Apache Corp. (NYSE:APA) closed the part of their deal with BP (NYSE:BP) for their oil and gas assets in Egypt, while are set to also close their acquisition of Mariner Energy Inc. (NYSE:ME) once shareholders vote on Wednesday on whether or not to approve the deal, which is valued at $2.6 billion.
The overall deal with BP was for $7 billion, including a variety of assets around the world.
Talking on their earnings call Thursday, Chief Executive Officer Steven Farris said, "The most important thing we face is how we allocate the cash flow that we have. That is key to taking advantage of what we bought. I think we have a truly formidable asset base now."
Company leaders said their major focus going forward will be to integrate the recent acquisitions into the operations of the company.
Profit for the most recent quarter rose to $778.3 million, or $2.12 a share, 76 percent over the $442 million, or $1.30 a share generated last year in the same quarter.
Earnings per share, even though solid, did significantly miss analysts' expectations of $2.24 a share.
The aggressive expansion and its near completion clouded out the miss by Apache, and share price soared by $5.21, closing at $107.79, a 5.08 percent increase.
Showing posts with label Mariner Energy. Show all posts
Showing posts with label Mariner Energy. Show all posts
Friday, November 5, 2010
Thursday, September 9, 2010
Another Mariner Energy (NYSE:ME) Platform on Fire
For the second time in about a week, a platform of Mariner Energy (NYSE:ME) in the Gulf of Mexico caught fire. It is located approximately 75 miles south of Morgan City.
Last week workers had to abandon Mariner platform Vermillion 380 after a small explosion and fire.
This time it was a tiny fire that was already put out by time the Coast Guard arrived to investigate. No rescue operation needed to be implemented.
Mariner Energy spokesman Patrick Cassidy, said the platform hadn't been operational since 2006. Under normal conditions there would have been no on the platform, but as part of a decommissioning process, two workers were performing a cutting operation.
A fire extinguisher and water hose were used to put the fire out.
This is a typical small fire on a platform in the Gulf, which over the last several years had an annual average over 100.
Last week workers had to abandon Mariner platform Vermillion 380 after a small explosion and fire.
This time it was a tiny fire that was already put out by time the Coast Guard arrived to investigate. No rescue operation needed to be implemented.
Mariner Energy spokesman Patrick Cassidy, said the platform hadn't been operational since 2006. Under normal conditions there would have been no on the platform, but as part of a decommissioning process, two workers were performing a cutting operation.
A fire extinguisher and water hose were used to put the fire out.
This is a typical small fire on a platform in the Gulf, which over the last several years had an annual average over 100.
Friday, September 3, 2010
Mariner (NYSE:ME) Fire Way Over Hyped
The people with agendas are out in force in an attempt to paint the fire on an oil rig operated by Mariner Energy (NYSE:ME) as further prove the job-crippling oil moratorium needs to be kept in place.
Even the explosion part of the story wasn't correct, and it was simply a fire; something that is relatively common on any oil rig or oil platform.
In the Gulf of Mexico over the last several years, over a hundred fires annually start on rigs, with the vast majority of them very tiny.
With the combustible materials on this oil rigs and platforms, there are always going to be fires of some type, and making it look like this fire is any different, and that a full-blown investigation has be started, is overkill, to say the least.
It's an attempt to make it look like something far worse happened than already did, and that it confirms major safety issues in the industry.
The truth is it does neither, and it's a huge waste of time, effort and money to do this, which is largely a marketing effort by the Obama administration to continue the hated oil moratorium, which the majority of Americans oppose.
Even the explosion part of the story wasn't correct, and it was simply a fire; something that is relatively common on any oil rig or oil platform.
In the Gulf of Mexico over the last several years, over a hundred fires annually start on rigs, with the vast majority of them very tiny.
With the combustible materials on this oil rigs and platforms, there are always going to be fires of some type, and making it look like this fire is any different, and that a full-blown investigation has be started, is overkill, to say the least.
It's an attempt to make it look like something far worse happened than already did, and that it confirms major safety issues in the industry.
The truth is it does neither, and it's a huge waste of time, effort and money to do this, which is largely a marketing effort by the Obama administration to continue the hated oil moratorium, which the majority of Americans oppose.
Difference Between Mariner (NYSE:ME) and BP (NYSE:BP) Accidents
There is a huge difference between the production platform that made up the Mariner Energy (NYSE:ME) incident, and the exploration and drilling platform operated by BP (NYSE:BP)
As most people following the BP story know, an oil exploration and drilling company digs into the floor of the ocean which includes gas, which can be under high pressure and volatile to the point of exploding, like it did on the Deepwater Horizon, starting the series of events which led us to where we are now.
With production platforms they're completely different, as they access remote wells which include prepared areas where pressure-control devices are in place, along with concrete and steel piping. That's why when there are accidents, they aren't that severe.
