Oil Jumps After Build in U.S. Crude Inventories Is Less Than Expected
SECTOR COMMENTARY
The energy sector is poised for a higher start, backed by strength in the crude complex and in the major equity indices which gained as the markets digested a slew of earnings results and amid renewed hopes for a drug to fight the coronavirus, helping investors shrug off data showing the economy contracted more than expected in the first quarter. The rally also comes ahead of the Federal Reserve policy decision later today where the Fed is expected to reiterate its promise to do whatever it takes to help support economy as the U.S. and countries around the world ramp up discussion on how to restart activity.
WTI crude oil futures shot higher this morning and are currently up over 21% in early trading, backed by last night’s API report which showed U.S. stockpiles rose less than expected last week while gasoline stocks fell. The industry report comes ahead of the EIA data later today which analysts expect to show crude stocks rose 10.6mm barrels last week while distillates and gasoline stocks are slated to jump 3.6mm and 2.5mm barrels, respectively.
On its first day as the front-month, June natural gas futures were flat to higher, pressured by forecasts for milder weather and lower demand over the next two weeks than previously expected but supported by outsized gains in WTI and equity futures. Slowing output highlighted by new projections from the EIA showing gas production will fall to an annual average of 91.7 bcfd in 2020 and 87.5 bcfd in 2021 from a record 92.2 bcfd in 2019, also lent some support.
U.S. INTEGRATEDS
Press Release - XTO Energy, a wholly owned subsidiary of Exxon Mobil, announced that it has extended the offering period of its previously announced tender offer to purchase all outstanding units of beneficial interest in Hugoton Royalty Trust at a price of $0.20 per Unit, net to the seller in cash, without interest and subject to any withholding of taxes.
INTERNATIONAL INTEGRATEDS
(Late Tuesday) Reuters - The board of Petroleo Brasileiro SA Petrobras has scrapped its 2020 debt reduction target due to market volatility, the firm said in a securities filing. The company is now seeking to end 2020 with $87 billion of gross debt, the same level as it ended 2019, according to the filing.
Reuters - Total's 225,500 barrel per day (bpd) Port Arthur refinery in Texas was hit by a brief power interruption on Tuesday night, April 28, forcing most units to halt production, Gulf Coast market sources said. Total is attempting to restart the 35,000 bpd reformer to begin restoring production, the sources said.
CANADIAN INTEGRATEDS
Press Release - Cenovus Energy continued to deliver safe and reliable operations in the first quarter of 2020 while demonstrating its ability to take swift and decisive steps to enhance its financial resilience and protect its balance sheet in the face of the global macro-economic challenges caused by the COVID-19 pandemic. In the first quarter of 2020, the average price of West Texas Intermediate (WTI) declined 16% compared with the same period a year earlier. High crude oil inventory levels and takeaway constraints caused the average differential between WTI and Western Canadian Select (WCS) prices to widen 66% in the first quarter compared with the same period in 2019. This contributed to a 54% decline in realized pricing for Cenovus’s crude oil in the first quarter from a year earlier, to $22.74 per barrel (bbl). First-quarter cash from operating activities was $125 million compared with $436 million the previous year, while adjusted funds flow declined to a shortfall of $146 million compared with adjusted funds flow of more than $1 billion in the same period of 2019. The company had a free funds flow shortfall of approximately $450 million in the quarter compared with free funds flow of $688 million a year earlier. The company had a first-quarter operating loss of approximately $1.2 billion compared with operating earnings of $69 million in the same quarter in 2019, primarily due to the operating margin shortfall and higher depreciation, depletion, and amortization (DD&A) in its conventional segment that included a non-cash impairment charge of $315 million related to the decline in forward crude oil and natural gas prices. Cenovus had a net loss of approximately $1.8 billion compared with net earnings of $110 million a year earlier. The net loss was primarily due to the operating loss and non-operating foreign exchange losses of $589 million compared with gains of $209 million in the first quarter of 2019. The net loss was partially offset by a deferred income tax recovery of $348 million compared with an expense of $41 million in the first quarter of 2019 and lower unrealized risk management losses in the first quarter compared with a year earlier.
