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Einhorn Adds Short Bets as Markets Rally Amid Economic Slump

Einhorn Adds Short Bets as Markets Rally Amid Economic Slump | EconMatters | Scoop.it
Hedge-fund manager David Einhorn reduced bets that stocks will rise as equities climbed to a five-year high while U.S. economic growth halted.
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Stumbling S&P 500 Reaches Worst Stretch of Election Cycle

Stumbling S&P 500 Reaches Worst Stretch of Election Cycle | EconMatters | Scoop.it
The political calendar is working against investors.
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ConocoPhillips raises estimates on Eagle Ford recoverable resources, production

ConocoPhillips raises estimates on Eagle Ford recoverable resources, production | EconMatters | Scoop.it
a href=http://www.conocophillips.com/Pages/default.aspx target=_blank adhocenable=falseConocoPhillipsa has increased its estimated resource base in the a href=http://www.ogj.com/topics/eagle-ford.htmEagle Forda play to 2.5 billion bbl of oil in place from 1.8 billion bbl, as well as its estimated production from current volumes to more than 250,000 boe/d by 2017.
ConocoPhillipss wells in the Eagle Ford have the highest oil rates per well and are leading the industry in value, said Ryan Lance, ConocoPhillips chairman and chief executive officer.
Lance added, This is attributable not only to the fact that we are in the best part of the play, but also to our relentless focus on technical innovation and drilling and completion cost efficiencies.
He said, We are applying these benefits and efficiencies across our unconventional portfolio in the a href=http://www.ogj.com/topics/bakken-shale.htmBakkena, Permian, a href=http://www.ogj.com/topics/niobrara-shale.htmNiobraraa, Canada, and outside of North America.
During fourth-quarter 2013, the company reported production of 218,000 boe/d from the Eagle Ford, Bakken, and Permian, a 31% increase compared with fourth-quarter 2012. The Eagle Ford and Bakken reached respective peak rates of 141,000 boe/d and 43,000 boe/d during that time (a href=http://www.ogj.com/articles/2014/01/conocophillips-reports-higher-2013-earnings-expects-higher-production-in-2014.htmlOGJ Online, Jan. 31, 2014a).
bProduction growth expectedb
ConocoPhillips has outlined a plan to consistently deliver 3-5%/year compound growth in production and margins from major development programs and projects already under way in the US Lower 48, Canadian a href=http://www.ogj.com/topics/oil-sands.htmoil sandsa, the UK and Norwegian North Sea, Malaysia, and Australia.
Beginning this year, we will be growing production and margins across our diverse asset base, and allocating 95% of our annual capital expenditures to growth projects and programs with margins that are higher than our average margin today, said Lance.
Over the next several years, the company intends to execute a $16 billion/year capital program and achieve the companys organic reserve replacement target of more than 100%.
ConocoPhillips since 2009 has added 6.7 billion boe of resources, boosted in part by the Gulf of Mexicos Tiber, Gila, Shenandoah, and Coronado discoveries. Further activity targets offshore prospects in Australia, Angola, and Senegal; conventional exploration in Norway and Indonesia; and unconventional exploration in North America, Poland, and Colombia.
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President's Houston visit likely to cause congestion

President's Houston visit likely to cause congestion | EconMatters | Scoop.it
President Barack Obama can sample all the barbecue he likes and even don a cowboy hat, but he won't get the full Houston experience because the leader of the free world never sits in traffic. Houstonians, however, are likely to get a heapin' helping of traffic congestion and transit changes as Obama makes his way around the area. Officials do not disclose the president's route or scheduled road closings for safety reasons, said Cynthia Marble, special agent in charge of the Secret Service's Houston office.
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Russia mulls more active crude, gas trading in ruble and euro - Natural Gas | Platts News Article & Story

Russia mulls more active crude, gas trading in ruble and euro - Natural Gas | Platts News Article & Story | EconMatters | Scoop.it
Russia mulls more active crude, gas trading in ruble and euro - Read this Platts natural gas news article here. Plus discover more natural gas market news, products & services.
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UPDATE 1-Russia's Gazprom says Ukraine did not pay for gas on time

UPDATE 1-Russia's Gazprom says Ukraine did not pay for gas on time | EconMatters | Scoop.it
* Gazprom and Ukraine locked in gas price dispute* Russian gas transit to Europe via Ukraine stable (Adds detail, comments)MOSCOW, April 8 (Reuters) - Russian natural gas producerGazprom said on Tuesday
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Shale Gas Boom Leaves Wind Companies Seeking More Subsidy

Shale Gas Boom Leaves Wind Companies Seeking More Subsidy | EconMatters | Scoop.it
Wind power in the U.S. is on a respirator.
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Jobless Claims in U.S. Rose 16,000 Last Week to 326,000

Jobless Claims in U.S. Rose 16,000 Last Week to 326,000 | EconMatters | Scoop.it
The number of Americans filing applications for unemployment benefits rose more than forecast last week after reaching a six-month low, a sign that progress in the labor market remains fitful.
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Dow Theory Suspense Builds as Stocks Near 1880s Crucible

