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TortoiseEcofin Announces Constituent Changes Due to Corporate Action
New Post has been published on https://petn.ws/JwoG
TortoiseEcofin Announces Constituent Changes Due to Corporate Action
OVERLAND PARK, KS / ACCESSWIRE / November 30, 2022 / TortoiseEcofin today announced that PBF Logistics LP (NYSE:PBFX) will be removed from the Tortoise MLP Index® (TMLP), and the Tortoise North American Pipeline IndexSM (TNAP), as a result of the approved merger with PBF Energy Inc (NYSE:PBF). As part of the transaction PBF will acquire […]
See full article at https://petn.ws/JwoG
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"This is the new American energy era," U.S. Energy Secretary Rick Perry told an industry conference in Houston earlier this month.
Oil traders and shale executives believe U.S. crude exports are set reach 5 million barrels a day by late 2020, up another 70 percent from current levels. If the U.S. hits that target, America will be exporting, on a gross basis, more crude than every country in OPEC except Saudi Arabia. (On a net basis, the U.S. remains, just, a net importer, but that’s likely to change in the next few months.)
“The second wave of the U.S. shale revolution is coming,” said Fatih Birol, the head of the International Energy Agency. “This will shake up international oil and gas trade flows, with profound implications for geopolitics.”
The political impact is already being felt. The Trump administration has been able to impose aggressive sanctions on oil exports from Iran and Venezuela knowing the flow of crude from Texas will keep on rising. The economic impact on the U.S. is also evident: in dollar terms, the country’s petroleum trade deficit fell to its lowest in 20 years in 2018.
The U.S. is already a big exporter of refined products such as gasoline and diesel. When combined with rising crude exports, the IEA forecasts American petroleum exports will reach roughly 9 million barrels a day within five years, up from just 1 million in 2012. In the process, the U.S. will become the world’s second-largest exporter of crude and refined products by 2024, overtaking Russia and nearly topping Saudi Arabia.
Until now, the surge in U.S. oil production from the Permian and other shale basins like the Bakken in North Dakota was absorbed at home, feeding refineries in the U.S. Gulf of Mexico coast. Now, U.S. refiners are finding it increasingly hard to process more of the kind of light crude pumped in the Permian as their plants were built to process denser heavy crude -- the type pumped in Venezuela and the Middle East.
"The United States is probably darn close to being able to process as much light crude as it can," Thomas J. Nimbley, the head of U.S. oil refiner PBF Energy Inc., told investors.
As a result, shale executives are traveling the world to seek new customers. Gary Heminger, the head of Marathon Petroleum Corp., for example, was recently in Singapore and South Korea looking for buyers for shale crude.
"All the incremental Permian production needs to be exported," said Raoul LeBlanc at consultant IHS Markit Ltd. and a former head of strategy at Anadarko Petroleum Corp. "The Permian needs to find refineries willing to take U.S. light sweet crude as a base-load, most likely in Asia."
Despite a tight oil market due to American sanctions on Venezuela and Iran mixed with OPEC production cuts, finding new buyers isn’t as easy as it sounds. The crude from the Permian is light, yielding lots of naphtha -- used in the petrochemical industry -- and gasoline, but comparatively little diesel. And most refineries want to produce diesel.
Until now, U.S. shale producers and oil traders had been selling most of their crude on spot transactions -- one at a time. As a result, American oil exports saw wildly different destinations from month to month, from Spain to Thailand to Brazil.
A few stable markets are starting to emerge. Oil refineries in Canada, Italy, the U.K., and South Korea are becoming regular buyers. And little by little, oil traders are securing long-term deals with overseas refineries, known as term contracts.
Yet, the rapid rise in oil exports is challenging. Not even Saudi Arabia in the 1960s and 1970s saw exports grow so quickly.
"The U.S. export market needs to transition from infancy to adulthood far more rapidly than any major exporter ever has," said Roger Diwan, another oil analyst at IHS Markit.
Key for U.S. oil exports is China, mired in a trade war with Washington. Until this year, Chinese refiners were buying large chunks of American shale exports. But the flows all but dried up in August. If U.S. oil exports are going to increase at the pace that executives and traders anticipate, the shale industry needs the White House to strike a trade deal with the Chinese.
"If the China demand pull fails to materialize, for political reasons, quality mismatch or otherwise, U.S. exports will likely have to muscle their way into the global refining system, likely via price discounts," Diwan said. [my mf note: china is likely going to experience pricing issues due to a recession soon, so american predictions for shale oil will almost certainly collapse]
U.S. shale crude is already selling at a big discount to Brent, the international oil benchmark. West Texas Intermediate sells nearly $10 under Brent. And some of the lighter grades from the Permian, including a new stream called West Texas Light, are seeing even wider discounts.
Finding buyers for the light Permian crude isn’t the only obstacle. Pipelines and ports have become the biggest bottleneck in U.S. oil exports, with traders engineering logistically complex chains combining railways, trucks, pipelines, barges, and ship-to-ship transfers to get crude out of the country. Several ventures are aiming to build new facilities to allow exports via supertankers, which need deepwater ports.
