Venakko Q4

Liikevaihto $83.36 milj. (+16%)
Liiketoiminnan rahavirta $58.93 milj. (-9%)
Liikevoitto $21.80 milj. (+29%)
Netto(pers) $30.42 milj. (+586%)
EPS $0.49 (+510%)

Tuotanto
Maakaasu 66,424 TKJ/päivä (+6%)
Öljy 6,739 tynnyriä/päivä (-1%)
Yhteensä 17,810 BOE/päivä (+3%)

Keskim. myyntihinnat
Maakaasu $4.89 (-20%)
Öljy $92.44 (+29%)

Tiedote

Korkokulut per tuotettu BOE vieläkin yli 10 dollaria. EPS lukua ei löydy suoraan itse tiedotteesta, vaan tuo piti laskea ihan itse. Tämä ei varmaan ole vahinko.

Velat kasvaneet $20 miljoonalla, mutta varat liki $180 miljoonalla kiitos uusien reservien.

Raha pulan vuoksi nakkasin Veekuut pihalle.

Osake on noin 10% Marquezin tarjoushinnan alapuolella.

Ceepeegee kuu 4

Liikevaihto C$327.50 milj. (+55%)
Liiketoiminnankassavirta C$199.14 milj. (+59%)
Nettotulos C$-4.02 milj.
EPS C$-0.02

P/E ??

Tuotanto
Öljy 46,022 tynnyriä/päivä (+32%)
Kaasu 36,134 mcf/päivä (+29%)
Netback C$39.97 (+29%)(corporate netback ilman hedge-vaikutuksia)

Tase
Varat
Likvidit C$153.51 milj.
Kaikki C$5,439.43 milj.

Velat
Lyhytaikaiset C$253.48 milj.
Kaikki C$1,460.95 milj.

Omapääoma C$3,978.47 milj.

P/B 2.03

Raportti

Tuloksen lukeminen saattaa tuottaa vaikeuksia, ainakin se tuotti minulle. Hedget ja asset-hankinnoista johtuva korkea DD&A tekivät pahaa jälkeä. Jos olen oikein ymmärtänyt DD&A johtuu siitä että Crescent Point hankki lähinnä kehittämättömiä resursseja, joiden reservit suhteessa maksettuun hintaan olivat korkeita. Tapausta koskevaan voimassa olevaan kirjanpitosäännöstöön voi tutustua mm. täällä.

1P-reservit kasvoivat 41% ja 2P-reservit 47% vuonna 2009. Poislukien viime vuoden hankinnat tuotanto kasvoi 4% ja orgaaninen reserve replacement ratio oli 180%. Tänä vuonna tuotannon ennustetaan kasvavan 7%.

Oma laskelma kertaeristä siivotusta P/E:stä on 10-11. Eli ei halpa tuolla mittarilla. Mutta yhtiön resurssit ovat aivan omaa luokkaansa esim. myöskin tänään tuloksensa julkaisseen Ballatrixin corporate netback viimeisellä neljänneksellä oli C$11.96 per boe.
Ei ostoja näiltä tasoilta, mutta 33 alkaen voisi ostaa lisää.

ESV Q4

Öljynporaaja Ensco Internationalin torstaina raportoima tulos:

Liikevaihto $499.6 milj.(-17.4%)
Liiketoiminnankassavirta $283.5 milj. (-27.7%)
Liikevoitto $220.4 milj.(-39.9%)
Nettotulos $210.2 milj.(-30.3%)
EPS $1.46 milj.(-30.9%)

P/E 8.06

Tase
Varat
Likvidit $1,652.8 milj.
Kaikki $6,747.2 milj. (sis. goodwill $336MM)

Velat
Lyhytaikaiset $484.9 milj.
Kaikki $1,240.1 milj.

Omapääoma $5,507.1 milj.

P/B 1.14

Tiedote

CC:n transkriptista:

"What Pemex has also indicated, some new contractual specifications for the rigs it will accept. So there's a belief if Pemex holds to those standards that the incumbent rigs will not necessarily qualify for the forthcoming contracts, so that the number of rigs will remain constant or hopefully increase, but the actual rigs that are contracted in Mexico will change.
Robin Shoemaker - Citigroup - Analyst
Okay. So that was the one where they are specifying the rig can only be a certain number of years old, like built after a certain
date?
William Chadwick - Ensco - COO & EVP
That's correct."