Dow Theory Suspense Builds as Stocks Near 1880s Crucible | EconMatters | Scoop.it
Technical analysts have any number of computer-driven tricks to attempt to read the tea leaves of the stock market, yet a theory developed by Charles Dow in 1884 still captivates them 130 years later.
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Obama Says Putin’s Challenging the World Order in Ukraine

Obama Says Putin’s Challenging the World Order in Ukraine | EconMatters | Scoop.it
President Barack Obama said indifference to Russia’s attempt to unilaterally redraw the boundaries of Ukraine would ignore the lessons that are written in the cemeteries for the dead in two world wars.
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Rising Utility Costs Lingering After Winter’s Chill Fades

Rising Utility Costs Lingering After Winter’s Chill Fades | EconMatters | Scoop.it
U.S. consumers got a glimpse of rising future utility bills during the winter as coal- and nuclear-plant shutdowns boosted reliance on natural gas.
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Putin Threatened With More Sanctions as Russia Got Booted Out of G-8

Putin Threatened With More Sanctions as Russia Got Booted Out of G-8 | EconMatters | Scoop.it
The world’s top industrial powers threatened further sanctions to deter Russian President Vladimir Putin from taking over other parts of Ukraine and suspended Russia from participating in the Group of Eight.
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Russia Facing Recession as Sanctions Likely to Intensify

Russia Facing Recession as Sanctions Likely to Intensify | EconMatters | Scoop.it
Sanctions imposed by the U.S. and the European Union are pushing Russia toward a recession as the intensity of their economic penalties increases after the annexation of Crimea earlier this month.
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Missing plane crashed in southern Indian Ocean: Malaysian PM

Missing plane crashed in southern Indian Ocean: Malaysian PM | EconMatters | Scoop.it
The Malaysia Airlines plane that disappeared over two weeks ago crashed in the southern Indian Ocean, Prime Minister Najib Razak said on Monday.
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Ukraine Deploys Military as Russia Evokes Civil War Risk

Ukraine Deploys Military as Russia Evokes Civil War Risk | EconMatters | Scoop.it
Ukraine began a military-backed “anti-terrorist” operation in its eastern Donetsk region where militants have seized buildings as Russia’s prime minister said the country risks spiraling into civil war.
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Wholesale Prices in U.S. Rise on Services as Goods Stagnate

Wholesale Prices in U.S. Rise on Services as Goods Stagnate | EconMatters | Scoop.it
Wholesale prices in the U.S. rose in March as the cost of services climbed by the most in four years while commodities stagnated.
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Hedge Funds Buy Crude as U.S. Gasoline Pump Prices Jump

Hedge Funds Buy Crude as U.S. Gasoline Pump Prices Jump | EconMatters | Scoop.it
Fewer than three weeks into spring, oil speculators are already thinking about the summer.
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Moody’s: Global refining, marketing industry to see earnings rise this year

