Energy/Shipping
| Today's Energy/Shipping Stories | |
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News and Views
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Macro/Technicals
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Active Names
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Earnings
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Sector News, M&A, Capital Raises
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Cantor Research
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Top Events/Earnings Calendar
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News and Views
Oil service and E&P stocks underperformed the market brought down by ATPG -16.38% (earnings), KOG -9.46% (earnings), GLBL -8.46% and WG -7.44%. Drybulk shippers were mixed as the index was up 2.64%. BALT outperformed +1.87% and FREE underperformed -2.54%. Coal stocks performed well led by JRCC +8.36% (earnings). In the coal space, CLD has had a good run and is running into some technical resistance around the 17.40 level. It has outperformed the group all year. We would expect some profit taking around these levels.
- NBR to acquire SWSI for 22.12 a share in cash.
- BP believes the static kill and cementing procedures have been successful
Macro/Technicals
SP500 : 1123.1 ; +.32Crude : 81.55 ; +1.05
Gas : 4.481 ; +.31
XLE : 55.64 ; -1.19
UTY : 415.33 ; +.13
OIH : 108.5 ; -1.34
BIDY : 779; +1.83
BDIY : 2030 ; +2.63
Leaders: JRCC +8.36%,XTXI + 6.69%, ENER +6.29%, ONAV +5.49%, CMS+4.32%
Laggards: ATPG-16.38%, KOG-9.46%, GLBL-8.46%, BIOF-6.15%, HRZ-4.36%
Active Names
Oil & Gas: ATPG, COP, FRM, MUR, NR, OXY, PDE, PVA, XOM
Shipping: NAT
Utilities: AEP, AES, DTE, EE, NFG, PEG, STR
Earnings
KWK Quicksilver Resources reports Q2 EPS $0.18 ex-items vs Reuters $0.16 ($12.99)
Revenues $228.6M vs Reuters $206.7M
HQS HQ Sustainable Maritime reports Q2 EPS $0.12 ex-items vs Reuters $0.13 -- 2 estimates ($4.58)
Revenues $20.7M vs Reuters $20.3M
SWSI Superior Well Services reports Q2 EPS $0.18 vs Reuters ($0.10) ($18.23)
Company reports revenues of $176.0M vs Reuters $144.3M. Adjusted EBITDA $34.3M vs $10.4M seq and ($7.3M) y/y
HNR Harvest Natural reports Q2 EPS $0.19 ex-items
SWX Southwest Gas reports Q2 EPS ($0.02) vs Reuters ($0.03) ($32.91)
Company reports revenues of $385.8M vs a single estimate of $338.6M
SWWC Southwest Water reports Q2 EPS $0.00 vs year-ago $0.38 (from 10-Q) ($10.91)
Company reports revenues of $53.9M vs year-ago $52.4M
Sector News, M&A, Capital Raises
SWSI Nabors Industries (NBR) to purchase Superior Well Services for $22.12/share cash (6 ET) ($18.23)
The purchase price represents a premium of 21.3% to the prior close and the transaction is valued at ~$900M. NBR expects the purchase by itself to be significantly accretive to 2011 results
BP says oil spill costs hit $6.1 billion- Reuters
BP said the cost of dealing with its ruptured oil well in the Gulf of Mexico has risen to $6.1 billion, including $319 million in compensation payments to businesses and individuals affected by the spill.
http://www.reuters.com/article/idUSTRE6780LE20100809
Icahn Wagered $1 Billion on Energy Stocks During BP Oil
Icahn plowed about $929 million into energy stocks in the period, bringing the total to 18 percent of the hedge-fund group’s stock investments
KOG Kodiak Oil & Gas files 25M common shares offering through Credit Suisse, KeyBanc, and Wells Fargo
CEG Constellation Energy signs agreement to acquire the 2,950 MW Boston Generating gas fleet in New England ($30.25)
Constellation Energy has signed an asset purchase agreement with Boston Generating to acquire its 2,950-megawatt fleet, the third largest power generating portfolio in the New England region, for approximately $1.1B, or roughly $372/kW. The proposed transaction is expected to be consummated through a court-approved bankruptcy proceeding to be initiated by Boston Generating. If approved, Constellation Energy's bid would then be considered the price to be beat in an asset auction to be held later this year
RGNC Regency Energy Partners to acquire Zephyr Gas Services ($26.00)
RGNC announced it has agreed to acquire Zephyr Gas Services, a field services company based in Houston, Texas, for $185M. Regency intends to fund the acquisition under its revolving credit facility. The acquisition of Zephyr will add fee-based margins to Regency's business mix and is expected to be immediately accretive. The acquisition is subject to approval under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions
WG Willbros Group awarded Canadian pump station construction project ($8.59)
WG announced that Pembina Pipeline Corporation has awarded Willbros Canada a project for the construction of six pump stations for the Nipisi Heavy Crude Pipeline Project. The scope of work includes site grading at select sites, piling, pipe rack, process pipe, installation of process pumps, underground drain tanks, concrete work and site fencing. The project will begin immediately and is scheduled for completion in February 2011. No financial terms were provided.
