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(Bloomberg) -- Such is the extent of the shakeout in the U.S. shale industry that Permian Basin oil production is closer to peaking than many forecasts suggest, according to one energy investor.Adam Waterous, who runs Waterous Energy Fund, regards the sector’s financial position as unsustainable after years of disappointing returns for investors and negative free cash flow. With capital markets now largely shunning shale producers, the impact will begin to show in oil and natural gas output from the largest U.S. oil patch, he said.“We think we are at or near peak Permian” production, Waterous said last week in an interview. “The North American oil market has been grossly overcapitalized, which is not sustainable.”Predicting peak Permian output for 2020 isn’t a mainstream view. There’s plenty of debate about how much production growth in the West Texas and New Mexico patch may slow this year as shale drillers slash capital spending, but...
Bitcoin SV doubles in value following recent court developments in the ongoing billion-dollar lawsuit against self-professed Bitcoin "inventor," Craig Wright....
Legalized weed is proving a boon to midwest coffers. Yahoo Finance's Julie Hyman, Adam Shapiro, Dan Roberts, Constance Hunter KPMG Chief Economist and Stormy Simon High Times CEO discuss....
Exact Sciences' (EXAS) preliminary quarterly results blew expectations out of the water.Yesterday, the molecular diagnostics company released preliminary results for its fourth quarter that exceeded analysts’ estimates. Total revenue for the quarter is expected to land between $294 million and $296 million, reflecting a top-line beat of about $4 million to $6 million.The better-than-expected outcome was primarily driven by its acquisition of Genomic Health, which was finalized back in November and gave it access to Oncotype DX gene expression tests that have been used in treatment decisions for over 1 million cancer patients globally. During the quarter, Oncotype DX test volume growth of 14%, or total test volume of 41,000, helped Genomic Health generate revenue of between $118 and $119 million, up 13% year-over-year.On top of this, Cologuard, its FDA approved noninvasive, at-home colon cancer screening test, will most likely see revenue come in within the range of $229 million to...
(Bloomberg) -- Boeing Co. is talking to a group of banks about a potential loan as it deals with a production halt of its grounded 737 Max jetliners, according to people familiar with the matter.Citigroup Inc. is leading the discussions between Boeing and a small group of banks, said the people, who asked not to be named because the details are confidential. The precise structure and timing of the loan is in flux, but the financing may be an investment-grade term loan, they said.Representatives for Citi and Boeing declined to comment.Boeing’s access to the credit markets could soon get more expensive. Moody’s Investors Service placed Boeing’s A3 senior unsecured debt rating on review for downgrade Monday, saying Boeing could face a “costly and protracted” recovery and “heightened operational and financial risk.” Any Moody’s action could give Boeing a rating in the lowest tier of investment-grade rankings. S&P Global Ratings cut the...
(Bloomberg) -- Pinterest Inc. shares rose as much as 13% on Tuesday after a report showed it beat out Snap Inc.’s Snapchat to become the third-biggest social media platform in the U.S.Pinterest had an estimated 82.4 million U.S. users in 2019, a 7.4% gain from the previous year, while Snapchat had 80.2 million users, data tracker eMarketer estimated. Pinterest’s U.S. users are projected to rise 4.4% to 86 million in 2020, the firm said. Facebook and Instagram, both owned by Facebook Inc., hold the top two positions.“While Snapchat has a young core audience that it caters to, Pinterest has a more universal appeal, and it’s made significant gains in a wide range of age groups,” analyst Nazmul Islam said in the report.Pinterest makes the bulk of its revenue from U.S. users and is in the early stages of efforts to boost international ad sales. The stock still hasn’t recovered from losses...
A big financial name, a key transport company, and an enterprise cloud company are among the names liked by Ralph Bassett, head of North American equities at Aberdeen Standard Investments....
