Enscolla heikko neljännes

Priden osto aiheuttaa hallintopuolelle kertaeriä, vuoden takaisissa luvuissa oli luovutusvoittoja vanhojen aluksien myynneistä ja deepwater-aluksien käyttöaste putosi mm. telakka-ajan vuoksi alle 80 prosenttiin viime vuoden 99 prosentista. Vaikka kertaerät ottaa huomioon osake ei ole ollut aikoihin halpa.

Liikevaihto $361.5MM -20%
Liikevoitto $80.3MM -59%
Nettotulos $65.5MM -65%
EPS $0.45 -60%

Tiedote

Tänään tuli tiedote lyhyestä sopimuksesta Totalin kanssa:

The initial contract term is for drilling three exploration wells for a minimum of 180 days with a base day rate of $423,500. TOTAL may extend the term by exercising up to four options. The first two options may be exercised to complete up to three additional wells at the same day rate. The third and fourth options may be exercised to complete up to six additional wells at an escalated day rate. The fee for rig mobilization from Singapore to Brunei is $3.5 million.

DR on linjassa muiden tuoreiden sopimuksien kanssa, mutta pätkä-sopimukset syövät katteita, jos alus joutuu siirtymään paikasta toiseen.

Seadrill 1. kvartaali

Liikevaihto $696.2 miljoonaa (+58.8%)
Operatiivinen kassavirta $368.0 miljoonaa (+205%)
Liiketulos $258.5 miljoonaa (+134.7%)
Lv-marginaali 37%
Nettotulos $243.2 miljoonaa (-9%)
Nettomarginaali 34.9%
Osakekohtainen $0.53 -(16%)


Tase

Varat
Lyhytaikaiset $2 128.9 miljoonaa
Kaikki $13 177.9 miljoonaa

Velat
Lyhytaikaiset $2 128.9 miljoonaa
Kaikki $9 664.0 miljoonaa

Omapääoma $3 513.9 miljoonaa

P/E (-), P/B 1.6

Raportti(pdf) ja presentaatio

Hmmm: Melkolailla yllätyksetön raportti(ja hyvä niin), lukuunottamatta West Menangin sopimuksen päätöstä, sekään ei varsinaisesti ollut negatiivinen yllätys kun Total maksaa SDRLle positiivisen sopimusedun. Vastaavia sopimuksen pois ostoja on ollut maaporaajien puolella enemmänkin mutta toistaiseksi vain muutamia offshoressa.
Velkaa piisaa Seadrillä piisaa, mutta liiketoiminnan kassavirta on vahva ja pelkästään tämän hetkisen sopimusbacklogin tuottama kassavirta riittäisi maksamaan velan pois kokonaan.
Liikevoittomarginaalit yksiköittäin: Mobile Units 44%, Tender Rigs 49%, Well Services 8%. Well Services eli käytännössä Seawell tekee tulosta puhtaasti lihalla, kun muissa yksiköissä tulos syntyy paljolti metallin eli kaluston kautta. Marginaalit alkavat lähestyä alan parhaimmistoa eli Noblea ja Diamondia, Transocean on jo takana. Kasvuakin marginaaleissa pitäisi olla odotettavissa seuraavien 15 kuukauden aikana.
Viime vuoden ensimmäisen kvartaalin tulokseen sisältyi ~150 miljoonan edestä luovutusvoittoa Apexindon osakkeiden myynnistä eli vertailukelpoinen nettotulos nousi "kohtuullisesti".
Sopimuskirjan arvo on 12.3 miljardia mikä vastaa yli neljän vuoden liikevaihtoa ja noista pitäisi tuloutua 5-6 miljardia voittoa.
Raportointi näyttäisi parantuneen hieman esim. riskeihin otetaan kantaa avoimemmin, asiasta on varmaan tullut palautetta.
Conference call on vielä kuuntelematta.

LISÄYS: CC kuunneltu

*Tj. Torkildsen pitää West Menangin sopimuksen ennenaikaista päätöstä poikkeustapauksena
*Torkildsen odottaa uusien deepwater sopimuksien dr:n pysyvän $500k paremmalla puolella
*pankit eivät ole halukkaita rahoittamaan uusia aluksia, joille ei ole olemassa olevia poraussopimuksia->SDRL:n PetroMENA sijoitus jää todennäköisesti ainakin Petrorig I osalta pelkäksi finanssisijoitukseksi, eikä SDRL aio hankkia lauttaa. Oma mutu on että tilanne saattaa olla toinen jos PR II päätyy pakkomyyntiin, tällöin SDRL on jo todennäköisesti saanut rahansa irti PR I:stä.

