23
Sep
Thursday – Oil Review & Gas Preview Plus
Market Sentiment Watch: Equity futures rolled over last night after weaker than expected eco data came out of Europe. Eurozone growth, as measured by their purchasing managers index, showed sharply slowing growth. The decline was exacerbated this morning by a miss on the Jobless Claims data. In energy land, all is mostly quiet. I've included a closer look at the very near term Catalysts and their potential impact in the post.
Ecodata Watch:
- Jobless claims came in at 465,000 vs 455,000 expected,
- Existing home sales are expected at 10 am, 4.1 mm expected,
- Leading indicators are expected at 10 am, 0.2% expected
In today's post:
- Holdings Watch
- Commodity Watch
- Natural Gas Inventory Preview
- Stuff We Care About Today – Close up catalyst list, a bunch of odds and ends.
- Odds & Ends
Holdings Watch: ZCAT (Zman Catalyst portfolio):
- $5,200
- 100% Cash
- Yesterday’s Trades: None
ZIM (Zman Inefficient Markets portfolio)
- $3,100
- 25% Cash
- Yesterday’s Trades: None
- Positions (1): The MMR $16 October Calls.
ZLT (Zman Long Term portfolio)
- SWN – Out half position, down 8% after just over 2 years. Didn’t kill the whole thing as this feels like a low but wanted to diversify a bit here in this taxable ZLT portfolio.
- GST – Added opening position at an average cost of $3.84.
Commodity Watch :
Crude oil eased $0.26 to close at $74.71 yesterday after the EIA reported an unattractive looking set of inventory numbers (see below). This morning crude is trading off a dollar.
- Dollar Watch: Ugly chart. Crude has been largely ignoring this of late. OPEC won't if this keeps up by the time of their meeting next month.
Natural gas closed up $0.05 to close at $3.97 as another tropical system threatened to get near the Gulf of Mexico. This morning gas is trading slightly lower.
- Tropics Watch: Storm getting set to form, moving slowly to the west, still south of Hispaniola.
Natural Gas Preview:
I'm at 70 to 75 Bcf for today's storage number.
- Last Week: 103 Bcf Injection. The week before last saw the most tepid weather of the season and a holiday. This week saw a pretty strong rally rally in temps
- Last Year: 66 Bcf Injection
- 5 Year Average: 65 Bcf Injection
- 10 year Hi: 100 Bcf Injection
- 10 year Low: 53 Bcf Injection
The Street is at 80 Bcf.
Oil Inventories Review
ZComment: Probably the least bullish numbers we have seen all summer. Demand fell off as expected and combined with still strong refinery through conspired to produce across the board builds in inventories. Imports of crude rose producing a small build there as well. Expect a reversal next week but the trend should be lower throughput allows crude inventories to remain above the five year average for the Fall and into Winter. Note that in the chart above and despite the unexpected builds we are making some small progress in whittling down the recent over stocking of gasoline and that we continue to eat away at the still bloated levels of distillates in storage.
Crude:
Gasoline:
Distillates:
Stuff We Care About Today
Catalyst List Closeup - now through month end: (this expands on the Catalyst List, giving a little more back story as to why it is important and/or what the impact will be.
- ATPG - Telemark well on stream,
- have publicly said mid September so this one is in the any day now camp until it actually happens
- expected initial rate is 7,000 to 10,000 BOEpd net.
- adding to a rate in June of 23,000 BOEpd
- The stock has been busily discounting this news as well as anticipating the end of the Deepwater moratorium in November and a potential monetization to help with their high debt load.
- Impact: the event goes to credibility and ability to make development targets but honestly, development projects coming on stream when they are supposed to is rarely a boom event for the stock. If they are late it is more of an anti-catalyst, causing worry / doubt, much of it probably not fair or founded, around other key dates. If the well comes in at the high end of the range that could provide a brief move above the recent highs in a vacuum.