Since 2006, there have been over 100 accidents annually in the Gulf of Mexico alone, according to data put together by the Bureau of Ocean Energy Management, Regulation and Enforcement, similar to the one experienced by Mariner Energy Thursday. And while they cause damage to the platforms or rigs, they do little, if any, damage to the waters. They also haven't resulted in any loss of life either during that period of time, confirming the completely different set of circumstances each represent.
In other words, there is no comparison or commonality between the two companies or the circumstances on the rigs and platforms, and in the case of Mariner, was simply another one of many that happens in the Gulf and around the world on a consistent basis, and are part of doing business in the sector.
As most people following the BP story know, an oil exploration and drilling company digs into the floor of the ocean which includes gas, which can be under high pressure and volatile to the point of exploding, like it did on the Deepwater Horizon, starting the series of events which led us to where we are now.
With production platforms they're completely different, as they access remote wells which include prepared areas where pressure-control devices are in place, along with concrete and steel piping. That's why when there are accidents, they aren't that severe.
Since 2006, there have been over 100 accidents annually in the Gulf of Mexico alone, according to data put together by the Bureau of Ocean Energy Management, Regulation and Enforcement, similar to the one experienced by Mariner Energy Thursday. And while they cause damage to the platforms or rigs, they do little, if any, damage to the waters. They also haven't resulted in any loss of life either during that period of time, confirming the completely different set of circumstances each represent.
In other words, there is no comparison or commonality between the two companies or the circumstances on the rigs and platforms, and in the case of Mariner, was simply another one of many that happens in the Gulf and around the world on a consistent basis, and are part of doing business in the sector.
Opportunists Seeking BP (NYSE:BP), Mariner (NYSE:ME), Moratorium Connection
In an attempt to quickly persuade the public the devastating oil moratorium imposed by the Obama administration against the will of the American people should remain in place, opportunists under the guise of being journalists, have attempted to connect the explosion, and/or fire, on the oil rig of Mariner Energy (NYSE:ME) with the BP (NYSE:BP) oil spill.
Louisiana Democrat, Lieutenant Governor Scott Angelle, agrees saying, "The president and secretary have made it very clear multiple times that production was not the issue. Anybody who would try to take the drilling moratorium and bring it into this is somebody who has an agenda."
First of all, the depth of the water the Mariner rig was in was only 340 feet. In other words, it wasn't even under the moratorium, and neither was it an exploration or drilling rig, it was a production rig, which is defined as one already having found and pumped the oil.
After originally saying there was a large oil sheen in the Gulf from the incident, citing Mariner workers, when the Coast Guard did their own checking, there was no visual confirmation that that was the case.
A number of conflicting stories have emerged, so we'll have to wait a day or so until they get sorted out and the truth emerges.
Until then, the premature and ridiculous idea that this supports the oil moratorium by Obama can't be taken seriously.
Louisiana Democrat, Lieutenant Governor Scott Angelle, agrees saying, "The president and secretary have made it very clear multiple times that production was not the issue. Anybody who would try to take the drilling moratorium and bring it into this is somebody who has an agenda."
First of all, the depth of the water the Mariner rig was in was only 340 feet. In other words, it wasn't even under the moratorium, and neither was it an exploration or drilling rig, it was a production rig, which is defined as one already having found and pumped the oil.
After originally saying there was a large oil sheen in the Gulf from the incident, citing Mariner workers, when the Coast Guard did their own checking, there was no visual confirmation that that was the case.
A number of conflicting stories have emerged, so we'll have to wait a day or so until they get sorted out and the truth emerges.
Until then, the premature and ridiculous idea that this supports the oil moratorium by Obama can't be taken seriously.
Thursday, September 2, 2010
Mariner Energy (NYSE:ME) Explosion Produces Oil Sheen
Contrary to original reports, the Coast Guard now says there is an oil sheen in the area of the explosion of the oil rig "Vermilion 398," owned by Mariner Energy (NYSE:ME).
According to Coast Guard Petty Officer Bill Coklough, the sheen was first discovered by Mariner Energy Inc. near the oil platform.
It's reportedly about 100 feet wide and a mile long.
No one was injured from the explosion, where 13 people were working on the rig, although one was injured and sent to the hospital.
The worker followed proper safety procedures and were found in the water floating in their provided survival gear.
A fire has broken out on the platform, and three firefighting vessels have been sent to the sight, with one already reaching the oil rig and fighting the fire.
This wasn't a producing oil rig, so it's unclear as to how much threat there is from the oil.
According to Coast Guard Petty Officer Bill Coklough, the sheen was first discovered by Mariner Energy Inc. near the oil platform.
It's reportedly about 100 feet wide and a mile long.
No one was injured from the explosion, where 13 people were working on the rig, although one was injured and sent to the hospital.
The worker followed proper safety procedures and were found in the water floating in their provided survival gear.
A fire has broken out on the platform, and three firefighting vessels have been sent to the sight, with one already reaching the oil rig and fighting the fire.
This wasn't a producing oil rig, so it's unclear as to how much threat there is from the oil.
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