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Occidental Petroleum
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03 августа, 18:10

"Oil God" Andy Hall Blows Up, Closes Main Astenbeck Hedge Fund

Back in December 2014, the start of the worst oil rout since the financial crisis claimed its first victim when 113 year old Phibro, then owned by Occidental Petroleum after its sale by Citigroup, would liquidate in the US after it failed to buy a buyer. Phibro, of course, was made famous or perhaps infamous (after his $100 million Citi bonus in 2008 prompted a Congressional inquiry) by its star employee, "oil god" Andy Hall. Yet while said god's employer Phibro, was liquidating and thus ending one of Hall's paychecks, Hall would continue managing his $3 billion hedge fund Astenbeck (of which Occidental owns 20%) where he worked in parallel. At the time we wondered how long this oil permabull - who suffered tremendous losses in the ensuing two years - would last in an environment where oil prices refused to go up, and whether he "would blow up twice on the same trade." Turns out the answers, in reverse order, were "yes" and "about 2 and a half years", because moments ago Bloomberg reported that Hall is shuttering his main Astenbeck hedge fund: OIL TRADER ANDY HALL IS SAID TO CLOSE MAIN ASTENBECK HEDGE FUND ASTENBECK MASTER COMMODITIES FUND II IS SAID TO LOSE 30% IN 1H As Bloomberg adds Hall is closing down his main hedge fund "after large losses in the first half of the year" which amounted to almost 30% through June for his flagship Astenbeck Commodities Fund II. Hall's liquidation comes less than three months after another famous oil bull, Pierre Andurand, liquidated his last remaining long positions, although it was unclear if he had also shuttered his hedge fund. Ironically, it was less than a month ago that Andy Hall finally capitulated, admitting that the "facts changed", and warning that oil may not go up much from current prices in what was his bearish letter ever (full letter can be found here). This is what Hall concluded in his latest letter to investors: Whereas it once seemed positions could be held with an eye to a longer-term secular appreciation, that is no longer the case. Indeed, the evidence is now in plain sight. Over the past year, the front month WTI futures contract has moved by double digits in percentage terms 10 times within a $40 - $55 band. This volatility has been accentuated by large financial flows into and out of the market by non-traditional investors and algorithmic trading systems. Attempting to capture just a percentage of those moves makes more sense than trying to ride what has turned out to be a non-existent trend, especially when contango inflicts a negative roll return on investors. The extreme volatility within a rangebound environment also argues for a more tactical and conservative approach to portfolio management. Upon reading this, and seeing little further upside from their former "oil god", it appears that Hall's LPs decided they had had enough, and pulled their cash. Oil, sending imminent liquidation, is down on the news.

27 июля, 18:30

Chevron Corporation (CVX) Stock Is a Wash, But I Wouldn’t Sell It Short

Investors have to be happy with the way Chevron Corporation (NYSE:CVX) has been trading over the past few months. The list also includes Enterprise Products Partners L.P. (NYSE:EPD), Phillips 66 (NYSE:PSX) and Occidental Petroleum Corporation (NYSE:OXY), among others.

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18 июля, 15:53

Big Oil's New Face: Vicki Hollub Has Made Occidental Leaner, Smarter And A Cash Gusher

As the first woman to run a big American oil company, Vicki Hollub has quickly made Occidental Petroleum leaner, smarter, gentler--and poised to gusher cash for the next half-century.

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18 июля, 07:16

Vicki Hollub: The Changing Face Of Big Oil

Occidental Petroleum is the biggest producer in the Permian Basin, a 300-mile swath of Texas that provides a quarter of U.S. oil. CEO Vicki Hollub took FORBES on a tour of the region, where she says Oxy will keep on pumping for the next 50 years.

