After yesterday's fall oil has settled today but with no signs of the virus abating even the opec secretariat are cautious on demand picking up this year. Predator continue to serve up good news, today it is from Trinidad with Ministry approval on CO2 EOR. President have also announced a potentially good well result from Estancia Vieja whilst Hunting's 3Q wasn't as bad as I expected.
Oil has eased today as Hurricane Laura, despite causing serious damage is already being downgraded in strength. I look at the IOG interims but more importantly a really good presentation on Phase 1 of the gas project in the SNS. Hunting figures were in-line with management expectations and actually a very creditable performance. Despite the international scenario it is already well placed to bounce. Getech also did well with sales, good order book and cash conversion as well as of course cost cutting.
Oil is all about the physical for the time being as demand falls and Opec+ cuts are yet to kick in. Today Hurricane have an update, all going well at Lancaster the EPS. Echo Energy has moved fast in cutting costs and pretty successfully as well. Hunting's 1Q was good but off the cliff since then I imagine but 2020 guidance has unsurprisingly been withdrawn. Finally I pay tribute to Bob Catto who died recently.
Oil bounces big time, both yesterday and today as President Trump talks to MbS who possibly along with Putin may cut 10-15m b/d, Opec+ announce a virtual meeting on Monday morning, but will Putin dial-in, Zoom or MS Teams it? I interviewed Angus Energy MD, George Lucan yesterday and we had an interesting chat about what is an interesting play. Finally Hunting swap their 6c final with a 3c second interim after yesterday Wood Group withdrew its announced divvi altogether.
Although down over a dollar today oil should end up on the week after weakness today as the Covid-19 virus spreads death the Japan and South Korea. Hunting has snapped up a small acquisition which should fit perfectly and VOG appears to be on the receiving end of yet another arbitration case.
Oil boiled over on Friday as trade tariffs started to be put on although ending just in positive territory for the week. Today Hurricane give an update on the Lancaster EPS which is producing above guidance and where the Lincoln Crestal well is at TD preparing to do DSTs. From last week i look at results and meetings from Petrofac and Hunting both of which are performing well in challenging markets.
Oil surged on strong inventory data and short closing by money managers. Stock wise, President have a very positive AGM statement, IGas have a very psoitive find at Springs Road, Premier up their numbers at Zama, Serica are positive in their AGM statement, Hunting's update is pretty good and Wentworth cut guidance which disappoints.
Hurricane has spudded the first of three wells in the Greater Warwick area, carried by Spirit. Trinity has an update which follows fast on the results statement but draws attention to the potential of the HAW rollout. Hunting are very much in line, still all guns blazing (!) in the onshore US but still slow offshore. Finally diehard followers of Enteq get a bit of good news, trading is buoyant.
Oil may not end the week up, it's a close call this week but as we see the end of the month February was up 6-8.5% for WTI and Brent and they are both up over 26% so far on the quarter and ytd. Pantheon and partners may not have had success at Winx-1 but for them the Alkaid well test which is next is crucial... From yesterday when both Petrofac and Hunting provided excellent figures and also good news from Genel who got KRG approval for the Chevron deal.
Flash blog today on good news from Trinity, exceptional results from Hunting, a smart deal from Solo and a stateside find for Reabold.