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Tuesday, July 16, 2013
US retail sales in May beat expectations
The latest data comes on the heels of upbeat jobs numbers and better than forecast consumer sentiment, hinting at underlying strength in the economy
Read more from Financial Times
PROGRAMMING AND FUNDRAISING INTERNSHIP environment / Israel / Jewish (West L.A.)
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Occidental split foreshadows $100 billion breakup wave
Occidental Petroleum Corp.,with wells in Libya and Yemen plus commodities trading and pipelines, rose 7.3 percent. Occidental Petroleum Corp. via BloombergOccidental Petroleum Corp. (OXY)’s proposal to split its U.S. and foreign businesses is pressuring more oil companies to follow suit, as the allure of breakups to create more than $100 billion of market value entices investors.
ConocoPhillips (COP), Anadarko Petroleum Corp. (APC) and Talisman Energy Inc. (TLM) are among those being asked whether the U.S. shale boom has made their global business model obsolete. Separating relatively low-cost investments in U.S. shale resources and foreign assets that carry higher political risks and bigger potential rewards will unlock a bounty for shareholders, according to Paul Sankey, an analyst with Deutsche Bank AG in New York.
Cabot Oil & Gas Corp. (COG), a producer mostly in Pennsylvania’s Marcellus shale, more than tripled in the past three years, the best stock performer among peers in the period. Occidental, with wells in Libya and Yemen plus commodities trading and pipelines, rose 7.3 percent. Large conglomerate structures can suppress the value of more profitable units that must support less lucrative parts of the company, said David Neuhauser, a managing director at Livermore Partners Inc.
“If you’re smaller, you can be much more dynamic by really focusing on your assets and growth,” said Neuhauser, who helps manage almost $100 million including Occidental, ConocoPhillips (COP) and Talisman stock. “You’ve got to play to your strengths.”
Occidental, with a market value of $74 billion, could be worth $47 billion more if it carved its domestic assets away from international operations, according to Doug Leggate, an analyst at Bank of America Corp.
Pumped Premium
That represents a 64 percent premium over Occidental’s closing price yesterday. If breakups at ConocoPhillips, Anadarko and Talisman brought a comparable share increase, it would create $84 billion more in market value, according to data compiled by Bloomberg.
The upside for Occidental comes from a separated domestic company’s ability to use cash from the split or sale to accelerate drilling and buy back as much as $20 billion in shares, and to extend contracts for its international assets, Leggate said in investor notes.
In the U.S., exploration and production spending will rise 3.4 percent to about $146 billion this year, Barclays Plc (BARC) estimates. The explosion of drilling projects is based on a relatively low regulatory risk compared with Latin America, where Repsol SA’s Argentine unit was expropriated in 2012, or North Africa, where revolts toppled three governments.
Refining Splits
ConocoPhillips and Marathon Oil Corp. (MRO) already began moving toward a tighter focus in the past two years by separating their refining and pipeline units. The next phase of breakups is emerging as investors ask companies to consider splitting North American properties from foreign holdings in places such as the Middle East and Asia.
“The pure-play trend is going to continue,” said Gianna Bern, president of Brookshire Advisory & Research, a Chicago-based energy consulting firm. “Companies that develop a portfolio of assets in one area will be rewarded in the end given the amount of technology and investment that goes into exploiting any one of these shale plays.”
Oil producers are trading at the low end of their historical range at about 4.1 times estimates of 2014 cash flow, according to a May 31 Bloomberg Industries analysis.
Whether or not they want to, companies may be forced to pursue a breakup, said Brookshire’s Bern.
Activist Attention
The energy industry has seen several high-profile cases of shareholder activism in recent years as producers such as Occidental and Hess Corp. (HES) saw their stock performances lag industry peers. Ray Irani failed to get enough votes to remain chairman at Occidental, and Hess announced plans to shed refining assets and split its chairman and CEO roles.
The rationale for ConocoPhillips, Anadarko and other companies to compete in the far corners of the world no longer holds, said Deutsche Bank’s Sankey in a June 3 note to clients. The global conglomerate was shaped for a time when oil prices were low and international project development was the main driver of growth and returns, he wrote in his note.
“Those days have gone,” Sankey said.