"Dan Rabun - Ensco - Chairman, President & CEO
As we've said in previous quarters, if we can't identify new
investment opportunities, our Board continues at every Board meeting to evaluate opportunities to return capital to shareholders, either in the form of dividends or share repurchases, but this, of course, is a Board level decision. I would like to say that we have spent a great deal of time in the last three to four months soliciting the views of our major stockholders on this issue, and we're very mindful of their thoughts on this matter. And I will say that there also continues to remain an extreme diversity of views on this subject among our shareholders."

"Ian MacPherson - Simmons & Company - Analyst
Okay, got it. Unrelated question, could you comment on the -- there was some industry press commentary about Ensco and
Keppel teaming together to work on a low cost drillship concept for Petrobras. Is there anything to that, that you would want
to comment on now, or do you think that was overplayed in the press?
Rabun:
Well, we don't comment on rumors. And you all know, we actively pursue every opportunity that exists. But I was surprised to
see the article."

Tästä oli Upstreamissa kolmisen viikkoa sitten.

SDRL Q4/09

Liikevaihto $878.9 milj.(+51.9%)
Liiketoiminnankassavirta $464.6 milj.
Liikevoitto $381.6 milj.(+107.6%)
Nettotulos $379.1 milj.(sis. +$58MM kertaerän Atlaksesta)
EPS $0.88

P/E(laimennettu) 7.49

Tase
Varat
Likvidit $2,261.00 milj.
Kaikki $13,831.00 milj. (sis. goodwill 1,596 milj.)

Velat
Lyhytaikaiset $2,034.00 milj.
Kaikki $9,018.00 milj.

Omapääoma $4,813.00 milj.


P/B 1.86
Nettovelka/liiketoiminnankassavirta 5.16

Laskuissa käytetty USD-NOK kurssia 5.93 ja osakkeen hintana 133.30 NOK.

CC:stä

Ensiksi täytyy todeta äänen laatu oli tällä kertaa varsin heikko ja itseltäni meni useampi kohta ohitse, pitää varmaan kuudella toisenkin kerran. Toinen yhtiö jonka cc:n kanssa itselläni on ajoittain ongelmia on Diamond Offshore. DO:n äänityksien laatu on normaalisti hyvä, mutta Lousianan coonassien puhetapa tuottaa ajoittain vaikeuksia.

-Thorkildsen mainitsi oikein odottavansa että West Venturen nykyisen sopimuksen päättymistä, jotta alus pääsee tasonsa arvoiselle dr:llä(kyseessä on siis HE, DP deepwater-semi, joka työskentelee tällä hetkellä Norjan vesillä $267,000 päivätaksalla. Aluksen uudessa sopimuksessa voi perustellusti odottaa dr:n nousevan $150,000, edellyttäen että öljyn hinta ei romahda)

-Jackupit: vaihtoehtoinena Scorpionin osto tai/ja erillisen ju-yhtiön luominen

-97% käyttöaste ennuste tälle vuodelle syvän veden yksikölle näillä näkymin, merkittäviä huoltoja ei näkyvissä

-yhtiö lupaa olla erittäin varovainen mahdollisissa yritysostoissa ja osingon säilyttäminen nykytasolla on tärkeää riippumatta mahdollisista ostoista

Muuta:

• Sopimusbacklogin arvo noin 10.8 miljardia dollaria (vastaa noin 3 vuoden liikevaihtoa)

• Mobiilien yksiköiden liikevoittomarginaali 52.9%, oli muistaakseni vuosi sitten 42%

• Tällä hetkellä ainoa alus ilman sopimusta on T8-tender, tosin myös West Triton on työtön huhtikuuhun asti, jolloin uusi sopimus alkaa

• Geminin dr on tosiaan $445 000, eli olin väärässä ja ilmeisesti julkisuudessa ollut luku tuli suoraan Seadrilliltä

• Uusia sopimuksia: Triton $116,000/60 päivää+optio pidennykseen,Callisto(aiesopimus) $119,000/260 päivää+optio pidennykseen, T12(aiesopimus) $91,000/365 päivää+optio pidennykseen

• Kaikki SDRL:n deepwater-alukset ovat työllistettyjä vuoden 2011 heinäkuuhun asti, jolloin West Venturen sopimus päättyy. Koska alus toimii jossain määrin eristetyllä NCS:n markkinoilla uuden sopimuksen saanti ei pitäisi olla vaikeaa.
  