Dockwise Q1

Dockwise(OSE:DOCK), the Bermudan oceanborne transporter of things that are heavy reports Q1



Revenue $127.2 million (+22.3%)
EBITDA 66.1 million (+47.5%)
Net cash generated from operating activities 26,64 million (+25.6%)
Net profit $27.3 million (+268.9%)
EPS $0.12

Balance sheet
Assets
Current $161,35 million
Total $1,759.89 million

Liabilities
Current $175,68 million
Total $1,163,89 million

Equity $596.00 million

P/B 0.45

Current contract backlog $407 million (+54% y-o-y)

Presentation(.pdf)


I: A very interesting company, but at the moment a very highly leveraged one as the assets include $600 million worth of intangibles.

CGG Veritas Q1

Operating revenues €648.5 million (+11%)
Net cash provided by operating activity €93.4 million (-47%)
Operating income 100.3 (-19%)
Net income €54.0 million (-16%)
EPS €0.35 (-23%)

Balance sheet

Assets
Current €1,609.3 million
Total €5,691.4 million (goodwill 2,157.5 million)

Liabilities
Current €842.1 million
Total €2,515.8 million

Equity €3,133.7 million

Current contract backlog €1.4 billion

P/E 4.74, P/B 0.51


Press release and 6-K form(pdf)

PGS Q1

Revenues $424.9 million (-7%)

Net cash provided by operating activities 145.4 million (-40%)

Net income $54.2 million (-65%)

EPS $0.31 (-63%)

Balance sheet

Assets
Current $707.43 million
Total $3,089.31 million(including 175.09 million of goodwill)

Liabilities
Current $506.91 million
Total $1,379.67 million

Equity $1,202.73 million

P/E(ttm) 2.95, P/B 0.8

Outlook

Based on the current operational forecast and with reference to the aforementioned risk factors, the Company has the following expectations for the full year 2009:

- 2009 EBITDA between $700-800 million.
- 2009 active Marine 3D vessel capacity: 25%
MultiClient and 75% contract.
- MultiClient cash investments approximately
$200 million.
- Capital expenditures approximately $350
million.

Presentation

I sez: "The Company is assessing opportunities to sell assets and adjust capacity. Such sales or stacking of vessels could expose the Company to impairment charges." Buying at the all time high and selling at all time low is not how you make money. The Arrow Seismic purchase was one fucked up transaction, which wiped out millions worth of equity. There was nothing good in the purchase.
Onshore seismic keeps losing money, PGS will probably have to eventually sell the division.
The longterm outlook for marine seismic sector is good, but the next couple of years are going to be very tough.

Petrobank Q1

Revenues C$173.70 million (+7.6%)
Funds flow from operations C$125.15 million (+1.3%)
Net income C$-1.54 million
EPS C$-0.02


Production(Canadian Business Unit only)
Liquids 19,722 bbls/d
Natural gas 14,179 mcf/d (-7%)
Operating netback: C$34.68

Balance sheet

Asset
Current C$189.53 million
Total C$2,414.14 million

Liabilities
Current C$300.37 million
Total C$1,181.72 million

Equity C$1,051.20 million

P/E 13.67, P/B 2.55

Quotes from the report:

"In 2009, our primary focus will be to maintain our low-cost advantage through selective drilling in the Bakken. We are positioned for continued long term reserve and production growth, despite our reduced pace of development at the beginning of 2009. At current commodity prices we expect to drill a further 50 wells this year and if oil prices improve we are prepared to drill as many as 120 wells in 2009."

"Petrobank pioneered the horizontal fracture stimulation techniques that opened up the true potential of this substantial resource, and we continue to find new ways to improve well performance and expected ultimate recoveries from the Bakken. Our recent efforts to further improve Bakken production have focused on increasing the intensity of fracture stimulation completions (fracs) by 38% in our long (1400 metre) horizontals, by 200% in our short (700 metre) horizontals, and by 400% in our shortbilateral (two 700 metre horizontal legs from a single vertical well bore) horizontal wells."