Daren Beaudo, a spokesman for Houston-based ConocoPhillips, and Brian Cain, a spokesman for The Woodlands, Texas-based Anadarko, pointed to comments from each company’s CEO this year expressing satisfaction in a global business model.
Three Companies
Occidental is exploring a breakup that would “move the needle” of the company’s shares, Chief Executive Officer Stephen Chazen said on an April 25 conference call with analysts and investors.
Occidental is weighing a split into as many as three companies, according to comments Chazen made in meetings with Oppenheimer & Co.’s Fadel Gheit, Bank of America’s Leggate and Deutsche’s Sankey, the analysts said in notes to clients last month.
Chazen has laid out a proposal to separate oil and natural gas businesses in Texas, California and the Middle East and North Africa into different companies, the three analysts said. An announcement on plans to spin off foreign operations could come within three months, Gheit said.
Occidental’s assets in such a breakup might have a “theoretical” value of as much as $150 a share, Leggate said in a June 9 note to investors. That’s 64 percent more than yesterday’s closing stock price of $91.25 and would give the company a potential market value of about $120 billion, up from $74 billion.
Melissa Schoeb, a spokeswoman at Los Angeles-based Occidental, declined to comment on a possible breakup.
Investors Welcome
The global oil model is far from dead. In 2012, when production revenues were hurt by a 10-year low in natural gas prices, Exxon Mobil Corp. (XOM) posted the second-highest annual profit in U.S. history thanks to higher income in its fuel refining business, according to data compiled by Bloomberg.
Exxon, the largest U.S. oil company, told reporters in March that splitting wasn’t up for discussion.
Still, Talisman needs to do something with its “disparate, far-flung asset base,” said John Stephenson, who helps oversee about C$2.7 billion ($2.65 billion) at First Asset Investment Management Inc. in Toronto, including shares in Talisman. Within a year, Talisman might agree to be sold or split its assets into two companies, he said.
Talisman CEO Hal Kvisle already has said he wants to sell properties in Europe’s North Sea as part of a plan to raise $3 billion through assets sales or joint ventures, though he’s not seeking to sell the company’s Asia business.
Most investors aren’t asking Talisman to split up the company, David Mann, vice president of communications, said in a phone interview on June 6.
‘Totally Different’
ConocoPhillips and Anadarko should consider splitting off their international operations, said Deutsche Bank’s Sankey, who questioned whether high risk, multi-billion dollar international projects have anything in common with production in U.S. shale formations that require specialized drilling techniques.
“We don’t think so, because the activities are fundamentally totally different,” he wrote in his research note.
A further split of ConocoPhillips may happen around 2017, Sankey said in a June 6 note. The company could dispose of another $25 billion of assets and divide itself into a North American business and another focused on global deep-water projects and liquefied natural gas, he said.
‘No Interest’
Anadarko, which trails only ConocoPhillips in the market value ranking of U.S. independent oil and gas producers, boasts a portfolio with assets in such locations as Texas, Colorado, the Gulf of Mexico, Algeria and off the coasts of Ghana and Mozambique.
Company executives told analysts in a March 2012 meeting that they might look at asset sales and restructuring efforts if the stock didn’t reflect the company’s value. Anadarko shares have climbed 39 percent in the past year amid the company’s efforts to sell assets in Brazil and a stake in a project off Mozambique.
Last month, CEO Al Walker said he had “no interest” in a possible split of the company’s domestic and international assets as the current arrangement “gives us a lot of flexibility.”
At ConocoPhillips, the dividend yield is more than 4 percent, which outpaces Exxon. ConocoPhillips has announced plans to sell assets in Kazakhstan, Algeria and Nigeria, continuing a disposal program that’s lasted for more than three years as it positions for future growth around the world.
“We believe that diversification and size and scale and scope is a competitive advantage in this business,” ConocoPhillips CEO Ryan Lance said in a February interview.
Make 2013 a Game Changer with an Exciting New Career (Orange)
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Marathon Oil’s Cazalot to step down
Marathon Oil CEO Clarence Cazalot. ( James Nielsen / Houston Chronicle )Lee M. Tillman has been named to succeed Clarence P. Cazalot Jr. as president and CEO of Marathon Oil Corp.
