Jadestone Energy Share Discussion Threads

[mount teide] 28/10/2022 16:38

The oil price may have eased the result of Biden's market manipulation shenanigans BUT its had no impact on big oil's profits which continue to soar!

Exxon’s Q3 Net Profit Soars To New Record - Oilprice.com

* ExxonMobil reported record-breaking net profit on Friday at $19.66 billion.

* The U.S. oil major saw a boost in earnings from natural gas, as well as higher oil prices and robust fuel sales.

* Exxon’s Q3 net profit of $19.66 billion compares with last quarter’s $17.9 billion.

'Exxon Mobil Corp reported record-breaking net profit on Friday at $19.66 billion, or $4.68 per share - smashing analyst estimates for the quarter.

The U.S. oil major saw a boost in earnings from natural gas, as well as higher oil prices and robust fuel sales.

Exxon’s capital and exploration expenditures for the quarter were $5.7 billion, bringing the total investments this year to $15.2 billion — well on track to meet its investment guidance for the year of between $21 billion and $24 billion.

“Our strong third-quarter results reflect the hard work of our people to invest in and build businesses critical to meeting the demand we see today,” CEO Darren Woods said.

“The investments we’ve made, even through the pandemic, enabled us to increase production to address the needs of consumers. Rigorous cost control and growth of higher-margin petroleum and chemical products also contributed to earnings and cash flow growth in the quarter. At the same time, we are expanding our Low Carbon Solutions business with the signing of the largest-of-its-kind customer contract to capture and permanently store carbon dioxide, demonstrating our ability to offer competitive emission-reduction services to large industrial customers around the world.”

Exxon’s Q3 net profit of $19.66 billion compares with last quarter’s $17.9 billion, or $4.21 per share, which was quadruple that seen in Q2 2021, and triple the earnings from the first quarter of this year.

Exxon said in a trading statement earlier this month that the increase in natural gas prices had more than offset the decrease in crude oil prices, leading analysts to increase their estimates.

Exxon added 2.2% in premarket trading.

Its US peer, Chevron, also reported on Friday, beating analyst estimates with its second-highest quarterly profit ever of $11.2 billion, or $5.78 per share.'

[moonshot3] 28/10/2022 15:46

Buy back was 715,000 shares. Higher buy backs were notified on 23 September (1,035,000 shares) and 28 September (1,132,865 shares)Approximately $10.3m spent on buy backs to date, leaving spare firepower of circa $14.7m.

[mount teide] 28/10/2022 13:04

The most useful 3 minutes of investment research you will find on the internet in possibly years - Jeff Currie, Goldman's Energy Guru hits the nail on the head with respect to where investment funds should be going over the next decade!

Revenge of the Old Economy - Jeff Currie / Goldman Head of Commodities



Declaration: Jeff, my friends and I are kindred spirits in this connection - we could be wrong but, betting against it over the last year has been an extremely expensive mistake to date.

[fardels bear] 28/10/2022 12:52

And yes, it gives people are currently not holding any a wonderful chance to buy some of the ridiculously low price.I am including you in that.

[ashkv] 28/10/2022 11:43

Wow - huge buyback activity yest / 27 October.

JSE should let the share price fall to the 40s / 50s and buy even more shares at a cheaper price... pull back will be even sweeter when/if JSE get Montara back online... also gives believers a chance to average down.

Suspend Buybacks for a week... and let the market price JSE...

Date of purchase:


27 October 2022

Aggregate number of Ordinary Shares purchased:


715,000

[farmscan] 27/10/2022 20:34

I'll do it on your behalf.

[fardels bear] 27/10/2022 19:16

If I still drank I'd drink to that.

[mount teide] 27/10/2022 17:14

Would say 'it's always darkest before the dawn' but that's a lot of nonsense.

Night is darkest when the sun is below the horizon midway between dusk and dawn!

We're well past that point in my opinion - perhaps midway between there and dawn.

[the_gold_mine] 27/10/2022 17:09

Could be shrewd RNS timing by management, getting the bad news out of the way with the share price so low will no doubt increase trading volumes and selling pressure and allow an increase in buyback purchases at depressed prices ahead of (hoped for) positive Montara restart news... There is no good time for bad news but during a buyback with shares at 67p seems better than with shares at 100p? Only my opinion, DYOR

[mount teide] 27/10/2022 17:02

FB - with just the higher wing tanks to inspect, if dry docking were required, commercial considerations suggest they would have stopped ALL repair and remedial work months ago to prepare the ship for towing. As the repairs and other work could be carried out much more cost effectively in an Asian shipyard, equipped with the machinery to efficiently carry out the work.

[pughman] 27/10/2022 16:51

Until there is an RNS stating otherwise, production today is circa 7,000 Boe/d.

[mount teide] 27/10/2022 16:45

Would never have taken a major position in Afentra if the mature in years FPSO on the asset they are due to soon complete, had not undertaken a Special Survey, dry docking and major reconditioning in 2014 which took over 6 months and probably cost around $35-40m.