Press Release - Husky Energy recorded funds from operations of $25 million in the first quarter, with cash flow from operating activities, including changes in working capital, of $355 million. Funds from operations were impacted by a first-in, first-out (FIFO) loss of $397 million (after tax) in the quarter. Net earnings were a loss of $1.7 billion; including impairments of $1.1 billion (after tax) primarily related to lower crude oil price assumptions, as well as an inventory realizable value write-down of $274 million (after tax) primarily in the U.S. Refining, Lloydminster Heavy Oil Value Chain, Oil Sands and Atlantic segments. Capital spending was $612 million, including $43 million in Superior Refinery rebuild capital; primarily directed towards construction of two 10,000 barrel-per-day Spruce Lake thermal bitumen projects in Saskatchewan, the Liuhua 29-1 field offshore China and the West White Rose Project in the Atlantic region. At the end of the quarter, net debt was $4.6 billion and total liquidity was $4.7 billion, comprised of $1.3 billion in cash and $3.4 billion in available credit facilities. Since the end of the first quarter, Husky has increased its liquidity with the addition of a $500 million term loan. Overall upstream production in the Integrated Corridor business averaged 235,000 barrels of oil equivalent per day (boe/day). Since the end of Q1, more than 80,000 barrels per day (bbls/day) of Integrated Corridor production has been shut in. Downstream throughput in the Integrated Corridor averaged 307,800 bbls/day. U.S. refining throughput has been reduced by 100,000 bbls/day to match local product demand. Offshore production averaged 63,900 boe/day, with operating margins of $55.60 per boe. Given current market conditions and the Company’s focus on the balance sheet, Husky’s Board of Directors has reduced the quarterly dividend to $0.0125 per common share.
Citi upgraded Imperial Oil to ‘Neutral’ from ‘Sell’.
U.S. E&PS
SunTrust Robinson upgraded Centennial Resource Development to ‘Hold’ from ‘Sell’.
(Late Tuesday) Press Release - CNX Resources announced the pricing of $300.0 million aggregate principal amount of its 2.250% convertible senior notes due 2026. In connection with the offering of the Notes, CNX granted the initial purchasers of the Notes a 13-day option to purchase up to an additional $45.0 million aggregate principal amount of Notes. The sale of the Notes to the initial purchasers is expected to settle on May 1, 2020, subject to the satisfaction of customary closing conditions.
(Late Tuesday) Press Release - Concho Resources announced that its Board of Directors declared a quarterly dividend of $0.20 per share on the Company’s outstanding common stock. The quarterly dividend is payable June 26, 2020, to stockholders of record at the close of business on May 8, 2020.
(Late Tuesday) Reuters - Oasis Petroleum has begun to wind down all drilling in the Bakken, three sources familiar with the matter said, as production cuts intensify across the United States the aftermath of a historic plunge in crude oil prices. The company has asked its frac crews in the region to take time off, known as a frac holiday, and will completely halt all drilling activity within weeks, two sources said. Oasis did not immediately respond to a request for comment.
Press Release - SM Energy announced operating and financial results for the first quarter 2020 and provided updates to its 2020 operating plan. First quarter 2020 net loss was ($411.9) million, or ($3.64) per diluted common share. This compared with a net loss of ($177.6) million, or ($1.58) per diluted common share, in the comparable prior year period. The current period included an impairment of $989.8 million ($775.0 million net of tax) related predominantly to the write-down of South Texas proved oil and gas properties and related support facilities. The impairment was due to the significant decrease in commodity prices at the end of the first quarter of 2020, which was partially offset by higher production and realized hedge gains. First quarter 2020 GAAP net cash provided by operating activities was $218.1 million, or $236.6 million before net change in working capital. Net cash provided by operating activities before net change in working capital is up $97.9 million, or 71%, from $138.7 million in the comparable prior year period. The significant increase in cash flow was due to 32% net daily production growth in the Midland Basin, which has high operating margins, as well as the benefit from realized hedge gains. On March 31, 2020, the outstanding principal amount of the Company's long-term debt was comprised of $2.4 billion in senior notes, plus $172.5 million in senior convertible notes, plus $72.0 million drawn on the Company's senior secured revolving credit facility. The outstanding balance of the senior notes reflects $40.7 million principal amount of Senior Notes due 2022 repurchased for $28.3 million during the first quarter. Together, the reduction in the principal amount of the outstanding senior notes and the reduction in the senior secured revolving credit facility was $91.2 million. The cash balance was approximately zero.
Press Release - SM Energy announced that it has commenced offers to all Eligible Holders to exchange any and all of its outstanding notes for up to $900 million aggregate principal amount of newly issued senior secured notes, in each case upon the terms and subject to the conditions set forth in the confidential offering memorandum and consent solicitation statement, dated April 29, 2020.