Tillman will take over Aug. 1; Cazalot will remain as chairman until his retirement Dec. 31, after almost 14 years at the helm of Marathon.
Cazalot presided over Marathon’s transformation from an integrated oil company into a smaller company focused exclusively on exploration and production after Marathon spun off its refining operations into an independent Ohio-based company called Marathon Petroleum Corp. in 2011. The company now operates in North America, Europe and Africa.
Leadership changes: Marathon Oil chief information officer retires, new exec named
The company said Thursday that the board intends to nominate Dennis H. Reilley, currently Marathon Oil lead director, as non-executive chairman upon Cazalot’s retirement.
Tillman, 51, most recently served as vice president of engineering for ExxonMobil Development Company.
“Speaking for the entire Marathon Oil board of directors, we are very pleased to welcome Lee to the company,” Cazalot said in a written statement. “His strong leadership skills and extensive experience in global operations, project execution and leading edge technology will be invaluable in confronting the challenges facing our company and industry.”
Read more FuelFix coverage of Marathon Oil:
Marathon Oil ends talks to sell Canadian oil sands stake (May 23)
Annell R. Bay: Technology leads to abundant energy (May 8)
Marathon Oil’s big Eagle Ford plans (Feb. 21)
Marathon Oil reports 41 percent drop in 4Q profit (Feb. 6)
Marathon Oil creates new position to oversee upstream activities (Jan. 29)
Retail Channel Sales and Logistics/Customer Service Specialist (Walnut, CA)
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Rig Manager - North Dakota - Chesapeake Energy - Williston, ND
The Rig Manager supervises, oversees, and coordinates activities of workers engaged in drilling oil and gas wells in area consisting of one or more well sites
Primary Duties and Responsibilities
Directs workers to erect, dismantle and move drilling rigs, and drilling crews in setting up and operating power units, draw works and other drilling equipment Plans delivery of drilling tools, fuel, water and other supplies for use at drill site Orders type of drilling bits to be used according to type of strata encountered Directs workers in mixing drilling mud and circulating mud in borehole and in the use of specialized drilling mud to prevent blowouts from gas pressure Orders installation of control head (valve device) to control flow when well begins to produce gas or oil. May supervise operations at producing wells to maintain and regulate flow of gas or oil Works closely with Drilling Company Man and all other third party contractors to ensure the overall operation is productive and efficient Ensure department and employees are operating within all Chesapeake, state, federal, etc. guidelines, policies, and regulations. Provide employees with guidance in handling policies, procedures, and service standards Qualifications
Minimum Requirements
Knowledge of safety rules and guidelines involved with each operation of the job Knowledge of single line pull – drill pipe strengths – pump pressure liner Knowledge of machines and tools, including their designs, uses, repair and maintenance Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects Performing routine maintenance on equipment and determining when and what kind of maintenance is needed Determining causes of operating errors and deciding what to do about it. The ability to teach and instruct others The ability to tell when something is wrong or is likely to go wrong. It does not necessarily involve solving the problem, only recognizing there is a problem The ability to quickly move your hand, your hand together with your arm, or your two hands to grasp, manipulate, or assemble objects The ability to make precisely coordinated movements of the fingers of one or both hands to grasp, manipulate, or assemble very small objects Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person Able to work and communicate effectively with all levels of co-workers, clients, and other external contacts Demonstrate basic computer knowledge through effective use of a personal computer including Microsoft Office applications. Able to learn company specific applications Any associate who drives a company or personal vehicle for Company business must possess a valid driver licenses and follow all guidelines that are outlined in the Company’s Fleet Policy Education and Work Experience Required
Minimum three years related experience in the oil or natural gas industry Preferred
High school diploma or GED Blow Out Prevention (BOP) certification
Chesapeake Energy - 20 hours ago - save job - block Chesapeake Energy (named after the childhood Chesapeake Bay haunts of a founder) builds oil and natural gas reserves through the acquisition...
Superstar who loves to talk to, and help people (Baldwin park / West Covina )
Posting ID: 3639187829Posted: 2013-02-23, 4:38PM PSTEdited: 2013-02-23, 4:38PM PSTemail to a friendSorry, I could not read the content fromt this page.