"Petrobank has also established strong positions in two massive natural gas resource plays; the Montney and the Horn River Basin. The key to unlocking the potential of these plays is through the use of horizontal wells and multi-stage fracture stimulation technologies, similar to those pioneered by Petrobank in the Bakken. We intend to capitalize on our evolving experience with advanced fracturing techniques, with the goal of building a substantial, long-term inventory of drilling locations at a low nearterm cost."

"Whitesands Project
During March and into the second quarter of 2009, P3B operations were stabilized and rateable production was achieved. In the first quarter, P3B operations were ramped up following the A3 injectionwell workover and the commissioning of new plant facilities. Production averaged 248 bopd in March and 256 bopd in April, these restricted production rates correspond to a reduced air injection rate required to balance P2 production operations."

The report(.pdf)

I: PBG has approximately 75 million in credit available so the liquidity remains relatively tight.
The Bakken operations are developing well: the new infrastructure is lowering operating costs and is enabling the recovery of associated gas. New drilling techniques are improwing well productivity as is the case with CPG and TOG.

Tristar O & G Q1

Kanadalainen öljyn ja kaasuntuottaja TOG:n ensimmäisen kvartaalin luvut:


Liikevaihto C$68.74 miljoonaa (-37%)

Operatiivinen kassavirta C$56.95 miljoonaa (-23%)

Netto tulos C$13.82 miljoonaa

Osakekohtainen tulos C$ -0.12

Tuotanto
Nesteet(öljy, NGL) 16,784 tynnyriä/päivä (+23%)
Maakaasu 24,596 Mcf/päivä (-30%)
Netback per öljytynnyri ekvivalentti C$33.06 (-28%)

Tase

Varat
Lyhytaikaiset C$144.93 miljoonaa
Kaikki C$2,107.07 miljoonaa (sis. goodwill 250 milj.)

Velat
Lyhytaikaiset C$135.55 miljoonaa
Kaikki C$789.56 miljoonaa

Omapääoma C$1,317.50 miljoonaa

P/E 13.9, P/B 1.08

Tiedote

Yhtiön mukaan sen Bakkenissa testaamilla normaalia lyhyemmillä horisontaalikaivoilla, joissa frakturointiväli on tiheä ensisijainen talteenotto prosentti nousee parilla prosenttiyksiköllä. Jos tekniikkaa voidaan soveltaa Bakkenissa laajemmin yhtiön reservit kasvavat jopa 65 miljoonalla tynnyrillä. Yhtiön tämän hetken todennetut ja todennäköiset (2P) reservit ovat 108.5 miljoonaa tynnyriä, eli jos lyhyemmän kaivon ja tiheiden frakkien tekniikka toimii nousevat yhtiön reservit 60%.
Tristarin fuusio Crescent Pointin kanssa on lähinnä vain ajankysymys. Sekä TOG:n ja Crescent Pointin hallituksissa istuva Paul Colbornella on takana massiivinen määrä fuusiota ja hän on kasvattanut mm. Starpoint Energyn ja Startech Energyn muutaman sadan tynnyrin päivätuotannon yhtiöstä kymmenien tuhansien päivätuotantoon. Starpoint on nykyään osa Penn Westiä ja Startech Arc Energy Trustia. Colborne oli Crescentin tj ennen konvertiota yhtiöstä trustiksi. Yhtiöiden nimissä näyttäisi olevan selvä kaava: Startech-Starpoint-Crescent Point-Tristar.

Colbornen oli mukana Energy Tv:n parin kuukauden takaisessa paneelikeskustelussa.

Canadian Natural Resources Q1

Revenues C$2,186 million (-45%)
Cash flow from operations C$1,516 million (-12%)
Net earnings C$305 million (-58)
EPS C$0.56 (-59%)

Production
Liquids 330,017 bbl/d (-1%)
Natural gas 1,369 mmcf/d (-11%)
Netback C$21.96(-52%)


Balance sheet

Assets
Current C$3,060 million
Total C$43,344 million

Liabilities
Current C$43,028 million
Total C$24,628 million

Equity C$18,716 million

P/E 7.5, P/B 1.8

Report(.pdf)

CNR doesn't look very attractive on the surfice, but it does have 11 million net acres of undeveloped land in North America and the ~2 billion barrels of bitumen provide longevity.