The export surge started in late 2015 when Washington lifted a 40-year ban on most oil sales overseas, imposed in the aftermath the 1973-74 oil embargo by the Arab members of the Organization of Petroleum Exporting Countries.
Although the Permian isn’t growing as fast as last year, oil traders and executives still anticipate that America will add another million barrels a day this year to its production, with the bulk coming in the second half. The current slowdown, which some executives jokingly call a "fracking holiday," is the direct result of shareholder demands for higher returns and less growth, and lower oil prices in late 2018 and early 2019. But the Permian is likely to re-accelerate in the second half of this year when new pipelines open.
If the forecast proves correct, U.S. crude production will surpass 13 million barrels a day by December, up from 11.8 million barrels a day at the end of last year and well above the previous all-time high set in 1970.
"It’s going to be less than if people were able to spend unconstrained, but there’s going to be growth, lots of it," said Osmar Abib, chairman of global energy at Credit Suisse Group AG.
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Validea's Top Five Energy Stocks Based On David Dreman - 12/13/2020
Validea’s Top Five Energy Stocks Based On David Dreman – 12/13/2020
The following are the top rated Energy stocks according to Validea’s Contrarian Investor model based on the published strategy of David Dreman. This contrarian strategy finds the most unpopular mid- and large-cap stocks in the market and looks for improving fundamentals.
PBF LOGISTICS LP (PBFX) is a small-cap value stock in the Oil Well Services & Equipment industry. The rating according to our…
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Phillips 66 Partners, Harvest Midstream, and PBF Logistics Announce Joint Development and Open Season for Crude Oil Pipeline in Louisiana HOUSTON--(BUSINESS WIRE)--Phillips 66 Partners (NYSE: PSXP), Harvest Midstream Company, and PBF Logistics LP (NYSE: PBFX) have entered into an agreement to jointly develop the ACE Pipeline System.
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PBF Logistics LP (NYSE:PBFX) Sets 52 Week High Bar Of $22.70
PBF Logistics LP (NYSE:PBFX) Sets 52 Week High Bar Of $22.70
PBF Logistics LP (NYSE:PBFX)
August 6th, 2018
PBF Logistics LP finished Friday’s trading session down 0.22%, a $0.05 decrease to close on $22.40. Despite the drop in price it hit a new 52 week high of $22.70.
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Harber Asset Management Has Lifted Stake in <b>Kroger</b> Co (KR) as Market Value Declined; Pbf ...
Harvest Fund Advisors Llc increased its stake in Pbf Logistics Lp (PBFX) by 1.82% based on its latest 2017Q3 regulatory filing with the SEC. Harvest Fund Advisors Llc bought 23,406 shares as the company's stock declined 3.58% while stock markets rallied. The hedge fund held 1.31M shares of the ...
from Google Alert - "fred meyer" | "king soopers" | kroger | ralphs | fry's | qfc | dillons | -"john kroger" -"qatar" -"stephen fry" http://ift.tt/2rdqeGf
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#PBFX IS IN PLAY
Multiplier (X) to 88.041924. from 74.720850.
Buy Stop Limit (BSL) to 11.36. from 13.38.
Sell Stop Limit (SSL) to ASSESSING. from 12.36.
Converted Cash Reserve (CR) to Trade (T) at approximately 13.38. (Share: 74) bringing the Average Price Paid (APP) to about 13.38.
Converted Investment (I) to Cash Reserve (CR) at approximately 12.36. (Share: 126) generating about +38.41% ROI (Return on Investment).
Just to reiterate, I placed the following order(s):
+ Buy 88. Shares @ 11.36; Limit: 11.36. & Stop: 11.35.
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PBF Logistics Neutral
from Latest Analyst Opinions - markets.businessinsider.com https://ift.tt/2LWK8MZ
via https://ift.tt/2PMofEJ
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Ipea suggests readjusting Bolsa Família by 29%, plus R $ 450 per family
(photo: Disclosure)
Researchers from the Institute of Applied Economic Research (Ipea) suggest that the federal government grant one readjustment of up to 29% access criteria and the amounts paid by the Family Purse and create an extraordinary benefit of R $ 450.00, lasting six months, for all families with an income of up to half a minimum wage per person. The measures would reach the poorest third of the Brazilian population at a time when they are vulnerable to the crisis caused by the new coronavirus.
The actions would be combined with the inclusion of 1.7 million families that are on the program's waiting list. The additional expense calculated with assistance transfers in 2020 is estimated at R $ 68.6 billion, but more than 80% of this expense would be temporary and restricted to this year. The impact for next year would be much less, of R $ 11.6 billion, according to the technical note released this Friday (3/27), by Ipea.
The scenario is just one of the 72 alternatives designed and calculated by researchers Lus Henrique Paiva, Pedro Ferreira de Souza, Leticia Bartholo and Sergei Soares. According to the text, the simulations were requested by the Ministry of Economy, which asked for “the construction of intervention scenarios to enhance the use of the PBF (Bolsa Família Program) and the Single Registry as mechanisms to reduce the economic losses caused by 19 Brazilian low-income population “.
