Bloomberg News
U.S. stocks fell, sending the Standard & Poor’s 500 Index to its worst January since 2010, as earnings reports at Amazon.com Inc. and Mattel Inc. disappointed investors and turmoil in emerging markets continued.
Amazon slumped 11% after the world’s largest Web retailer reported profit and sales that trailed analysts’ estimates. Mattel Inc. sank 12% after a drop in Barbie sales weighed on results. Google Inc. jumped 4%, pacing gains in technology shares, after sales topped estimates on growing advertising spending during the holiday season.
The S&P 500 retreated 0.7% to 1,782.43. The index fell 0.4% over the past five days for a third week of losses, the longest streak since May 2012. The Dow Jones Industrial Average dropped 149.76 points, or 0.9%, to 15,698.85, the lowest in almost three months. About 7.8 billion shares changed hands on U.S. exchanges Friday, 25% above the three-month average.
Oil and Gas Development Company Limited (OGDCL) is a Pakistan-based company engaged in the exploration and development of oil and gas resources, including production and sale of oil and gas and related activities. As the fiscal year ended June 30, 2012, the Company�� crude oil production was 37,615 barrels of oil per day, and 17 wells were spudded. As of June 30, 2011, the Company operated in 31 exploration blocks (22 blocks with 100% shares including an offshore block, and 12 blocks as operated joint ventures), including 3 offshore blocks. Its projects include Uch-II Development Project, KPD-TAY Integrated Development Project, Jhal Magsi Development Project, Sinjhoro Development Project and Nashpa/ Mela Development Project.
Advisors' Opinion: - [By Weiyi Lim]
Drinkall, whose $83 million Frontier Emerging Markets Portfolio (MFMIX) beat 99 percent of peers tracked by Bloomberg during the past 12 months with a 40 percent gain, said he favors Nigeria because of its economic growth prospects and Pakistan on the nation�� improving political stability. His fund held shares of Lagos-based Dangote Cement Plc (DANGCEM) and Islamabad-based Oil & Gas Development Co. (OGDC) as of April 30, Morgan Stanley�� website shows.
10 Best Oil Stocks To Watch Right Now: FMC Technologies Inc. (FTI)
FMC Technologies, Inc. provides technology solutions for the energy industry worldwide. Its Subsea Technologies segment designs and manufactures subsea systems used in the offshore production of crude oil and natural gas; and multiphase meters used in production and surface well testing, reservoir monitoring, remote operation, fiscal allocation, process monitoring and control, and artificial lift optimization, as well as provides installation and workover tools, installation assistance, and field support for commissioning, intervention, and maintenance of subsea systems. This segment also provides remotely operated vehicle systems and remote manipulator systems, as well as offers support services for subsea control systems and other high-technology equipment for subsea exploration and production. This segment markets its products primarily through its own technical sales organization. The company�s Surface Technologies segment offers surface wellheads for standard and cri tical service applications; fluid control products for use in well completion and stimulation activities; and fracturing flowback and wireline services for exploration companies in the oil and gas industry. Its Energy Infrastructure segment offers measurement systems for the custody transfer of crude oil, natural gas, and refined products; fluid loading and transfer systems to the oil and gas, petrochemical, and chemical industries; material handling solutions, such as bulk conveying systems to the power generation and mining industries; systems that separate production flows from wells into oil, gas, sand, and water; and direct drive systems for various energy-related applications. This segment also offers design, engineering, project management, maintenance, and aftermarket services for blending and transfer systems; and automation, control, and information technology for the oil and gas, and other industries. FMC Technologies, Inc. was founded in 2000 and is headquartered in Houston, Texas.
Advisors' Opinion: - [By Ben Levisohn]
While Schlumberger has a free-cash-flow yield of about 3.5%, Cameron International’s (CAM) and Dril-Quip’s (DRQ) are just over 3% and�FMC Technologies‘ (FTI) is just under 3%. Halliburton (HAL) has a free-cash-flow yield of just over 1%.
- [By Monica Gerson]
FMC Technologies (NYSE: FTI) is projected to post its Q3 earnings at $0.59 per share on revenue of $1.75 billion.
