Презентация, доклад Why Teekay Corporation, California Resources Corp, and Seadrill Partners LLC Were All Crushed This Week
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Why Teekay Corporation, California Resources Corp, and Seadrill Partners LLC Were All Crushed This Week
Слайды и текст этой презентации
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Deepwater driller Seadrill Partners (NYSE: SDLP) plunged more than 16% this week.
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Key driver: Seadrill Partners reduced its quarterly distribution by 55%
Yielding to market pressure, the offshore driller reduced its distribution despite more than adequate coverage
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The company intends to use the cash to increase its financial flexibility
Key takeaway: Investors actually cheered the move after it was announced, but even with that rally shares are down substantially over the past few weeks, suggesting its troubles are far from over
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Oil and gas producer California Resources (NYSE: CRC) slumped more than 26% this week.
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Key driver: California Resources closed its bond exchange
The company exchanged $2.8 billion of its old notes for new second lien notes
The exchange reduced its principal amount by $563 million
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Despite the lower principal, the company’s interest costs will rise by $21 million due to the higher rate on the new notes
Key takeaway: The company still has a lot of debt left to address, but doesn’t see any more moves this year due to the renewed weakness in commodity prices
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Everything Teekay (NYSE: TK) crashed more than 40% this week.
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Key driver: Teekay, Teekay Offshore, and Teekay LNG Partners all announced significant distribution cuts
The companies said they plan to use the cash to invest in growth projects and reduce debt
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Adding to the selling pressure were a number of analyst downgrades
Key takeaway: Investors see the steepness of the cuts suggesting that it was getting difficult for the Teekay companies to get funding by the market