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Last Update: 19-Mar-13 11:17 ET
S&P Energy Index is trading lower by 0.6%, underperforming the S&P 500
The S&P Energy Sector (-0.6%) is trading below the flat broader market. Apr crude oil is -0.3% at $93.50/barrel, Apr natural gas is +0.8% at $3.91/MMBtu, Apr RBOB is -1.4% at $3.09/gallon, and Apr heating oil is -1.0% at $2.90/gallon.
Trading higher following earnings/guidance: BWEN (+0.8%), BRS (+0.7%); Trading lower: GMXR (-10.3%), RTK (-2.4%). Harvest Natural (HNR) is trading lower by over 30% after filing to delay its 10-K. Mmgt concluded that there were certain errors related to co's incorrect capitalization of certain lease maintenance costs and certain internal selling, general and administrative costs. The errors will require the co to revise and possibly restate its financial statements for certain periods in 2010, 2011 and 2012. Co anticipates that results of operations for the year ended Dec 31, 2012 will reflect a net loss attributable to Harvest of ~$9.6 mln, or $0.26 per diluted share, compared with net income attributable to Harvest of $51.8 mln, or $1.32 diluted earnings per share, for the year ended Dece 31, 2011. Other sector news: MEMP (+0.6%) Memorial Production Partners to acquire oil and gas properties, announced distribution increase, borrowing base increase and updated 2013 guidance, HEP (-5.3%) Holly Energy Partners priced 1.875 mln unit public offering at $40.80 per common unit, CMLP (-4.7%) Crestwood Midstream priced an offering of ~4.5 mln common units representing limited partner interests at $23.90/unit, LRE (-3.7%) LRR Energy L.P. priced 6 mln unit offering at $16.84 per common unit (3 mln units are being offered by co and 3 mln units are being offered by co's sponsor, Lime Rock Resources); co to acquire oil and gas producing properties in Oklahoma from Lime Rock Resources for $38.2 mln, TNP (-1.8%) Tsakos Energy announced three-year time charters for five panamax product tankers; time charters to generate gross revs of $80.0 mln, PXD (-1.7%) Pioneer Natural Resources CEO sold 20,000 shares at $127.12-129.29 worth ~ $2.6 mln, FTI (-1.0%) FMC Technologies awarded subsea contract for BP's (BP) Mad Dog Phase 2, SN (-0.9%) Sanchez Energy announced $265 mln acquisition of assets in the Eagle Ford trend of south Texas, SWN (-0.9%) Southwestern Energy Director sold 108,000 shares at $38.52-38.63 worth ~ $4.2 mln.
Broker calls: ROSE (-5.6%) Rosetta Resources downgraded at Tudor Pickering, CHK (-4.4%) Chesapeake Energy downgraded at Sterne Agee, PDCE (-2.5%) PDC Energy downgraded at Stifel, MRO (-2.0%) Marathon Oil downgraded at Susquehanna, BCEI (-1.6%) Bonanza Creek Energy downgraded at Stifel; NAV lowered to $31, SWN (-0.9%) Southwestern Energy target raised to $44 from $39 at RBC Capital Mkts.
Trading higher following earnings/guidance: BWEN (+0.8%), BRS (+0.7%); Trading lower: GMXR (-10.3%), RTK (-2.4%). Harvest Natural (HNR) is trading lower by over 30% after filing to delay its 10-K. Mmgt concluded that there were certain errors related to co's incorrect capitalization of certain lease maintenance costs and certain internal selling, general and administrative costs. The errors will require the co to revise and possibly restate its financial statements for certain periods in 2010, 2011 and 2012. Co anticipates that results of operations for the year ended Dec 31, 2012 will reflect a net loss attributable to Harvest of ~$9.6 mln, or $0.26 per diluted share, compared with net income attributable to Harvest of $51.8 mln, or $1.32 diluted earnings per share, for the year ended Dece 31, 2011. Other sector news: MEMP (+0.6%) Memorial Production Partners to acquire oil and gas properties, announced distribution increase, borrowing base increase and updated 2013 guidance, HEP (-5.3%) Holly Energy Partners priced 1.875 mln unit public offering at $40.80 per common unit, CMLP (-4.7%) Crestwood Midstream priced an offering of ~4.5 mln common units representing limited partner interests at $23.90/unit, LRE (-3.7%) LRR Energy L.P. priced 6 mln unit offering at $16.84 per common unit (3 mln units are being offered by co and 3 mln units are being offered by co's sponsor, Lime Rock Resources); co to acquire oil and gas producing properties in Oklahoma from Lime Rock Resources for $38.2 mln, TNP (-1.8%) Tsakos Energy announced three-year time charters for five panamax product tankers; time charters to generate gross revs of $80.0 mln, PXD (-1.7%) Pioneer Natural Resources CEO sold 20,000 shares at $127.12-129.29 worth ~ $2.6 mln, FTI (-1.0%) FMC Technologies awarded subsea contract for BP's (BP) Mad Dog Phase 2, SN (-0.9%) Sanchez Energy announced $265 mln acquisition of assets in the Eagle Ford trend of south Texas, SWN (-0.9%) Southwestern Energy Director sold 108,000 shares at $38.52-38.63 worth ~ $4.2 mln.
Broker calls: ROSE (-5.6%) Rosetta Resources downgraded at Tudor Pickering, CHK (-4.4%) Chesapeake Energy downgraded at Sterne Agee, PDCE (-2.5%) PDC Energy downgraded at Stifel, MRO (-2.0%) Marathon Oil downgraded at Susquehanna, BCEI (-1.6%) Bonanza Creek Energy downgraded at Stifel; NAV lowered to $31, SWN (-0.9%) Southwestern Energy target raised to $44 from $39 at RBC Capital Mkts.