Posted-In: Earnings scheduleEarnings News Pre-Market Outlook Markets
10 Best Oil Stocks To Watch Right Now: VAALCO Energy Inc (EGY)
VAALCO Energy, Inc. (VAALCO), incorporated in 1985, is an independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas. VAALCO owns producing properties and conducts exploration activities as operator in Gabon, West Africa, conducts exploration activities as an operator in Angola, West Africa, and has conducted exploration activities as a non-operator in the British North Sea. The Company owns minor interests in production activities as a non-operator in the United States. During the year ended December 31, 2011, the Etame, Avouma, South Tchibala and Ebouri fields produced approximately 8.1 million barrels of oil (2.3 million barrels of oil net to the Company).
Offshore Gabon
The Company�� primary source of revenue is from the Etame Production Sharing Contract related to the Etame Marin block located offshore the Republic of Gabon. VAALCO operates the Etame Marin block on behalf of a consortium of companies. As of December 31, 2010, VAALCO owned a 30.35% interest in the exploration acreage within the Etame Marin block. The Company owns a 28.1% interest in the development areas surrounding the Etame, Avouma, South Tchibala and Ebouri fields, each of which is located on the Etame Marin block. The Company produces from the Etame, Avouma, South Tchibala and Ebouri fields on the block.
Onshore Gabon
The Mutamba Iroru block is ocated onshore near the coast in central Gabon. The Mutamba Iroru block contains an exploration area of approximately 270,000 acres.
Offshore Angola
The Company has 40% working interest in Offshore Angola. The four year primary term with an optional three year extension awards the Company exploration rights to 1.4 million acres offshore central Angola.
Onshore Domestic-Texas
In July 2011, the Company acquired a 480 acre lease in the Granite Wash formation in North Texas. In November 2011, the Company commen! ced drilling a second well on the initial Granite Wash formation lease.
Onshore DomesticMontana
In May 2011, the Company acquired a 70% working interest in approximately 5,200 acres (3,640 net acres) in Sheridan County, Montana in the Middle Bakken formation. In September 2011, it acquired a 65% working interest in approximately 22,000 gross acres covering the Middle Bakken and deeper formations in the East Poplar unit and the Northwest Poplar field in Roosevelt County, Montana.
DomesticOutside Operated
The Company has minor interests in Brazos County, Texas producing from the Buda/Georgetown formations. The Company also owns certain minor non-operated interests in the Ship Shoal area of the Gulf of Mexico and in Pickens County, Alabama.
Advisors' Opinion: 10 Best Oil Stocks To Watch Right Now: Clayton Williams Energy Inc (CWEI)
Clayton Williams Energy, Inc. (CWEI), incorporated on December 27, 1991, is an independent oil and gas company engaged in the exploration for and production of oil and natural gas primarily in Texas, Louisiana and New Mexico. The Company operates in two segments: oil and gas exploration and production and contract drilling services. As of December 31, 2012, its portfolio of oil and natural gas reserves is weighted in favor of oil, with approximately 77% of its proved reserves consisting of oil and natural gas liquids (NGLs) and approximately 23% consisting of natural gas. During the year ended December 31, 2012, the Company added proved reserves of 20,443 million barrels of oil equivalent (MBOE) through extensions and discoveries, had downward revisions of 6,615 MBOE and had purchases of minerals-in-place of 3,504 MBOE and had a sales of minerals-in-place of 725 MBOE. As of December 31, 2012, CWEI held interests in 3,031 gross (1749 net) producing oil and gas wells and owned leasehold interests in approximately 951,000 gross (471,000 net) undeveloped acres. On March 14, 2012, its wholly owned subsidiary, Southwest Royalties, Inc. (SWR), completed the mergers of each of the 24 limited partnerships, of which SWR is the general partner (SWR Partnerships) into SWR.
Permian Basin
The Company�� Permian Basin is a sedimentary basin in West Texas and Southeastern New Mexico. The Permian Basin covers an area approximately 250 miles wide and 350 miles long and contains commercial accumulations of oil and gas in multiple stratigraphic horizons at depths ranging from 1,000 feet to over 25,000 feet. During 2012, the Company drilled and completed 87 gross (80.2 net) operated wells in the Permian Basin and conducted various remedial operations on other wells. As of December 31, 2012, the Company had two rigs in this area.
