RRI Energy, Inc. (GEN), Noble (NE), Gazprom OAO (OGZPY), Diamond Offshore Drilling, Inc. (DO), Hercules Offshore, Inc. (HERO), Northern Oil & Gas, Inc. (NOG) and United Parcel Service, Inc. (UPS) had ratings and price targets on them adjusted by analysts.
Deutsche Bank downgraded RRI Energy, Inc. (GEN) from a "Hold" rating to a "Sell" rating.
Macquarie downgraded Noble (NE) from a "Outperform" rating to a "Neutral" rating.
Citigroup downgraded Gazprom OAO (OGZPY) Buy" rating to a "Neutral" rating.
Macquarie upgraded Diamond Offshore Drilling, Inc. (DO) from a "Underperform" rating to a "Neutral" rating.
Macquarie upgraded Hercules Offshore, Inc. (HERO) from a "Underperform" rating to a "Neutral" rating.
SunTrust upgraded Northern Oil & Gas, Inc. (NOG) from a "Neutral" rating to a "Buy" rating.
Stifel Nicolaus downgraded United Parcel Service, Inc. (UPS) from a "Buy" rating to a "Hold" rating.
Showing posts with label Diamond Offshore Drilling. Show all posts
Showing posts with label Diamond Offshore Drilling. Show all posts
Tuesday, March 20, 2012
Monday, October 25, 2010
BP (NYSE:BP), Chevron (NYSE:CVX), Transocean (NYSE:RIG), Exxon (NYSE:XOM), Conoco (NYSE:COP), Shell (NYSE:RDS-A), Diamond (NYSE:DO), Hercules (Nasdaq:HERO) Have 100s of Wells Waiting for Approval in Gulf
Although BOEMRE director Michael Bromwich has said ther are only 10 new wells waiting for permits in the Gulf of Mexico, companies like BP (NYSE:BP), Chevron (NYSE:CVX), Transocean (NYSE:RIG), Exxon (NYSE:XOM), Conoco (NYSE:COP), Shell (NYSE:RDS-A), Diamond (NYSE:DO) and Hercules (Nasdaq:HERO) in fact have hundreds of wells waiting to be approved.
The disingenuous figures put forth by Bromwich are so small because hundreds of wells haven't been approved to enter into the permitting process.
There are 69 exploration and development plans are backlogged, just sitting there awaiting action, with each one including three to five wells, according to senior vice president and general counsel of Hercules, James W. Noe. And that was as of August 17. Since then no figures have been released, suggesting far more waiting to have decisions made.
Since the moratorium was lifted on October 12, there have only been six permits approved by the Bureau of Ocean Energy Management, Regulation and
Enforcement, and those were only in shallow-water areas, not the deepwater sections which allegedly have had the moratorium lifted.
I say allegedly because the regulations and permits are effectively having the same results as if a moratorium were still in place for deepwater drilling.
The disingenuous figures put forth by Bromwich are so small because hundreds of wells haven't been approved to enter into the permitting process.
There are 69 exploration and development plans are backlogged, just sitting there awaiting action, with each one including three to five wells, according to senior vice president and general counsel of Hercules, James W. Noe. And that was as of August 17. Since then no figures have been released, suggesting far more waiting to have decisions made.
Since the moratorium was lifted on October 12, there have only been six permits approved by the Bureau of Ocean Energy Management, Regulation and
Enforcement, and those were only in shallow-water areas, not the deepwater sections which allegedly have had the moratorium lifted.
I say allegedly because the regulations and permits are effectively having the same results as if a moratorium were still in place for deepwater drilling.
Friday, October 22, 2010
Will Diamond Offshore (NYSE:DO) and Noble (NYSE:NE) Halliburton (NYSE:HAL) and Weatherford (NYSE:WFT) Rebound After Moratorium Lifted?
While the earnings of oil field services like Diamond Offshore (NYSE:DO) and Noble (NYSE:NE), Halliburton (NYSE:HAL) and Weatherford (NYSE:WFT) could have been worse, overall they didn't fare too badly in light of the conditions they faced in the latest quarter.
The question is will they start to improve now that the Gulf oil moratorium has been lifted by the Obama administration.
The quick and easy answer to that is no they won't improve. At least as to how the Gulf limitations affect their businesses.
In reality, as far as effectively, the moratorium is really still in place, as the permitting process and new regulations will limit drilling and work in the Gulf for some time.
That's why Obama lifted the moratorium, as he could keep things as they are while permits and regulations force companies to take a lot of time to adjust and be approved.
So Obama can say he lifted the moratorium before the November elections, while keeping the affect of the moratorium on the companies who want to work in the Gulf.
Short-term the companies will still continue to struggle depending on their exposure to the Gulf.
The last quarter should be the same as this quarter for productivity in the Gulf of Mexico for the oil field services companies.
The question is will they start to improve now that the Gulf oil moratorium has been lifted by the Obama administration.
