Posts for Ticker ‘ME’

Analysts Clip Oil Patch (ME, BP, CVX, COP, XOM, RDS.A)

These are some of the analyst calls we have seen up and down in the oil patch this Tuesday morning:

  • Mariner Energy (ME) Started as Buy at Jefferies.
  • BP (BP) Cut to Perform at Oppenheimer.
  • Chevron (CVX) Cut to Perform at Oppenheimer.
  • ConocoPhillips (COP) Cut to Perform at Oppenheimer.
  • Exxon Mobil (XOM) Cut to Perform at Oppenheimer.
  • Royal Dutch Shell (RDS.A) Cut to Perform at Oppenheimer.

Jon C. Ogg

Posted on: April 14, 2009 – 6:52 am in Analyst Calls, Oil & Gas, , , , , ,

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, , , , ,