- have publicly said mid September so this one is in the any day now camp until it actually happens
- EOG - Guidance
- To reduce 3Q guidance or not, now until a few days into October
- Historically, they have seldom reduced guidance but when they did it was shortly before numbers came out if it affected the near quarter.
- Impact: Probably a $10 rally in the stock if they don't cut numbers.
- To reduce 3Q guidance or not, now until a few days into October
- EXXI - More Ultra Deep Pay
- more pay on the way, any day, now through Christmas
- Impact: Talk of pay over 100 feet in the well and still drilling would likely drive it to new highs. They are using an LWD tool here so data could literally be released whenever they have enough to warrant a comment.
- more pay on the way, any day, now through Christmas
- MMR -
- same as above, also a test at Blueberry hill, probably next two weeks
- Impact: higher near term highs.
- same as above, also a test at Blueberry hill, probably next two weeks
- SSN - Still halted from yesterday but ...
- expect them to own up to having spud another Niobrara well,
- to get results back on another Bakken well
- to close their the final portion of their Niobrara acreage sale
- and maybe, just maybe, announce a joint venture that would help them to begin to derisk and develop their remaining acreage in the play...
- ... all either later today or tomorrow.
- Impact: Positive news on the deal should add getting done should add 10 to 20 cents to the current level if it is priced as expected. The other items would have to evaluated at the time they pop up.
- expect them to own up to having spud another Niobrara well,
- WLL - Louis & Clarke
- Results of three new wells in the Louis and Clarke play, all Three Forks Sanish wells
- WLL has referred to these a number of times as being scheduled for completion and results at month end September
- Impact: depends on where the stock is at month end but it has discounted quite a bit of good news here. With over 200,000 net acres at Louis and Clark area though, the prospect of a new core area is at stake, one that is bigger than its original one at Sanish/Parshal.
- Results of three new wells in the Louis and Clarke play, all Three Forks Sanish wells
Other Stuff:
Texas reports record onshore lease sale:
- High bids total $207 mm, about 4x the size of the previous record Texas sale.
- Hello higher oil prices, burgeoning plays like the Bone Springs, and the offshore Moratorium and fear of its aftermath.
Dividends Going Up
- This is off topic but about a month ago I wrote that dividend paying stocks would likely raise their dividends this fall, especially big names.
- The reasons for this would be a combination of coming higher taxes on dividends in 2011 and record cash on the S&P 500's combined balance sheet.
- We've now seen MSFT, MCD, and several others raise their dividends by significant amounts.
- Just interesting, my suspicion that we'll see more special dividends prior to year end has not happened yet but there is still time.
Interoil - files $300 mm Shelf
- No real comment here but have been thinking about taking another look here.
CRED Operations Update:
- Drilling its first GW well with CHK
- 2nd Bakken well completion delay for 3 more weeks due to frac equipment availability, a recurring theme, especially amongst the minnows of the popular plays.
- I keep an eye on these guys as they are at the tail end of my Bakken market watch and plan to work them up in the somewhat near future.
Voyager Closes Debt Deal; Updates Operations
- This one is an oddball, Niobrara / Bakken wanna be player - VYOG
- $15 mm, 12% senior deal closed (ouch) to cover capex in the near term.
- Their plan seems to be to take non-operated, very small working interests, in wells drilled by experienced operators.
- They have interests in 2 Bakken wells so far this year with results (1 Slawson, 1 BEXP) with good results so their acreage at least is not all moose pasture.
- They are drilling with private E&P Slawson in both plays which is a plus and they do have a relatively large acreage position, for their size in the Williston Bakken (24,000 acres) and the Niobrara (48,000 acres) as well as acreage in two other Montana plays, one oil, one gas.
- They plan to spud 5 net Bakken wells next year and expect to have 2.5 net Niobrara wells (think these are vertical test wells) down by year end 2010.
- I would strongly question management's ability to get this done without Slawson, now I'm just dubious. Though they have a long term land man on the team they also have a glitzy gambler type. Sort of interesting and I may do a bit more digging but am likely to take a pass.