Giddings Area
The Company�� Austin Chalk formation is an upper Cretaceous geologic formation in the Gulf Coast region of the United States th! at stretches across numerous fields in Texas and Louisiana. The Austin Chalk formation is generally encountered at depths of 5,500 to 7,000 feet. Horizontal drilling is the primary technique used in the Austin Chalk formation. Its wells in this area were drilled as horizontal wells, many with multiple laterals in different producing horizons, including the Austin Chalk, Buda and Georgetown formations in East Central Texas. The Eagle Ford Shale formation lies immediately beneath the Austin Chalk formation where the Company have approximately 177,000 net acres in production. As of December 31, 2012, the Company is using one of its drilling rigs in the Giddings Area to drill horizontal wells in the Eagle Ford Shale formation.
South Louisiana
During 2012, the Company drilled and completed the Hassinger ETAL #1, an exploratory well in Jefferson Parish, Louisiana. The Company plan to commence drilling operations on the Macon Stringer Heirs #1, an exploratory well in Terrebonne Parish in 2013.
Natural Gas Services
The Company owns an interest in and operates natural gas service facilities in the states of Texas and Louisiana. These natural gas service facilities consist of interests in approximately 314 miles of pipeline, three treating plants, one dehydration facility, and seven wellhead type treating and/or compression stations. Its operated gas gathering and treating activities exist to facilitate the transportation and marketing of its operated oil and gas production.
Advisors' Opinion: - [By Seth Jayson]
Clayton Williams Energy (Nasdaq: CWEI ) is expected to report Q1 earnings around April 24. Here's what Wall Street wants to see:
The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Clayton Williams Energy's revenues will decrease -8.9% and EPS will shrink -32.8%.
10 Best Oil Stocks To Watch Right Now: Essar Energy Plc (ESSR)
Essar Energy plc is a holding company. The Company is an energy company with assets across the power and oil and gas industries. The Company operates in the areas petroleum refining and marketing, exploration and production and power transmission and generation. The Refining and Marketing business in India comprises of the Vadinar refinery located on the west coast of India and a retail franchise network of around 1,400 fuel stations across India and the Refining, and Marketing business in the United Kingdom comprises of the Stanlow refinery located near Liverpool, north west England and on the south bank of Manchester ship canal. The Company�� exploration and production segment includes a portfolio of 15 blocks and fields in the various stages of exploration and production of oil and gas in India, Indonesia, Nigeria and Vietnam. In Power segment, the Company operates coal fired, captive fuel and gas based power plants in India and Canada together with a number of mining assets.
Advisors' Opinion: 10 Best Oil Stocks To Watch Right Now: Magnum Hunter Resources Corp (MHR)
Magnum Hunter Resources Corporation (Magnum Hunter), incorporated in June 1997, is an independent oil and gas company engaged in the exploration for and the exploitation, acquisition, development and production of crude oil, natural gas and natural gas liquids, primarily in the states of West Virginia, Ohio, Texas, Kentucky and North Dakota and in Saskatchewan, Canada. The Company is also engaged in midstream operations, including the gathering of natural gas through its ownership and operation of a gas gathering system in West Virginia and Ohio, named as its Eureka Hunter Pipeline System. The Company�� portfolio includes Marcellus/Utica Shales in West Virginia and Ohio, the Eagle Ford Shale in south Texas, and the Williston Basin/Bakken Shale in North Dakota and Saskatchewan, Canada. As of December 31, 2011, its proved reserves were 44.9 million barrels of oil equivalent and were approximately 48% oil. In August 2012, the Company closed on the acquisition of 1,885 net mineral acres located in Atascosa County, Texas. With this acquisition, the Company has approximately 7,278 gross acres and 5,212 net acres located in Atascosa County, Texas.
On May 3, 2011, it acquired NuLoch Resources Inc. In April 2011, Triad Hunter, its wholly owned subsidiary, acquired certain Marcellus Shale oil and gas properties located in Wetzel County, West Virginia. On April 13, 2011, it acquired NGAS Resources, Inc. In February 2012, Triad Hunter acquired leasehold mineral interests located primarily in Noble County, Ohio.
Eagle Ford Shale Properties
Eagle Ford Shale is located in Gonzales, Lavaca, Atascosa and Fayette Counties, Texas. The Eagle Ford Shale properties are held primarily by its wholly owned subsidiary, Eagle Ford Hunter, Inc. As of February 27, 2012, the Company�� Eagle Ford Shale properties included approximately 54,000 gross (24,000 net) acres primarily targeting the Eagle Ford Shale oil window, principally in Gonzales and Lavaca Counties, Texas. As of December 31! , 2011, proved reserves attributable to the Eagle Ford Shale properties were 5.4 million barrels of oil equivalent, of which 94% were oil and 24% were classified as proved developed producing, and 5.4 million barrels of oil equivalent. As of February 27, 2012, its Eagle Ford Shale properties included 18 gross (10 net) productive wells, of which it operated 14.
