Monday, March 31, 2014

For Investors Only -- Last Day Of The First Quarter, 2014

Mid-Day Notes

Trading at new highs today: BHI, CRR, ECA, EOG, HAL. Equities surge. Oil fairly flat, slightly negative. SLB is near it's 52-week high. UNP up almost $3.00, still shy of its 52-week high.

We all knew Ms Yellen was a dove on stimulus. She says "extraordinary support" will be needed for some time. Keynesian. Market surges.

Early Morning Notes
EOG jumps to 24-year high based on Eagle Ford well results:
  • EOG Resources surges to all-time highs before pulling back, as the biggest owner of drilling leases in the Eagle Ford shale says five new wells in the formation were pumping more than 13K boe/day of crude, yielding 91%-97% oil.
  • The wells individually produced from 2,314 bbl/day to 3,071 bbl/day; the quality of the crude discovered was on par with the light oil produced in Nigeria or off the Louisiana coast.
Triangle Petroleum subsidiary, RockPile Energy Services, announces upsized credit facility :
  • RockPile Energy Services, a wholly owned subsidiary of Triangle Petroleum, announced that it has closed on a senior secured revolving credit facility in the amount of $100 million.
  • .... allows for the expansion of the Credit Facility up to an aggregate of $150 million.  The previous facility had an aggregate borrowing limit of $27.5 million.

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AT&T approves new 300 mln share repurchase authorization. Companies are often accused of timing their re-purchases "at the wrong time." My hunch is that companies don't purposely buy their shares back to incur a loss at a later date. But I could be wrong.


Apache agrees to sell western canada assets for $374 mln:
  • Co and its subsidiaries today announced an agreement to sell producing oil and gas assets in the Deep Basin area of western Alberta and British Columbia, Canada, for $374 mln.
  • Incremental to Apache's earlier $2 bln share re-purchase announcement, the company plans to use the proceeds of this transaction to buy back Apache common shares under the 30-mln-share repurchase program that was authorized by Apache's Board of Directors in 2013. 
  • Apache is selling primarily dry gas-producing properties comprising 622,600 gross acres (328,400 net acres) in the Ojay, Noel and Wapiti areas in Alberta and British Columbia. In the Wapiti area, Apache will retain 100 percent of its working interest in horizons below the Cretaceous, retaining rights to the liquids-rich Montney and other deeper horizons. During 2013, production from the fields to be sold averaged 101 mln cubic feet of natural gas and 1,500 barrels of liquid hydrocarbons per day.

Global Partners beats by $0.72, misses on revs.

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