Baker Hughes reports U.S. rig count down 3 to 488 rigs
Baker Hughes (BKR) reports the U.S. rig count is down 3 from last week to 488, with oil rigs down 2 to 385, gas rigs down 1 to 103, and miscellaneous rigs unchanged at 0.
Rig Counts Decline- See Stockwinners.com Market Radar to read more
The U.S. rig count is up 237 rigs from last year’s count of 251, with oil rigs up 205 gas rigs up 34 and miscellaneous rigs down 2.
The U.S. offshore rig count is down 3 to 14, up 2 year-over-year.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up 54 cents to $74.17 per barrel. Brent crude is up $0.51 to $75.61 per barrel. Gasoline last traded at $2.34 per gallon up 2 cents on the day.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 2 to 457 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 2 from last week to 457 with oil rigs up 3 to 359, gas rigs down 1 to 98, and miscellaneous rigs unchanged at 0.
U.S. Rig Count is up 156 rigs from last year’s count of 301, with oil rigs up 137 gas rigs up 21 and miscellaneous rigs down 2.
The U.S. Offshore Rig Count is unchanged at 14, up 2 year-over-year.
Rig Counts Rise – See Stockwinners.com Market Radar to read more
The Canada Rig Count is up 4 from last week to 62, with oil rigs up 3 to 28, gas rigs up 1 to 34.
The Canada Rig Count is up 42 rigs from last year’s count of 20, with oil rigs up 21, gas rigs up 21.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up a penny to $66.86 per barrel. Brent crude is up $0.14 to $69.34 per barrel. Gasoline last traded at $2.17 per gallon up a penny.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 5 to 453 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 5 from last week to 453 with oil rigs up 8 to 352, gas rigs down 3 to 100, and miscellaneous rigs unchanged at 1.
The U.S. Rig Count is up 114 rigs from last year’s count of 339, with oil rigs up 94 gas rigs up 21 and miscellaneous rigs down 1 to 1.
The U.S. Offshore Rig Count is up 2 to 15, up 3 year-over-year.
The Canada Rig Count is up 4 from last week to 59, with oil rigs up 3 to 25, gas rigs up 1 to 34.
The Canada Rig Count is up 36 rigs from last year’s count of 23, with oil rigs up 18, gas rigs up 18.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up $1.45 to $65.26 per barrel. Brent crude is up $1.54 to $68.60 per barrel. Gasoline last traded at $2.12 per gallon up 3 cents.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count down 1 to 438 rigs
Baker Hughes (BKR) reports that the U.S. rig count is down 1 from last week at 438 with oil rigs down 1 to 343, gas rigs unchanged at 94, and miscellaneous rigs unchanged at 1.
Rig Counts Decline- See Stockwinners.com Market Radar to read more
The U.S. Rig Count is down 27 rigs from last year’s count of 465, with oil rigs down 35, gas rigs up 9 and miscellaneous rigs down 1.
The U.S. Offshore Rig Count is down 1 to 11, down 6 year-over-year.
The U.S. Offshore Rig Count is down 1 to 11, down 6 year-over-year.
The Canada Rig Count is down 1 from last week to 55, with oil rigs unchanged at 17, gas rigs down 1 to 38.
The Canada Rig Count is up 29 rigs from last year’s count of 26, with oil rigs up 9, gas rigs up 20.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up $0.45 to $61.88 per barrel. Brent crude is up $0.44 to $65.850 per barrel. Gasoline last traded at $1.99 per gallon.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Carlyle Aviation to acquire Fly Leasing for $17.05 per share
Fly Leasing (FLY) announced that it has entered into a definitive agreement to be acquired by an affiliate of Carlyle Aviation Partners, the commercial aviation investment and servicing arm within The Carlyle Group’s (CG) $56B Global Credit platform.
Fly Leasing sold for $2.36B
Under the terms of the Merger Agreement, FLY shareholders will receive $17.05 per share in cash, representing a total equity valuation of approximately $520M.