The work also analyzed institutional and operational difficulties, as any covid-19 response to support vulnerable families needs to be swift. “There is no use in a good answer that could be operational in 3 or 4 months, leaving the poorest families without resources during the most critical period of the crisis”, warns the text.
The researchers' assessment that it is necessary to reset the waiting list for Bolsa Familia and restore the real value of the poverty and extreme poverty lines set at the beginning of the program in 2004 at this time of greatest social vulnerability. Today, the benefit is paid to families with a monthly income of up to R $ 178 per person, and extreme poverty is considered when the amount is up to R $ 89 per person. These figures, according to the proposal, would rise to R $ 230 and R $ 115, respectively, which would increase the number of families able to join the program.
In addition, the researchers defend the creation of an extraordinary benefit to be paid to all families that have an updated registration in the Single Registry, a federal government database for the inclusion of families in social programs, regardless of whether they receive or not. Bolsa Família. To be included in Cadnico, I must have a family income of up to R $ 522.50 per person.
The researchers' argument is that families that are in Cadnico but are not yet on the “poverty line” that justifies the payment of Bolsa Família may experience “impoverishment” during the crisis of the new coronavirus. This would provoke a kind of rush to the Social Assistance Reference Centers (CRAS), already overloaded and that would assist an agglomeration of people just when the health recommendation for the population to stay at home and avoid situations of high risk of contagion by the citizens. 19.
“The granting of temporary benefits to vulnerable families is a more rational preventive response than simply waiting for these families to fall below the poverty line and having to go to the CRAS to update their information in the Single Registry,” says the study.
During the life of the extraordinary benefit, the poorest 30% of the Brazilian population could count on a minimum monthly income of R $ 450 per family. Bolsa Família beneficiaries could accumulate payments and have, on average, a monthly income security of almost R $ 690 per family. After the end of the extraordinary benefit, the families benefiting from the program would continue to receive on average something close to R $ 240 per family (R $ 77 per capita), an amount 27% higher than what is currently paid, in the researchers' calculations.
Simulations were made with other amounts, of R $ 150 or R $ 300 per family, which consequently would have less impact on public accounts, but would less protect families in the period of crisis.
“We understand the fiscal restrictions that plague the Brazilian State, but, given the likelihood of catastrophic developments from a social point of view, our recommendation inevitably tends towards the most generous scenarios,” says the technical note. According to the researchers, “at worst, even if social risks are overestimated” the additional expense would be almost all temporary.
In addition, spending on transfers would rise from 0.4% of Brazilian GDP to 1.4% of GDP this year – well below the annual Social Security deficit and in line with other countries' income transfer programs.
From the institutional and operational point of view, the suggestion made by the researchers considered to be of difficulty would intermediate the discharge. In the readjustments and the inclusion of more families in the program, the obstacle is the task of delivering so many cards at the same time to the beneficiaries, at a time when the logistics effort can be difficult.
To create the extraordinary benefit for six months, specific legislation is recommended (without connection to Bolsa Família) and good coordination with Congress for quick approval. The biggest difficulty would be to adjust Caixa's systems to the new parameters of the special payment, since they would be different from Bolsa Famlia. Even so, the researchers believe it is possible to rotate a sheet in early April, for payment at the end of the month.
Assistance network
The technical note from Ipea also calls attention to the lack of resources in the federal government's assistance network, which would need R $ 2.5 billion to keep the services running, but only has about R $ 1.5 billion (being R $ 500 million conditional on the approval of a special credit by the National Congress).
“Let us remember that the assistance network is responsible for welcoming people on the streets and even for bearing the burial costs of individuals whose families do not have the financial means to do so. It is necessary to underline, therefore, that the success of the suggestions for expansion of The benefits exposed in this note require the recomposition of the budget available to the social assistance services “, says the text.
The post Ipea suggests readjusting Bolsa Família by 29%, plus R $ 450 per family appeared first on Cryptodictation.
from WordPress https://cryptodictation.com/2020/03/27/ipea-suggests-readjusting-bolsa-familia-by-29-plus-r-450-per-family/
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PBF Logistics LP - Quarterly report [Sections 13 or 15(d)]
Security and Exchange Commission Form 10-Q Filing for PBF Logistics LP
from https://sec.report/Document/0001582568-19-000023/
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PBF Logistics to Release First Quarter 2019 Earnings Results
PARSIPPANY, N.J., March 13, 2019 /PRNewswire/ — PBF Logistics LP (NYSE: PBFX) announced today that it will release its earnings results for the first quarter 2019 on Wednesday, May 1, 2019. The company will host a conference call and webcast regarding first quarter results and other…
The post PBF Logistics to Release First Quarter 2019 Earnings Results appeared first on The Chestnut Post.
from The Chestnut Post https://thechestnutpost.com/uncategorized/pbf-logistics-to-release-first-quarter-2019-earnings-results/
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