Odds & Ends
Analyst Watch:
- HAL - Jefferies ups target by $2 to $54, rating stays Buy
- CPE - Global Hunter starts it at Buy with a $7.30 target
- PTEN - upgraded to Strong Buy, target $22 ... "U.S. land market red hot"
On Vyog..never heard of them
September 23rd, 2010 at 7:55 am>Their plan seems to be to take non-operated, very small working interests, in wells drilled by experienced operators
Kinda like a NOG lite— How do they acquire the small interest?
I think its a great model..get all of the benefits with non of the overhead
TED Spread at +13.4 bps this morning. TED not showing any near-term worries.
September 23rd, 2010 at 7:59 amCredit markets firmly in the red, however. This is a follow-on to the weakness we saw all day y'day. Part of that is US Treasuries rallying and corporate bonds not keeping up. Headlines in the bond mrkt this morning are punctuated with "10-Yr UST Yield Below 2.50% For First Time…. Since Sept 1st"… oooooooooooooo. So, we have to go ALL THE WAY BACK to Sept 1st to feel this good about owning US Treasury bonds (and not corporate bonds). Yeah… I'm worried. Not.
IG Index +2.75 bps wider (that is not an insignificant move) at +114.5 bps
HY Index -21/32 points lower (+17bps wider) at 97.625 pts
Might be a good day to let some dust settle. Keeping an eye on stocks and bonds you want to buy… letting them come to you at your price.
Bill – take a acre or a few in each section in the hot part of the play, then you are in when they drill on your section or two section unit. It is like a NOG lite without the management. If you have good operators and they seem to it can work. But I noticed them awhile back scooping Niobrara acreage on the very cheap and I don't know why they picked it off for so little dollars, sense would be it is far from contiguous and maybe back country but I never looked into it. Resume of one of the management guys really turned me off as I recall.
Thanks for the update their BOP. Suddenly we care about Europe again.
September 23rd, 2010 at 8:06 amMaybe I'll get to pick up some more shares of EXXI at a good price over the next few days… something to look forward to.
September 23rd, 2010 at 8:09 amEven thinking about adding some MMR… now that their funding source has been solved. Removes my biggest near-term negative on the name… funding their program with negative cash flow.
BOP – With the funding source resolved it makes me think that all wells that formerly would have TD'd at 29,950 feet will have Tuscaloosa tails down to 33,000', lol.
September 23rd, 2010 at 8:12 amBOP – hear ya on price pullbacks, NBL out with a big gas project sanctioning this morning, stock has been pulling back and I'm starting to like it as an additional large cap in the portfolio….gotta be careful not to snack on too many single digit midgets. They are tasty when they work but can give you indigestion.
September 23rd, 2010 at 8:14 amTPH out saying they think weather implies a 70, not 80 Bcf injection as is consensus. Me too.
September 23rd, 2010 at 8:15 amOwning a portfolio of Single Digit Midgits is like trying to teach kindergarten or herd cats. It can make you smile sometimes, but it comes with a lot of oversight responsibility. Can't take your eye off the little boogers.
September 23rd, 2010 at 8:21 am…. So it's nice to occassionally invite an Adult to join your group. Agreed.
September 23rd, 2010 at 8:22 amRobry at 68 today. If it comes in at 70 vs 80 should be bullish for ng
September 23rd, 2010 at 8:23 amAlso with avg injection, ye number is now below 3.8 tcf with a number below +74
09/17/10………62.4……..90 BCF…..3357 BCF
09/24/10………62.5……..86 BCF…..3443 BCF
10/01/10………64.2……..84 BCF…..3528 BCF
10/08/10………67.0……..80 BCF…..3607 BCF
10/15/10………71.9……..79 BCF…..3686 BCF
10/22/10………79.1……..57 BCF…..3743 BCF
10/29/10………87.4……..46 BCF…..3789 BCF
11/05/10………97.9……..25 BCF…..3815 BCF
11/12/10…….109.7……….1 BCF…..3816 BCF
Z,
September 23rd, 2010 at 8:26 amWhere did your ready about the acreage sale in Texas? It was right next to me.