(Late Tuesday) Press Release - Westport Fuel Systems announced that production and manufacturing will fully resume at its facilities in Cherasco, Brescia, and Albinea, Italy on May 4, 2020 given the Italian Government’s decree of April 24, 2020. The Company’s Italian operations have significantly expanded measures to protect its workforce in accordance with government protocols for health and safety including social distancing requirements, personal protective equipment, cleaning protocols, and other measures to help mitigate the spread of COVID-19.
CANADIAN E&PS
(Late Tuesday) Press Release - Athabasca Oil is taking further actions in response to the decline in global oil prices to bolster balance sheet strength and corporate resiliency. Athabasca announced an upsizing of the previously completed Contingent Bitumen Royalty with Burgess Energy Holdings L.L.C. for additional cash consideration of $70 million. Athabasca has now raised total cash proceeds of $467 million since 2016 through this unique funding structure at an extremely attractive cost of capital. The transaction closed on April 28, 2020. Athabasca is taking further steps to provide additional financial resiliency during these extreme times. At Placid, the Company will curtail its base Montney production to ~3,500 boe/d by the end of April. The 10 development wells from the winter program were all placed on-production by early April. Athabasca is pleased with initial production results and will now defer production from the new wells until commodity prices improve. At Kaybob, the partnership is optimizing Duvernay production levels. At Leismer, the Company has flexibility to curtail volumes to as low as ~8,000 bbl/d. It intends to take steps over the next month to reduce production to these levels while managing reservoir integrity through optimized steam levels and with non-condensable gas co-injection. Athabasca reassigned 15,000 bbl/d of its Keystone XL transportation commitment to a third party, reducing future financial commitments. The Company retains 10,000 bbl/d of Keystone XL capacity. The Company has implemented many G&A cost savings initiatives including moving to an 80% work week for corporate staff in the Calgary office.
(Late Tuesday) Press Release - Vermilion Energy reported operating and condensed financial results for the three months ended March 31, 2020. Fund flows from operations in Q1 2020 was $170 million ($1.09/basic share), a decrease of 21% from the prior quarter. The decrease is primarily due to significantly lower commodity prices that began to materialize midway through the quarter in response to the COVID-19 pandemic and oil price war that ensued in early March. Lower commodity price impacts were partially offset by hedging gains. Q1 2020 production averaged 97,154 boe/d, representing a 1% decrease from the prior quarter, with minor negative effects from the pandemic. Tie-in activity from the Q1 capital program will contribute meaningfully in the second quarter of 2020. In March, the company reduced its monthly dividend by 50% to $0.115 per share and announced an $80 to $100 million reduction to its annual capital budget in response to the COVID-19 pandemic and the resulting negative impact on near-term oil demand and prices. The company expects to achieve the high end of this capital reduction range, and have identified $35 million in expense reductions to date to reduce outlays further. In addition, subsequent to the first quarter, its board of directors suspended the monthly dividend as a further measure to strengthen the financial position of the company during this period of weak commodity prices.
OILFIELD SERVICES
(Late Tuesday) Press Release - The Board of Supervisory Directors of Core Laboratories announced a cash dividend of $0.01 per share of common stock payable in the second quarter of 2020. This second quarter dividend amount, if maintained for the remaining quarters of the year, and when added to the Q1 2020 dividend of $0.25 per share, would mean a total payout for the year of $0.28 per share of common stock. The second quarter $0.01 per share cash dividend will be payable on Tuesday, 19 May 2020, to shareholders of record on Friday, 8 May 2020. Dutch withholding tax will be deducted from the dividend at a rate of 15%.
Press Release - Forum Energy Technologies announced that it is extending to 11:59 p.m., New York City Time, on May 12, 2020 the Early Tender and Consent Date of its cash tender offer for an aggregate principal amount of its outstanding 6.250% Senior Notes due 2021 resulting in an aggregate payment amount of up to $80.0 million (exclusive of accrued and unpaid interest). Accordingly, the Early Tender and Consent Date will occur at the same time the Offer is scheduled to expire at 11:59 P.M., New York City time, on May 12, 2020, unless extended or earlier terminated by Forum in its sole discretion, and the holders of all Notes tendered at or prior to such time will be eligible to receive the Total Consideration for their Notes, including the Early Tender Payment. All of the other terms and conditions of the Offer remain unchanged. The Withdrawal Date prior to which Notes tendered may be validly withdrawn has passed, and Notes tendered through the expiration date of the Offer may not be validly withdrawn except under the circumstances described in the Statement.