Motorhand - Patterson-UTI Energy Inc. - Victoria, TX
The Motorhand is responsible for the generators, equipment, and systems that power the rig and drilling activities. Additional responsibilities include off-loading materials, maintaining equipment, and assisting in rig up and rig down. The Motorhand works closely with and oversees Floorhands on the rig floor, assists the Derrickhand as needed, and assists the Driller in day-to-day operations.
Detailed Description
Key relevant tasks performed by a Motorhand include the following:
Regularly inspect, maintain, and repair generators, equipment, and SCR or VFD house Responsible for hydraulic and electrical systems and equipment Provide instructions, train, and oversee Floorhands during drilling activities Regularly check rig and equipment for any problems and safety issues on an ongoing basis Use forklift to off-load and move materials In charge of all lock-out/tag-out of breakers Keep a daily log of maintenance and repair activities Assist Derrickhand with mixing chemicals and other mud maintenance as needed Assist with rig up / down procedures Assist in cleaning and general upkeep of the rig and drilling floor Support other crew members as needed, ensure compliance with safety procedures, and other additional tasks as assigned
Job Requirements
To qualify for a Motorhand position, an individual must be willing and able to safely perform the following activities:
Stand or stand and walk for a minimum of 3.5 hours and up to 12 hours without being able to sit and while wearing steel-toed boots Repetitively climb steep stairs and be able to lift and carry 50 pounds independently up and down the stairs Lift and carry 50 pounds independently while walking on uneven surfaces Bend, stoop, kneel, twist, and crawl throughout the tour work shift Lift and place slips weighing approximately 150 pounds with another person occasionally during the tour work shift Independently use heavy-duty handheld and long-handled tools Clear vision to judge near and far distances to maintain awareness of, watch, and report ongoing work activities to coworkers and third parties Listen for unusual noises that signify equipment and machinery problems Accurate recall over short and long-term memory Maintain spatial orientation and awareness to safely move around work environment with many moving objects Stay alert and focused up to12.5 hours while performing repetitive and routine activities Demonstrate clear communication skills and ability to promptly follow directions Take initiative and work independently during downtime Wear Personal Protective Equipment (PPE) at all designated times Education Requirements and Knowledge
The Motorhand job requires a high school diploma, certificate or equivalent. A Motorhand must be able to do the duties of a Floorhand as they will oversee, train, and work closely with Floorhands. Mechanical knowledge and aptitude is helpful, but not required as long as the individual is able to learn and perform tasks necessary to the upkeep of the generators and systems.
Certification:
Forklift
Additional Details
This position requires the person to work outdoors for an entire tour work shift in all types of weather conditions, including precipitation, cold / heat, high wind, and turbulent conditions. They will be exposed to the typical conditions of the local area where the rig is located. The Motorhand must work with an emphasis on safety for themselves and others including coworkers and third parties. They must be able to work closely with others as they will work together in the confined area of the drilling rig and may choose to live together in crew quarters. They must be willing to work a hitch, which consists of 7 days on / 7 days off, or 14 days on / 14 days off, working 12.5 hour shifts that can include days or nights and as well as weekends and holidays.
How To Apply
To apply, click the "apply now" button at the lower right hand corner of the screen and follow the directions.
Amount of Travel
Constant Travel
Work At Home
No
Patterson-UTI Energy Inc. - 1 day ago - save job - block Primary Heavy Equipment Operator I
Waste Management - San Antonio, TX
Waste Management - 7 days ago
Derrickhand
Patterson-UTI Energy Inc. - Victoria, TX
Patterson-UTI Energy Inc. - 1 day ago
Floorhand
Patterson-UTI Energy Inc. - Victoria, TX
Patterson-UTI Energy Inc. - 1 day ago
Field Service Manager - Drilling Rig Power & Control Systems - Integrated Drive Systems LLC - Houston, TX
Min 8+ yrs exp commissioning and providing field service and repair of VFDs, SCRs, PLC, Gen power and control systems for land and offshore drilling rigs.
Min 3 yrs supervisory exp.
Houston Base - with domestic and International travel required.
Min 3 yrs supervisory exp.
Houston Base - with domestic and International travel required.
Applicant Requirements: In order to apply for this position, applicants MUST meet the following criteria. If your resume does not match these criteria, you will not be able to apply for this position.
Location: North America
Rigzone.com - 2 days ago - save job - block
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