The total enterprise value of the transaction is approximately $2.36B.
FLY’s portfolio of 84 aircraft and seven engines is on lease to 37 airlines in 22 countries.
The per share cash consideration represents a premium of approximately 29% to FLY’s closing price on March 26, 2021 and a 43% premium to the volume-weighted average share price during the last 30 trading days.
The Board of Directors of FLY has approved the Merger Agreement, acting upon the recommendation of a special committee appointed by the Board of Directors and consisting solely of independent and disinterested directors, and has recommended that FLY shareholders vote in favor of the transaction.
The transaction is expected to close in the third quarter of 2021 and is subject to customary closing conditions, including applicable regulatory clearance and the approval of FLY’s shareholders.
Given the pending transaction, FLY will not host a first quarter earnings call.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 1 to 403 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 1 from last week at 403 with oil rigs up 1 to 310, gas rigs unchanged at 92, and miscellaneous rigs unchanged at 1.
U.S. Rig Counts Rise – See Stockwinners.com Market Radar to read more
The U.S. Rig Count is down 390 rigs from last year’s count of 793, with oil rigs down 372, gas rigs down 17 and miscellaneous rigs down 1.
The U.S. Offshore Rig Count is down 3 to 14, down 9 year-over-year.
The Canada Rig Count is down 22 from last week to 141, with oil rigs down 12 to 80, gas rigs down 10 to 61.
The Canada Rig Count is down 62 rigs from last year’s count of 203, with oil rigs down 54, gas rigs down 8.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets. The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up $2.12 to $66.00 per barrel. Brent crude is up $2.42 to $69.20 per barrel. Gasoline last traded at $2.06 per gallon, up 6 gallons on the day.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Front-month WTI oil futures rallied over 2% to a 13-month high at $60.95.
A flaring up in the Yemeni civil war boosted crude prices, in addition to reflation-trade positioning, which is being aided by the ongoing tumble in world-wide positive Covid test results (now one third the January peak), alongside optimism about vaccination programs and prospects of big stimulus spending in the U.S. and EU.
Crude oil reaches $61 per barrel
Taking step back, the question is how much higher can oil prices go in a sustained manner.
Crude markets are now well into pre-pandemic ranges, yet global demand is not likely be restored for a considerable time.
OPEC lowers demand forecast
OPEC last week cut its 2021 oil demand projection by about 100 M barrels per day due to more severe than anticipated lockdowns in major economies in the first half of the year.
This forecast still assumes a global economic recovery in the latter half of the year on the back of successful vaccination programs. This puts the focus on supply, leaving aside the impact of a softening dollar, which is only a part of the story and is in any case a partial by-product of the demand for oil and other assets in the global reflation trade.
Higher oil prices justify shale production
The OPEC+ group are limiting quotas, which are being reviewed on a monthly basis.
Saudi Arabia unilaterally complemented this regime with an additional two-month output cut, which took effect this month and which has more than offset rising supply out of Libya and Iran.
Without talking numbers, this supply restraint is evidently proving effective given the oil price rise and the recent corresponding draw downs in global crude inventories.
But, U.S. shale oil production, which is viable again after the surge in oil prices, is rising and will have increasing impact — the rig count is already up 70% since the 2020 lows.
This is something the EIA forecasted in its February oil market report.
Then there is there question of continued OPEC discipline.
Saudi Arabia is unlikely to extend its unilateral supply reduction beyond March, as it won’t want to give up market share.
Discipline among the OPEC+ nations will be a factor going forward, and is more likely to weaken than strengthen.
The Saudi-Russian price war last year illustrated how quickly the dam of quota curtailment can burst, although a repetition of that episode seems highly unlikely.
JPM in a recent note forecast an “epic systemic short squeeze” will unfold over the next month, and a GS note mooted $150.0 as an upside target.
Analysts are less optimistic, being skeptical of the bullish supply gap hypothesis.