Petrominerales Q1

The Canada based Colombian producer-explorer Petrominerales(TSX:PMG) reports Q1:

Revenues $69.34 million (+11%)
Cash flow $41.8 million (-7%)
Net income $7.38 million (-67%)
EPS $0.07 (-67%)

Production
Oil 21,771 bbls/d (+152%)
Operating netback $24.20 (-64%)

Balance sheet

Assets
Current $101.09 million
Total $582.66 million

Liabilities
Current $84.82 million
Total $177,14 million

Equity $405.52 million(C$474.54 million)

P/E, P/B 2.5

Quotes:
*an undrawn $80 million credit facility
*Continued drilling success has resulted in production averaging 25,252 bopd to date in May.
*We have received expressions of
interest for our Orito property and we are considering a sale of this non-core asset through a formal marketing process.


Release(pdf) and presentation


Thoughts: PMG's production is growing rapidly in Colombia and the exploration projects in Peru are advancing. An important aspect of the Colombian production is that it is oil, not natural gas. The company has ample liquidity to grow the production in the near future, which today is not the case for most juniors or midsized e&ps.
Considering the capital intensive projects(Whitesands) that the parent company Petrobank pursues in the tight financial situation it is, the possibility of the sale of PMG is IMO very real. If the sale were to take place, the premium would be probably be very substantial.

Crescent Point reports Q1 as Saxberg's shopping spree continues

Revenues C$121.12 million (+24%)(including 103 million in realized derivatives gains)

Cash flow from operating activities C$145.02 million (-12%)

Funds flow from operations C$188.22 million (+21%)

Production
Liquids 35,345 bbls/d (+14%)
Natural gas 26,098 mcf/d (-8%)
Operating netback C$38.38 (-27%)

Balance sheet

Assets
Current C$179.34 million
Total C$3,357.45 million(including goodwill C$68.4 million)

Liabilities
Current C$133.55 million
Total C$1,111.79 million

Equity C$2,245.65 million

P/B 1.96

Acquisitions + corporate conversion

"Crescent Point is pleased to announce that it has entered into two separate arrangement agreements (the “Arrangements”) with Wild River Resources Ltd. (“Wild River”) and Gibraltar Exploration Ltd. (“Gibraltar”), each a private oil and gas company active in southwest Saskatchewan. The effective consideration payable by the Trust pursuant to the Arrangements, including the Trust’s prior $20.0 million investment in Wild River, is approximately $324.2 million, based on a five day weighted average trading price of $27.16 per trust unit and including $83.5 million of net debt."

"Under the terms of the arrangement agreement with Wild River (“the Wild River Arrangement”), Crescent Point unitholders will
exchange their trust units for common shares of Wild River, thereby providing for the conversion of the Trust into a
corporation."

The report(.pdf)

Thoughts: Transportation costs per boe fell by 27%, but operating costs decreased only 3 percent. The operating costs should be going down further in the future as the demand for oilfield services has contracted substantially, which should lead in to price reductions. The associated gas from the Bakken sells with premium to the AECO gas, which is a plus, although a small one as the production volumes are nearly marginal.
Liquidity is good with the 538 million in unutilized bank lines, which however will shrink to 300 million after the completion of the acquisitions.
The companies to be acquired are oilweighted and operate mainly in Saskatchewan so the purchases are consistent with CPG's strategy and should be synergistic.
The hedges will enable the company to maintain the distribution at its current level up to a year forward, but a cut would IMO be a prudent move. Higher distribution leads into higher unit price, which makes raising equity easier and makes unit/share based acquisition cheaper to CPG. So the current yield will probably remain in place as long as there are acquisition in the plans.
According to my calculations a monthly distribution of C$0.15 per unit(C$1.8 annualized) would sustainable with current commodity prices without hedging effects -> oil&gas revenues -royalties -operating -transport -G&A -unit based compensation-interest. With todays price per unit of ~30 looneys the yield would be around 6%. Assuming a higher yield of 8 percent would give a unit price of C$22.50. However as the price of oil is likely to climb higher(60-75 dollar range) within the next three years, a price of 25 dollars per unit is more realistic.

Rowan Q1

The shallow water and land driller/ heavy machinery manufacturer Rowan Companies(NYSE:RDC) reports first Q earnings:

Revenues $494.8 million (+2%)

Net cash provided by operations $77.3 million (-29%)

Income from operations $198.2 million(+34%)

Net income $131.7 million (+33%)

Net margin 26.6%

EPS $1.16 (+32%)


Balance sheet

Assets
Current $1,297.8 million
Total $4,568.6 million

Liabilities
Current $4620.3 million
Total $1,774.3 million
Equity $2,794.3 million

P/E 4.42, P/B 0.73

CEO Ralls on outlook

"While all of our jack-ups are under contract today, we are likely to have idle time on jack-ups in both the Gulf of Mexico and the Middle East in the near future. Nonetheless, we continue to believe that the quality of our rigs and our operational reputation will enable us to maintain above average utilization of our available jack-ups."

