reports
- Allen Good
- CFA
Danger Zone: Coming Shale Growth Poses Major Risks to Oil Prices
OPEC's production cuts and strong demand growth have 2017 crude fundamentals in their best shape since oil prices crashed two years ago. The consensus outlook is that fundamentals are now strong enough to remain healthy even after OPEC's cuts lapse. This might have been possible a few months ago, but the odds of this scenario playing out have markedly worsened since. The reason is that major increases in shale activity now have U.S. production firmly on a path of rapid growth, even if rig counts...
- Allen Good
- CFA
Tesoro Reports Weak Full-Year Results as Expected; Shares Undervalued
Tesoro reported weak fourth-quarter and full-year results in line with low expectations going into 2016. Net earnings dropped to $724 million from $1.5 billion the previous year as the result of low refining margins and thin crude differentials. Considering a pretax benefit to operating income of $123 million versus a loss of $276 million related to inventory adjustments last year, net earnings for the quarter of $78 million disappointed compared with an already weak last quarter of 2015. We pla...
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