• Scorpion Offshore tiedotti eilen että se on lainannut Seadrilliltä taas $49.5 miljoonaa 2 kuukauden laina-ajalla 12% vuosikorolla

Raportti(pdf)

PDE Q4

Liikevaihto $316.7 milj. (-35.5%)
Liiketoiminnan kassavirta $95.0 milj. (-77%)
Liikevoitto $-24.0 milj.
EPS $-0.19

P/E 18.4

Tase
Varat
Likvidit $1,164.2 milj.
Kaikki 46,142.9 milj.

Velat
Lyhytaikaiset $502.4 milj.
Kaikki $1,885.1 milj.

Omapääoma $4,257.8 milj.

P/B 1.21

Tiedote

Rumia lukuja, joihin osin syypäitä kertaerät. Semi Pride North American huolto aiheutti n. 26 miljoonan pudotuksen liikevaihtoon, johon teki lommoa myös Pride South Pacificin huolto(käytännössä off-rate koko kvartaalin).
56 miljoonan erä meni viiden vuoden takaiseen lahjus-jutun mahdollisiin sakkoihin. Pride oli voidellut joitakin viranomaisia Venezuelassa ja Meksikossa. Lopullinen sakkojen määrä voi olla suurempi tai pienempi, itse veikkaisin että selvästi pienempi.

PÄIVITYS 21.02.2010

Poimintoja conference callista:

Q1 EPS ennuste $0.27-0.32

Jackup-markkinat yhä pehmeitä, viimeaikojen high spec-sopimukset eivät kerro kokonaiskuvaa, low speceja korvataan high speceillä.

Midwaterissa tarjolla vain parin kolmen kaivon sopimuksia.

PDE kiinnostunut Petrobrasin "Made in Brazil"-tenderistä, mutta sen ehdot ovat haastavat(kuten aiemmin kirjoitin oletan että poraajilla on jonkinlainen yhteistoimintasopimus tämän osalta. Asemansa vakiinnuttaneilla poraajilla ei tällä hetkellä ole mitään intressiä ottaa tähän osaa ja uusilla ei-brasialialaisilla tulokkailla ei ole varaa ottaa osaa. Odotan että PBR lykkää hankintaa ja mahdollisesti muuttaa sen ehtoja). Tj Raspino pitää mahdollisena että PBR rakentaa osan aluksista itse, jos tenderiin ei tule riittävästi osaanottajia sen sijaan että hankkisi kapasitettia suoraan markkinoilta.

PDE on kiinnostunut spekulatiivisien deepwater-aluksien hankinnoista, mutta pyydetyt hinnat ovat vieläkin liian korkeita(Noble on sanonut samaa. Kumpikaan yhtiö ei aiemmin juuri luonut arvoa tuollaisilla hankinnoilla).

Alusten farm outtien dr:t ovat toistaiseksi pysyneet alkuperäisten sopimusten ehtojen mukaisena.

Fred IV

Fred Olsen Energyn neljäs kvartaali:

Liikevaihto 1 127.9 milj. nok (-46%)
Liiketoiminnankassavirta 385.2 milj. nok (-49.3%)
Liikevoitto 292.2 milj. nok (-73.5%)
EPS 3.7 nok (-59%)

P/E 5.16

Tase
Varat
Likvidit 3 736.0 milj. nok
Kaikki 13 869.5 milj. nok

Velat
Lyhytaikaiset 2 451.4 milj. nok
Kaikki 8 181.2 milj. nok

Omapääoma 5 679.6 milj. nok

P/B 2.5

Näkymistä:

"The oil price has been relatively stable during the 2nd half of 2009 and into 2010. Despite the low volume of new fixtures in 2009 as a whole, we now see increased enquiries and pre-tendering activity in the offshore drilling markets"

Rprt

Lundin höpö löpö Q4

Liikevaihto 1,575.60 milj. sek (+19.9%)
Liiketoiminnan kassavirta 1,279.68 (+3.8%) milj. sek
Liikevoitto -4,249.35 milj sek
EPS -9.49 sek

P/E -

Tase
Varat
Likvidit 1,959.09 milj. sek
Kaikki 20,998.22 milj. sek

Velat
Lyhytaikaiset 1,832.46 milj. sek
Kaikki 12,193.69 milj. sek

Omapääoma 8,804.52 milj. sek

P/B 2.1


Tuotanto 37,000 boe/päivä (+6%)

Tuotannon ennuste vuodelle 2010: läpi vuoden 38,000-44,000 ja päätös lähelle 50,000 boe/päivä.