Re 11. Upstream, the online magazine.
Thanks Bill
September 23rd, 2010 at 8:32 amAnalyst Watch:
HK initiated at Citi at Hold with a $19 target. Gutsy.
September 23rd, 2010 at 8:37 amBOP – re your comment about TAT yesterday … yes, it lives in a different market world. Up slightly today in a sea of energy red.
September 23rd, 2010 at 8:38 amCredit market holding in there, at about the same levels as I quoted this morning. Not getting worse… might be trying to claw back up a little. Watching…. feels like some dip-buying going on.
September 23rd, 2010 at 8:42 amIran/Israel Watch:
http://abcnews.go.com/International/israel-official-dan-ayalon-air-strikes-cripple-irans/story?id=11699086
September 23rd, 2010 at 8:50 amATPG trading in it's own universe too… green on a red day. That makes shorts feel very very uncomfortable. heh heh heh
September 23rd, 2010 at 8:54 am#13 – I spoke to the citi analyst at one point right after he started – HK has been on their radar for a long time but never added until now.
September 23rd, 2010 at 8:56 amGil Yang was following HK to some degree when he was there too but again never added them.
Agreed gutsy.
Leading indicators a tad more positive than expected at 0.3% vs 0.1% exp
September 23rd, 2010 at 9:01 amExisting Home Sales also a tad more positive than expected at 7.6% vs 7.1% exp
The Credit Market is staging a bit of a rally, post eco-numbers…
September 23rd, 2010 at 9:03 amIG only +1.5 bps wider on the day now.
All that said, I do expect the market to slid a bit more here… today… tomorrow… just watching my targets and biding my time….
September 23rd, 2010 at 9:04 amNG up 9 cents, blame future potential storm (80% chance now) south of Cuba.
September 23rd, 2010 at 9:06 amHeadTrader says it's "too early to tell"… but, if you put a gun to his head, he would call for a higher close (than here). SPX holding 1125 was important.
September 23rd, 2010 at 9:09 amre 21, feels higher. The little names are trying to drift up, the rest of the name are just drifting, nothing really sticks out. Coal names redder than most, drybulks redish, refiners all red but not a lot, E&Ps a mixed red bag, Service mostly red but trying to turn. Dearth of news really in most spaces. I think the target and the upping of it at jefco on HAL is interesting. Why do that in front of what people expect to be a weak quarter unless you are confident on the international picture and see a 4Q upturn. I think coverage there is Steve Gengaro, smart cookie.
September 23rd, 2010 at 9:11 am#22 – saw good explanation of current high pressure system in place over northern GOM and southern US will move out shortly – allowing any potential storm to move due north
September 23rd, 2010 at 9:15 amDoing a little reading so will shut up a bit this morning, other than gas numbers in 15 minutes.
September 23rd, 2010 at 9:16 amMorning all. Feels like oil is putting pressure on the broader market. Oil not reacting to storm like nat gas???
September 23rd, 2010 at 9:19 amAnyway we are now seeing resistance at that previous key level of 1131.
Lots of patterns could play out into the cycle low which is due Monday plus or minus a trading day on either side. Support at 1120,1114,1108.
One possible pattern is a flat which could actually see us retest the highs around 1148, and then back down to this mornings lows, before moving hiigher again.
CNBC reporting that Ahmadinejad speaking at the UN today.
September 23rd, 2010 at 9:21 amNicky – he's probably trying to get bombed.
September 23rd, 2010 at 9:29 amGas Storage:
73 Bcf – better looking number. Street was at 80, I was 70 to 75.
September 23rd, 2010 at 9:30 amNG up a dime
September 23rd, 2010 at 9:49 amIf you are looking for another little single digit midget I think I'm onto one that could be interest in the near future. Will have a piece out tomorrow.
September 23rd, 2010 at 9:53 amTHANKS.
September 23rd, 2010 at 9:54 amZ #29 WOW – guy's a nut case!