Earnings release

Transocean Q1

Revenues $3,118 million (-)

Operating income $1,319 million (-15.5%)

Net cash provided by operating activities $1,441 million (-3%)

Net income $939 million (-18.5%)

Net margin 30%

EPS $2.93 (-18%)

Balance sheet

Assets
Current $5,215 million
Total $ 35,259 million(including goodwill $8,134 million)

Liabilities
Current $3,789 million
Total $17,139 million

Equity $18,120 million

P/E 6, P/B 1.32

Contract backlog $35.8 billion

Release

PTEN Q1

Maaporaaja Patterson-UTI raportoi ensimmäisen neljänneksen:

Liikevaihto $296.04 miljoonaa (-41%)

LV divisioonittain: Sopimusporaus 225.7 milj.(-46%), Painepumppaus $38.1 milj.(-11%), Porausneste myynti $27.8 milj.(-14.5%)

Liiketulos $25.7 miljoonaa (-78.5%)

Liikevoittomarginaali 8.7%

Netto tulos $16.2 miljoonaa (-79%)

Nettomarginaali 5.5%

Osakekohtainen tulos $0.11 (-78%)

P/E(TTM) 6.67

Raportti löytyy täältä

Vilkaisin ja omistin PTENiä viime vuoden marraskuussa pikaisesti ja tuolloin arvelin(tosin melko heppoisin perustein) että yhtiön osakekohtainen tulos pohjaisi 50 sentin tienoilla tämän taantuman/laman aikana. Jos Patterson jatkaa tämän vuoden tällä tahdilla niin vuoden tulos jää tuonne ennustetun 50 sentin tienoilla. Öljykenttä palveluyhtiöiden ykkösen Schlumbergerin mukaan ennen vuotta 2010 ei ole Pohjois-Amerikan maakaasun poraamisessa näkyvissä valoa ja tuon pitäisi päteä suoraan Pattersoniin, koska se toimii vain Pohjois-Amerikassa ja palvelee lähinnä kaasuntuotantoa. Hajautus ja kansainvälistyminen olisi ilmeisesti auttanut PTENiä merkittävästi: Baker Hughesin tuoreimman rig countin mukaan USA:n aktiiviset porat ovat vähentyneet 887 kappaleella vuoden takaisesta, mutta kansainvälinen rig count on laskenut vain 42 poralla.
Pattersonin tase on suhteellisen hyvässä kunnossa, joten rahoitus vaikeuksia ei tällä pitäisi olla näköpiirissä. Osake näyttää tämän hetken $12.60 hinnalla minusta melko kalliilta, itse en maksaisi tästä 10 dollaria enempää, jos ostaisin osaketta pidempään pitoon.

Pride Int.(NYSE: PDE) Q1/09

Revenues $549.3 million (+1.7%)

Net cash flows from (used in) operating
activities $166.3 million (+76.4%)

Net income $158.9 million (-34%)

EPS $0.90 (-33%)

Net margin 29%

Balance sheet

Assets
Current $1,286.5 million
Total $6,113.3 million

Liabilities
Current $513.0 million
Total $1547.6 million

Equity $4,565.7 million

P/E(TTM) 5.2, P/B 0.88

The report

Outlook

"We are encouraged by the improvement in crude oil prices since the February 2009 lows and believe we are now experiencing a more sustainable trading range with growing expectations for long-term strengthening. At the same time, instability in the capital markets along with its impact on general economic conditions and energy demand continue to present uncertainty. We remain confident in the long-term fundamental strength of the offshore drilling industry, especially in the deepwater segment where geologic success rates, the application of new technologies and emerging deepwater frontiers are supporting a strong long-term growth outlook."

Comments: Last years Q1 report contained a few significant positive one time items, which distorts the y-o-y comparison. Pride underperforms its peers consistently with a massive margin: Q1 net margins: Pride 29%, Noble 46%, Diamond 39%, Ensco 43%.
After the spinoff of the mat-supported jackups(aka scrap metal) PDE is ready to be merged with a better managed company. Another possibility is the firing of the entire upper management.
Pride's fleet status report update contained three new contracts for jackups and an option exercise also for a jackup. BP has informed Pride that it doesn't intend to extend the Holstein SPAR management contract.

