Posts for Ticker ‘EQT’

Capital Spending Falls Off a Cliff (DVN, SD, ME, HES, EQT)

Oil_well_imageWe’ve been following recent announcements of pullbacks in capital spending in the oil and gas patch. Every day it seems, one or two more companies announce that capital spending will be cut by up to 50% from previously announced numbers.

Today’s crop of thrifty companies includes Devon Energy Corporation (NYSE:DVN), SandRidge Energy Inc. (NYSE:SD), and Mariner Energy, Inc. (NYSE:ME). Actually, Devon only announced that it would announce its 2009 capital budget "in early 2009" when it reports earnings for 2008. This is news because the company historically disclosed its spending plans in December for the following year. This development is not unlike Apple’s announcement that Steve Jobs won’t be attending the Macworld this year.

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Posted on: December 17, 2008 – 11:19 am in Oil & Gas, , , , ,

Equitable Resources Plans 2009 CapEx (EQT)

Before the market opened this morning, Equitable Resources (NYSE:EQT) announced a capital expenditure budget of $1 billion for 2009. This amount is down from Equitable’s expected capex of $1.4 billion this year. The company plans to finance the spending from cash flow and existing credit lines.

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Posted on: December 4, 2008 – 9:51 am in Oil & Gas,

Top Pre-Market Analyst Upgrades (EAC, EQT, HNT, SOV, WFMI, XTO)

These are some of the early upgrades we are seeing on Wall Street this Thursday morning:

  • Encore Acquisition (EAC) Raised to Buy at Goldman Sachs.
  • Equitable Resources (EQT) Started as Outperform at Credit Suisse.
  • Health Net (HNT) Raised to Neutral at Goldman Sachs.
  • Sovereign Bancorp (SOV) Raised to Buy at Citigroup.
  • Whole Foods (WFMI) Raised to Hold from Underperform at Jefferies.
  • XTO Energy (XTO) Raised to Buy at Goldman Sachs.

Jon C. Ogg
November 6, 2008

Posted on: November 6, 2008 – 7:45 am in Analyst Calls, , , , , ,

Good Earnings Aren’t Always Enough (CVX, EGO, EQT, TDW)

Pre-open earnings came out today for Chevron (NYSE:CVX), El Dorado Gold (NYSE:EGO), Equitable Resources, (NYSE:EQT), and Tidewater (NYSE:TDW). Two play in the oil and gas patch, one is an oilfield services company, and one is miner. All did well, but maybe not well enough.

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Posted on: August 1, 2008 – 10:30 am in Commodities, Earnings, Metals, Oil & Gas, , , ,