Credit deflation and the reflation cycle to come (part 7)

[Yadda yadda yadda]

34 minutes ago, sancho panza said:

This will be reflected in wage demands in the far east

Go long riot suppression supplies 

Edited December 27, 2023 by Yadda yadda yadda

[BWW]

3 hours ago, ThoughtCriminal said:

Well, we found the forum's pro stabby rapists double digit IQ third world importation libertarian fuckwit.

Imagine looking around modern Britain and thinking "This is fucking great, why can't the rest of western Civilisation look like this?".

And yet.........I bet your street is 100% white.

There are no words strong enough for how much I fucking despise people like you.

zone 2 n london ... try again.

in my other home in west country i own the "street" leading to my house and neighbours are 1/2 mile plus.

 

[Castlevania]

On 21/12/2023 at 17:01, sancho panza said:

its worth recording some detail from thata rticle.this looks like a super deal for harbour.I won't be selling ours here .

they pretty much kitchen sinked the last results.

 

 

'LONDON, Dec 21 (Reuters) - Britain's Harbour Energy (HBR.L) on Thursday agreed to acquire Wintershall Dea's non-Russian oil and gas assets in a $11.2 billion share and cash deal with BASF (BASFn.DE) and LetterOne that creates one of the world's largest independent producers.

London-listed Harbour, the largest British North Sea oil and gas producer, has sought to expand beyond the United Kingdom after the government imposed a windfall tax on the sector following the spike in energy prices in 2022, pushing Harbour into a loss in the first half of this year.

Harbour will continue to want to grow over time, CEO Linda Cook told Reuters.

"Scale is increasingly important in our sector. Not only for relevance with investors, but also to ensure access to diverse low-cost sources of capital," Cook said.

The assets being acquired include Wintershall Dea's upstream assets in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria, as well as the company's carbon capture and storage licences in Europe.

Its Russian assets are excluded, Harbour said. Earlier this week, President Vladimir Putin ordered Wintershall Dea's stakes in Russian ventures be transferred to new Russian companies.

Its valuation based on Wintershall Dea's oil and gas reserves is virtually identical to Italian energy firm Eni's $4.9 billion acquisition of private equity-backed Neptune Energy in June, Jefferies analyst Mark Wilson said.

BASF, a majority shareholder in Wintershall Dea, will own 46.5% of Harbour and will be entitled to nominate two non-executive directors to Harbour's board as part of the deal.

LetterOne, the investment firm owned by Russian billionaire Mikhail Fridman who is under western sanctions, will own 14.9% of non‐voting, non‐listed convertible ordinary shares.

 

BASF will gradually exit the oil and gas business over time, BASF chief financial office Dirk Elvermann said in a statement.

Harbour will take on $4.9 billion of existing euro denominated Wintershall Dea bonds and will pay an additional $2.15 billion from Wintershall's cashflow, Harbour said.

The combined group will have production of over 500,000 barrels of oil equivalent per day (boed), mainly from Norway and Argentina. Harbour expects to produce around 190,000 barrels of oil equivalent per day (boed) in 2023.

 

Agreed. It on paper at least looks like a great deal for Harbour. It’s effectively a reverse take over by the owners of Wintershall at £3.60 a share. BASF and Letter One get to dump their Russian assets. Harbour get a lot of producing assets cheaply. Harbour should also eventually get a re-rate as U.K. windfall taxes become less material as a portion of production.

[RJT1979]

4 hours ago, M S E Refugee said:

The only thing that will probably save Poland from the Gimmegrants is that they don't have a generous benefit system.

I remember a few years ago they took in a few hundred Syrians and they all fucked off to Germany for the benefits.

Yeah. Think I relayed that story. 

They will find the money for the immigrants one way or another....

[M S E Refugee]

3 minutes ago, RJT1979 said:

Yeah. Think I relayed that story. 

They will find the money for the immigrants one way or another....

Only if the EU pay for them.

[Harley]

A fantastic Christmas present for me from TradingView after a long wait!

They have updated their screening functionality to "level 11":

https://www.tradingview.com/blog/en/new-screeners-stock-crypto-coins-etf-42346/

Well done!  The two most important things for me are:

. You can save your own screens.

. The screens enable you to mix periods (e.g. a weekly filter combined with a daily filter in the same screen).

Just what's needed for the (non-passive) years ahead!

[spygirl]

On 26/12/2023 at 10:46, M S E Refugee said:

You would have to visit Poland to understand why they voted for that EU Cocksucker Donald Tusk.

New Motorways,Railway Stations,Tracks,Locomotives and other infrastructure projects funded by the EU bought him the votes.

Unfortunately when you make a deal with the Devil it has long-term consequences.

Poland hasn't really seen any downsides to being a member of the EU.

They didn't.

Despite the press etc, he came 2nd.

He's only just be offered a go as PIS failed to form a coalition.

And Tusks coalition  will unravel quickly.

[Alifelessbinary]

6 hours ago, Noallegiance said:

Yeah. That condescending primary school bollocks will chill everyone out.

In case you hadn't noticed, bending over and taking one up the tailpipe has landed this country in a steaming pile.

It's also important to remember to tell your enemies to fuck right off.

What’s the matter with you? Go wash the sand out of your vagina, have a drink and come back when you’re not blinded by stuff you can’t control.

You’re not my enemy, but I don’t need to hear your whinging, as it’s boring and got nothing to do with this thread.

If you really don’t like the way the UK is going then see yourself an investment target and buy a golden visa in your chosen destination. 