SOLF Solarfun Power plans to double shipment volumes in the U.S. in 2011 to 100-150 MW ($10.66)
The company says it expects to ship 30-50 MW to the US in 2H10 and gives the guidance in conjunction with a press release announcing an expansion of its marketing and customer support team in the US. SOLF calls its pipeline of business opportunities encouraging.
SPWRA Etrion (ETX.CN) signs definitive agreement with SunPower to acquire 33 MW solar power plant in Italy
NFX Barron's says that Newfield Exploration shares are cheap ($54.22)
Barron's discusses Newfield's transformation into a premier onshore resource player, which is benefitting from new drilling techniques useful for unconventional sources like shales and "tight sands". The article also notes the company's ability to shift output to oil from gas as prices dictate, citing its large acreage acquisitions which could lead to dramatic increases in crude output. Barron's says the shares could rise 20-30% over the next year
SWWC SouthWest Water stockholders approve merger agreement ($10.91)
SWWC's stockholders voted in favor of the merger agreement dated as of March 2, 2010, whereby institutional investors advised by J.P. Morgan Asset Management and Water Asset Management, LLC have agreed to acquire the company. The company also announced that it received regulatory approval from the state of Oklahoma for the proposed merger and that California is now the sole remaining state approval needed.
Cantor Research
Marine Transportation: The Ship's Log - Weekly Global Shipping Industry Update
- Dry Bulk: Capesize rates firmed somewhat last week, although earnings remain at depressed levels. Supramax vessels continued to be the star performer in the dry bulk sector, with rates still above Capesizes and Panamaxes.
- Oil Tankers: Oversupply in the Middle East impacted VLCC rates last week. However, earnings firmed for Suezmax vessels in West Africa, although rates still fell overall.
For the full pdf report, click the below link.
https://cantor.bluematrix.com/docs/pdf/271bff90-c67d-40e0-9e99-12e06cc44cf2.pdf
Top Events/Earnings Calendar
post-mkt BPZ earnings (confirmed)call at: 11:00, 10-Aug-10 877.293.5457 pw:89392938,
post-mkt CLNE earnings (confirmed)call at: 16:30, 09-Aug-10 877.407.4018,
post-mkt CPST earnings (confirmed)call at: 16:45, 09-Aug-10 ,
post-mkt CWCO earnings (confirmed)call at: 11:00, 10-Aug-10 877.317.6789,
post-mkt EGY earnings (confirmed)call at: 11:00, 10-Aug-10 888.276.0010 pw:166207,
post-mkt FXEN earnings (confirmed)call at: 16:30, 09-Aug-10 888.211.4495 pw:6374864,
post-mkt GNK earnings (confirmed)call at: 08:30, 10-Aug-10 888.504.7965 pw:3721646,
post-mkt GOK earnings (confirmed)call at: 11:00, 10-Aug-10 877.941.8631,
post-mkt HE earnings (confirmed)call at: 14:00, 10-Aug-10 866.730.5768 pw:11930283,
post-mkt MWE earnings (confirmed)call at: 16:00, 10-Aug-10 888.469.1569 pw:Markwest,
post-mkt OMEX earnings (confirmed)
post-mkt PRGN earnings (confirmed)call at: 12:00, 10-Aug-10 866.819.7111 pw:Paragon,
post-mkt ROSE earnings (confirmed)call at: 11:00, 10-Aug-10 877.293.5486,
post-mkt SWWC earnings (confirmed)
post-mkt SWX earnings (confirmed)call at: 13:00, 10-Aug-10 866.730.5763 pw:69779236,
post-mkt VRNM earnings (confirmed)call at: 17:00, 09-Aug-10 877.755.7422 pw:91686731,
pre-mkt CWEI earnings (confirmed)call at: 15:00, 09-Aug-10 800.901.5213 pw:87930359,
pre-mkt ETE earnings (confirmed)call at: 09:30, 09-Aug-10 ,
pre-mkt ETP earnings (confirmed)call at: 09:30, 09-Aug-10 ,
pre-mkt HNR earnings (confirmed)call at: 11:00, 09-Aug-10 888.539.3679 pw:3064334,
pre-mkt KWK earnings (confirmed)call at: 11:00, 09-Aug-10 877.313.7932 pw:44054013,
pre-mkt PETD earnings (confirmed)call at: 13:00, 09-Aug-10 877.312.5520 pw:90200301,
pre-mkt SWSI earnings (confirmed)call at: 11:00, 09-Aug-10 866.783.2141 pw:21562669,
pre-mkt TRGL earnings (confirmed)call at: 11:00, 09-Aug-10 877.941.8609 pw:4326199,
pre-mkt VTG earnings (confirmed)call at: 11:00, 09-Aug-10 888.455.2308 pw:1048512
Unspecified USEG earnings (confirmed)call at: 12:00, 10-Aug-10 877.291.1296,