OFS People & Companies - August 21, 2018Schlumberger appointed EOG
Resources founder Mark Papa and
energy researcher Tatiana Mitrova to
its board of directors
effective Oct. 16. Papa
is currently CEO of Centennial Resource
Development and Mitrova is director of
the Energy Center at the Moscow School
of Management. Papa also resigned as
chairman of Oil States International
upon taking the Schlumberger position. Oil States International directors
elected Robert Potter as chairman
following the resignation of Mark Papa,
who...
Aug 21, 2018
People & Companies - April 19, 2018Alta Mesa Resources appointed Kimberly Warnica VP, general
counsel, chief compliance officer, and
corporate secretary, reporting to President
and CEO Hal Chappelle. American Midstream Partners,
LP announced that Karen S. Acree has
joined the partnership as VP and Chief
Accounting Officer. Acree has over 35
years of accounting, financial reporting
and tax experience and was formerly
CAO of Jones Energy, Inc. Apache Corp. named Ben C.
Rodgers VP, Treasury, effective April 16.
He...
Apr 19, 2018
Ensco & Atwood’s $839MM deal passes antitrust hurdleEnsco plc and Atwood Oceanics, Inc. said on June 29 they had received word from the US Department of Justice and the Federal Trade Commission that they were granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust act, allowing their proposed merger to continue through the process. Completion is still subject to satisfaction of other conditions including both companies’ shareholders’ approval.Shareholders of Houston-based Atwood Oceanics, Inc. will...
Jul 12, 2017
Atwood shareholders to get 33% premium in Ensco dealShareholders of Houston-based Atwood Oceanics, Inc. will receive 1.6 common shares of Ensco plc for each of their common shares per a buyout agreement worth $839 million that will give Atwood owners an aggregate 31% of Ensco. The payout of $10.72 per share is a 33% premium above Atwood’s closing price of $8.08 on May 26, the day before the agreement was signed. Atwood closed at $9.01 a share on June 16.The takeover is the second largest deal in the oilfield services sector to be...
Jun 23, 2017
Atwood shareholders will own 31% of Ensco upon purchaseShareholders of Atwood Oceanics, Inc. will receive 1.6 common shares of fellow offshore driller Ensco plc shares for each common shares in connection with the latter’s $839 million takeover of Atwood in a deal creating an entity with a $6.9 billion enterprise value. The per share value in the all-stock deal amounts to $10.72 for the Atwood stock, a 33% premium above its NYSE closing price on May 26. Upon closing of the transaction, Atwood shareholders will own about 31% of...
Jun 07, 2017
What the Analysts are Saying About - February 12, 2016FMC Technologies, Inc. (FTI; $23.38 - January 26; Accumulate; PT: $29.00)The $180MM for Greater Western Flank Phase 2 is nice addition in Q4. FTI ended the year by booking the Greater Western Flank Phase 2 (GWF-2) subsea project. The contract is valued at $180MM for subsea production trees (nine trees estimated), wellheads, manifolds, subsea and topside controls, and flowline connection systems. Deliveries are expected to begin in 2016 and continue through 2018. We understand OneSubsea...
Feb 12, 2016
What the Analysts are Saying About - August 24, 2015Atwood Oceanics (ATW; $21.64–July 31; Outperform; PT: $31.00)Eyeing Follow-On Work in Tough Market. ATW had a relatively uneventful F3Q call, reiterating many of the points we have heard from the company in recent months. The Admiral is likely to stay at the shipyard in South Korea upon completion in September. ATW has locked in storage costs of $35-$45k/d to keep the floater at the shipyard in South Korea for the foreseeable future. The company has identified a few opportunities for...
Aug 24, 2015
Hercules confirms an August Chapter 11 protection filingWith $1.35 billion in current liabilities against $266 million in current assets, Hercules Offshore Inc. confirmed it would move ahead in August with Chapter 11 plans in its 10Q covering Q2 filed July 23. The report showed an $88.3 million net loss on revenue of $79.2 million compared with net income of $6.6 million on $201.8 million in revenue a year ago. The company pre-negotiated Chapter 11 protection with holders of more than two-thirds of its debt, a move that will speed up the...