Field netback neljännellä neljänneksellä $36.21

Presentaatio ja Raportti PDF:nä

Nelos kvartaalin tuloksessa kolme merkittävää kertaerää, joiden yhteenlaskettu nettovaikutus -4.46 miljardia kruunua. Suurin erä oli Venäjän Lagansky-blokki.

Lagansky alaskirjaus:

"Lundin Petroleum has drilled three wells on the Lagansky Block and whilst two wells were unsuccessful, the
Morskaya well has provided gross contingent resource on block of 233 MMboe of which 213 MMbbls is oil. Whilst the valuation of these resources is extremely subjective and a range of values can be derived and supported, Lundin Petroleum has assessed the value of discoveries to date and impaired the carrying value of the Lagansky
Block, net of deferred tax and minority interest, to MSEK 2,798.2. This has resulted in an impairment charge to the income statement of MSEK 3,741.3 in the fourth quarter of 2009. An impairment charge of MSEK 613.7 was recorded in the fourth quarter of 2008 and primarily related to the impairment of the operated onshore Russian production properties.


As part of the Valkyries acquisition, an amount of MUSD 119.0 (MSEK 862.1) was assigned to Goodwill, reflecting the excess of purchase consideration over the fair value of the acquired assets. The Lagansky Block still has exploration potential but following the results of the Petrovskaya and Laganskaya wells, a write off the Goodwill is appropriate in the circumstances, and as such, MUSD 119.0 (MSEK 847.2) was charged to the income statement in the fourth quarter of 2009"

Vuoden lopun 2P-reservit nousivat 26% 255.9 miljoonan boe:en, reservit 84% öljyä.

Tuotanto nousi siis 6% (Q4/09 vs. Q4/10) ja reservit 26%, mutta osakekohtainen omapääoma laski 27%.

Hinta/liiketoiminnan kassavirta= 4.8
EV/reservit= $14.90 per boe

Noilla mittareilla ei kallis verrokkeihin nähden.

Yhtiö ennakoi tämän vuoden tynnyrikohtaisten tuotantokustannusten pysyvän viime vuoden tasolla ($16.40 vs. $16.35 per boe) mikä vaikuttaa minusta epätodennäköiseltä, kun esim. Pohjanmeren tukialuksien spotti-taksat ovat alle break-evenin.

Pidän osakkeet tämän hetken tiedoilla vuoden loppuun edellyttäen että ei tule enää negatiivisia uutisia ja tuotanto pysyy ennusteen mukaisena. Tällä öljyn hinnalla ja kruunun kurssilla voisi odottaa osakkeelle hintaa päälle 70 kruunun, edellyttäen pientä avitusta etsintäporauksesta.

Oliko tämä hankinta virhe? Ehkä. Liian aikaista sanoa.

Se mikä itsenäni hieman ihmetyttää on että exploration portfoliosta puuttuu täysin high impact prospektit. Pohjanmeren ja siellä vielä Norjan exploration-kustannukset ovat korkeimmat maailmassa, mutta vuosi vuodelta löydöt pienenevät. Malesia ja Indonesia ovat myös melko kypsiä alueita.

PRO-PRO Q4

Liikevaihto $90.4 milj. (+26%)
Liiketoiminnan kassavirta $75.9 milj. (+225%)
Liikevoitto $-26.5 milj.
EPS $-0.16

P/E -

Tase
Varat
Likividit $204.8 milj.
Kaikki $2,096.6 milj.(Sis. goodwill 128 milj.)

Velat
Lyhytaikaiset $243.5 milj.
Kaikki $1,281.9 milj.

Omapääoma $813.7

P/B 0.64

Raportti

Koko vuoden tulos tappiolle FPSO Ningaloon ja kovertiota odottavan tankkeri M/T Takaman arvon alentumisen vuoksi, ilman noita liikevoitto olisi ollut n.20 miljoonaa.
Yhtiön mukaan tämän vuoden näkymät parantuneet selvästi ja offshore-tiedonkerääjä Fearnley odottaa tänä vuonna 14 FPSO-sopimusta, kun viime vuonna niitä oli vain 7.

