Company Overview and News
Southcross Energy Partners (SXE) has risen nearly 36% so far in 2017. Notably, the stock, which is currently trading near $1.87, traded well above $20 in mid-2014. On November 1, 2017, American Midstream Partners (AMID) announced the acquisition of Southcross Energy Partners, along with certain assets of Southcross Holdings. In total, the two transactions are valued at ~ $815 million, including the repayment of debt. (5-0)
Southcross Energy Partners, L.P. (NYSE:SXE) has 32 institutional investors and shareholders that have filed 13D/G or 13F forms with the Securities Exchange Commission (SEC). These institutions hold a total of 172,470,961 shares. Largest shareholders include TW Southcross Aggregator LP, EIG BBTS Holdings, LLC, Southcross Holdings GP, LLC, Bank Of America Corp /de/, and Freestone Capital Holdings, LLC. (121-0)
* Southcross Energy Partners L.P says expects net capital expenditures for FY 2017 will be in range of $18 million to $20 million (1-0)
Good morning, my name is Casey, and I will be your conference operator today. At this time, I would like to welcome everyone to the American Midstream's Third Quarter 2017 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you, Mark Buscovich, you may begin your conference. (5-0)
Numerous companies reported third quarter earnings in the past week. Here are a few key takeaways for energy investors to consider: (7-0)
In this part, we’ll discuss American Midstream Partners’ (AMID) technical indicators following its announcement to acquire Southcross Energy Partners (SXE). Currently, American Midstream Partners is trading 3.6% below its 50-day simple moving average and 7.9% below its 200-day simple moving average. It might indicate bearish sentiment in the stock. The transaction, which American Midstream Partners thinks is accretive to its distributable cash flow, could push the partnership above its short-term moving average and result in bullish sentiment. (5-0)
CSI Compressco (CCLP), the MLP mainly involved in natural gas compression, was the highest MLP loser last week ending November 3, 2017. USAC fell 7.8% during the week. The partnership has lost 12.6% in the past two weeks. Its recent decline could be attributed to the recent fall in drilling activity. The demand for compression service is linked to the level of drilling activity. We discussed recent US drilling activity in Part 1 of this series. (59-0)
* American midstream partners to acquire Southcross Energy Partners and certain assets of Southcross Holdings forming $3 billion partnership (5-0)
CVR Partners (UAN), the MLP mainly involved in the production of nitrogen fertilizers, was the top MLP gainer last week. CVR Partners rose 7.7%. Its recent gains could be due to the strengthening of ammonia prices. However, the partnership has lost 42.1% since the beginning of this year. (101-0)
EV Energy Partners (EVEP) continued to be among the top MLP losers in the week ending October 13. EV Energy Partners fell 17.8% during the week despite the slight recovery in crude oil and natural gas prices. It has lost 78.0% since the beginning of this year. The partnership is on the verge of announcing bankruptcy due to its weak earnings and liquidity position. (47-0)
EV Energy Partners (EVEP) was the worst-performing MLP last week, which ended on August 11, 2017. It fell a massive 20.9% due to its weak 2Q17 earnings results. It saw a 19.0% and 38.0% YoY (year-over-year) fall in adjusted EBITDAX (earnings before interest, tax, depreciation, amortization, and accretion expense) and distributable cash flow, respectively. The YoY fall in earnings despite higher average natural gas and crude oil prices was due to lower production.
Integrated energy company, Chevron Corporation (CVX - Free Report) recently sold five fields in Gulf of Mexico’s Outer Continental Shelf and in Louisiana state waters to Cantium LLC, a private and independent oil and gas company. Cantium is funded by York Capital Management and Sole Source Capital.
US energy explorer Apache Corporation (APA - Free Report) is set to exit Canada following its latest deal with local oil producer Paramount Resources Ltd. Through the deal worth C$459.5 million ($354 million), Apache is divesting its Canadian unit. This is the company’s third sell-off in the last two months in Canada.
Brazilian state-run integrated energy company Petróleo Brasileiro S.A. or Petrobras (PBR - Free Report) recently announced that it has signed a Memorandum of Understanding (“MoU”) with state-owned China National Petroleum Corporation or CNPC – the majority owner of Chinese oil and gas giant PetroChina Company Limited (PTR - Free Report) – for a strategic partnership.
Spanish energy giant Repsol, S.A. (REPYY - Free Report) and Russian integrated oil company PJSC Gazprom Neft recently formed a joint venture(“JV”) with the latter buying 25.02% interest in Repsol's Evrotek-Yugra project in western Siberia. This includes seven oilfields in Khanty-Mansiysk Autonomous Okrug, Russia. The terms of the deal also allow Gazprom to increase its ownership in the Evrotek-Yugra project to 50%.
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