WTI $34.66 +26c, Brent $36.93 +97c, Diff $2.27 +71c, NG $1.68 -6c
A very quick word on Hunting this morning, I will comment at length after this mornings analyst meeting. At first glance the figures look slightly better than expected, particularly at the debt level. Operating profit of $16.4m becomes a loss of $282.9m after impairment charges of $259.7m and a -surprise, appeasing- dividend of 4c is announced. The company announce a mixture of new investments at facilities in the US, South Africa and Singapore as well as four sites being closed and three distribution centres being shut. Costs are down with a 30% reduction in headcount and capex is down to $81.1m. With positive cash flow debt was lower than I expected at $110.5m which might be down to selling off a bit of stock. More after the meeting where I expect a typically ebullient but probably tempered Dennis Proctor.
And of course RIP Aubrey McClendon..