Seadrill tiedottaa (varoittaa)

SDRL - Comments to the fourth quarter 2009 results

In the third quarter 2009 report certain operational events impacting the fourth quarter performance were addressed. This included downtime related to the repair work on the deepwater unit West Hercules following a typhoon in the South China Sea that put the rig out of work for most of October and a three week yard-stay for the harsh environment deepwater drillship West Navigator. In the aftermath of the yard-stay, West Navigator has experienced one week of downtime in December as well as approximately 30 days downtime in January/February 2010 due to adjustment of various surveyed equipment. The semi-submersible rig West Alpha completed a mandatory survey mid October in line with original budget. The rig received compensation from the charterer for the yard-stay period. In connection with these yard-stays a US$15 million charge related to repair and maintenance work will be taken in the Income Statement. Furthermore, in December, the deepwater semi West Sirius incurred approximately 18 days of downtime related to BOP challenges. The harsh environment semi-submersible rig West Venture completed a short yard-stay for installation of third party equipment in connection with its operation on the Troll field in Norway this week. The rig has been on dayrate during the yard-stay. There has not been any other significant downtime period that has influenced the utilization of the operating fleet in the fourth quarter 2009 or so far in the first quarter 2010.

Navigatoria lukuunottamatta ei suuremman luokan ongelmia. Atlaksesta saatu korvaus ja voitto kompensoi tuloja nelos kvartaalin osalta.
Geminille ei vielä ole ilmeisesti saatu sopimusta, johto on aiemmin ennakoinut että sopimus saataisiin tämän vuoden ensimmäisen neljänneksen lopppuun mennessä.

Nööbeli

Noble Corp.(NYSE: NE) Q4 siis:

Liikevaihto $940.12 (+3.2%)
Liiketoiminnan kassavirta 621.5 mil. (+11.6%)
Liikevoitto $506.41 mil.(-1.5%)
EPS $1.72 (+8.8%)

P/E 6.43

Tase
Varat
Likvidit $1,483.19 mil.
Kaikki $8,396.89 mil.

Velat
Lyhytaikaiset $433.94 mil.
Kaikki $1,608.4 mil.

Omapääoma $6,788.43 mil.

P/B 1.6


Näkymät

"We expect to begin to realize the benefits of our fleet expansion program in 2010," continued Williams. "The commencements of operations of three new ultra-deepwater units, coupled with our outstanding backlog, give us positive momentum for the year ahead. At the same time, we will stay focused on fundamentals and work hard to create value for the shareholders."

Tiedote

NE-Q4-CC-""

Webcast ja transkripti(ts:ssä on aika paljon virheitä)

Heavy liftaajista pulaa

"Finally, the Noble day are remaining semisubmersible construction project in Singapore is going well and according to our schedule, but we’ve been informed by our heavy lift contractor that they will be delayed due to an issue with the rig being scheduled to be moved immediately prior to day.

We’ve looked at alternative vessels by given the size of a Noble Jim Day in a very limited number of ships capable of carrying such a large vessel, this is going to push our departure from the end of April to the end of May. Unfortunately, this will fall directly in the critical path and we therefore we won’t go on contract on Marathon until September rather than August"

Ostomahdollisuuksia?

"I’ve also said in the past, we actually were preferred to see more turmoil for longer duration to create more distress among some speculative new builders and thereby develop some opportunities to acquire assets.

So far this hasn’t exactly worked as well as we had hoped and we remained focused on looking at these types of opportunities to expand the fleet, at prices we think makes sense and adds value to shareholder, it apparent with the cycle may not as deeply as some Marathon a year ago. It’s a good news bad news situation. Good for the overall market, but bad if you’re hoping to pick up assets on the cheap"

Jackupit

"I’m pleas to report that, bidding activity increased slightly during the fourth quarter from what we saw early in the year. The jackups we continue to see a significant difference between utilization figures for independent outside like candidly the units and regions outside the U.S. and utilization of all jackup classes in the U.S. Gulf of Mexico.

"Regionally, the industry saw a slight utilization increase during the quarter in West Africa in the North Sea, while most other regions were little changed. Day rate fixtures for international jackups are generally holding in the $85,000 to $115,000 per day range that we’ve been discussing for some time"

Deepwater

"Discussions also picking up in deepwater there some concern out there that there’s going to be a surplus of deepwater units in 2011 as rigs roll off contract.

We’re not overly worried about this market segment. Improved prices certainly support continued exploration and development and while we haven’t seen any confirmed fixtures sometime we believe deepwater day rates will continue to supported for strong margins and good returns.

