0.3412 -0.01 (-1.56%)
Pre-Market: 7:15AM EDT
|Bid||0.3410 x 1300|
|Ask||0.3500 x 1800|
|Day's Range||0.3220 - 0.3550|
|52 Week Range||0.2900 - 9.6800|
|Beta (5Y Monthly)||2.76|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jul 29, 2020 - Aug 03, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Mar 08, 2019|
|1y Target Est||2.02|
(Bloomberg) -- Oil’s record rally sputtered as investors assessed whether OPEC and its allies will extend the supply curbs that helped drive prices higher.Futures settled slightly lower in New York on Monday as the OPEC+ group that includes Russia prepares to discuss maintaining record output curbs for an extra one to three months. But a proposal to bring forward the meeting by several days to Thursday was still being debated two days after it was first floated.Without an extension, the existing caps begin to wind down next month. Any changes to the existing deal will hinge on negotiations between Moscow and Riyadh. And as of last week, Russia’s position was that it wanted to start easing the cuts next month.Read: OPEC+ to Discuss Extending Cuts as Early Meeting Seen Meanwhile, onshore oil exploration in the U.S. shrank for the 11th consecutive week to a level not seen since before the shale revolution kicked off more than a decade ago. Despite well shut-ins across North America, U.S. imports of Saudi crude have surged, swelling supplies held in storage.American stockpiles are “probably heading higher at least in the short term as more imports come in,” said Peter McNally, an analyst at Third Bridge Group Ltd. “The market is oversupplied to begin with. Everyone is looking for more signs of demand firming.”West Texas Intermediate for July delivery settled down 5 cents at $35.44 a barrel on the New York Mercantile Exchange. Brent, the international benchmark, rose 48 cents to $38.32.See also: Could OPEC+ Become a Victim of Its Own Success?: Julian LeeAn earlier OPEC+ meeting would give the producer group more flexibility to change its current production limits. The group’s preference is to take short-term measures on cuts as the situation is volatile, the delegate said. The coalition -- which includes OPEC’s 13 members plus another 10 exporters -- has achieved 92% compliance, according to data analytics firm Kpler. Iraq and Nigeria have been laggards in meeting their pledged targets.View the latest market-moving news and analytics surrounding volatile crude prices.Meanwhile, the U.S. Oil Fund ETF begins its monthly roll of futures contracts on Monday. The fund plans to sell its July holdings and buy more November and January futures over the next 10 trading sessions.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Laredo Petroleum, Inc. (NYSE:LPI) ("Laredo" or "the Company"), today announced the appointment of William Albrecht as independent Chairman of the Board of Directors (the "Board"), succeeding Randy Foutch upon the expiration of Mr. Foutch's term on May 14, 2020. Mr. Albrecht, currently an independent member of the Board, will continue to serve on the Compensation Committee and Nominating and Corporate Governance Committee.
Offshore oil drilling has been in a slump for several years, even before the Covid-19 crisis hit. But the recent downturn in oil prices has made the state of the industry even more precarious.
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]
Bonds of hard-hit oil and gas companies such as Occidental Petroleum, Antero Resources , WPX Energy, HighPoint Resources and Western Midstream Partners rose in price on Thursday after the Federal Reserve announced it would expand its Main Street Lending Facility to larger and riskier companies affected by the coronavirus pandemic. In afternoon trade, seven of the 10 biggest upward movers in the U.S. corporate bond market were oil and gas companies, according to MarketAxess data. WPX Energy's 5.75% June 2026 bond was up 6.7% on the day, last trading at 88 cents on the dollar.
Offshore drilling contactor Valaris , which is exploring a bankruptcy restructuring, on Thursday said it could take up to two years to reactivate idle equipment as contracts dry up during a historic rout in oil prices. Global oil markets have collapsed since the beginning of March as the coronavirus pandemic has crushed fuel demand. Expensive offshore drilling projects have been halted or delayed, creating an uncertain outlook for service firms that had hardly recovered from the last oil price crash.
Valaris plc (NYSE: VAL) ("Valaris" or the "Company") today reported a net loss attributable to the Company of $3.01 billion, or $15.19 per share, for first quarter 2020 compared to a net loss of $216 million, or $1.09 per share, in fourth quarter 2019. The Company reported adjusted EBITDA of ($40) million in first quarter 2020 compared to $22 million in fourth quarter 2019, and an adjusted loss of $1.66 per share in first quarter 2020 versus an adjusted loss of $1.55 per share in the prior quarter.
Valaris plc (NYSE: VAL) ("Valaris" or the "Company") will hold its first quarter 2020 earnings conference call at 9:00 a.m. CST (10:00 a.m. EST and 3:00 p.m. London) on Thursday, April 30, 2020. The earnings release will be issued before the New York Stock Exchange opens that morning.
Valaris plc (NYSE: VAL) ("Valaris" or the "Company") today issued a quarterly Fleet Status Report that provides the current status of the Company's fleet of offshore drilling rigs along with certain contract information for these assets. The Fleet Status Report can be found on the "Investors" section of the Company's website www.valaris.com.
Offshore oil driller Valaris PLC is preparing to start talks with creditors to see if they can agree on terms for a possible bankruptcy filing, as it grapples with a $6.5 billion debt burden and an unprecedented plunge in U.S. crude prices, people familiar with the matter said on Tuesday. Reuters reported last month that the London-based company was working with debt restructuring advisers as it struggled to cope with a rig accident and falling energy prices. Valaris, which employs about 5,800 people worldwide, in recent weeks hired corporate restructuring experts at turnaround firm Alvarez & Marsal, the sources said.