The oil industrial is well positioned, in terms of known and unexploited reserves, to respond to any sustained demand increases, while demand-quelling factors, such as the new trend for working from home, and alternative electrical powered transport is increasingly available.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count up 5 to 397 rigs
Baker Hughes (BKR) reports that the U.S. rig count is up 5 from last week to 397 with oil rigs up 7 to 306, gas rigs down 2 to 90, and miscellaneous rigs unchanged at 1.
Rig Counts Rise
The U.S. Rig Count is down 393 rigs from last year’s count of 790, with oil rigs down 372, gas rigs down 20 and miscellaneous rigs down 1.
The U.S. Offshore Rig Count is up 1 to 17, down 6 year-over-year. The Canada Rig Count is up 5 from last week to 176, with oil rigs up 6 to 101, gas rigs down 1 to 75.
The international offshore rig count for April 2018 was 194.
The Canada Rig Count is down 79 rigs from last year’s count of 255, with oil rigs down 71, gas rigs down 8.
The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets. The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.
West Texas Intermediate (WTI) is up $1.24 to $59.48 per barrel. Brent crude is up $1.34 to $62.50 per barrel. Gasoline last traded at $1.69 per gallon.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Sun Communities to acquire Safe Harbor Marinas for $2.1B
Sun Communities (SUI) announced that it has entered into a definitive merger agreement to acquire Safe Harbor Marinas. Safe Harbor’s full operating team, led by Baxter Underwood, will run Safe Harbor as a subsidiary of the Company independently from Sun’s manufactured home and recreational vehicle community business.
Safe Harbor is the largest and most diversified marina owner and operator in the United States.
It owns and operates 101 marinas, manages five marinas on behalf of third parties and has an approximate 40,000-member network of boat owners across 22 states.
Safe Harbor’s portfolio of high quality, prime coastal market marinas generates recurring rental income from annual and seasonal leases and further diversifies Sun’s geographic and demographic footprint.
Safe Harbor has a proven ability to generate organic and external growth. The acquisition, which is expected to be accretive to 2021 Core FFO per share, will comprise approximately 15% of the Company’s pro forma total annual rental revenue.
Safe Harbor marinas located throughout the Nation
Subject to closing adjustments, the aggregate purchase price for Safe Harbor is approximately $2.11B.
At the closing, the Company will assume debt in the estimated amount of approximately $808M, issue the sellers REIT operating partnership common and preferred OP units in the estimated amount of approximately $130M, and pay the balance of the purchase price in cash.
The mix of consideration will depend on the amount of common and preferred OP units the sellers elect to receive and other factors. The actual amounts of each component of the merger consideration may be materially higher or lower than the foregoing estimates.
The transaction is subject to customary closing conditions and is expected to close in the fourth quarter 2020.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count down 3 to 244 rigs
Baker Hughes (BKR) reports that the U.S. rig count is down 3 from last week at 244 with oil rigs down 4 to 172, gas rigs up 1 to 70, and miscellaneous rigs unchanged at 2.
The U.S. Rig Count is down 691 rigs from last year’s count of 935, with oil rigs down 598, gas rigs down 95, and miscellaneous rigs unchanged at 2.
The U.S. offshore rig count is down 14 from last year.
The U.S. Offshore Rig Count is up 1 to 13 and down 14 year-over-year.
The Canada Rig Count is up 7 rigs from last week to 54, with oil rigs up 6 to 19, gas rigs up 1 to 35, and miscellaneous rigs unchanged at 0.
Rig Counts Decline again – See Stockwinners.com Market Radar to read more
The Canada Rig Count is down 88 rigs from last year’s count of 142, with oil rigs down 82, gas rigs down 6 and miscellaneous rigs unchanged at 0.
Brent crude is down 24 cents to $44.71 per barrel. West Texas Intermediate (WTI) crude is down 32 cents to $41.92 per barrel.