September 23rd, 2010 at 10:10 amG – no doubt man, no doubt. But its probably to do his benefit to be one, as it'll boost oil production.
September 23rd, 2010 at 10:12 ammeant boost oil prices.
September 23rd, 2010 at 10:13 amHaven't posted XACS#1 for a while… here's what he is currently thinking
September 23rd, 2010 at 10:23 amhttp://www.capmarkets.com/ViewFile.asp?ID1=144981&ID2=440550249&ssid=1&directory=6571&bm=0&filename=09.23.10_Corporate_Spreads_to_Come_Under_Pressure.pdf
Thanks BOP, got my head in a bunch of files at the moment in pursuit of the next big thing.
September 23rd, 2010 at 10:24 am29,34
Iran: President Mahmoud Ahmadinejad threatens a war that "would know no boundaries" if the U.S. or Israel bombs his regime's nuclear facilities
Not reported by mainstream press. (from Tradewinds) today
September 23rd, 2010 at 10:36 amSeven tons of highly dangerous explosives were uncovered concealed in a container onboard the 2,878-teu MSC Finland (built 1986) at the port of Gioia Tauro.
The RDX explosives, feared to have originated in Iran and destined for Syria, were found concealed in a consignment of powdered milk, Italian police said has sparked fears that the huge consignment was destined for terrorists groups
We know they were behind the IED's in Iraq. Letting these Islamic nutbags into Iran is/was Jimmy Carters legacy and why I view him as the worst president in history.
We need a regime change in Iran and the sooner the better
z — did you every add Single Digit Midgit EGY to your stable?
September 23rd, 2010 at 10:37 amBOP – not yet. Good trading there on your part I have noticed.
September 23rd, 2010 at 10:39 am
September 23rd, 2010 at 10:44 amI have a little time this morning, so I put together a brief expansion of why I would choose CO2 over LNG foam fracs.
Why foam frac: water is not available, water can be damaging (tight rock sucks up water into the pore throats – imbibe), working in an environmentally sensitive area (by a river for instance), .
There are 2 ways to foam frac, gas (N2) and liquified gas (CO2 and now LNG).
Basic principle of the 2 methods;
N2 is converted at the surface from liquid to gas. The pump unit has the heat either from the engine cooling system or via a diesel burner for higher rates. I will let everyone guess as to which type of unit is used offshore. The pump takes the liquid from low pressure to high pressure. In a high pressure coil is where the liquid is heated / converted to gas. It travels from the pump unit down high pressure treating lines where it comes together with the sand and gels. It travels down the wellbore in some proportion of gas and liquid which is referred to as foam quality. N2 is also used extensively with Coiled Tubing. You pressure test the integrity of the treating line you piece together with the N2 gas discharge.
Liquid gas. There is no special pump like N2. Basically, the same pumps used in an all liquid frac pump the liquified gas down the well. You just isolate the pulsation dampner of the liquid pump. Somewhere traveling down the well, the liquid gas converts to ideal gas. Here is the rub; The pump units need to be cooled down (same with N2) and the easiest way is to just allow the liquid to vent to the atmosphere. Good luck doing that with LNG, I will be the one standing on top of the hill when they do it on location. They probably use CO2 on the cool down but you get my drift. If you have CO2 to cool down, why not just do the entire job with it? You know you are cooled when all of the treating iron has frost over it, yes it will frost over even in arctic conditions. The other important rub is the issue of ice plugs; with Liquid gas, there is always the concern that an ice plug will form in the lines at surface, the iron is rigged up a lot differently in order to vent the line in case one forms. Not a very happy situation to be in with LNG. BTW, when the job is finished that line will have to be bled down to 0 psi in order to rig off and leave location.
In summary, fracs involving gas is serious business. Think about how much energy it takes to convert N2, CO2 or Nat Gas into a liquid. When that Tiger is let out of the cage it is awesome. The damage can be incredible if not contained properly.
Thanks much Wyoming. If you have any photos on that last part being a problem please do send.