Press Release - KBR announced first quarter 2020 financial results. The company reported Revenue of $1.5 billion, an increase of 15% over Q1 2019; Net Loss attributable to KBR of $(104) million. The net loss attributable to KBR was primarily driven by the pretax restructuring and impairment charge of $178 million previously discussed. Adjusted EBITDA of $112 million, an increase of 6% over Q1 2019, attributable to the following: Government Solutions (GS) Adjusted EBITDA of $106 million, an increase of $17 million or 19% compared to Q1 2019, from strong operational performance in the U.S. and internationally. Revenue of $955 million was down slightly compared to 2019 due to the completion of the Tyndall disaster recovery work in mid-2019 and slightly lower volume on overseas contingency programs. The growth in Adjusted EBITDA resulted from excellent margins in the current quarter associated with continued strong execution on the Aspire Capital Works program as well as successful resolution of certain legacy claims with the U.S. government. Technology Solutions (TS) Adjusted EBITDA of $23 million, an increase of $1 million or 5% compared to Q1 2019 due to a change in mix, primarily increased license and engineering services. Revenues were down slightly due to higher volumes of proprietary equipment deliveries in 2019. Energy Solutions (ES) Adjusted EBITDA of $11 million, a decrease of $17 million or 61% compared to Q1 2019. While revenue grew significantly associated primarily with reimbursable EPC projects commenced in 2019 along the U.S. Gulf Coast and expanded services globally, margins were compressed by higher volumes of low risk, reimbursable construction services. Margins benefited in 2019 from favorable project completion and close-outs that did not recur in 2020. The company updates 2020 GAAP EPS guidance to a range of $0.12 to $0.42 per share and adjusted EPS guidance to a range of $1.50 to $1.80 per share. The company updates 2020 GAAP operating cash flow to a range of $150 million to $200 million and adjusted operating cash flow guidance to a range of $175 million to $225 million. A reconciliation of adjusted EPS and adjusted operating cash flow guidance is included at the end of this release. Our effective tax rate for 2020 is estimated to range from 25% to 27%.
(Late Tuesday) Press Release - SEACOR Holdings announced its results for the first quarter ended March 31, 2020: Net income attributable to stockholders for the quarter ended March 31, 2020 was $1.5 million ($0.07 per diluted share) compared with $7.7 million ($0.41 per diluted share) for the quarter ended March 31, 2019. The current quarter included a $12.7 million ($0.64 per diluted share) income tax benefit as a result of the passage of the Coronavirus Aid, Relief, and Economic Security Act and included net foreign currency losses of $3.6 million ($0.18 per diluted share) primarily due to the depreciation of the Colombian peso relative to the U.S. dollar. Operating loss for the quarter ended March 31, 2020 was $0.1 million compared with operating income of $19.0 million for the quarter ended March 31, 2019. “Cash Earnings” for the quarter ended March 31, 2020 were $17.1 million compared with $26.7 million for the quarter ended March 31, 2019. During the current year quarter, the Company repurchased $15.6 million in principal amount of its 3.0% Convertible Senior Notes for $15.4 million. As of March 31, 2020, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities totaled $85.2 million. As of March 31, 2020, total outstanding debt was $298.8 million, and the Company had $225.0 million of borrowing capacity under its credit facilities.
(Late Tuesday) Press Release - Secure Energy Services announced that all of the nominees proposed as directors and listed in the management information circular and proxy statement dated March 6, 2020, were elected as directors of the Corporation at its Annual Meeting of the Shareholders held on April 28, 2020. KPMG LLP was also reappointed as the Corporation's independent auditors at the Meeting. With the exception of Marion Burnyeat, all elected directors served on the Corporation's Board of Directors immediately preceding the Meeting. The current directors have a broad skill set and range of diverse experience that will allow the Board to effectively carry out its mandate and help guide SECURE and the execution of our business strategies. SECURE welcomed Marion Burnyeat as a new member of the Board. Michele Harradence ended her tenure with the Board at the Meeting to focus on her role as Senior Vice President and Chief Operations Officer, Gas Transmission and Midstream of Enbridge Inc. As previously announced, Murray Cobbe and David Johnson, two of SECURE's longest serving directors, did not stand for re-election at the Meeting, marking the end of their term on the Board.
(Late Tuesday) Press Release - U.S. Silica Holdings announced additional SG&A cost reductions of approximately $17 million in response to the COVID-19 pandemic and resulting lower North American oilfield well completion activity. The Company has closely monitored industry proppant demand to align costs with market conditions and is taking necessary actions including workforce reductions, 401k match suspension, elimination of 2020 raises for salaried employees, reduced senior executive salaries and curtailed operating hours at several facilities.
