PXP Announces Offering Of $500 Million Of Senior Notes

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Plains Exploration & Production Company (NYSE: PXP) announced today that it intends to offer, subject to market and other conditions, $500 million of Senior Notes due 2019 in an underwritten public offering. The offering will be made under PXP's shelf registration statement, which became effective immediately upon filing with the Securities and Exchange Commission on March 5, 2010.

Net proceeds from the offering are expected to be used to repay amounts outstanding under PXP's senior revolving credit facility and for general corporate purposes, including the redemption of all $76.9 million aggregate principal amount of PXP's Senior Notes due 2017 that remain outstanding.

This press release does not constitute a notice of redemption of the Senior Notes due 2017. Notice of redemption, if and when given, will be made separately in accordance with the terms of the Senior Notes due 2017.

An electronic copy of the preliminary prospectus supplement and accompanying base prospectus may also be obtained at no charge at the Securities and Exchange Commission's website at http://www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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Iran Crude Supplies to China Fall for Fourth Month in March

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Iran’s oil shipments to China fell for a fourth month in March to the lowest in 22 months amid delays in signing term supply contracts. Imports by the biggest buyer of Iranian crude fell 6.2 percent to 1.08 million metric tons, or about 254,000 barrels a day, according to calculations by Bloomberg from data released via e-mail today by the Beijing based General Administration of Customs.

Supplies from the Persian Gulf nation averaged 557,413 barrels a day last year.
Purchases from Iran slid as China International United Petroleum & Chemical Co., the nation’s biggest oil trader, put off signing a 2012 term contract with National Iranian Oil Co. after a disagreement over payment terms.....Read the entire Bloomberg article.

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Shell to Announce First Quarter Results

On Thursday 26 April at 2 o'clock est Royal Dutch Shell plc will release its first quarter results and first quarter interim dividend announcement for 2012.

These announcements will be available on http://www.shell.com/investor.

Webcasts

Simon Henry, Chief Financial Officer, will host two live webcasts of the first quarter results and first quarter interim dividend announcement for 2012 on Thursday April 26, 2012.

• Media webcast - 09:30 BST / 10:30 CEST / 04:30 EST - opens in new window
• Analyst webcast - 13:30 BST / 14:30 CEST / 08:30 EST - opens in new window

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EIA: Eagle Ford Oil and Natural Gas Well Starts Rose Sharply in First Quarter 2012

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New well starts in the Eagle Ford region in Texas increased 110% from January through March 2012 compared to the same period in 2011, according to reporting and analysis by BENTEK Energy LLC (Bentek).



Other key findings include:

Operators started drilling (spudded) 856 new wells in January through March 2012 compared to 407 in January through March 2011.

In early April 2012, the Eagle Ford active rig count set a new high of 217 units.

Increased drilling and rig deployment translated into higher crude oil and condensate production, which is projected to average over 500 thousand barrels per day (bbl/d) in April, up from 182 thousand bbl/d in April 2011.

Current Eagle Ford area natural gas production is about two billion cubic feet per day.

Horizontal wells accounted for nearly all of the new well starts so far in 2012.

Much of the drilling activity in the Eagle Ford is targeting both crude oil and wet natural gas resources.

Bentek estimates that in March 2012, Eagle Ford crude oil and lease condensate production was approaching crude oil production in the North Dakota part of the Bakken formation.

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Crude Oil Bounces Back After Two Days of Loses

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Crude oil [May contract] closed higher on Monday ending a two day decline off Wednesday's high but remains locked in March's down trending channel. The low range close sets the stage for a steady to lower opening on Tuesday.

Stochastics and the RSI remain neutral to bullish signaling that a low might be in or is near. Closes above last Tuesday's high crossing at 105.07 are needed to confirm that a short term low has been posted. If May renews the decline off March's high, the 38% retracement level of the October-March rally crossing at 97.84 is the next downside target.

First resistance is last Tuesday's high crossing near 105.07. Second resistance is the reaction high crossing at 105.49. First support is this month's low crossing at 100.68. Second support is the 38% retracement level of the October-March rally crossing at 97.84.

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We just released a detailed video on what to expect today and this week for the dollar, gold, silver, crude oil and the SP500.

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ConocoPhillips Reports First Quarter Earnings

ConocoPhillips [NYSE:COP] today reported first quarter earnings of $2.9 billion, compared with first quarter 2011 earnings of $3.0 billion. Excluding $330 million of special items, first quarter 2012 adjusted earnings were $2.6 billion. Special items were primarily related to gains on asset dispositions, partially offset by impairments and repositioning costs.

“We operated according to plan during the first quarter of 2012, achieving production and refinery utilization targets,” said Jim Mulva, chairman and chief executive officer. “We continued to progress our asset divestment program and execution of our major projects and growth plans. We also accomplished several repositioning milestones, including obtaining a favorable IRS ruling and final board of directors’ approval. Beginning May 1, 2012, our company will become two leading, independent energy companies, ConocoPhillips and Phillips 66.”