September 23rd, 2010 at 10:52 am18 – 1520s Do you like the new Citi guy R Morris? Where is Gil Yang now and do you have access to his thoughts these days. Haven't read the piece on HK yet but it looks like someone put some effort into the piece. That has not always been the case there.
September 23rd, 2010 at 11:10 am#42-Thanks, Wyoming-important analysis.
September 23rd, 2010 at 11:17 am
September 23rd, 2010 at 11:18 am'No S-300's for you!'
President Dmitry Medvedev on Wednesday signed a decree banning supplies of S-300 missiles and other arms to Iran in a long-awaited move after weeks of deliberations by Russian officials. "Dmitry Medvedev signed a decree 'on Measures to implement the United Nations Security Council resolution 1929 from June 9, 2010'," the Kremlin said in a statement. The decree published on the Kremlin website forbids supplies of the S-300 air defence missiles to the Islamic republic, among other weapons.
http://news.yahoo.com/s/afp/20100922/wl_mideast_afp/russiairannuclearweapons
Tom – I've shared a cab with Bob Morris in Mexico, conservative, smart guy.
September 23rd, 2010 at 11:29 amMMR looks like it's winding up to go higher….daily and 30 min updated
September 23rd, 2010 at 11:31 am#44 – he seems capable. The Citi HK report was well done – not a whole lot of new news but thorough. Gil Yang is at BAML now. He and his team is covering HK now too. There are some good maps in the Citi report.
September 23rd, 2010 at 11:32 amIn general I don't pay a whole lot of attention to the Wall Street analyst crowd and take everything they say with a big grain of salt. I would much rather read independent thinkers ideas (like Z) or listen to folks that have real skin in the game.
Thanks JB
September 23rd, 2010 at 11:33 amMorris is worth a whole pile of Yangs.
September 23rd, 2010 at 11:33 amIf pressed — I would have to agree with #51.
September 23rd, 2010 at 11:38 amRe 52. It's not that he's incompetent or anything of the sort, it's that he's a caretaker of an analyst. Boring.
September 23rd, 2010 at 11:40 am49 – I agree but I do like to see what is being said because when I am thinking differently than the street, I feel much more comfortable. Especially G Yang.
September 23rd, 2010 at 11:40 amGST continuing to trade within the tight support resistance range, things should get going if it can trade out above the daily 100 day SMA….
September 23rd, 2010 at 11:44 amCrude and NG up slightly as the Street gets back from lunch. Group has greened fairly nicely but few standouts. Trading is low volume everywhere I look.
September 23rd, 2010 at 11:58 amZ-heh-I do not think I'm smart enough to dig into this gas frac issue-GFS says they use LPG (ie propane) so I'm trying to understand the significance if any of Wyoming's discussion with LNG as used in fracing-I certainly take his arguments on the increased risk and maybe increased cost. I do not know if the differences in composition of LNG vs LPG are of any significance.
September 23rd, 2010 at 12:07 pmWhat was the book you cited some weeks ago on drilling technology, transport, production-it sounded like it was a basic reference book which would be helpful.
Thanks.
Choices – it was probably this:
Nontechnical Guide to Petroleum Geology, Exploration, Drilling and Production (2nd Edition) by Norman Hyne
September 23rd, 2010 at 12:11 pmwow, will turn off editor, apologies for the giant text.
September 23rd, 2010 at 12:11 pmthanks-I thought you were trying to tell me something-heh
September 23rd, 2010 at 12:14 pmA – man speaking at the UN.
September 23rd, 2010 at 12:16 pmPanic Stations everyone!! Hide under the bed!!! He's gonna get ya! With …. WORDS!! Ouch! He's gonna get ya with impoliteness!! How will the civilized world withstand the brutal assault??