Käteinen

With regard to how much you need or how much you want, it’s kind of like asking how long is the line? We’ve made a lot of money but haven’t made it all, and we want to make as much money as we can for our shareholders, and there’s still opportunities out there. Some you guys know about. We probably have people on the call; we can discuss three or four intimately, but there are others some you know about, some you don’t. We’re not going to get down in the details of talking about them, so there are a lot of possibilities; both on small deals and large deals"

En ollenkaan pidä johdon asenteesta noiden rahojen suhteen. Kommentit(eivät vain nuo mitkä sitaatissa) ovat melkeinpä röyhkeitä.

Vielä dw:sta

"Dave and Roger, I think you characterized the deep water market last call looking out to 2011 as sort of a gain in the check and there was still a lot of uncontracted supply, but there was a fair amount of demand. Can you update your thoughts on 2011?

David Williams

Jim, I think it’s still the case. There’s a lot of conversation going on. There’s a lot of customers that are in either the formal or the informal bid process right now. A lot of talk around Petrobras being in the market for 2400 units, and that could take one or as many as four off the market here over the next few weeks.

The second element of this and we spoke about it before is that operators don’t have to dial-in to use lead time to get their unit. So I still think we have that game of chicken going on"

Petrobras

"Petrobras, the greater Brazil would like to see these projects, there’s a maximum for the Brazilian economy. Our view is as work through this bid process is that there’s not a lot of capable capacity to build these units and that being the case, where there’s short apply, one might argue that the pricing on these projects is going to be considerably greater than building the units outside Brazil, which will result in dayrates that could be quite a bit higher than Petrobras has historically been prepared to pay.

So there you’ve got the bust. When they could go to the open market now and contract a good quantity of the demand. So again, I think it’s just going to be one of those things we’ll watch. The bid may get extended. We hear a lot of talk about that. Everybody will give this thing a shot, but it is a long shot in terms of local construction"

PÄIVITETTY 31.01.3010

Addax Petroleum Q1

Afrikkaan ja Lähi-Itään keskittyneen Addax Petroleumin ensimmäisen kvartaalin luvut:

Liikevaihto $496 miljoonaa (-49%)
Operatiivinen kassavirta $53 miljoonaa (-36%)
Netto tulos $5 miljoonaa (-98%)
EPS $0.03 (-98%)

Tuotanto
Nesteet 134 700 tynnyriä/päivä (-3%)
Netback US$29.35 (-60%)

Tase

Varat
Lyhytaikaiset $1,041 miljoonaa
Kaikki $5,588 miljoonaa (goodwill 493 miljoonaa)

Velat
Lyhytaikaiset $965 miljoonaa
Kaikki $3,132 miljoonaa

Omapääoma $2,456 miljoonaa

P/E(-), P/B 1.9

Luvut ja presentaatio

Addaxin operaatioihin liittyvä poliittinen riski on selvästi korkeampi kuin keskiverto juniorilla(vaiko onko Addax independent?), mutta niin ovat netbackitkin, ovat melkein 50% korkeampia kuin esim. Talismanilla. Geologinen tai exploration riski Nigeriassa tai Kurdistanissa on selvästi matalampi kuin Meksikonlahdella tai Amerikan-mantereella.

CPG.UN Q4

Revenues C$605.7 million

Net income C$361.4 million

Funds flow per unit C$0.87 (-12%)

Net income per unit C$2.84 (+455%)

Payout ratio 79%

Production 39,554 boepd(88% liquids, 12% natural gas) (+19%)

Average realized prices
liquids(bbl) C$60.02 (-20%)
natural gas(mcf) C$7.23 (+14%)
per boe C$58.06 (-17%)

Netback
without derivatives C$37.70 (-18%)
with realized derivatives C$40.42 (-5%)

Reserves 191.0 million boe, RLI(P+P) 13.7 years

F&D costs per boe(P+P) $20.91

Balance sheet

Assets
Current C$178.7 million
Total C$3,307.6 million

Liabilities
Current C$138.6 million
Total C$1,462.9 million

Equity C$1,844.8 million

Outlook (summary)

"Crescent Point continues to execute its proven business plan of creating value added growth in reserves, production and cash flow through management’s integrated strategy of acquiring, exploiting and developing high quality, long life, light and medium oil and natural gas properties. Crescent Point’s strong balance sheet, 3½ year risk management program and high quality asset base position the Trust well to maintain production and distributions through volatile commodity price cycles.Pro forma with the assets acquired from Talisman, Crescent Point will have increased its low risk development drilling inventory to more than 1,600 net locations, representing more than 16 years of low risk drilling inventory to maintain production levels. Through infill drilling, production optimization and water flood implementation, management believes the Trust has the potential to more than double its proved plus probable reserves over time."

