Showing posts with label Occidental Petroleum. Show all posts
Showing posts with label Occidental Petroleum. Show all posts
Friday, October 26, 2012
Whiting (WLL) (OXY) (BVN) (GPOR) (TXG) Ratings Downgrades and Initiations
Whiting Petroleum Co. (WLL), Occidental Petroleum Co. (OXY), Compania de Minas Buenaventura SA (BVN), Gulfport Energy Co. (GPOR) and Torex Gold Resources (TXG) had ratings on them downgraded or initiated.
Macquarie downgraded Occidental Petroleum Co. (OXY) from an "Outperform" rating to a "Neutral" rating.
Iberia Capital downgraded Whiting Petroleum Co. (WLL) from an "Outperform" rating to a "Sector Perform" rating.
Credit Suisse initiated coverage on Compania de Minas Buenaventura SA (BVN). They have a "Neutral" rating on the company.
Credit Suisse initiated coverage on Gulfport Energy Co. (GPOR). They have an "Outperform" rating and a price target of $40.00 on the company.
RBC Capital initiated coverage on Torex Gold Resources (TXG). They have an "Outperform" rating and a price target of $2.50 on the company.
Wednesday, September 15, 2010
Citigroup (NYSE:C) Says Cnooc Could Pay BP (NYSE:BP) $10.2 Billion for Asset in Argentina
Citigroup (NYSE:C) said today Cnooc Ltd. could make a bid of $10.2 billion for its 60 percent for BP's (NYSE:BP) stake in Argentina’s Pan American Energy LLC. Cnooc is the largest Chinese offshore exploration company.
The bid would be a 10 percent premium over what it paid earlier in 2010 for Pan American, but that is because they would assume control of the company if they are successful in their BP bid.
If this goes through, it would be close to double the approximate $10 billion in assets already sold, and two-thirds of the way toward the $30 billion BP is attempting to raise to meet liability obligations in relationship to the Gulf of Mexico oil spill.
Cnooc is reportedly looking for a partner in the bid, which could come from Apache Corp. (NYSE:APA), Occidental Petroleum Corp. (NYSE:OXY) or Total SA (NYSE:TOT), all of which have operations in Argentina already.
The bid would be a 10 percent premium over what it paid earlier in 2010 for Pan American, but that is because they would assume control of the company if they are successful in their BP bid.
If this goes through, it would be close to double the approximate $10 billion in assets already sold, and two-thirds of the way toward the $30 billion BP is attempting to raise to meet liability obligations in relationship to the Gulf of Mexico oil spill.
Cnooc is reportedly looking for a partner in the bid, which could come from Apache Corp. (NYSE:APA), Occidental Petroleum Corp. (NYSE:OXY) or Total SA (NYSE:TOT), all of which have operations in Argentina already.
Tuesday, September 7, 2010
BP's (NYSE:BP) Alaskan Assets Drawing Interest Again
After failing to come to a deal with Apache (NYSE:APA) in July to sell its Alaskan assets, there is a renewed interest in the 26 percent stake BP (NYSE:BP) has in the gigantic Prudhoe Bay oilfield, including operational rights.
Also named as a company having interest in the asset is Occidental Petroleum Corp. (NYSE:OXY).
Over the weekend BP let it be known they're raising their asset sale target from $30 billion to $40 billion, as liabilities continue to mount from the oil spill in the Gulf of Mexico.
It isn't clear at this time if BP will continue to hold part of the stake in Prudhoe Bay field, or will sell the entirety of it.
BP has already sold gas assets from the U.S., Canada and Egypt to Apache for $7 billion. They stopped the original attempt to sell Prudhoe to Apache because it had become too complicated.
Estimates for loss of production as a result of the $30 billion in assets sold is at about 8 percent, making it harder for the company to generate consistent revenue and earnings to meet their growing liabilities.
Depending on which assets are sold in the future, the new $40 billion target in asset sales may cause a loss of production of up to roughly 11 percent.
Also named as a company having interest in the asset is Occidental Petroleum Corp. (NYSE:OXY).
Over the weekend BP let it be known they're raising their asset sale target from $30 billion to $40 billion, as liabilities continue to mount from the oil spill in the Gulf of Mexico.
It isn't clear at this time if BP will continue to hold part of the stake in Prudhoe Bay field, or will sell the entirety of it.
BP has already sold gas assets from the U.S., Canada and Egypt to Apache for $7 billion. They stopped the original attempt to sell Prudhoe to Apache because it had become too complicated.
Estimates for loss of production as a result of the $30 billion in assets sold is at about 8 percent, making it harder for the company to generate consistent revenue and earnings to meet their growing liabilities.