Bill – they *said* Iran was supplying shaped charge IED's. But as usual with anything the US government tells you about the middle east, it just didn't make any sense. The Iranians were supposedly supplying them to the Sunni militias and that's good enough for the media I guess. Why should they bother keeping track of Sunni, Shia or whatever? I mean who cares? Like when Senators Lieberman and McCain were over there pontificating about the Iranian "meddling" in Iraq. One of them was telling the media that Iran was behind the Sunni militias and the other one was tugging on his sleeve & whispering "no it's the Shia". But I mean, it's such an easy mistake to make, we can't expect Senators sending hundreds of thousand of men and trillions of dollars of equipment over to middle eastern hell-holes to bother keeping track of who is supposed to be the "bad guys.
Why bother asking questions when the US govt tells you Iran is supplying their own (Iran's) worst enemies with weapons? I particularly remember when one of the PR generals in Iraq was parading the IEDs for the media. Conveniently, all the markings on these "Iranian made" weapons were in English. But like I said, good enough for the media! I mean everyone speaks English don't they? I'm sure the Iranians do *all* their military documents in English, so that way none of their own personnel can read them. And if you are manufacturing IEDs for the Iraqis, how thoughtful to mark them in a language they don't read either? I mean it all makes sense. As long as the *media* can easily read the markings… *that's* the important thing.
Wyooming,
The GFS.V website shows Nitrogen Turcks[for cooling) used in conjunction with the LPG trucks…….am confused how this relates to what you wrote?
Bet they have a lot of ‘NO SMOKING’ signs on the jobsite.
September 23rd, 2010 at 12:18 pmEOG rebounded nicely from opening profit taking, approaching JB’s PF comment from 2 days back.
September 23rd, 2010 at 12:25 pmThe N2 is for testing the lines, we do that sometimes for CO2 jobs. You cannot test the Liquid Gas ine with water, it will freeze and create one of those nice ice plugs. Choices are a glycol (anti-freeze) or N2 (we call it smoke).
http://doe.wyo.gov/ProductionDocuments/OSHA/2007video.pdf
Along the same thoughts is
http://ftvdb.bfi.org.uk/sift/title/783732
in relation to pressure vessels.
You can contact any Schlumberger QHSE manager and I am sure they will be happy to loan you a copy etc. This is the one area that SLB are experts in, it is also their anchor.
September 23rd, 2010 at 12:29 pmRequest form for “There are no Clowns” by Dowell Schlumberger.
Forgot the online viseo request link you can dril down on the pdf
http://doe.wyo.gov/employers/TrainingVideos/Pages/NewVideoRequest.aspx
September 23rd, 2010 at 12:30 pmWLL trading right at the retest of resistance, now support….classic add spot for longs
September 23rd, 2010 at 12:57 pmhttp://news.yahoo.com/s/csm/20100921/ts_csm/327178
Somewhat off topic but related to Iran and quite interesting.
September 23rd, 2010 at 12:59 pmany you guys know anything of Miller Petroleum…MILL…chart looks interesting to me…nothing more I know except Bllomberg says they operate in Tenn. and Kentucky….being a chart monkey I took a smallish position
September 23rd, 2010 at 12:59 pmFYI HK just hired a new marketing person at SVP level, not sure if announced but she started yesterday, so Dunlap has some competition/help and HK has a more professional representative
September 23rd, 2010 at 1:07 pmjivey…MILL, that chart really looks good , low vol stock, but recently printed an X box reversal P&F bear trap, holding above the 200 day SMA…
September 23rd, 2010 at 1:10 pmJivey – apologies, not one I know.
VTZ – what a world, what a world.
September 23rd, 2010 at 1:12 pmthx…Z and JB…I just watch some of those midgets and of course they work best if they really got it going on…..will go vote for ‘da man…
September 23rd, 2010 at 1:13 pmRe: #72, jivey, thank you…
September 23rd, 2010 at 1:15 pmOAS – failed to break out, trading technically lower (it appears), as I see nothing to warrant the pullback and no comments by analysts that I have access to.
September 23rd, 2010 at 1:24 pm#74, OAS, technically OAS has a tendency to come back at the close, perhaps it trys to pullback into the range late this afternoon…at the moment, OAS is breaking below the bullish ascending triangle, but longer term $16 is the more significant technical support level…
September 23rd, 2010 at 1:35 pmThanks JB. I agree by the way on MMR getting set to go higher.