"Crescent Point’s development capital budget for 2009 was set in December 2008 at $225 million, with average production forecast at 38,250 boe/d. Assuming the successful completion of the acquisition of the Talisman assets, Crescent Point has
upwardly revised its average 2009 production guidance to 40,500 boe/d, while maintaining its $225 million capital program for the year. Exit production is forecast greater than 42,000 boe/d."

"Crescent Point’s management believes that with the high quality reserve base and development inventory, excellent balance sheet and solid hedging program, the Trust is well positioned to continue generating strong operating and financial results and
delivering sustainable distributions through 2009 and beyond."

The report in pdf format

P/B 1.84

Comments: An OK quarter in spite of the tumbling commodity prices. Production costs should be coming down somewhat in the next quarters with lower rig rates and drill pipe prices. I expect that the distribution will be cut by 10-25% after the Talisman acquisition has been completed. Overall the future for Crescent Point looks very good: high quality, long life, moderate cost reserves and potential to grow the production. Virtually no political risks. Very good management.
The stock isn't cheap, but isn't expensive either.

Petrobank Q4

Revenue C$206.16 million (+62%)

EBITDA C$138.53 million (+47%)

Funds flow per share C$1.63 (+55%)

Net income per share C$0.34 (-26%)

Balance sheet
Assets
Current C$222.27 million
Total C$2,361.7 million (goodwill 62.3 million)

Liabilities
Current C$272.6 million
Total C$1,145.3 million

Equity C$1,035.2 million

Production 37,618 boepd(oil 93.5%, natural gas 6.5%) (+110%)

Average realized prices
CBU liquids C$57.71 (-28%)
CBU nat.gas C$6.86 (+13%)
LBU C$54.93 (-28%)

Operating netbacks in Q4

CBU liquids C$40.13 per boe(-40%)
CBU nat.gas C$5.03 per mcf (+1%)
LBU C$42.45 per boe(-31%)

Reserves 2P: 156.7 million boe(+65%)
3P 205.9 million boe

Undeveloped land
Petrobank: SE Saskatchewan(Bakken)(oil) 115 000 net acres, Torquay(gas) 87 000 net acres, Montney(gas) 14 net sections, Horn River(gas) 45 000 net acres(65 sections/100% WI + 14 sections/15.5% WI)

Petrominerales: Columbia 1.9 million net acres, Peru 1.43 million net acres

FD&A costs per boe(2P reserves) C$25.46

Available liquidity
Petrobank C$65 million
Petrominerales C$80 million +C$11 million


P/E 7.7, P/B 1.65

The reports: Finance(.pdf), Reserves & Production(.pdf)

Comments: Petrobank's liquidity situation doesn't look at all good. The company will have to issue new equity or sell assets or do both. As the credit lines are tied to the Canadian assets it is Petrominerales or a part of it which will probably be sold if the company can't raise equity.
The tar sands, Montney and Horn River shale gas are high cost resource plays which currently are marginally economic if at all. The Bakken isn't a low cost play either, but it is profitable with todays prices.
THAI seems to be going forward and the political and economic pressure exerted by the Obama administration on tar sand producers should benefit PB and THAI. However as PB is strapped for cash its further development will probably be delayed.

CGGVeritas Q4

Revenues 766.8€ million (+27%)

Operating Income 148.2€ million(+13.6%)

Operating margin 19.3%(21.6%)

EPS 0.86€

Balance sheet

Assets
Current 1,728.4€ million
Total 5,634.2€ million(including 2,055.1 million of goodwill)

Liabilities
Current 1,003.2€ million
Total 2635.6€ million

Equity 2,960.1€ mllion

Outlook

"We currently expect that E&P spending will be reduced by around 10 to 15% in 2009. Outlook for seismic can be characterized by a softer market with low visibility especially in the second half. We are well prepared to manage these constraints by reducing our cost structure and adjusting our marine capacity.

Current global economic conditions should not lead us to underestimate underlying oil and gas fundamentals, which support the worldwide longer term need to increase reserve replacement rates and the efficiency of reservoir management. In 2009, while addressing carefully the short term uncertainties, we will preserve the ability to develop long term opportunities through technology leadership, the quality of our products and services and the value of the expertise of our personnel."

