award.