The quick and easy answer to that is no they won't improve. At least as to how the Gulf limitations affect their businesses.
In reality, as far as effectively, the moratorium is really still in place, as the permitting process and new regulations will limit drilling and work in the Gulf for some time.
That's why Obama lifted the moratorium, as he could keep things as they are while permits and regulations force companies to take a lot of time to adjust and be approved.
So Obama can say he lifted the moratorium before the November elections, while keeping the affect of the moratorium on the companies who want to work in the Gulf.
Short-term the companies will still continue to struggle depending on their exposure to the Gulf.
The last quarter should be the same as this quarter for productivity in the Gulf of Mexico for the oil field services companies.
Thursday, September 16, 2010
Another Transocean (NYSE:RIG) Oil Rig Leaving Gulf
The news gets worse in light of the misguided Obama oil moratorium which continues to crush the Gulf region, as over 20,000 workers remain out of work because of the decision, while a fourth rig is now about to leave the region permanently, with Transocean (NYSE:RIG) saying they'll be removing a second rig from the area, while Diamond Offshore Drilling Inc (NYSE:DO) has already removed two.
Diamond and Anadarko (NYSE:APC) are in a battle over a third oil rig, which Anadarko wants to cancel the contract because of the moratorium.
Transocean CEO Steven Newman said concerning Gulf drilling activity, that there will probably be no meaningful continuation until sometime in 2011.
The growing idea is the regulatory atmosphere will probably result in a much less robust Gulf drilling area, and loss of thousands of jobs on a permanent basis.
Hopefully that will change after the mid-term elections.
Diamond and Anadarko (NYSE:APC) are in a battle over a third oil rig, which Anadarko wants to cancel the contract because of the moratorium.
Transocean CEO Steven Newman said concerning Gulf drilling activity, that there will probably be no meaningful continuation until sometime in 2011.
The growing idea is the regulatory atmosphere will probably result in a much less robust Gulf drilling area, and loss of thousands of jobs on a permanent basis.
Hopefully that will change after the mid-term elections.
Friday, August 20, 2010
Transocean (NYSE:RIG) Noble (NYSE:NE) Diamond (NYSE:DO) ENSCO (NYSE:ESV) All Down with Broader Market
Offshore drillers Transocean LTD (NYSE:RIG), Diamond Offshore Drilling, Inc. (NYSE:DO), Noble Corporation (NYSE:NE) and ENSCO PLC (NYSE:ESV) are all down today, as the broader market takes a hit before the weekend on weak economic data.
The reality of the ongoing recession has investors selling off, and offshore drillers aren't exactly considered a positive industry at the moment because of the consequences of the BP oil spill.
As of 2:00 PM EDT, all these offshore drillers are down from over 2 percent to over 3 percent.
Of course this could be positive for investors, who have been happy with the undervaluation of the industry, which gives them numerous buying opportunities in the sector.
The reality of the ongoing recession has investors selling off, and offshore drillers aren't exactly considered a positive industry at the moment because of the consequences of the BP oil spill.
As of 2:00 PM EDT, all these offshore drillers are down from over 2 percent to over 3 percent.
Of course this could be positive for investors, who have been happy with the undervaluation of the industry, which gives them numerous buying opportunities in the sector.
Tuesday, July 13, 2010
Obama's Moratorium Results in Diamond Offshore (NYSE:DO) Moving Rig Out of Gulf to 'Republic of Congo'
Diamond Offshore (NYSE:DO) announced today it is moving its oil rig Ocean Confidence out of the Gulf of Mexico to the Republic of Congo, and has suspended a contract in the region to make the rig available.
Diamond Offshore President and CEO, Larry Dickerson, said, “As the uncertainty about continued deepwater drilling in the GOM persists, we must consider alternatives that allow our deepwater assets to remain employed. The contract we suspended with Murphy has been restructured into a one-year commitment in the GOM that is expected to recommence when our customer is satisfied that it can obtain the necessary permits and can meet any new regulatory requirements.”
A subsidiary of Murphy Exploration and Production Company (NYSE:MUR) will be the recipient of the oil rig via a new multi-well international agreement.
It's unknown how many jobs Americans have lost as a consequence of Obama's misguided oil moratorium.
This is the second rig Diamond has pulled out of region in the last several days.
Diamond Offshore President and CEO, Larry Dickerson, said, “As the uncertainty about continued deepwater drilling in the GOM persists, we must consider alternatives that allow our deepwater assets to remain employed. The contract we suspended with Murphy has been restructured into a one-year commitment in the GOM that is expected to recommence when our customer is satisfied that it can obtain the necessary permits and can meet any new regulatory requirements.”
A subsidiary of Murphy Exploration and Production Company (NYSE:MUR) will be the recipient of the oil rig via a new multi-well international agreement.
It's unknown how many jobs Americans have lost as a consequence of Obama's misguided oil moratorium.
This is the second rig Diamond has pulled out of region in the last several days.
Subscribe to:
Posts (Atom)