Gasoline last traded at $1.23 per gallon unchanged on the day.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. rig count down 4 to 247 rigs last week
Baker Hughes (BKR) reports the U.S. rig count is down 4 from last week at 247, with oil rigs down 4 to 176, gas rigs unchanged at 69, and miscellaneous rigs unchanged at 2.
The U.S. offshore rig count is unchanged at 12 and down 11 year-over-year.
Rig counts continue to decline, Stockwinners
Baker Hughes announced that the Baker Hughes international rig count for July 2020 was 743 down 38 from the 781 counted in June 2020, and down 419 from the 1,162 counted in July 2019.
The international offshore rig count for July 2020 was 183, down 11 from the 194 counted in June 2020, and down 72 from the 255 counted in July 2019.
The international offshore rig count for April 2018 was 194.
The average U.S. rig count for July 2020 was 255, down 19 from the 274 counted in June 2020, and down 700 from the 955 counted in July 2019.
The average Canadian rig count for July 2020 was 32, up 14 from the 18 counted in June 2020, and down 89 from the 121 counted in July 2019.
The worldwide rig count for July 2020 was 1,030, down 43 from the 1,073 counted in June 2020, and down 1,208 from the 2,238 counted in July 2019.
Brent crude is down 68 cents to $44.41 per barrel. West Texas Intermediate (WTI) crude is down 75 cents to $41.23 per barrel.
Gasoline last traded at $1.21 per gallon down 2 cents.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Baker Hughes reports U.S. Rig Count unchanged versus last week at 251
Baker Hughes (BKR) reports that the U.S. Rig Count is unchanged from last week at 251 with oil rigs down one to 180, gas rigs up one to 69, and miscellaneous rigs unchanged at two.
Baker Hughes report weekly rig counts on Fridays, Stockwinners
U.S. Rig Count is down 691 rigs from last year’s count of 942, with oil rigs down 590, gas rigs down 102, and miscellaneous rigs up one to two.
The U.S. Offshore Rig Count is unchanged at 12 and down 10 year-over-year.
Rig Counts unchanged- Stockwinners
The Canada Rig Count is up three rigs from last week to 45, with oil rigs up one to 11, gas rigs up one to 33, and miscellaneous rigs up one one.
Canada Rig Count is down 92 rigs from last year’s count of 137, with oil rigs down 80 and gas rigs down 13 and miscellaneous rigs up one.
Canada rig counts rose last week
Brent crude is up 20 cents to $43.45 per barrel. West Texas Intermediate (WTI) crude is up 24 cents to $40.16 per barrel.
Gasoline last traded at $1.16 per gallon. Price chart for gasoline has turned bearish having pierced it’s 50-day moving average suggesting gasoline may drop to a buck per gallon.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Boeing 737-Max Recertification Flight is scheduled for later this month
Boeing (BA) is targeting late June for a recertification flight on the grounded 737 Max, Bloomberg’s Alan Levin and Julie Johnsson report.
Boeing 737-Max recertification flight set for late June
The company separately is notifying airlines of an important fix to the grounded jetliner’s wiring, said two people familiar with the planning who asked not to be named discussing sensitive matters.
A draft of revised pilot training for the plane, which has been parked around the world since March 2019 as a result of two fatal crashes that killed 346 people, is also being shared with airlines, the people said.
Grounded 737-Max planes
The moves were strong indications that Boeing is finally nearing the end of the jet’s 15-month grounding and controversy that has engulfed the company after the two fatal crashes.
The flight by Federal Aviation Administration pilots to certify that the plane meets safety regulations is one of the critical remaining milestones. However, the people cautioned that the date hasn’t been finalized and has shifted repeatedly as Boeing completed its final work for regulators.
Boeing’s goal has been to return the 737 Max, a critical source of revenue, to commercial service in the third quarter. The company restarted manufacturing the single-aisle jet late last month, ending a five-month halt to work in its 737 factory in the Seattle suburb of Renton, Washington.
