On Tuesday, Shares of ConocoPhillips (NYSE:COP), lost -2.60% to $47.87.
ConocoPhillips, safely delivered first oil at its Surmont 2 in-situ oil sands facility in Canada, marking a noteworthy milestone for the megaproject.
“The oil sands are an important part of our portfolio,” said Ryan Lance, chairman and chief executive officer. “We’re happy to see a project of this magnitude move from the capital phase to the production phase, knowing that it will produce for decades to come. Achieving this milestone on plan demonstrates our continued commitment to meet our operational targets.”
Construction of the Surmont 2 facility, the largest single-phase steam-assisted gravity drainage (SAGD) project ever undertaken, began in 2010. Earlier this year, ConocoPhillips declared first steam, the initial step towards production. Since that milestone, steam has successfully heated the reservoir to a point where the well pairs can be converted to a SAGD configuration and allows the oil to flow. Production was declared once the inspected product was successfully routed to sales tanks.
Production will ramp-up through 2017, adding about 118,000 barrels of oil per day (BOD) gross capacity. Total gross capacity for Surmont 1 and 2 is predictable to reach 150,000 BOD.
ConocoPhillips Canada President Ken Lueers attributes the project’s accomplishment to the hard work of the men and women who built the megaproject.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas, and natural gas liquids worldwide. Its portfolio comprises shale and oil sands assets; lower-risk legacy assets in North America, Europe, Asia, and Australia; various international developments; and exploration prospects. ConocoPhillips was founded in 1917 and is headquartered in Houston, Texas.
Shares of JD.Com Inc(ADR) (NASDAQ:JD), declined -3.86% to $24.88, during its last trading session, as some China-based U.S. traded stocks are lower after China released manufacturing data for August.
Chinese markets dipped about 5%, before closing up around 2% recently, after China released data that showed manufacturing activity slowed in August to its lowest point in three years, according to The Wall Street Journal.
The country is facing an economic slowdown that prompted its central bank to devalue the yuan 2% last month, in addition to cut interest rates five times since November and lower banks’ reserve requirements.
However, although China’s financial slowdown has been weighing on China-based stocks such as JD.com, hedge funds are increasing their ownership of JD.com while cutting their holdings of competitor Alibaba (BABA), as many investors bet on JD.com’s ability to maintain a faster growth rate, according to Bloomberg.
JD.com, Inc., through its auxiliaries, operates as an online direct sales company in the People’s Republic of China. It primarily offers electronics and home appliances products; and general merchandise products, counting audio and video products, and books.
Finally, 58.com Inc (ADR) (NYSE:WUBA), ended its last trade with -4.86% loss, and closed at $43.25.
Morgan Stanley analyst Ben Lin updated the firm’s projections for 58.com Inc (ADR) (NYSE: WUBA) based on the most recent economic numbers out of China. Despite scaling back many of its financial estimates, the firm upgraded the Chinese online classified market company from Underweight to Overweight based on its long-term growth potential. TargetBenzinga
DCF Analysis
58.com’s stock has taken a major nosedive as the Chinese equity market has crashed. The stock was recently trading about 50 percent off its all-time highs. TargetBenzinga
According to Lin’s analysis, the stock is now trading at 5x fiscal 2015 price/sales and 33x FISCAL 2017 price/earnings. While these numbers may seem relatively high, he believes that the extremely strong growth outlook leaves plenty of room for upside. TargetBenzinga
58.com Inc. operates an online marketplace for local merchants and consumers in the Peoples Republic of China. Its online marketplace enables local merchants and consumers to connect, share information, and conduct business.
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