CEO

Dividend Increases/Decreases for the Week September 4

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Below we provide a list of firms that raised their dividends during the week ending September 4. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week Formula Systems (FORTY): now $0.5206 per share semi-annual dividend, was $0.4609. Kenon (KEN): now $2.23 per share quarterly dividend, was $1.21 per share quarterly dividend. JOYY (YY): now $0.31 per share/ADS quarterly dividend. RCI Hospitality (RICK): now $0.04 per share quarterly dividend, was $0.03. Royalty Pharma (RPRX): now $0.15 per share quarterly dividend. Sabine Royalty Trust (SBR): now $0.20329 per share monthly dividend, was $0.1017. Smith … Read more

Oil Markets Get Decimated

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Image Shown: Oil prices have been decimated year-to-date. By Callum Turcan We are following up on our ‘Oil Prices Collapse, Reiterating 2,350-2,750 S&P 500 Target Range; Credit Crunch Looming?’ note (link here) published Sunday, March 8, to provide additional commentary on what’s going on in the shale patch right now. As of this writing, oil prices (BNO, USO) continue to get hammered. Here’s what we had to say in that recent note: The independent upstream producer space (XOP) is careening off a cliff, and that was before the OPEC+ cartel was unable to reach an agreement during their joint meeting (OPEC and non-OPEC members) on March 6. Due to the inability for the oil cartel to reach a deal, largely because Russia … Read more

Covering Oil Markets Ahead of the Upcoming OPEC/OPEC+ Meetings

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Image Source: Exxon Mobil Corporation – 2019 IR Presentation  By Callum Turcan On March 5, the Organization of Petroleum Exporting Countries (‘OPEC’) is holding an “extraordinary” meeting in Vienna, Austria (EWO), which will be followed up by a ministerial meeting between OPEC and non-OPEC members the next day. The group had already agreed to cut oil (USO, BNO) supplies by an additional 0.5 million barrels of per day (‘bpd’) back in December 2019 through an agreement that would last through March 2020 (that was on top of an existing deal to keep 1.2 million bpd off of the market which runs through the end of March 2020 as well). As part of that deal, Saudi Arabia (KSA) offered to “voluntarily” … Read more

The Great Guyanese Oil Boom

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Image Shown: A drill ship floating in open waters. Image Source: Exxon Mobil Corporation – 2019 IR Presentation By Callum Turcan We’re going to get into the potential opportunity for energy producers in Guyana, but first, one thing that often gets lost in the noise surrounding press releases and presentations announcing new upstream projects coming online is that Exxon Mobil Corp (XOM) and its peers are contending with serious base decline rates. Decline rates are around 3-5% per year for conventional fields depending on the level of investment made in base maintenance (along with recovery rates and the quality of the rock), which includes such things as gas/water injection projects (this entails drilling injection wells to maintain reservoir pressure and often involves … Read more

Apache Comes Up Empty in Suriname, Shares Plummet

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Image Source: Apache Corporation – November 2019 IR Presentation By Callum Turcan On December 2, Apache Corporation (APA) announced that its first exploration well off the coast of Suriname (a small nation in northern South America) was a dud. The Maka Central-1 well was drilled to a total depth of 6,200 meters (~20,300 feet) in Block 58 and drilling activities commenced in late-September. While the well was testing two Upper Cretaceous plays, neither play appeared to have commercial level of hydrocarbons (more information will be provided by management on this issue in the near future) so Apache opted to drill down to a total depth of 6,900 meters (~22,600 feet) to test a third Cretaceous play. This news sent shares … Read more

Big Energy Earnings Roundup

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Image Source: Exxon Mobil Corporation – Third Quarter 2019 Earnings Presentation By Callum Turcan In alphabetical order by ticker: COP, CVX, RDS, TOT, XOM ConocoPhillips On October 29, upstream super-independent ConocoPhillips (COP) reported third quarter earnings for 2019. Its adjusted underlying oil and gas output rose by 7% year-over-year to over 1.3 million BOE/d in the quarter. Conoco sold off most of its UK operations (through a deal announced in April 2019), which were primarily represented by mature offshore oil and gas fields and a stake in the Clair oilfield, raising approximately $2.2 billion in net cash proceeds when the deal was completed in the third quarter. That transaction will see Conoco’s upstream output move lower sequentially in the fourth … Read more