PetroMENAn saaga jatkuu

PMENAn tytäryhtiöt yrittävät hakeutua Chapter 11-velkojainsuojaan USA:ssa ja Petrorig I on haastanut singaporelaisen telakkayhtiön Sembcorp Marinen oikeuteen sopimusrikkomuksen johdosta.

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)

Pieni erä Pridea salkkuun

Alle kahdella kympillä tuli kyytiin. Edellinen erä poistui pari viikkoa sitten. Osakkeen kurssi on tullut alas 17% viidessä päivässä eikä täysin syyttä.

Yhtiöllä on vieläkin 7.5 mrd sopimusbacklogi(vastaa kolmen vuoden liikevaihtoa) kohtuullisen hyvillä marginaaleilla, omavaraisuusaste 75%(goodwillia mukana 2 alle miljoonaa), kassassa melkein 700 miljoonaa käteistä. Johto on täysi paska ja he tuntuvat kaikkensa ollakseen haukkujeni arvoinen, mutta yhtiö on alle kahdella kympillä paljon halvempi kuin useimmat muut yhtiöt tällä hetkellä.

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.

Going green, takes a lot of green

FP: Green oil would cost US$105 a barrel: CERI

"Canada's oil sands can meet the challenge of turning "dirty oil" into "green bitumen," but oil prices would have to climb as high as US$105 a barrel to pay for the cost of integrating new technologies, according to a study by the Canadian Energy Research Institute."

"Study co-author David McColl, research director at CERI, said carbon capture and storage would be the cheapest option, costing an additional US$2.25 to produce a barrel of bitumen and suggesting oil prices would have to be US$85 a barrel for projects to be economic. Carbon capture would involve capturing carbon at the source and piping it into depleting reservoirs for storage, or into producing reservoirs to enhance hydrocarbon recovery.

Gasification, a new technology that is being pioneered by Nexen Inc. and OPTI Canada Inc. at their recently completed Long Lake oil-sands project, would add US$13.50 a barrel, suggesting oil prices would have to be about US$95 a barrel for projects to be economic. Gasification involves producing synthetic gas from bitumen waste, eliminating the need to use natural gas..."

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.