Market News
Anadarko Petroleum (APC)
Western Gas Partners LP acquired a natural gas gathering system and other midstream assets in southwest Wyoming from Anadarko Petroleum for $254.4 million.
Western Gas purchased Anadarko’s 100% ownership interest in the Granger gathering system and the Granger plants, which involve two cryogenic trains with combined capacity of 200 MMcfd, two refrigeration trains with capacity of 145 MMcfd, an NGL fractionation facility with capacity of 9,500 b/d, and associated equipment.
Feb 10 · 4:04:00 PM
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by Michael Oliveto
Devon Energy (DVN)
Danish shipping and oil group A.P. Moller-Maersk has completed an acquisition of a 25 percent stake in the Jack oilfield in the Gulf of Mexico from Devon Energy for $300 million. Maersk's further investment in field seen rising to $1 billion.
The purchase is part of a push by Maersk's oil arm to diversify its production portfolio beyond its North Sea home base. "Most of the investment will lead up to the production start, which is planned for 2014," Maersk Oil Chief Executive Jakob Thomasen told Reuters.
Feb 10 · 3:26:00 PM · Source: Reuters
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by Michael Oliveto
CVS Caremark (CVS)
CVS Caremark announced net revenues for the fourth quarter of 2009, increased $1.7 billion to $25.8 billion, up from $24.1 billion in the fourth quarter of 2008. For fiscal year 2009, total revenue increased 12.9% to a record $98.7 billion, compared to $87.5 billion in fiscal year 2008.
Tom Ryan, Chairman, President, and Chief Executive Officer, said, "We made good progress in 2009 in solidifying our position as the largest pharmacy health care provider in the nation with the broadest capabilities. We continued to make investments and forge strategic alliances that will enable us to capitalize on the evolving health care landscape and further differentiate our offerings in the marketplace. At the same time, we delivered financial performance ahead of our initial plan for the year, including the solid quarter we announced today. I'm very pleased to report continued industry-leading performance in our retail pharmacy business and solid performance in our PBM, which resulted in double-digit EPS growth and significant free cash flow generation."
Feb 10 · 1:59:00 PM
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by Rich Pike
Chevron (CVX)
In a court filing today in Lago Agrio, Ecuador, Chevron provided
newly discovered information showing that the author of a report recommending
that Chevron be ordered to pay $27 billion in damages is the majority owner of
an oilfield remediation company that stands to gain financially from a judgment
against Chevron.
Due to the remediation company`s relationship with Ecuador`s
state-owned oil company, Petroecuador, Chevron called upon the court to
immediately reject the work of Richard Cabrera on the grounds that he knowingly
hid his relationship and that he stands to gain from what was supposed to be
unbiased work for the court.
"For three years, Mr. Cabrera has concealed clear financial conflicts of
interest that disqualify him from acting as an independent and objective
evaluator of the evidence in the case," Chevron Vice President and General
Counsel Hewitt Pate said. "While Mr. Cabrera`s financial interests alone are
sufficient grounds for his report to be rejected, his intentional concealment of
those interests further demonstrates that the entirety of his work lacks
honesty, integrity, or credibility."
Feb 10 · 1:58:00 PM
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by Michael Oliveto
Campbell's Soup (CPB)
Campbell's announced the launch of three Pace® specialty salsas in foodservice. The new varieties include:
* Tequila Lime Salsa, featuring real tequila from blue agave;
* Pico de Gallo, made with fresh jalapeños and onions, and
* Salsa Verde, featuring hand-picked jalapeños and tomatillos.
According to Campbell's press release, salsa is America's favorite condiment. Americans consume nearly 170 million pounds of Pace salsa each year, and one quarter of U.S. households have a bottle of Pace salsa in their homes. Now consumers can enjoy their favorite retail varieties of Pace specialty salsas in delectable dishes and dips in their favorite restaurants.
Feb 10 · 1:31:00 PM · Source: Company Press Release
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by Rich Pike
Colgate (CL)
Colgate recently announced it will increase its quarterly dividend by 20%. The increase will be effective as of the second quarter, 2010. The new rate of $.53 per share is up from $.44. In addition, The Board of Directors also authorized a new share repurchase program. The Company plans to purchase 40 million common shares over the next two years.
Wow, talk about a company that is feeling good about itself! In this environment to raise the dividend 20% and announce a huge stock repurchase program is pretty darn impressive. Then again, the Company has paid uninterrupted dividends on its common stock since 1895. 1895!!
Feb 10 · 1:23:00 PM · Source: Company Press Release
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by Rich Pike
Avon Products (AVP)
Avon Products announced a 5% increase in its regular quarterly dividend. The new dividend rate will be $.22 per common share, up from $.21 per share, beginning with the first-quarter dividend payable March 1, 2010, to shareholders of record February 23, 2010.
At today's stock price of $29.40, Avon currently yields 3.0%.
Feb 10 · 1:16:00 PM · Source: Company Press Release
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by Rich Pike
Amazon (AMZN)
Amazon.com recently announced financial results for its fourth quarter ended December 31, 2009. Operating cash flow was $3.29 billion in 2009, compared with $1.70 billion in 2008. Free cash flow increased 114% to $2.92 billion in 2009, compared with $1.36 billion in 2008.
This is a startling quote: "Millions of people now own Kindles," said Jeff Bezos, founder and CEO of Amazon.com. "And Kindle owners read, a lot. When we have both editions, we sell 6 Kindle books for every 10 physical books. This is year-to-date and includes only paid books -- free Kindle books would make the number even higher. It's been an exciting 27 months."
Feb 10 · 1:08:00 PM · Source: Company Press Release
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by Rich Pike
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