Fred Olsen Energy Q1

Revenues 2 108 million NOK (+80%)

Operating profit 1 199 million NOK (+147%)

Net cash flow from operating activities 1 311 million NOK (+72%)

Net result 1 114 million NOK (+111%)

Net margin 53%

EPS 16.8 NOK (+112%)


Balance sheet

Assets
Current 5 950 million NOK
Total 15 927 million NOK

Liabilities
Current 2 165 million NOK
Total 9 544 million NOK

Equity 6 383 million NOK

P/E(TTM) 5.3, P/B 2.22

Outlook

-Lower oil price and tight credit market continues, with oil and gas
operators reducing costs and spending plans
-Proceed with existing rig commitments, with some seeking amendments
and sub-lets
-Operators seem to defer decisions on additional rig commitments
-The balance between supply and demand seems healthy in a longer
perspective

Report and a presentation with industry charts

Talisman(TSX/NYSE: TLM) Q1

Revenue C$1,576 million (-22%)

Cash flow from operations C$1,086 million (-17%)

Net income from continuing operations C$-85 million

Net income from discontinued operations C$539 million (+1000%)

Net income C$455 million (-2.5%)

EPS C$0.45 (-)


Production

Liquids 221.98 mboe/d (+11%)

Natural gas 1,286 mmcf/d (+11%)

Average netback per boe C$24.48 (-46%)


Balance sheet

Assets
Current C$2,466 million
Total C$24,307 million

Liabilities
Current C$2,312 million
Total C$12,516 million

Equity C$11,791 million

P/E 4.4, P/B 1.3

Selected quotes

"Dry hole expense was $246 million in the quarter compared to $65 million a year ago."

"In the Marcellus Shale, the Company continues to focus on Pennsylvania. Talisman drilled four gross wells (four net) in the quarter and has now moved to pad drilling. Two rigs are currently operating and the Company now expects it will be able to complete its 36 well program for the year with a maximum of three rigs instead of five as originally planned.
Each well is performing better than the previous well. The latest producing well in the program achieved rates of 4.5 mmcfe/d over an initial 30-day period, with the most recent pad well on target to cost US$4.3 million (C$ 5.2 million) to drill and complete. These costs are down more than 25% from the 2008 average and drilling cycle times have been reduced by 50% compared to the first wells in the program. In the Montney Core, Talisman drilled 11 gross (9.9 net) wells in the quarter out of a planned 35 well program. The most recent five horizontal wells have averaged initial 30-day production rates of over 3 mmcfe/d. Talisman has made significant strides in reducing costs in the Montney. A recent well was drilled and completed at a cost of $3.8 million, which is top tier performance and a 50% reduction from the Company’s average 2008 drilling costs in the area. Talisman is also achieving best in class completion costs in the area."

Release(.pdf)

Me thinks: Good quarter cash flow wise, although much of the cf was generated through asset sales.
Talisman has exploration acreage in the Colombian Llanos Basin, where Petrominerales's main operations and the Corsel field are located, both companies also have exploration acreage in Peru. One would imagine that Talisman would be interested in the purchase of PMG, if/when Petrobank decides or is forced to sell the controlling stake.

Nexen(TSX/NYSE: NXY) Q1/09

Revenues C$1,305.0 million (-37%)

Cash Flow from Operations C$557 million (-46%)

Net income C$135 million (-79%)

EPS C$0.26 (-78%)


Production

Liquids 194.1 mbbls/d (+5%)

Natural gas 185 mmcf/d(-18%)

Average netback per boe C$30.19 (-49%)


Balance sheet

Asset
Current C$6,252 million
Total C$23,619 million

Liabilities
Current C$3,561 million
Total C$16,342 million

Equity C$7,277 million

P/E 10.5, P/B 1.6

Selected comments
North Sea
"During the quarter, we have had significant success at Hobby in the Golden Eagle area. We have completed drilling the Hobby discovery well and two sidetracks. All three wells encountered significant high quality oil pay. These results are encouraging and are at the high end of our predrill estimates. We plan to continue with appraisal activity and expect to spud an appraisal well shortly. In addition, we plan to drill a third sidetrack. The Golden Eagle area includes exciting discoveries at Golden Eagle, Hobby and Pink. We have a 34% operated interest in both Hobby and Golden Eagle and a 46% operated working interest in Pink. We have additional prospects in the area that we plan to drill later this year.
“We are excited with the discoveries we are making in the Golden Eagle area just north of our world-class Buzzard asset,” commented Romanow. “The development of these discoveries iseconomic at current commodity prices and in our view, development of this area will support a standalone platform.”