Moody’s: Global refining, marketing industry to see earnings rise this year | EconMatters | Scoop.it
The global refining and marketing industry will continue to see pockets of earnings growth over the next year, but flat conditions overall, with product demand expected to increase modestly this year by 1.2 million b/d, according to a recent report from Moodys. That demand increase will be roughly in line with net global capacity additions, Moodys said.
The outlook reflects Moodys expectations for the fundamental business conditions in the industry over the next 12-18 months, during which time it expects the Ramp;M sectors earnings before interest, taxes, depreciation, and amortization (EBITDA) to remain volatile but to rise by about 8% through mid- to late-2015.
North American companies, particularly Gulf Coast refiners, have the most favorable positions, Moodys said, but capacity additions in China and elsewhere in the world will water down earnings growth for the overall sector.
North American refiners will retain their advantage over competitors elsewhere, with cheaper feedstock and natural gas prices, and lower costs for renewable identification number contributing to 10% or higher EBITDA growth through mid- to late-2015.
Shifting crude discount advantages to the Gulf Coast from the Midcontinent, plus strong export opportunities to Latin America and Europe, give an edge to refiners with big Gulf Coast operations, including Phillips 66, Marathon Petroleum Corp., and Valero Energy Corp., Moodys said.
These three refiners also will continue expanding their logistics and midstream operations. Companies in the Midcontinent, such as HollyFrontier Corp. and CVR Refining, lack this export advantage. Refiners with a big presence in California, including Valero Corp. and Tesoro Corp., face a crucial year in 2015, when environmental rules become stricter (a href=http://www.ogj.com/articles/2013/09/us-appeals-court-upholds-california-s-low-carbon-fuels-standard.htmlOGJ Online, Sept. 19, 2013a).
China will be the biggest source of new refining capacity worldwide in 2014-15, and significant Middle East capacity additions will likely go into service in 2015 but are less predictable. Moodys expects 2% EBITDA growth this year for the Asian Ramp;M sector overall.
In China, the worlds largest source of demand growth for refined products, capacity additions of more than 1.2 million b/d through 2015 will outpace demand growth for refined products. Moodys anticipates about 1 million b/d of additional capacity for the Middle East, but notes that accurately projecting projects in certain countries can be difficult, since a national oil companys plans are not always visible.
Indias demand for refined products will increase at a far-slower pace of 1% through mid- to late-2015, due to declining gross domestic product growth and government price increases on both gasoline and middle distillates.
Latin American growth for refined products will remain strong through mid- to late-2015, with few capacity additions, but the regions reliance on costly refined product imports will hold back EBITDA growth to no more than 2%. Most of the regions big projects for boosting refining capacity have either been delayed or called off. Moodys doesnt expect Mexicos Petroleos Mexicanos (Pemex) or Brazils Petroleo Brasileiro SA (Petrobras) to pursue additional new refineries, but Colombias Ecopetrol SAs modest capacity expansions will come onstream in 2015.
Growth for European refining operations will stay roughly flat through mid- to late-2015. Economic improvements in Germany, France, and elsewhere in the Euro-zone will modestly lift the regions demand for refined products, but Europe will need meaningful capacity rationalization to prevent margin erosion in 2015 and beyond.
Europes older, less efficient, lower-complexity refineries, which rely on high-cost feedstocks, cannot compete easily with the new, high-complexity facilities of the Middle East. A number of integrated oil companies intend to reduce their European footprints, but political sensitivities in Europe can also stall or prevent widespread capacity curtailments (a href=http://www.ogj.com/articles/print/volume-111/issue-12/special-report-worldwide-report/western-europe-leads-global-refining-contraction.htmlOGJ, Dec. 2, 2013, p. 34a).
Rather than shut down capacity, operators such as Murphy Oil Corp. often try to sell off unwanted capacity, even as they continue to generate losses. Italys Eni SPA plans to cut its refining capacity by 22% by 2017, thereby reducing its total capacity by one-third since 2012.
Moodys notes that it would change its outlook to negative if net refining capacity additions worldwide begin to outpace growth in demand for refined products, particularly with Chinas growth slowing through 2015 alongside further capacity additions in China and the Middle East. Conversely, Moodys would change its outlook to positive if worldwide demand overwhelmed capacity additions, and if the US and Chinese economies began surging simultaneously.
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Crude Gains as U.S.-Russia Tension Increases on Ukraine

Crude Gains as U.S.-Russia Tension Increases on Ukraine | EconMatters | Scoop.it
West Texas Intermediate and Brent crudes rose on renewed tensions between the West and Russia, the world’s biggest energy producer, over Ukraine.
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Roubini: Beware of U.S. Market Correction This Year: Video

Roubini: Beware of U.S. Market Correction This Year: Video | EconMatters | Scoop.it
Nouriel Roubini, chairman of Roubini Global Economics LLC and a professor at New York University, discusses the U.S. ecomomy with Francine Lacqua on Bloomberg Television's "The Pulse" from the Ambrosetti Workshop in Cernobbio, Italy. (Source: Bloomberg)
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ECB Keeps Rates on Hold as Officials Discuss New Measures

ECB Keeps Rates on Hold as Officials Discuss New Measures | EconMatters | Scoop.it
The European Central Bank kept interest rates unchanged even after inflation in the euro area weakened to the slowest pace in more than four years.
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Toyota Ending Five Year Buyback Drought as Cash Pile Expands

Toyota Ending Five Year Buyback Drought as Cash Pile Expands | EconMatters | Scoop.it
Toyota Motor Corp., the world’s largest automaker, said it will buy back stock for the first time in five years as its cash pile swells and profit climbs.
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MH370: Satellite images show up to 122 'potential objects'

MH370: Satellite images show up to 122 'potential objects' | EconMatters | Scoop.it
Satellite images taken on Sunday show 122 "potential objects" in the search for debris from missing flight MH370, authorities said Wednesday.
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Americans Can’t Retire When Bill Gross Sees Repression from Fed's Low Rate

Americans Can’t Retire When Bill Gross Sees Repression from Fed's Low Rate | EconMatters | Scoop.it
Twelve years after retiring as a telephone repairman, Roger Wood clocks 12 to 15 hours a week at a Lowe’s Cos. hardware store near Glen Allen, Virginia.
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Brooklyn Nets owner to bring club under Russian jurisdiction

Brooklyn Nets owner to bring club under Russian jurisdiction | EconMatters | Scoop.it
A Russian billionaire said he planned to relocate the company that runs the Brooklyn Nets basketball team to Russia to help combat new US sanctions.
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Speculators Cut Bullish Oil Bets by Most in Nine Months

Speculators Cut Bullish Oil Bets by Most in Nine Months | EconMatters | Scoop.it
Hedge funds reduced their bets on rising West Texas Intermediate crude prices by the most in almost nine months as U.S. inventories climbed and concern eased that sanctions against Russia will disrupt oil supplies.
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