Depending on which assets are sold in the future, the new $40 billion target in asset sales may cause a loss of production of up to roughly 11 percent.
Tuesday, May 11, 2010
Occidental Petroleum (NYSE:OXY) Drops on Inflation, EU Fears
Occidental Petroleum (NYSE:OXY) fell, along with other energy and commodity companies, as increased inflation in China and major concerns over the fallout from the sovereign debt crisis in Europe, and whether or not the almost $1 trillion will do much to stop it, has investors wandering if demand can hold up under these economic circumstances.
With austerity measures tied to the sovereign debt bailout of some European countries, along with China battling inflation and attempting to ward off a potential bubble, thoughts are demand will start to decrease for raw materials, and adding Europe and China together could result in significant cutbacks, which could devastate countries and companies counting on Chinese demand to grow their economies.
One positive Occidental Petroleum does have in general, is they have no exposure in the Gulf of Mexico, which could have created many headaches and problems for them.
So while demand is a major issue going forward, at least they can focus primarily on economic issues and not legal ones, along with uncertainty about the future off deepwater, offshore oil drilling.
Occidental does have some offshore exposure, but that's in working with Libya and Qatar, but in the Americas it's all onshore drilling, which makes them a more predictable company than those with major offshore exposure at this time, especially those in the Gulf.
With austerity measures tied to the sovereign debt bailout of some European countries, along with China battling inflation and attempting to ward off a potential bubble, thoughts are demand will start to decrease for raw materials, and adding Europe and China together could result in significant cutbacks, which could devastate countries and companies counting on Chinese demand to grow their economies.
One positive Occidental Petroleum does have in general, is they have no exposure in the Gulf of Mexico, which could have created many headaches and problems for them.
So while demand is a major issue going forward, at least they can focus primarily on economic issues and not legal ones, along with uncertainty about the future off deepwater, offshore oil drilling.
Occidental does have some offshore exposure, but that's in working with Libya and Qatar, but in the Americas it's all onshore drilling, which makes them a more predictable company than those with major offshore exposure at this time, especially those in the Gulf.
Thursday, May 6, 2010
Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP) Bidding on Iraq Gas Fields
Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) and ConocoPhillips (NYSE:COP), among a number of other energy companies, have been invited to bid on licenses for three major gas fields in Iraq; the Akkas field, the Mansouriya field and the Siba field.
Iraq is rated as the 11th in size for natural gas reserves, with an estimated 3.15 trillion cubic meters. Production at this time stands at 1.64 billion cubic feet a day.
The gas fields are being offered for auction because of the shortage of natural gas needed to run the power generators in Iraq, which at this time are providing less that half of what the country needs.
Other companies among the 45 invited to the auction include BP PLC (LSE:BP) (NYSE: BP), Occidental Petroleum (NYSE:OXY), Royal Dutch Shell (NYSE: RDS-A) and Total SA (NYSE:TOT).
Iraq is rated as the 11th in size for natural gas reserves, with an estimated 3.15 trillion cubic meters. Production at this time stands at 1.64 billion cubic feet a day.
The gas fields are being offered for auction because of the shortage of natural gas needed to run the power generators in Iraq, which at this time are providing less that half of what the country needs.
Other companies among the 45 invited to the auction include BP PLC (LSE:BP) (NYSE: BP), Occidental Petroleum (NYSE:OXY), Royal Dutch Shell (NYSE: RDS-A) and Total SA (NYSE:TOT).
Monday, April 5, 2010
Occidental Petroleum (NYSE:OXY) CEO Third-Highest Paid in U.S.
Occidental Petroleum CEO Pay
Occidental Petroleum (NYSE:OXY) Chief executive officer Ray Irani was the third-highest paid CEO in America in 2009, garnering annual pay of $31.4 million, a 39 percent increase over the year before.
In his case he's earned every penny of it, as the company surged over the last year, with shares worth a little over $57 a year ago, and now standing at $86.60 a share in after hours trading.
CEOs ahead of Irani were Oracle's Larry Ellison, with $84.5 million in compensation, and Boston Scientific Corp.’s Raymond Elliott, who was compensated with $33.4 million.
Occidental Petroleum CEO Pay
Occidental Petroleum (NYSE:OXY) Chief executive officer Ray Irani was the third-highest paid CEO in America in 2009, garnering annual pay of $31.4 million, a 39 percent increase over the year before.
In his case he's earned every penny of it, as the company surged over the last year, with shares worth a little over $57 a year ago, and now standing at $86.60 a share in after hours trading.
CEOs ahead of Irani were Oracle's Larry Ellison, with $84.5 million in compensation, and Boston Scientific Corp.’s Raymond Elliott, who was compensated with $33.4 million.
Occidental Petroleum CEO Pay
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