Q4-report

Ensco International Q4

Operating revenues 622.1 million (+20%)

Operating income 353.1 million (+22%)

Operating margin 56% (44%)

EPS 2.14 (+29%)

Balance sheet

Assets
Current $1,400.9 million
Total $5,830.1 million


Liabilities
Current $427.9 million
Total $1,153.2 million

Equity $4,676.9 million


Outlook

“We are beginning to be impacted by lower oil and gas prices, tight credit markets and the global recession. There is no question that 2009 will be a challenging year and that jackup rigs, including some of our own, will be without contracts for some portion of the year. Despite the challenging outlook, we believe our strong balance sheet, favorable contract backlog, conservative approach to internally funding our new rig construction program and the growing contribution from our deepwater fleet will provide Ensco a competitive advantage over the next several years.”

P/E 3.2
P/B 0.78

The report

FMC Technologies Q4

Subsea engineering outfit FMC Tech(FTI) reported Q4 on Monday:


Revenues $1,205.1 million (+12.6%)

EBIT $128.9 million (-0.2%)

Net income $91.3 million (+1.5%)

EPS $0.72 (+5.8%)

Order backlog(31/12/2008) $3,651.2 million (-19%)


Balance Sheet

Assets
Current $2,443.7 million

Liabilities
Current $1,962.5 million



Outlook

Peter D. Kinnear, Chairman, President and Chief Executive Officer: "We enter 2009 in the midst of an uncertain macroeconomic environment but with a solid base for future business. We expect the strength of our subsea backlog will help offset declines in our other businesses in 2009. Overall, we estimate 2009 diluted earnings per share from continuing operations to be in a range of $2.40 to $2.65."

P/E 9.5,

FTI looks expensive. A P/E in the range of 5 to 7 would be acceptable. The order backlog provides some visibility, but it only covers a years worth of revenues.

Acergy Q4

Revenue $567.9 million (-18%)

Adjusted EBITDA 135.1 million (-10%)

EPS(from continuing operations) $0.45(+2200%)

Backlog at the end reporting period

$2,511 million (-11%)

Balance sheet

Assets
Total $2,471.1 milion

Liabilities
Total $1,669.7 million

P/E 3.23, P/B 1.3

Dividend yield 4%($0.22)

Presentation(.pdf)

Diamond Offshore Drilling Q4

Revenues $903.2 million (+35.4%)

Operating income $456.2 million (+59.4%)

Operating margin 50.5% (42.8%)

Income per share $2.11(+77.3%)

Balance sheet

Assets
Current $1.47 billion
Total $4.94 billion

Liabilities
Current $0.50 billion
Total $1.64 billion

P/E 6.9
P/B 2.7

The operating margin for high spec floaters in the fourth quarter was whopping 73%.

Subsea 7 Q4

Q4 Numbers

Revenue $583.6 million (+3.7%)

Net operating profit $73.3 million(-8.6%)

Pre-tax profit 91.0 million (+12.7%)

EPS(diluted) $0.38(+5.5%)

Balance Sheet on 31.12.2008

Assets
Current 892.0 million
Total $2,012 million (goodwill $98.5 million)

Liabilities
Current $648.7 million
Total $1,313 million

P/B, with today's market value(NOK 5.4 billion=$772 million) 1.11, 1.28 ex-goodwill.


P/E on 2008 earnings($1.74) 2.9

Backlog
Global backlog of $3.3 billion on 31.12.2008, which based 2008 revenues is ~17 month worth of revenue.

Outlook

"Whilst the market outlook will retain a degree of uncertainty for the medium term as a result of the current economic climate, there has been no dramatic deterioration in the subsea market sector. Current indications are that National Oil Companies and major operators are generally maintaining spending levels. The recent announcement from Petrobras advising of a projected increase in Exploration & Production spending over the next 5 years from USD 65 billion to USD 105 billion supports this view.
However, as expected, the anticipated spending of smaller operators has been reduced and, as a consequence, a number of development plans have been re-evaluated and deferred. This has particularly affected the UK Sector of the North Sea (Norway remaining stable) and the Gulf of Mexico where a number of tie-back projects have been postponed.
There are indications of decreases in costs throughout the supply chain and, in conjunction with this, the Company is focused on reducing its costs and improving efficiencies in order to remain competitive in the current market."

Report(.pdf)