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13 июля, 21:05

Occidental Petroleum to raise quarterly dividend 1.3% to 77 cents a share

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

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10 июля, 14:37

WINNING: Oil Exports, Illegal for Decades, Now Fuel a Texas Port Boom. Oil exports grew slowly th…

WINNING: Oil Exports, Illegal for Decades, Now Fuel a Texas Port Boom. Oil exports grew slowly through most of 2016, but this year there has been a surge reaching 1.3 million barrels a day — roughly 15 percent of domestic production — which even at today’s depressed prices is worth more than $1.5 billion a […]

30 июня, 08:03

Сланцевые производители США пересмотрят расходы из-за цен на нефть

WPX Energy, работающая в бассейнах Permian и Bakken, в следующем году намерена использовать от одной до трех буровых дополнительно к десяти, запланированным на 2017 год, однако при низких ценах может и не реализовать этот план, сказал операционный директор компании Клэй Гаспар.

29 июня, 01:03

Insiders Are Buying Oil Stocks: Should You?

With some oil stocks hitting new 52-week lows, company insiders are seeing bargains in the shares.

22 июня, 04:37

EIA Tracks Over 200 Percent Growth In Crude Oil Exports Since 2010

Between 2010 and 2016, American crude and petroleum product exports more than doubled from 2.4 million barrels per day to 5.2 million bpd, according to a new report from the Energy Information Administration (EIA). Since a spending bill signed by President Barack Obama in December 2015 lifted the decades-long ban on American crude exports, oil tankers loaded in U.S. ports have reached Europe, Asia, and other North American countries. In February 2017, total exports reached 1.1 million bpd – the highest monthly level on record. Motor gasoline…

22 июня, 04:33

Offshore Gulf Of Mexico Operations Continue As Cindy Rages On

Two of British Petroleum’s major projects have had the storm pass over them, with equipment successfully weathering rain and minor ocean swells. The oil major had evacuated non-essential workers from the Mad Dog and Atlantis platforms, but those who manage production remained onsite due to the storm’s waning severity. “Our top priority is the safety of all personnel and protecting the environment,” BP said, according to the Houston Chronicle. “We remain prepared to respond as conditions warrant.” Chevron and…

21 июня, 19:40

Norway To Auction Record Number Of Arctic Oil Exploration Blocks

Norway’s Ministry of Petroleum and Energy said on Wednesday that it was offering a total of 102 blocks up for exploration in the 24th licensing round on the Norwegian Continental Shelf—a record number of blocks in the area—despite environmentalists’ concern over drilling in the Arctic. Out of the 102 blocks, 9 blocks are in the Norwegian Sea, and 93 in the Barents Sea. Norway aims to award new production licenses in the first half of 2018, with the application deadline for companies set for November 30, 2017, the petroleum…

21 июня, 00:46

Top Research Reports for UnitedHealth, Netflix & Pepsi

Top Research Reports for UnitedHealth, Netflix & Pepsi

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20 июня, 18:00

Мир будет меняться, а следом за ним – рынки сырья и капитала

Роман Блинов, эксперт компании «Международный финансовый центр» рассказал, как продление соглашения ОПЕК+ может отразиться на добыче в РФ, на фондовом рынке и на мировом рынке нефти

20 июня, 16:54

Hess Inks $600M Deal to Divest Stakes in Permian Holdings

Hess Corporation (HES) recently inked a deal with Permian Basin's largest operator, Occidental Petroleum Corporation (OXY) to sell stakes in some enhanced oil recovery assets in West Texas and New Mexico.

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19 июня, 20:44

Oxy buying Seminole-San Andres EOR assets from Hess

Occidental Petroleum Corp. agreed to several transactions in the Permian basin, noting the transactions require no net cash outlay and add 3,500 boe/d to the company’s production.

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19 июня, 16:28

Hess to sell stake in enhanced oil recovery assets in Permian Basin for $600 mln to Occidental Petroleum

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

14 июня, 19:10

Top Stock Reports for United Technologies, Abbott, Delta Air & Others

Top Stock Reports for United Technologies, Abbott, Delta Air & Others