Rig Counts Rise!

Baker Hughes reports U.S. rig count up 13 to 282 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 13 from last week to 282 with oil rigs up 12 to 205, gas rigs up 1 to 74, and miscellaneous rigs unchanged at 3.

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The U.S. Rig Count is down 569 rigs from last year’s count of 851, with oil rigs down 508, gas rigs down 63 and miscellaneous rigs up 2.

The U.S. Offshore Rig Count is unchanged at 14 down 8 year-over-year.

The international offshore rig count for April 2018 was 194. Stockwinners
The U.S. Offshore Rig Count is unchanged at 14

The Canada Rig Count is unchanged from last week at 80, with oil rigs up 1 to 40, gas rigs down 1 to 40.

The Canada Rig Count is down 63 rigs from last year’s count of 143, with oil rigs down 58, gas rigs down 5.

Brent crude is down $0.23 to $42.94 per barrel. West Texas Intermediate (WTI) crude is down $0.12 to $40.84 per barrel.

Gasoline last traded at $1.16 per gallon down two cents.

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BioMed Realty sold for $14.6 billion

Blackstone says BioMed Realty to be sold for $14.6B to investor group

Blackstone (BX) announced that Blackstone Real Estate Partners VIII L.P. and co-investors have agreed to sell BioMed Realty for $14.6B to a group led by existing BioMed investors.

This is part of a new long-term, perpetual capital, core+ return strategy managed by Blackstone.

BioMed is the largest private owner of life science office buildings

BioMed is the largest private owner of life science office buildings in the United States with an 11.3 million square foot portfolio concentrated in the leading innovation markets including Boston/Cambridge, San Francisco, San Diego, Seattle and Cambridge U.K.

Blackstone bought BioMed Realty for about $8B in 2016

In connection with the recapitalization, existing BioMed investors were offered the option to exit for cash or reinvest their proceeds from the sale.

The investment will generate $6.5 billion of cumulative profits for BREP VIII and BioMed co-investors. BREP VIII, an opportunistic Real Estate investment fund, and co-investors acquired BioMed in January 2016.

The recapitalization is expected to close within five business days of the conclusion of the “go-shop” process.

The Blackstone Group Inc. is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies.

The firm typically invests in early-stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia.

BX closed at $55.40.

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