Williston Basin Properties
The Williston Basin is spread across North Dakota, Montana and parts of southern Canada. The basin produces oil and natural gas from a range of producing horizons, including the Madison, Bakken, Three Forks/Sanish and Red River formations. As of February 27, 2012, the Company�� Williston Basin properties included approximately 413,003 gross (122,561 net) acres. As of December 31, 2011, proved reserves attributable to the Williston Basin properties were 8.9 million barrels of oil equivalent, of which 94% were oil and 42% were classified as proved developed producing, and 8.8 million barrels of oil equivalent. As of February 27, 2012, the Williston Basin properties included approximately 288 gross (98.9 net) productive wells.
The Williston Hunter United States property acreage is located in Divide and Burke Counties, North Dakota, with its primary production from the Bakken Shale and Three Forks/Sanish formations. As of February 27, 2012, its Williston Hunter United States properties included approximately 36,355 net acres in the Williston Basin in North Dakota. As of February 27, 2012, the Williston Hunter United States properties included approximately 105 gross (9.5 net) productive wells. The Company�� Williston Hunter Canada property is located primarily in Enchant, near Vauxhall, Alberta, Canada, at Balsam near Grande Prairie, Alberta, Canada and at Tableland, near Estevan, Saskatchewan, Canada. As of February 27 2012, the Williston Hunter Canada properties included approximately 107,270 gross acres (79,693 net acres). At December 31, 2011, the Williston Hunter Canada prope! rties inc! luded approximately 65 gross productive wells. As of December 31, 2011, Williston Hunter Canada had 41,797 gross (32,944 net) acres of land that is prospective for Bakken and Three Forks/Sanish oil in the Tableland field. The Enchant property consists of 10,720 acres. As of December 31, 2011, 48 wells (44.1 net) were producing on this acreage. As of December 31, 2011, the Company owned approximately 43% average interest in 15 fields located in the Williston Basin in North Dakota consisting of 151 wells, and approximately 15,000 gross (6,450 net) acres.
Appalachian Basin Properties
The properties acquired in the NGAS acquisition are held by its wholly owned subsidiary, Magnum Hunter Production, Inc. As of February 27, 2012, its Appalachian Basin properties included a total of approximately 484,412 gross (412,323 net) acres, located primarily in the Marcellus Shale, Utica Shale and southern Appalachian Basin. At December 31, 2011, proved reserves attributable to its Appalachian Basin properties were 29.9 million barrels of oil equivalent, of which 27% were oil and 59% were classified as proved developed producing, and 30.2 million barrels of oil equivalent. As of February 27, 2012, the Appalachian Basin properties included approximately 3,112 gross (2,257 net) productive wells, of which we operated approximately 88%.
As of February 27, 2012, it had approximately 58,426 net acres in the Marcellus Shale area of West Virginia and Ohio. The Company�� Marcellus Shale property is located principally in Tyler, Pleasants, Doddridge, Wetzel and Lewis Counties, West Virginia and in Washington, Monroe and Noble Counties, Ohio. As of February 27, 2012, the Company operated 33 vertical Marcellus Shale wells and 16 horizontal Marcellus Shale wells. As of February 27, 2012, approximately 63% of its leases in the Marcellus Shale area were held by production.
Other Properties
The Company�� East Chalkley field is located in Cameron Parish, Louisiana.! The fiel! d consists of approximately 714 gross acres (443 net acres). This developmental project is an exploitation of bypassed oil reserves remaining in a natural gas field located at depths between 9,300 and 9,400 feet. As of February 27, 2012, the Company operated the East Chalkley field and owned an approximately 62% working interest and an approximately 42.7% net revenue interest in the field. Other properties of the Company are located in Nacogdoches, Colorado, Lavaca, Bee, Fayette and Wharton Counties, Texas and Desoto Parish, Louisiana. As of February 27, 2012, these properties consisted of an aggregate of approximately 7,050 gross (1,188 net) acres.