The company is revising a software system implicated in the two crashes that repeatedly drove down the noses of the jets due to a malfunction. Reviews of the plane’s safety following its March 13, 2019, grounding also discovered additional flaws that needed upgrading, including its flight-control computer, how electrical wires were bundled and software issues.
The FAA on Wednesday said it won’t approve the plane for passenger service until it is satisfied that all safety-related issues have been addressed.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Woodward (WWD) and Hexcel (HXL) announced a definitive agreement to combine in an all-stock merger of equals “to create a premier integrated systems provider serving the aerospace and industrial sectors,” the companies said.
Woodward and Hexcel agree to merge, Stockwinners
Under the terms of the agreement approved by the Boards of Directors of both companies, Hexcel shareholders will receive a fixed exchange ratio of 0.625 shares of Woodward common stock for each share of Hexcel common stock, and Woodward shareholders will continue to own the same number of shares of common stock in the combined company as they do immediately prior to the closing.
Hexcel and Woodward to merge, Stockwinners
The exchange ratio is consistent with the 30-day average share prices of both companies.
Upon completion of the merger, existing Woodward shareholders will own approximately 55% and existing Hexcel shareholders will own approximately 45% of the combined company on a fully diluted basis.
In connection with the transaction, Woodward is increasing its quarterly cash dividend to 28c a share.
The merger is expected to be tax free for U.S. federal income tax purposes.
The combined company will be named Woodward Hexcel.
For each company’s respective fiscal year 2019 on a pro forma basis, the combined company is expected to generate net revenues of approximately $5.3B and EBITDA of $1.1B, or a 21% EBITDA margin.
The transaction is subject to the approval of the shareholders of both Woodward and Hexcel, as well as other customary closing conditions, including required regulatory approvals.
The parties expect the merger to close in the third calendar quarter of 2020, subject to satisfaction of these conditions.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
Parker-Hannifin to acquire Exotic Metals for $1.725B in cash
Exotic Metals sold to Parker Hannifin, Stockwinners
Parker Hannifin Corporation (PH) announced that it has entered into a definitive agreement to acquire Exotic Metals Forming Company LLC for $1.725B in cash. When adjusted for approximately $170M of expected tax benefits, the net transaction value is approximately $1.56B.
The transaction has been approved by the Board of Directors of each company and is subject to customary closing conditions, including receipt of applicable regulatory approvals.
Exotic Metals, headquartered in Kent, Washington, is a privately held company founded in 1966 that designs and manufactures innovative and technically demanding, high temperature, high pressure air and exhaust management solutions for aircraft and engines.
Exotic Metals has expected annual sales of approximately $450M and employs 1,600 team members across three locations in the United States.
Exotic Metals has long-term agreements in place across high growth aerospace programs.
Exotic Metals makes the exhaust cone for GE engines, Stockwinners
Parker also expects growth synergies through cross-selling opportunities and leveraging Parker’s strong aftermarket position.
Parker expects to realize approximately $13M in pre-tax run-rate synergies by fiscal year 2023 by combining supplier networks and implementing Win Strategy initiatives. The cumulative cost to achieve these synergies is expected to be approximately $5M.
The transaction is expected to be accretive to Parker’s organic growth, EBITDA margins, EPS and cash flow, after adjusting for one-time costs, and to achieve high single-digit ROIC in year five with continued expansion.
Upon the closing of this transaction, Parker plans to have Exotic Metals operate as a standalone division within Parker’s Aerospace Group, which is led by Roger Sherrard, Vice President and President Aerospace Group.
Exotic Metals manufactures the intake blades for GE engines, Stockwinners
Parker plans to finance the transaction using new debt.
Following the completion of the transaction, Parker expects to maintain a high investment grade credit profile.
The transaction is not expected to impact Parker’s dividend payout target of approximately 30-35% average percent of net income over a five-year period, while maintaining its record of annual dividend increases.
The transaction is expected to be completed within the next two to three months and is subject to customary closing conditions, including receipt of applicable regulatory approvals.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.