Jul 23, 2015
Who's Hot, Who's Not (pg.20) - October 10, 2014Upgrades:• Continental Resources Inc. (CLR/$61.50/$50.12/$80.91/$22.21B) from Neutral to Buy by Global Hunter Securities.• ConocoPhillips (COP/$74.51/$62.74/$87.09/$89.23B) from Sell to Neutral by UBS.• China Petroleum & Chemical Corp. (SNP/$87.79/$73.99/$105.88/$99.91B) from Hold to Buy by TheStreet Ratings.• Enerplus Corp. (ERF/$16.50/$15.53/$25.37/$3.29B) from Sector Perform to Outperform by RBC Capital Mkts.• Key Energy Services Inc....
Oct 10, 2014
Who's Hot/Who's Not - October 01, 2014Upgrades:• Helmerich & Payne Inc. (HP/$98.80/$67.95/$118.95/$10.71B) from Hold to Buy by Argus.• Schlumberger (SLB/$103.29/$84.91/$118.76/$132.52B) from Market Perform to Outperform by Iberia.New Coverage:• Atwood Oceanics Inc. (ATW/$44.21/$42.55/$58.46/$2.83B) at Market Perform by Wells Fargo.• Baker Hughes Inc. (BHI/$66.16/$48.37/$75.64/$28.90B) at Outperform by Wells Fargo.• Basic Energy Services Inc.(BAS/$22.71/$11.85/$29.84/$968.56M) at...
Oct 01, 2014
Who's Hot, Who's Not - July 11, 2014Upgrades:• Cimarex Energy Co. (XEC/$144.58/$68.89/$144.82/$12.42B) from Neutral to Buy by Global Hunter Securities.• Devon Energy (DVN/$79.40/$54.08/$80.63/$31.84B) from Hold to Buy by Citi Group.• Energen (EGN/$86.45/$54.79/$90.66/$6.27B) from Neutral to Accumulate by Global Hunter Securities.• Exterran Holdings (EXH/$43.66/$26.50/$45.90/$2.90B) from Sector Perform to Outperform by Howard Weil• Noble Energy (NE/$32.00/$28.67/$41.60/$8.14B) from Hold to...
Jul 11, 2014
Who's Hot/Who's NotUpgrades:• Core Laboratories NV (CLB/$164.24/$94.72/$165.85/$7.5B) from SectorPerform to Sector Outperform by Howard Weil.• Dril-Quip Inc. (DRQ/$111.81/$65.16/$111.95/$4.55B) from Sector Perform toSector Outperform by Howard Weil.• Exterran Holdings Inc. (EXH/$28.29/$18.72/$32.55/$1.81B) from SectorPerform to Sector Outperform by Howard Weil.• Hornbeck Offshore Services Inc. (HOS/$56.64/$31.96/$59.10/$2.04B) fromSector Perform to Sector Outperform...
Sep 13, 2013
Who's Hot, Who's Not - September 6, 2013Upgrades:• Apache Corp. (APA/$85.53/$67.91/$94.87/$33.31B) from Neutral to Buy by Mizuho.• Cimarex Energy Co. (XEC/$85.11/$55.74/$86.28/$7.36B) from Market Performto Outperform by FBR Capital.• Core Laboratories NV (CLB/$152.88/$94.72/$158.29/$6.98B) from Sector Performto Sector Outperform by Howard Weil.• Dril-Quip Inc. (DRQ/$105.22/$65.16/$106.16/$4.28B) from Sector Perform toSector Outperform by Howard Weil.• Exterran Holdings Inc....
Sep 06, 2013
Who's Hot, Who's Not - June 7, 2013Upgrades:• Apache (APA/$84.75/$67.91/$94.87/$33.21B) from Hold to Buy by Deutsche Bank.• Atwood Oceanics Inc (ATW/$54.52/$34.93/$56.40/$3.59B) from Neutral to Buy by Goldman Sachs.• Baker Hughes (BHI/$45.38/$37.08/$50.97/$20.05B) from Hold to Buy by Jefferies.• Bill Barrett Corp. (BBG/$21.99/$15.42/$27.01/$1.04B) from Neutral to Accumulate by Global Hunter Securities• Cheniere Energy Partners LP (CQP/$29/$17.59/$31.25/$9.45B) from Equal Weight to...
Jun 07, 2013
Industry vet targets Gulf of Mexico in UDW drilling startupSlowing ultra-deepwater dayrate growth is not stopping 38-year-plus industry veteran Tommy Travis from launching his new venture, a safety-focused UDW drilling enterprise targeting the US Gulf of Mexico. Called TD Inc., the new company is a partnership between Travis and safety specialist Check-6. It seeks to obtain and operate a GOM-certified, dynamically positioned UDW drillship. TD will be incorporated in Oklahoma and have a Houston office.Safety will be the watchword for TD,...
Jun 06, 2013