Advisors' Opinion: - [By Value Digger]
As peers, I selected Artek Exploration (ARKXF.PK), RMP Energy (OEXFF.PK), Synergy Resources (SYRG) and Magnum Hunter Resources (MHR). The first two firms trade also on the main Toronto board under the tickers RTK.TO and RMP.TO respectively. These peers comply with the following criteria:
- [By Dan Caplinger]
Finally, Magnum Hunter Resources (NYSE: MHR ) has lost a quarter of its value after disclosing in an SEC filing yesterday that it dismissed PricewaterhouseCoopers as its accounting firm. According to the filing, PricewaterhouseCoopers had identified several issues with the energy company, including certain deficiencies in internal controls. Magnum Hunter offered a remediation plan to address PwC's concerns, but it nevertheless replaced PwC with an accounting firm called BDO USA. Investors have grown accustomed to selling at the first hint of accounting issues, and that's clearly the case with Magnum Hunter today.
- [By Matt DiLallo]
I recently took a deeper look at three important numbers from Magnum Hunter Resources (NYSE: MHR ) long-delayed annual report. Today, I want to drill down even deeper into the report (which can be accessed�here���link opens a PDF), and look at some areas that investors often overlook when considering an energy stock. In this case, I want to look at the company's "hidden" assets.
- [By Arjun Sreekumar]
Houston-based Magnum Hunter Resources (NYSE: MHR ) recently announced that it has commenced drilling on its first horizontal well in Ohio's Utica ��a vast shale rock formation located in the Appalachian Basin and thought to have massive hydrocarbon potential.
10 Best Oil Stocks To Watch Right Now: EQT Corporation(EQT)
EQT Corporation, together with its subsidiaries, operates as an integrated energy company in the United States. It operates in three segments: EQT Production, EQT Midstream, and Distribution. The EQT Production segment engages in the exploration, development, and production of natural gas, natural gas liquids, and crude oil in the Appalachian Basin. This segment?s properties are located primarily in Kentucky, West Virginia, Virginia, and Pennsylvania. As of December 31, 2010, it had 5.2 trillion cubic feet of proved reserves across 3.5 million acres. The EQT Midstream segment provides gathering, processing, transmission, and storage services for the independent third parties in the Appalachian Basin. It has approximately 10,900 miles of gathering lines and 770 miles of transmission lines. The Distribution segment distributes and sells natural gas to residential, commercial, and industrial customers in southwestern Pennsylvania, West Virginia, and eastern Kentucky. It also operates a gathering system in Pennsylvania; and purchases and delivers gas to customers. This segment serves approximately 276,500 customers consisting of 257,900 residential customers, and 18,600 commercial and industrial customers. The company was formerly known as Equitable Resources, Inc. and changed its name to EQT Corporation in February 2009. EQT Corporation was founded in 1925 and is headquartered in Pittsburgh, Pennsylvania.
Advisors' Opinion: - [By Matt DiLallo]
This is why several of the play's producers, including Range Resources (NYSE: RRC ) and EQT Corp (NYSE: EQT ) , are coming together on a joint industry project to gain better insight into the play. The project, which is expected to last at least a year, will help the companies gain a better fundamental understanding of what rock properties are the most important for good wells. The hope is that the project will enable producers to better target the play in order to earn a return.
- [By Ben Levisohn]
Shares of Penn Virginia have gained 8.5% to $14.01 at $3:08 p.m., putting it up 49% so far this year. Shares of EQT Corp. (EQT) have ticked up 0.2% to $100.23, while Devon Energy (DVN) has risen 0.5% to $64.54, EOG Resources (EOG) has advanced 0.6% to $179.84 and Gulfport Energy (GPOR) is up 0.1% at $64.87.
- [By Arjun Sreekumar]
Even Range Resources (NYSE: RRC ) , another low-cost Marcellus operator with outstanding returns, requires $4 gas prices to generate a 96% IRR on its dry gas wells and a 105% IRR on its super-rich gas wells, while EQT (NYSE: EQT ) earns a 53% after-tax internal rate of return on its Marcellus wells with gas prices at $4.
- [By Gary Jakacky]
On the other hand, our economy shows more strength by the day. Oil prices remain stuck in a five year range. Natural gas prices are testing new lows: successful fracking techniques recently announced by EQT Corporation (EQT) in Seeking Alpha (10/17/2013 @ 2:29 PM on Market Currents) could cut over $1.5 billion from the costs of drilling for gas, as well as assuage "environmentalist" concerns about fracking. Fuel is a major cost for transportation companies. So maybe IYT can catch a third breath?