Valaris plc (NYSE: VAL) ("Valaris" or the "Company") announced today that on April 15, 2020 the Company was notified by the New York Stock Exchange ("NYSE") of its noncompliance with continued listing standards because the average closing price of its Class A ordinary shares over a prior 30-day consecutive trading period had fallen below $1.00 per share, which is the minimum average closing price per share required to maintain listing on the NYSE.
Valaris plc (NYSE: VAL) ("Valaris" or the "Company") announced today that the Company continues actively working to recover or replace the blowout preventer (BOP) stack on VALARIS DS-8 following a non-drilling incident earlier this month. On March 19, 2020, the Company received a termination notice for the drilling contract for VALARIS DS-8. The Company is in discussions with the customer regarding the notice. The drilling contract represents approximately $150 million of the Company's contracted revenue backlog of $2.5 billion as of December 31, 2019. The operating day rate for VALARIS DS-8 is approximately $620,000 per day. The Company has loss of hire insurance for $602,500 per day after the expiration of a 45-day deductible waiting period through the end of the contract in November 2020. If the contract is terminated, the Company will seek to recover losses incurred in accordance with the terms of this insurance policy, which would largely offset the lost backlog noted above. There can be no assurance as to the timing or amount of insurance proceeds paid to the Company.
Moody's Investors Service, ("Moody's") affirmed the A3 senior unsecured debt rating of Booking Holdings, Inc. (Booking) and changed the outlook to negative from stable. The negative outlook reflects Moody's expectation that Booking will report significantly depressed operating results for at least the first half of 2020 combined with the uncertainties regarding the depth and duration of the severe disruptions across the global travel sector due to the coronavirus (COVID-19) outbreak. Earlier this month, Booking withdrew financial guidance for 1Q2020 as a result of the worsening impact of the COVID-19 outbreak on travel demand.
Offshore oil driller Valaris PLC is exploring debt restructuring options as it grapples with a rig accident and a broader collapse in energy prices, people familiar with the matter said on Friday. Valaris has tapped debt restructuring attorneys at law firm Kirkland & Ellis LLP for advice on ways to rework its roughly $6.5 billion debt pile, and is exploring enlisting a turnaround firm that specializes in urgently addressing stressed finances to bolster its roster of advisers, the sources said. The London-based company had already been working with investment bank Lazard Ltd on options for addressing its debt, in addition to a series of cost-cutting measures already underway.
North American oil-field services and drilling companies will need to refinance $32 billion of debt this year through 2024, a big worry even before oil prices collapsed to $22 a barrel and the coronavirus grew into a pandemic.
Valaris plc (NYSE: VAL) ("Valaris" or the "Company") today reported a net loss attributable to the Company of $216 million, or $1.09 per share, for fourth quarter 2019 compared to a net loss of $197 million, or $1.00 per share, in third quarter 2019. The Company reported adjusted EBITDA of $22 million in fourth quarter 2019 compared to $35 million in third quarter 2019, and an adjusted loss of $1.55 per share in fourth quarter 2019 versus an adjusted loss of $1.27 per share in the prior quarter.
Oil drilling firm Valaris PLC reached a settlement with Luminus Management and said on Monday that it has appointed one of the hedge fund's partners to its board. Luminus' Adam Weitzman, an expert in offshore oil drilling who has experience in debt and equity capital markets and risk management, will join Valaris' 11-member board as a 12th director, the company said. The New York-based hedge fund, which owns roughly 18.7% of Valaris' shares, promised to hold on to a certain number of shares in order to keep the board seat and to support Valaris' slate at this year's annual meeting.
Valaris plc (NYSE: VAL) ("Valaris" or the "Company") today announced that, as part of the Board's comprehensive refreshment program, it has agreed to appoint Adam Weitzman to its Board of Directors. Mr. Weitzman will also serve on the Finance Committee, to assist in the Board's oversight of the Company's capital structure and financial strategies, as well as the Compensation Committee. With this appointment, the Valaris Board of Directors will be comprised of 12 directors, 11 of whom will stand for re-election at the Company's 2020 Annual General Meeting of Shareholders.
Valaris plc (NYSE: VAL) ("Valaris" or the "Company") will hold its fourth quarter and full-year 2019 earnings conference call at 9:00 a.m. CST (10:00 a.m. EST and 3:00 p.m. London) on Friday, February 21, 2020. The earnings release will be issued before the New York Stock Exchange opens that morning.
Valaris plc (NYSE: VAL) ("Valaris" or the "Company") announced today that ARO Drilling, its 50/50 joint venture with Saudi Aramco, has ordered two newbuild jackup rigs from International Maritime Industries. Upon delivery, each rig is expected to commence an eight-year contract with Saudi Aramco and operate at a day rate determined by a six-year EBITDA payback.
Valaris (VAL) expects cost-cut efforts to lead to more than $265 million in operating cost savings by the end of the June quarter of 2021.
Valaris plc (NYSE: VAL) ("Valaris" or the "Company") today announced that it has received a $200 million cash payment upon the conclusion of previously disclosed arbitration proceedings, and provided an update on contracting for its rig fleet and the Company's cost savings plans.