GDP down 3.8% versus an expected drop of 5.5%? Sounds like good news. Exclude the impact of inventories which are flying higher and that goes to 5.1%, the weakest growth in 28 years. Higher product inventories will lead to lower output so lookout Q1 GDP estimates. Otherwise, have a nice day. In Today’s […]
Stimulus Plan #1 Passed The House Last Night. $819 billion in a very partisan vote. Good 10,000 foot view of what’s in there can be found here. What’s not in there? Apparently money for the post office…get ready to get mail only five days a week. Market bracing for a down open as the memory […]
PQ Provides Guidance, Updates Operations – In a nutshell…outlook not as shabby as I’d expect. 4Q Production: 4Q inches up from a ranged of 97 to 102 MMcfepd to 102 to 103. They note December production was 40% higher than January 2008 production. 2009 Production Guidance: 90 to 100 Mcfepd. The mid point of […]
Further Signs That Hugo Is A Nutbag Watch: Venezuela seized one of ESV’s jackup rigs yesterday afternoon. ESV had halted drilling operations after failed payments by PDVSA, the Venezuelan national oil company. Ensco commented, "We, like others, are working through payment issues with PDVSA. I won’t comment on the state of operations … The crew […]
CHK Reports Preliminary Production & Reserves; Updates Haynesville Activity & Hedges; Announces $500 Million Senior Note Deal. 4Q08 Production: 2.315 Bcfepd (92% natural gas). Up 2% sequentially and 14% year over year once you get everything on an apples to apples basis (adjusted for VPPs and asset sales ) This is just above the […]
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