Gulf Keystone Petroleum Share Discussion Threads

[beernut] 16/7/2020 16:25

Largest California Oil Driller Files for Bankruptcy

By Irina Slav - Jul 16, 2020, 9:30 AM CDT
California Resources, the largest oil driller in the state, has filed for Chapter 11 bankruptcy protection, becoming the latest casualty of an oil price crash that coincided with the coronavirus pandemic that wiped out as much as 20 million bpd of demand in April alone.

In a press release, the company said it had agreed a restructuring plan with most of its shareholders, which will see its debt pile significantly reduced, by about $5 billion, “enabling the Company to operate safely through the current downturn in commodity prices and establishing a solid financial foundation to enhance future value creation.”


The U.S. oil industry, especially shale, has been hit particularly hard by the crisis, with cash shortages and high debt levels reducing companies’ flexibility during the downturn.

During the second quarter of the year alone, more than 18 oil and gas companies in the United States filed for bankruptcy, according to data from Haynes and Boone. Since the start of the year, as many as 41 companies filed for bankruptcy.

Rystad Energy in April warned that as many as 530 U.S. oil companies could file for bankruptcy protection if oil had stayed at $20 per barrel. Prices have improved since then, but bankruptcies in the U.S. oil and gas sector are set to continue even at the current oil price of some $40 a barrel for West Texas Intermediate, according to analysts.

The problem is unsustainable debt levels that resulted in a record number of companies from the industry defaulting on interest payments on their junk-rated bonds last year, when prices were substantially higher. At the same time, banks have grown markedly cold to the industry as it has failed to deliver on production promises. Credit lines have been cut, leaving even less wiggle room for the most troubled in the field.

By Irina Slav for Oilprice.com

[thicktony] 16/7/2020 13:15

This is why SODEN has been installed as a non INDEPENDENT NED An acquiring company, frustrated by the takeover defenses of the management, may initiate a proxy fight to install a more compliant management of the target.

[thicktony] 16/7/2020 13:15

#GKPBermuda REG , UK listedMeans major shareholders are under no legal OBLIGATION to disclose holding sizeIts a voluntary measureSomebody(s) owning up to 35% of Co remain in hiding That would be potential ACQUIRER (s) https://t.co/VGUWbHUxx3

[bigdog5] 16/7/2020 12:32

I note that the Stockport bore continues to pump out made up fantasy and total BS from his seat at the Sunny window.

It ought to be obvious why Mr S has been installed by the major shareholder. The lengths some people have to go to just to discover the facts eh:-)

Its really odd but there's posters here that maintain they possess some of the largest brains on the planet and yet they're unable to work out why all the plans fail, production is falling and their investment is less than 1p.

Words and figures differ innit:-)

[beernut] 16/7/2020 10:10

Oil Prices Jump 2% On Bullish Inventory Data

By Julianne Geiger - Jul 15, 2020, 5:00 PM CDT
Oil prices rose nearly 2% on Wednesday after a favorable U.S. inventory report from the Energy Information Administration (EIA), an OPEC agreement to taper the production cuts, and assurances from U.S. President Trump that Washington will not levy sanctions on China for its treatment of Hong Kong.

Oil price futures were up more than 2% on Wednesday, with spot prices for WTI up 1.71% at $40.98 at 6:30pm EDT. Brent crude was trading up 1.75% at $43.65.


The news piggybacked on the good news from the EIA, which on Wednesday confirmed the API’s report a day earlier that crude oil stocks in the United States had fallen by more than 7 million barrels. This is attributed to fewer crude oil imports from Saudi Arabia.

OPEC on Wednesday added to the upward price momentum despite the fact that it agreed to ramp up production once again, with the market interpreting the move as OPEC’s confidence in the upswing in crude oil demand.

The extra production that OPEC will start pumping into the market in August will not directly affect U.S. inventories for another couple of months.

The final positive influencer for oil prices was the administrative stay that a court handed down to Energy Transfer Partners for the Dakota Access Pipeline to continue to operate while the case is tried in court.

Oil prices have been pressured since the start of the coronavirus pandemic in the United States, compounded by the oil price war between Saudi Arabia and Russia that shoveled more crude oil into the markets than a demand-shocked market could handle.

Oil and gas companies have been longing for the restoration of oil demand as the coronavirus lockdowns lift, while an increase in the number of new coronavirus cases in the United States over the last couple of weeks has continued to quash any price rally.

By Julianne Geiger for Oilprice.com

[urals] 16/7/2020 10:04

This is why SODEN has been installed as a non INDEPENDENT NED An acquiring company, frustrated by the takeover defenses of the management, may initiate a proxy fight to install a more compliant management of the target.