Long Lake Bitumen
"During the quarter we reached a significant milestone at Long Lake when we produced and sold first PSCTM from the upgrader. The main process units in the upgrader have been successfully commissioned and are operating. The gasifier is creating syngas that is being used in SAGD operations for steam generation and creating hydrogen that is being used for upgrading. This has
significantly reduced the need for purchased natural gas. During the upgrader ramp up, we expect that there will be periods of downtime as we work through the early stages of production and upgrading."


Horn River Shale Gas
"This shale gas play has the potential to become one of the most significant shale gas plays in North America. It has been compared to the Barnett Shale in Texas by other operators in the area as it displays similar rock properties and play characteristics. We have approximately 88,000 acres in the Dilly Creek area of the Horn River basin with a 100% working interest. As previously announced, we estimate these lands contain between 3 and 6 trillion cubic feet (0.5 to 1.0 billion barrels of oil equivalent) of recoverable contingent resource which could double our total proved reserves. Further appraisal activity is required before these estimates can be
finalized and commerciality established.
“We continue to be encouraged by the results of our shale gas drilling program,” said Romanow. “It demonstrates that we can produce the considerable resource potential contained in our lands. When gas prices recover, we will ramp up the pace of development and focus on reducing well costs."

Press release(.pdf)

Schlumberger Q1

The oilfield service giant reports in:

Revenue $5,999.98 million (-5%)

Pretax income $1,192.46 million (-26%)

Net income $938.46 million (-30%)

EPS $0.78 (-28.5%)

Oilfield Services revenues were down 3% y-o-y and WesterGeco's(seismic division) revenues 18%.

Balance sheet

Assets
Current $13,934.45 million
Total $32,997.14 million (goodwill $5,118.96 million)

Liabilities
Current $7,702.54 million
Total $15,312.34 million

Equity $17,684.79 million

P/B 3.36 P/E 11.18

Outlook

"Our visibility on 2009 has not materially changed from the end of the fourth quarter. We do not see any significant recovery in North American gas drilling before 2010. Overseas, while activity declines will be limited,
customers are actively seeking and are obtaining price relief to improve the economics of current projects. At the same time, exploration expenditures are being deferred in favor of projects that produce immediate cash
flow. However, we are encouraged to see offshore deepwater activity resisting fairly well to the current budget cuts.
As we indicated in our fourth-quarter comments, longer term we remain convinced that any demand recovery for oil will need to be accompanied by increased investment to offset decline in the ageing production base.”"

The report and supporting materials are located here.

Noble Corp. First Q Result

Revenues $896.15 million (+4%)

Operating profit $514.10 million (+10%)

Net result $414.29 million (+7.8%)

Net margin 46%

EPS $1.58 (+11.2%)

P/E(TTM) 4.5


Balance sheet

Assets
Current $1,263.27 million
Total $7,303.3 million

Liabilities
current $484.19 millio n
Total $1,650.74 million

Equity $5,652.5 million

P/B 1.27

Contract backlog (at 31.03.2009)

10.6 billion USD

Press Release

update pending

Subsea7 Q1 result

Revenue 602.8 MUSD (+7%)

Operating profit 82.0 MUSD (-3%)

Net profit 55.04 MUSD (-)

EPS 0.37 USD (-)

Contract backlog 2907 MUSD (-26%)

OUTLOOK
"The market outlook continues to retain a degree of uncertainty for the medium term as a result of the current economic climate. As indicated previously, national oil companies and major operators are generally expected to maintain their spending levels. Notwithstanding this, the whole industry is taking time to re-assess projects and take advantage of potential cost reductions given the current environment. This is resulting in delays in contract awards and, in respect of some of the smaller players in the North Sea and North America, a cancellation or deferment of projects.The Company continues to focus on its efforts to reduce costs and improve efficiencies in the supply chain in order to remain competitive in the current market."

Balance sheet
Assets
Current $1,020.7 million
Total $2,146.2 million

Liabilities
Current $739.5 million
Total $1,396.8 million

Equity $749.4 million

P/E(TTM) 3.89, P/B 1.4

Report(pdf) and Presentation(pdf)