The programme of work included:

* Renewal of the entire cargo pipeline system and cargo pumps.

* Hull cleaned, inspected, shot blasted and coated

* All cargo and ballast tanks cleaned, inspected, shot blasted and coated

* Electrical systems - Renewal of all cabling

* Accommodation enlarged from 30 to 60 people to carry more maintenance staff.

Estimated cost: $35-$40m

Similar to what Montara Venture underwent during conversion, before being deployed over the field in 2013/14.

[fardels bear] 27/10/2022 16:34

But we don't know that they don't require dry dock yet, do we?I'm certainly way up there with the prayers for some better luck next year

[mount teide] 27/10/2022 16:31

FB - JSE are due a little luck - they got that by avoiding a dry docking.

Without wishing to be flippant, in the overall scheme of things the rest is largely background noise compared to the impact of a dry docking of the FPSO on the business.

[fardels bear] 27/10/2022 16:24

Yeah, but you can't just cry, "No wolf!"We need to see some concrete results now as pie in the sky tends to land on one's head.

[mount teide] 27/10/2022 16:21

With a 'clearer path to competing the repairs' in situ on the FPSO, production from two new infill wells on Stag, and completion of the NWS assets in Q4/2022, JSE could well be back to circa 19,000 - 20,000 bopd by the end of the year.

That's 7.12m bbls/yr - which at $95 Brent and a blended OPEX of circa $25/bbl, generates circa $500m of annual operating cash flow - against a current m/c of $360m, and EV of $185m at a likely year end cash position of circa £150m/$175m.

On these metrics a 120p share price target (+80%) would not look at all demanding.

Particularly with further near term M&A activity and a large cash injection from the NWS assets likely additional developments.

AIMHO/DYOR

[fozzie] 27/10/2022 15:26

Have to say that I am giving serious thought to cashing my chips in here. Started buying approx. three years ago and am averaged at 46p. Recent performance by management is not good enough imo and they are on a yellow card afaiac. In this environment we should not be at 67p!

[thegreatgeraldo] 27/10/2022 15:10

unt Teide27 Oct '22 - 11:24 - 11321 of 11326
0 4 0
The fact that Montara Venture does not require dry docking suggests the corrosion issues are localised NOT general, and relatively minor.......and consistent with the condition of the cargo tanks and production machinery in the published photos.

.....Had the 2 extremes today.....from the earlier typo to the above. Is it a "Fact" that dry docking isn't necessary, or just your opinion?

If dry docking was on the agenda, guess JSE would be aware by now & would have stated it in today's RNS

[mrscruff] 27/10/2022 13:59

Thanks for the buyback level info. I have some buy order set to buy shares under that level but own plenty already. I presume the buybacks so far gave us all 2% more of the company with another 2% to go. Cash also reduces by the same amount but cash added to the balance sheet going forward will have more impact as earnings per share going forward increase?

[mount teide] 27/10/2022 11:58

L2: 3 v 1 / 67p v 68p (then 2 x 69p, with the rest spread between 71p and 74p)

Stifel are conducting the share buy back and are at: 67p v 71p

[spangle93] 27/10/2022 11:42

ashkv
"Clearly Q1-Q2 2023 for a Montara restart - hopefully not suspended forever like Maari given Aussie authorities have a crazy Left wing Government running the show unlike prior Conservative government"...

"I didn't see any such indication and with Green / Left Wing government in power in Australia - all regulatory bets are off."

First, the regulator is an independent body, reporting to the ministry, not a political organ. And second, I'm not sure you follow Australian politics deeply if you think the Morrison government covered itself in glory relative to the way Albanese has picked up the reins.

[mount teide] 27/10/2022 11:34

On checking, relieved to see that only a few trades went through between making that post and correcting it.

Although you should never act on the post of someone on a bulletin board - if any did, please accept my apologies.

[mount teide] 27/10/2022 11:24

The fact that Montara Venture does not require dry docking suggests the corrosion issues are localised NOT general, and relatively minor.......and consistent with the condition of the cargo tanks and production machinery in the published photos.

The surveyors report on the FPSO on the Pyrenees Field suggested that ship has widespread corrosion issues beyond the tolerances acceptable to maintain Class. The owner's are extremely fortunate to have been able to get Class and the Regulator's agreement to 'manage' the situation to enable production to continue until they dry dock the ship next year.

The increasing shift of shipping industry regulation, and its insurance and surveying industry from London to SE Asia, to be closer to where the majority of the global shipping fleet now operates, has seen the emergence of a number of new Classification Societies with operating standards, and I'll try and be generous, that are not as robust as the US, German and UK equivalents like Lloyd's Register who have been setting the standards for the global shipping industry since 1726.

This has led to a number of well reported incidents within the industry, where new Classification Society 'surveyors' during ship survey were offered and accepted a financial incentive by the shipowner, to enable continued operation of a ship, where in reality, its condition fell well below the standard required for continued operation under International Class Rules without repair/dry docking.

AIMHO/DYOR