DRILLERS
(Late Tuesday) Press Release - RPC announced that its earnings release for the first quarter ended March 31, 2020, previously scheduled for has been postponed. RPC anticipates that its earnings announcement and conference call will be held on or prior to the Securities and Exchange Commission deadline of May 11, 2020 for the filing of its first quarter 2020 Form 10-Q. An announcement confirming the date, time and call-in information of RPC's earnings announcement and conference call will be provided prior to that time. During the first quarter of 2020, RPC, along with the rest of the U.S. domestic oilfield, experienced a swift, unexpected downturn in business conditions due to the impacts of the OPEC dispute and the COVID-19 pandemic. Because of the potential near-term weakness in its financial results, RPC continues to quantify the impact of these factors on the fair value of its assets but has not finalized its conclusions. The company’s conclusions regarding impairment related to the fair value of RPC's assets will be finalized shortly. Several quarterly financial highlights are: First quarter revenues were $243.8 million, a decrease of 27.2 percent compared to the first quarter of 2019, but an increase of 3.3 percent compared to the fourth quarter of 2019. Cost of revenues during the first quarter of 2020 was $181.9 million, or 74.6 percent of revenues, compared to $252.4 million, or 75.4 percent of revenues, during the first quarter of 2019. Compared to the fourth quarter of 2019, cost of revenues as a percentage of revenues decreased slightly, from 75.0 percent in the fourth quarter of 2019 to 74.6 percent in the first quarter of 2020, due to increased utilization and improved operational efficiencies. Selling, general and administrative expenses were $36.5 million in the first quarter of 2020 compared to $45.4 million in the first quarter of 2019, and $36.8 million in the fourth quarter of 2019. As announced, the Compensation Committee of the Board of Directors approved a reduction in the base salary for its Named Executive Officers. The salary reduction of 25 percent will be implemented as of May 1, 2020. Since March 31, 2020, RPC has reduced headcount by 25 percent through a combination of layoffs and furloughs, which will reduce total employment costs by approximately $60 million on an annualized basis. First quarter 2020 capital expenditures were $25 million. The company currently estimates total 2020 capital expenditures to be approximately $50 million. The company ended the quarter with $82.6 million in cash and continue to maintain a debt-free balance sheet.
(Late Tuesday) Press Release - RPC announced that the Compensation Committee of the Board of Directors approved a reduction in the base salary for its named Executive Officers. The salary reduction of 25 percent will be implemented as of May 1, 2020.
REFINERS
Press Release - Valero Energy reported a net loss attributable to Valero stockholders of $1.9 billion, or $4.54 per share, for the first quarter of 2020 compared to net income of $141 million, or $0.34 per share, for the first quarter of 2019. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $140 million, or $0.34 per share, for the first quarter of 2020 and $181 million, or $0.43 per share, for the first quarter of 2019. First quarter 2020 adjusted results exclude an after-tax lower of cost or market, or LCM, inventory valuation adjustment of approximately $2.0 billion. Valero returned $548 million, or 57 percent of adjusted net cash provided by operating activities, to stockholders in the first quarter of 2020, of which $401 million was paid as dividends and $147 million was for the purchase of approximately 2.1 million shares of common stock. Valero ended the first quarter of 2020 with $11.5 billion of total debt and finance lease obligations and $1.5 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 34% as of March 31, 2020.Valero expects to invest approximately $2.1 billion of capital in 2020, a reduction of $400 million from our prior guidance. The $2.1 billion includes capital expenditures for turnarounds, catalysts, and joint venture investments.