Just click to read the entire earnings report 

Here is todays free trend analysis for COP

Crude Oil Trades Near Three Days Highs on U.S. Economic Outlook

Crude oil traded near the highest close in three days before reports that may show a strengthening of the economy in the U.S., the world’s biggest crude consumer. Futures were little changed in New York after rising 0.2 percent last week. Consumer purchases that account for about 70 percent of the U.S. economy probably climbed by the most since the end of 2010, according to a Bloomberg News survey before an April 27 Commerce Department report. Iraq halted crude exports from northern fields because of a technical fault at a pipeline network in neighboring Turkey, the Oil Ministry said.

Crude for June delivery was at $103.77 a barrel, down 11 cents, in electronic trading on the New York Mercantile Exchange at 9:40 a.m. Sydney time. The contract rose 1.1 percent to $103.88 on April 20, the highest close since April 17. Front month prices are 5 percent higher this year. Brent oil for June settlement was at $118.63 a barrel, down 13 cents, on the London based ICE Futures Europe exchange. The European benchmark contract’s front month premium to West Texas Intermediate was at $14.85, from $14.88 on April 20.

Iraq’s crude exports stopped at 7:45 p.m. on April 21, the ministry said in a statement on the website of the official National Media Center yesterday. The nation normally exports 450,000 to 500,000 barrels a day from northern fields through Turkey. It ships most of its oil from the south on tankers sailing from the Persian Gulf.

U.S. consumer spending may have risen 2.3 percent last quarter, according to the Bloomberg survey. That would follow a 2.1 percent gain in the prior period. Gross domestic product rose at a 2.5 percent annual rate after advancing 3 percent in the previous three months, according to the median forecast in a separate Bloomberg survey before the Commerce Department’s April 27 release.

Posted courtesy of Bloomberg News

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Phil Flynn: Precautionary Demand

Crude oil prices were rising early Friday and there is better than expected data from Germany and Microsoft, yet in the big picture, there are those that are saying that oil prices have risen in recent months not due to speculation but what we should call “precautionary demand”. According to Dow Jones U.S. sanctions against Iran are hurting growth in that country and creating "precautionary demand" for oil, which is part of the reason oil prices remain at current high levels according to Caroline Freund, the World Bank's chief economist for the Middle East and North Africa.

In other words, countries have been hoarding oil in the event that oil supply might get cut. This has increased demand and prices have gone higher. It is a valid fundamental reason for oil prices to rise and has been a major factor in the pricing oil. The rise is not due to speculators, as the uninformed would have you believe, but the physical buying of extra barrels. As the Iran risk seems to be pushed back that buying has eased a bit.

Dow Jones reported overnight that European Union member states have agreed to postpone by one month the deadline for a review of the oil embargo on Iran. The EU agreed in January to implement a full oil embargo on Iranian crude oil exports by July 1 in response to its nuclear program. But as a concession, to Greece in particular, it agreed to hold by May 1 a review of the effect of a full embargo. That left next Monday's Foreign Affairs Ministers Summit as the last opportunity to agree any change to the embargo.....Read the entire article.

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Commodities Market Summary for Sunday April 22nd

Crude oil closed higher on Friday but remains locked in March's down trending channel. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain neutral to bullish signaling that a low might be in or is near. Closes above Tuesday's high crossing at 105.07 are needed to confirm that a short term low has been posted. If May renews the decline off March's high, the 38% retracement level of the October-March rally crossing at 97.84 is the next downside target. 

Here's our pivot, resistance and support numbers to get the week started tonight!

Daily Pivot Points				Normal Range					Last Bar
Commodity	Chart	S3	S2	S1	PP	R1	R2	R3	H	L	C
Crude Oil		100.48	101.31	102.01	102.84	103.54	104.37	105.07	103.66	102.13	102.72
Natural Gas		1.813	1.858	1.882	1.927	1.951	1.996	2.020	1.971	1.902	1.907
Heating Oil		3.0771	3.0944	3.1098	3.1271	3.1425	3.1598	3.1752	3.1445	3.1118	3.1251
Gasoline RBOB		3.0244	3.0797	3.1169	3.1722	3.2094	3.2647	3.3019	3.2275	3.1350	3.1541
Gold		1606.4	1618.8	1630.1	1642.5	1653.8	1666.2	1677.5	1654.9	1631.2	1641.4
Silver		30.649	30.970	31.374	31.695	32.099	32.420	32.824	32.015	31.290	31.779
Copper		3.5408	3.5692	3.5983	3.6267	3.6558	3.6842	3.7133	3.6550	3.5975	3.6275
Platinum		1544.8	1559.4	1568.7	1583.3	1592.6	1607.2	1616.5	1597.9	1574.0	1578.0
			Extreme Range

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