Twenty-one (21) companies announce increased dividends/distributions, including several energy companies such as Energy Transfer Partners, NGL Energy Partners LP, ONEOK Partners, PetroLogistics, Regency Energy Partners. Phillips 66 Partners announces an initial distribution.
Natl Oilwell Varco beats by $0.02, reports revs in-line: Reports Q3 (Sep) earnings of $1.34 per share, excluding $10 mln in pre-tax transaction charges and $102 mln in pre-tax gains resulting from the settlement of an outstanding legal claim, $0.02 better than the Capital IQ Consensus Estimate of $1.32; revenues rose 6.9% year/year to $5.69 bln vs the $5.68 bln consensus. By midday, NOV was having a great day, up over 4%.
A reader sent me this article talking about the effects of lower oil prices. Bloomberg is reporting:
Bryan Sheffield, a third-generation oil wildcatter in Texas’s Permian Basin, knows what he’ll do if crude drops to $80 a barrel: shut down half his drilling rigs and go on a takeover hunt for weaker rivals.
Sheffield is among producers who’ve together invested $150 billion in the Permian since 2010 seeking their piece of an oil trove estimated to be worth as much as $5 trillion. As the money pours in, risks are mounting of a bust as analysts including Marshall Adkins of Raymond James & Associates Inc. forecast crude is heading down to $70 a barrel next year, a price that would slow drilling in the most expensive U.S. shale formation.
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