Oil prices soared nearly 10% on news that OPEC has reached a much anticipated agreement to reduce output by 1.2M barrels per day, bringing the total daily production to 32.5M bpd. The agreement, which was announced Wednesday at 11:00am EST, is contingent on a reduction of production by 600,000 bpd from non-OPEC countries, with Russia …
By Mitchell Posner For years, InterOil (NYSE: IOC) wasn’t taken seriously as an E&P company. The business press used words like “fluky.” It’s now a mainstream LNG producer, and has provided a considerable return for its shareholders. Last week, the company announced that Oil Search will acquire InterOil, exchanging 8.05 shares for each share of …
By Mitchell Posner It was less than three years ago when the IEA predicted that by 2020, the US would pump past Saudi Arabia to become the world’s largest oil producer, and a net exporter by 2030. Today, it seems farfetched. Let’s consider what happened and what it says about the future. The IEA isn’t …
PETRO RIVER OIL CORP 3PTRC Description This is a small, illiquid international exploration upstream E&P company. It is also a deep value investment with asymmetric upside potential and a company with proportionately lots of cash to deploy into a depressed market in a counter cyclical strategy. Its worth touching on some of my past failed …