September 23rd, 2010 at 1:36 pm#67 certainly puts Y2K in the shade.
September 23rd, 2010 at 1:44 pmMMR 5 min chart added…
September 23rd, 2010 at 1:59 pmThanks JB … is there a holiday today? Wow slow.
September 23rd, 2010 at 2:01 pm#79, It is slow…SPX pulling back into an important near term support zone here at about 1130, lots of eyes on this level…
September 23rd, 2010 at 2:04 pmKOG…looks like the consolidation bull flag on the daily is holding together, increasing the probability of a move higher….
September 23rd, 2010 at 2:09 pmVTZ-most of the activity of GasFrac has been in Alberta-have you heard anything about the results or do you have any opinion on the process. As far as risk, they claim on their presentation that they have the same insurance rating as conventional water frac companies-
September 23rd, 2010 at 2:22 pmMgmt appears to be experienced from Fracmaster, Haliberton, etc
Thanks.
Thanks for all the comments today JB, very valuable, .. voted as usual.
September 23rd, 2010 at 2:24 pmRe: #83, john, thank you kind comment and vote…
September 23rd, 2010 at 2:26 pmRE 82 – Have not seen or heard of GasFrac at all in conversation with all my E&P buddies.
September 23rd, 2010 at 2:30 pmAnd that doesn't imply any negatives, just that I don't know.
September 23rd, 2010 at 2:30 pmMarket falling harder, volume still light, buyer's strike
September 23rd, 2010 at 2:31 pmMMR…if bullish on MMR, this is technically an easy area to manage a long try, MMR now pulling back to intraday support on MAcro mkt weakness….
September 23rd, 2010 at 2:36 pmREXX coming down to what appears to be support @$11.
September 23rd, 2010 at 2:37 pmZ: Some comments re the offshore driller sector. PBR strong today. Looks like equity raise is going well. Stock has underperformed the Brazilian index by over 30+% this year. Gov't involvement part of reason for underperformance ( Where have I seen that recently ). Europe rejects ban on deepwater drilling. RIG -news. SDRL commenced a new ultradeep rig for Total off Angola. Dayrate $445,000/day. Still 9%yield. Biggest negative is that CEO is very Aubrey-like (lets take over the world). Best performer in this space over last 12 mo. Only 1 rig in GOM. NE underperforming in space. Need Pemex to do something. Big revenue impact from GOM spill. Only reason to be overweight space going forward is that you are very bullish on crude prices.
September 23rd, 2010 at 2:37 pmThanks, VTZ-newly formed and small- $30 mil in rev in 2009, $16 mil inQ1 of 2010.
September 23rd, 2010 at 2:40 pmI'll keep my ear to the ground and ask explicitly about it to a few people and see if I can find anything out for you. It does sound like an interesting idea.
September 23rd, 2010 at 2:51 pmThanks Tom – Aubrey like is a good and maybe a bad thing too.
Beerthirty
September 23rd, 2010 at 2:51 pmKOG market on close size buy imbalance, interesting…
September 23rd, 2010 at 2:59 pmCredit market closed about where it was when stocks opened this morning. Stocks really have no idea what to do with themselves… that said, not displeased with how our Favs (like KOG) are holding in there. All in all, not that bad a day, for a Dow down 77 day.
September 23rd, 2010 at 3:04 pmJB,
September 23rd, 2010 at 3:23 pmVoted MMR
RE: #96 crysball…thank you…
September 23rd, 2010 at 4:19 pmSSN on the tape. Positive news. Buyer is CHK. Details tomorrow.
September 23rd, 2010 at 7:12 pmthx for posting that late…was looking at the news thought it was good, but was unsure what your take would be….great find man; great find!
September 23rd, 2010 at 8:50 pmJivey, thanks much, fresh SSN post in 5 minutes.
September 23rd, 2010 at 9:24 pm