It’s “The Original Oil-Patch Weekly” provided by…Barclays Capital Inc.
Lehman Brothers analysts Jim Crandell and James West, well known for their “The Original Oil-Patch Weekly” reports, are now reporting from Barclays. Their first issue under new ownership arrived this week.
Crandell can now be reached at 212.526.4865 or Jim.Crandell@barcap.com and West can be reached at 212.526.8796 or email@example.com. Their notes in the newest issue include:
-- “A number of…E&P companies--ATP Oil & Gas, Forest Oil, Denbury Resources, Venoco--have announced potential asset sales as a means of funding their capital programs.”
-- “The passing of hurricanes Gustav and Ike through the domestic Gulf of Mexico has led to a spike in supply-vessel dayrates and increased demand for inspection and repair services. In addition, Gulf of Mexico jack-up dayrates are poised to move higher following the loss of four rigs, 6% of the pre-storm marketed fleet. Results for 3Q for most offshore-related companies will likely be negatively impacted by downtime associated with the storms; however, 4Q results should benefit from the incremental demand for services.”
-- “Tetra Technologies’ 3Q results…will be negatively impacted by Hurricane Ike, which destroyed three of the company's production platforms, delayed several fluids contracts, and led to significant downtime for the decommissioning assets. While the destruction…is likely to be an ongoing issue for the company's Maritech business, the WA&D services segment is rebounding from downtime and should experience a solid pickup in demand over the next several quarters related to inspection, repair and decommissioning work.”
-- “U.S. drilling permits issued over the past four weeks, according to Rigdata, totaled 7,294, an increase of 8.4% from the prior four weeks' total. “
-- “The Baker Hughes U.S. rig count decreased by 16 during the week ended Oct. 3 to 1,979 active rigs. The land-rig count decreased by 25--to 1,887--while the inland-water rig count increased by six--to 20--and the offshore rig count increased by three versus the prior week, to 72. “
–Nissa Darbonne, Executive Editor, Oil and Gas Investor, A&D Watch, OilandGasInvestor.com Today, OilandGasInvestor.com, A-Dcenter.com; firstname.lastname@example.org
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