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Holly Corporation (HOC)
Holly Corporation (NYSE: HOC)
today announced that a fire was detected at approximately 12:40 PM MST in a
new asphalt tank that was under construction at its subsidiary's Navajo
Refinery in Artesia, New Mexico. The fire was extinguished after
approximately 90 minutes by the refinery's fire fighting team.
The fire resulted in two confirmed injuries that are believed to be serious,
one missing and one likely fatality that is pending confirmation by
authorities. The injured individuals are all employees of the independent
contractor that was working on the new tank. The Company will provide an
update when more information is available.
The new asphalt tank was under construction, and this incident will have no
impact on the refining capabilities of the Navajo Refinery, the company says. Operations at the refinery continue as usual.
Mar 3 · 11:44:00 AM · Source: Company Press Release
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by Jeffrey Epstein
Carrizo Oil & Gas Inc. (CRZO)
Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today announced record year-end
proved reserves and record production for the fourth quarter and full
year 2009.
Year-end proved reserves were a record 601.9 Bcfe based on reports from
Carrizo's third-party reserve engineers. This is an increase of
approximately 20% over the year-end 2008 proved reserves of 502.6 Bcfe.
The calculation of these reserves was based on oil and natural gas prices
of $56.10 per barrel and $3.30 per Mcf, respectively. These prices
reflect the SEC's new pricing methodology, which requires the use of the
trailing 12-month arithmetic average of the price on the first day of the
month. These prices were 40% higher and 34% lower than the prices used at
the end of 2008 for oil and natural gas, respectively. This reserve
increase equates to the replacement of 400% of 2009 production.
Additional reports and adjustments are in the full statement, not all positive. But the company is pleased it had an excellent operational year in net reserve additions, despite its reduced drilling program and the impact of lower prices.
Mar 3 · 11:36:00 AM · Source: Company Press Release
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by Jeffrey Epstein
China Eastern Airlines (CEA)
Speaking to Reuters, a China Eastern Airlines (NYSE:CEA) senior executive, who asked not to be identified, said the carrier was looking to join either Star Alliance, oneworld or SkyTeam in order to boost its profile, according to E-TravelAsia.com. He said the carrier did not have a preferred partner so far despite Shanghai Airlines, which China Eastern recently acquired, being a part of Star Alliance.
China Eastern spokesman Luo Zhuping confirmed the reports but declined to say when a decision on which one to join would be made. However, as previously reported in MarketBeast, China Eastern is in advanced talks with AMR Corp (NYSE:AMR), American Airlines parent to bring it into the oneworld Alliance.
Mar 2 · 12:28:00 PM · Source: ETravelBlackboardAsia.com
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by Steve Wieczorek
Continental Airlines (CAL)
Continental Airlines (NYSE: CAL) today reported a February consolidated (mainline plus regional) load factor of 77.7 percent, 5.2 points above the February 2009 consolidated load factor, and a mainline load factor of 78.1 percent, 5.2 points above the February 2009 mainline load factor. Both February load factors were records for the month.
Continental estimates that the suspension of operations at its New York hub on February 10, 2010, and February 26, 2010, due to severe winter weather in the New York area reduced its consolidated passenger revenue for the month by approximately $25 million.
Mar 2 · 12:06:00 PM · Source: Company Press Release
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by Steve Wieczorek
AMR (AMR)
American Airlines Cargo Opens State-of-the-Art Cargo Terminal at John F. Kennedy International Airport. American Airlines Cargo Division (AA Cargo) today announced its newly relocated cargo terminal at John F. Kennedy International Airport (JFK) in New York. The state-of-the-art facility, which opens today, will offer the latest in streamlined handling capability with more than 135,000 square feet of warehouse space and 24 dock doors that can handle any type of aircraft currently in use.
"After 45 years in our previous facility, we are pleased to provide a state-of-the-art cargo terminal at New York JFK – one of our most important hubs," said Dave Brooks, President – American Airlines Cargo.
Mar 2 · 11:55:00 AM · Source: Company Press Release
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by Steve Wieczorek
Goldman Sachs (GS)
Bloomberg reports that Goldman Sachs is tapping demand that’s driven their borrowing costs to the lowest level in almost five years. The company issued $2 billion of bonds at a yield premium 44 % less than the last time it sold similar-maturity debt.
What a difference a year makes. Goldman sold the 5.375 % 10-year notes, priced to yield 5.493 percent, or 190 basis points more than Treasuries. Last May however, according to Bloomberg, Goldman paid a spread of 337.5 basis points.
Mar 2 · 11:12:00 AM
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by Jerry Byrne
Chevron (CVX)
As a verdict nears in the long-running environmental lawsuit against Chevron Corp. in Ecuador, both sides are ratcheting up the pressure, the San Francisco Chronicle reports.
The man who says oil field contamination in Ecuador's rain forest killed two of his children will try to meet with Chevron's new chief executive officer, John Watson, the newspaper says. Together with some of his American supporters, Emergildo Criollo will go first to Watson's home in Lafayette, then to the company's headquarters in San Ramon, carrying with him petitions signed by 325,000 people asking Chevron to settle the suit.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/03/01/BULA1C97V3.DTL#ixzz0h2ArSRBj
This litigation is a long-running sad story, and it is unclear when or if it will end.
Mar 2 · 10:48:00 AM · Source: San Francisco Chronicle
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by Jeffrey Epstein
Double Eagle Petroleum Company (DBLE)
Double Eagle Petroleum Co. (Nasdaq: DBLE) announces that the Company achieved annual production for the year ended December 31, 2009 of 9.3 Bcfe, an increase of 39% over 2008 production of 6.7 Bcfe. The increase was driven primarily by the Company's operated Catalina Unit, which accounted for 73% of the year over year increase. Significant production increases were also realized from our
interest in the Pinedale Anticline non-operated properties.
Company notes that amid falling natural gas prices, it managed to increase productivity through existing well and gathering system enhancements.
Mar 2 · 10:34:00 AM · Source: Company Press Release
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by Jeffrey Epstein
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