[urals] 16/7/2020 10:04

NON INDEPENDENT NED appt"HOSTILE PROXY REPRESENTATIVE" represents Lansdowne holder of 33,000,000 who added 4m in past 2 monthsBUYS 70,000 at 92.38 ..... Takeover battle incoming

[urals] 16/7/2020 10:04

#GKPBermuda REG , UK listedMeans major shareholders are under no legal OBLIGATION to disclose holding sizeIts a voluntary measureSomebody(s) owning up to 35% of Co remain in hiding That would be potential ACQUIRER (s) https://t.co/VGUWbHUxx3

[ticketmaster] 16/7/2020 09:58

Someone seems to have decided it's time to sit on the price again. Approx 120,000 between 98.8 and 101

Either holding down the average price or letting people get in at a low price. Its going to take an long time, only a trickle of trades so far today (69001 in just under 2 hours) I would suspect it will be back down below 95 by the end of the day

[urals] 16/7/2020 08:53

This is why SODEN has been installed as a non INDEPENDENT NED An acquiring company, frustrated by the takeover defenses of the management, may initiate a proxy fight to install a more compliant management of the target.

[urals] 16/7/2020 08:50

NON INDEPENDENT NED appt"HOSTILE PROXY REPRESENTATIVE" represents Lansdowne holder of 33,000,000 who added 4m in past 2 monthsBUYS 70,000 at 92.38 ..... Takeover battle incoming

[urals] 16/7/2020 08:50

#GKPBermuda REG , UK listedMeans major shareholders are under no legal OBLIGATION to disclose holding sizeIts a voluntary measureSomebody(s) owning up to 35% of Co remain in hiding That would be potential ACQUIRER (s) https://t.co/VGUWbHUxx3

[bigdog5] 16/7/2020 08:47

Good morning fantasists.

highlander7's comment of "I know a great deal YOU don’t know from my Industry Contacts"

What a poc that comment is, pure lies again hoping to con the cerebrally challenged clueless fantasists here.

Its been established for years that you know zero and understand the reality even less.

Things just ain't what they seem but as usual its all going to be in the telling. Vested interests and all that. Like always when the layers of spin are removed the reality will be staring back at you clowns.

Eleven years on and less than 1p, none of the Kozel BS numbers discovered and falling production, says it all.

[urals] 16/7/2020 07:48

NON INDEPENDENT NED appt"HOSTILE PROXY REPRESENTATIVE" represents Lansdowne holder of 33,000,000 who added 4m in past 2 monthsBUYS 70,000 at 92.38 ..... Takeover battle incoming

[urals] 16/7/2020 06:02

#GKPBermuda REG , UK listedMeans major shareholders are under no legal OBLIGATION to disclose holding sizeIts a voluntary measureSomebody(s) owning up to 35% of Co remain in hiding That would be potential ACQUIRER (s) https://t.co/VGUWbHUxx3

[0ili0] 15/7/2020 23:07

$43 is only $20 short of CJ's magic number. ;)

[pensioner2] 15/7/2020 19:54

After over a week of acting as resistance, $43 on the Brent chart seems to have turned into support. Let's hope it's turned into a trend reversal. :):)

[0ili0] 15/7/2020 19:31

Sarah, you're the Doggie lol

[thicktony] 15/7/2020 18:07

He'll know what Lansdowne knows.....He's their representativeAnd they have bought 4 million extra in past 2 months ......

[thicktony] 15/7/2020 18:06

Garret Soden The new NON INDEPENDENT activist NED "HOSTILE PROXY REPRESENTATIVE"BUYS 70,000 at 92.38 .....TICK TOCK

[thicktony] 15/7/2020 18:06

#GKPBermuda REG , UK listedMeans major shareholders are under no legal OBLIGATION to disclose holding sizeIts a voluntary measureSomebody(s) owning up to 35% of Co remain in hiding That would be potential ACQUIRER (s) https://t.co/VGUWbHUxx3

[beernut] 15/7/2020 17:24

Al-Rikabi: ONE law to solve disagreements
Iraq News
2020/07/15 17:14:28
A- A A+
Shafaq News / a member of the State of Law Coalition, MP Kata'a al-Rikabi, today, Wednesday, called for adopting "one" law to resolve disagreements between the federal government and the Kurdistan Government.

al-Rikabi told Shafaq News agency that, "The differences between the two governments can only be resolved through legislation of The oil and gas law, which has been suspended in the Iraqi parliament for years”, adding that “this law governs the relationship and dealings between Baghdad and Erbil”.

Al-Rikabi revealed that "there is a parliamentary movement among the majority of Iraqi political forces, for the legislation of the oil and gas law as fast as possible".

It is noteworthy that the differences and pending issues between Erbil and Baghdad are mostly based on the region's share of financial budgets, Peshmerga financial benefits, oil exports, and disputed areas, covered by Article 140 of the Iraqi constitution.

Earlier, Kurdistan expressed its readiness to deliver 250,000 barrels of crude oil per day in exchange for the Iraqi government financing 450,000 billion dinars as monthly salaries.