MLPS & PIPELINES
Press Release - Enterprise Products Partners announced its financial results for the three months ended March 31, 2020. Enterprise reported net income attributable to limited partners of $1.4 billion, or $0.61 per unit on a fully diluted basis, for the first quarter of 2020 compared to $1.3 billion, or $0.57 per unit on a fully diluted basis, for the first quarter of 2019. Net income for the first quarter of 2020 included an aggregate $187 million, or $0.08 per unit, of deferred income tax benefits associated with the settlement on March 5, 2020, of the Liquidity Option Agreement and the subsequent accounting for the related deferred tax liability. Net cash flow provided by operating activities, or cash flow from operations, was $2.0 billion for the first quarter of 2020 compared to $1.2 billion for the first quarter of 2019. Free Cash Flow increased 78 percent to $3.4 billion for the twelve months ending March 31, 2020 versus $1.9 billion for the twelve months ending March 31, 2019. Distributions declared with respect to the first quarter of 2020 increased 1.7 percent to $0.445 per unit, or $1.78 per unit annualized, compared to the first quarter of 2019. Enterprise’s distributions with respect to the first quarter of 2020 represent a 49 percent payout ratio of CFFO. Enterprise’s total CFFO payout ratio, including repurchases of common units, with respect to the first quarter of 2020 was 56 percent. In addition, using its 2019 Buyback Program, Enterprise repurchased approximately 6.4 million of its common units on the open market during the first quarter of 2020 for approximately $140 million, at a weighted-average of $22.02 per unit. The partnership’s distribution reinvestment plan and employee unit purchase plan in the aggregate, purchased approximately 1.4 million of Enterprise common units through open market purchases during the first quarter of 2020.
(Late Tuesday) Press Release - The board of directors of the general partner of MPLX has declared a quarterly cash distribution of $0.6875 per common unit for the first quarter of 2020, or $2.75 on an annualized basis. This distribution is flat versus the fourth quarter of 2019 distribution and represents an increase of 4.6% over the first quarter 2019 distribution. The distribution will be paid on May 15, 2020, to common unitholders of record as of May 8, 2020.
(Late Tuesday) Press Release - ONEOK announced first quarter 2020 financial results, provided a 2020 outlook and reduced 2020 capital expenditures. Net loss of $141.9 million, resulting in a net loss of 34 cents per diluted share (EPS), which includes noncash impairment charges of $641.8 million, or $1.17 per diluted share. EPS of 83 cents per diluted share, excluding noncash impairment charges. 10% increase in adjusted EBITDA to $700.8 million. 1.35 times dividend coverage ratio. 6% increase in NGL raw feed throughput volumes. 5% increase in natural gas volumes processed. 100% of natural gas transportation capacity contracted. Given the current industry and economic environment, it is impractical for ONEOK to provide traditional financial guidance for 2020 and beyond at this time. Providing specific volume and commodity price guidance would not be appropriate for ONEOK due to the number of potential variations of outcomes that are possible for price forecasts, curtailment quantities and the duration and pace of economic recovery on a worldwide basis among other factors. ONEOK has performed a scenario analysis, and based on currently available information, believes the range of possible 2020 net income results will likely be between $500 million and $900 million, which includes the $641.8 million impact of first quarter impairment charges, and 2020 adjusted EBITDA results will likely be between $2,600 million and $3,000 million. Additionally, growth capital expenditures have been further reduced from the March 11, 2020, decrease of $500 million, and are now expected to range from $1,400 million to $1,800 million, including more than $900 million spent in the first quarter 2020. ONEOK has paused the majority of construction activities on the following projects, which can be restarted quickly when drilling activity resumes: The 200 million cubic feet per day (MMcf/d) Bear Creek natural gas processing plant expansion and related infrastructure in the Williston Basin; The 125,000 barrel per day (bpd) MB-5 fractionator and related infrastructure in Mont Belvieu, Texas; The additional 40,000 bpd West Texas LPG Pipeline system expansion; and The 65,000 bpd Mid-Continent fractionation facility expansions.
MARKET COMMENTARY
Futures for Wall Street’s main indexes rose after Google-parent Alphabet reported upbeat quarterly earnings, news from Gilead citing positive preliminary results on its coronavirus vaccine and ahead of the FOMC policy decision later today. The dollar weakened broadly against its rivals, Treasuries edged higher and Gold prices slipped. Major companies including Facebook, Microsoft, Tesla and Qualcomm are scheduled to report after market.
NASDAQ ENERGY TEAM THOUGHT LEADERSHIP
- 1/8/20 - CNBC’s Squawk Alley: Oil market reaction to US-Iran tensions
- 1/8/20 - Bloomberg Day Break - Steady escalation of US-Iran tensions
- 12/5/19 - Bloomberg Balance of Power - OPEC's Limited Efficacy
- 9/17/19 - Oil's New Risk Premium Discussion on CNBC TV
- 9/16/19 - Discussion on Bloomberg TV about Impact of Abqaiq Attack
Nasdaq Advisory Services Energy Team is part of Nasdaq's Advisory Services – the most experienced team in the industry. The team delivers unmatched shareholder analysis, a comprehensive view of trading and investor activity, and insights into how best to manage investor relations outreach efforts. For questions, please contact Tamar Essner.
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