 

[sancho panza]

4 hours ago, Castlevania said:

 

Agreed. It on paper at least looks like a great deal for Harbour. It’s effectively a reverse take over by the owners of Wintershall at £3.60 a share. BASF and Letter One get to dump their Russian assets. Harbour get a lot of producing assets cheaply. Harbour should also eventually get a re-rate as U.K. windfall taxes become less material as a portion of production.

interesting takes here.key thing is Harbour gaining scale as it diversifies from UK.This will hopefully keep it's interest bill low.

it seems like theyve bascially opted to pass the company(wintershall) to some people wiht expereince in the industry rather than exit the business altogheter by flaoting it off.

Harobur will be nicely diversififed after this.Also might be a nice bite sized chunk for one of the majors in time.

https://www.rigzone.com/news/harbour_to_acquire_wintershall_upstream_assets_for_112b-26-dec-2023-175170-article/

“The Target Portfolio includes all of Wintershall Dea’s upstream assets in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria as well as Wintershall Dea’s CO2 [carbon dioxide] Capture and Storage licenses in Europe”, Harbour said in a recent press release. “Wintershall Dea's Russian assets are excluded”.

Harbour said the combined company would be one of the world’s biggest and most geographically diverse independent oil and gas companies. The resulting company is expected to have an average production of 500,000 barrels of oil equivalent per day (boepd), mostly natural gas, and proven and probable reserves of 1.5 billion boe.

The acquisition would boost “Harbour’s natural gas-weighting with combined natural gas production of over 300 kboepd (c.60 percent of total production)”, Harbour said.

It would also be “materially accretive to margins with lower combined opex of c.$11/boe and exposure to advantaged markets (Brent for oil and TTF for European gas)”, Harbour added.

If successful, ordinary shareholders expect an increase in annual dividend to around $380 million, according to Harbour.

Additionally the combined company would have lower greenhouse gas emissions of about 15 kilograms of carbon dioxide equivalent per boe compared to Harbour’s.

As part of the price tag, Harbour will take over $4.9 billion in bonds issued by Wintershall Dea. “Post completion, Harbour expects to receive investment grade credit ratings, increasing its access to low cost, diverse sources of capital”, Harbour said.

 

https://www.ft.com/content/72b438eb-6ff4-430f-9ca9-5d51d7bf30ed

[Red Debt Redemption]

40 minutes ago, sancho panza said:

interesting takes here.key thing is Harbour gaining scale as it diversifies from UK.This will hopefully keep it's interest bill low.

it seems like theyve bascially opted to pass the company(wintershall) to some people wiht expereince in the industry rather than exit the business altogheter by flaoting it off.

Harobur will be nicely diversififed after this.Also might be a nice bite sized chunk for one of the majors in time.

https://www.rigzone.com/news/harbour_to_acquire_wintershall_upstream_assets_for_112b-26-dec-2023-175170-article/

“The Target Portfolio includes all of Wintershall Dea’s upstream assets in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria as well as Wintershall Dea’s CO2 [carbon dioxide] Capture and Storage licenses in Europe”, Harbour said in a recent press release. “Wintershall Dea's Russian assets are excluded”.

Harbour said the combined company would be one of the world’s biggest and most geographically diverse independent oil and gas companies. The resulting company is expected to have an average production of 500,000 barrels of oil equivalent per day (boepd), mostly natural gas, and proven and probable reserves of 1.5 billion boe.

The acquisition would boost “Harbour’s natural gas-weighting with combined natural gas production of over 300 kboepd (c.60 percent of total production)”, Harbour said.

It would also be “materially accretive to margins with lower combined opex of c.$11/boe and exposure to advantaged markets (Brent for oil and TTF for European gas)”, Harbour added.

If successful, ordinary shareholders expect an increase in annual dividend to around $380 million, according to Harbour.

Additionally the combined company would have lower greenhouse gas emissions of about 15 kilograms of carbon dioxide equivalent per boe compared to Harbour’s.

As part of the price tag, Harbour will take over $4.9 billion in bonds issued by Wintershall Dea. “Post completion, Harbour expects to receive investment grade credit ratings, increasing its access to low cost, diverse sources of capital”, Harbour said.

 

https://www.ft.com/content/72b438eb-6ff4-430f-9ca9-5d51d7bf30ed

Bought in at £2.25 I'll take that.

[Loki]

55 minutes ago, Alifelessbinary said:

What’s the matter with you? Go wash the sand out of your vagina, have a drink and come back when you’re not blinded by stuff you can’t control.

You’re not my enemy, but I don’t need to hear your whinging, as it’s boring and got nothing to do with this thread.

If you really don’t like the way the UK is going then see yourself an investment target and buy a golden visa in your chosen destination. 

 

 

[Noallegiance]

1 hour ago, Alifelessbinary said:

What’s the matter with you? Go wash the sand out of your vagina, have a drink and come back when you’re not blinded by stuff you can’t control.

You’re not my enemy, but I don’t need to hear your whinging, as it’s boring and got nothing to do with this thread.

If you really don’t like the way the UK is going then see yourself an investment target and buy a golden visa in your chosen destination. 

 

Get fucked 

[Chewing Grass]

Think I've missed something - again.

[King Penda]

On 26/12/2023 at 10:18, BWW said:

pretty sure if we'd had an explicit anti immigration referendum, the anti.s would have lost.

I voted for brexit and am strongly pro immigration and worldwide open borders/ fom.

the eu is a closed border club of rich white countries.

That built /invented pretty much everything we take for granted . Without us Africans would all still be living in mud huts . 

[Chewing Grass]

4 minutes ago, King Penda said:

Without us Africans would all still be living in mud huts .

and be quite happy as they had been for millennia.

[King Penda]

1 minute ago, Chewing Grass said:

and be quite happy as they had been for millennia.

Well slaves and all lol. Let’s not forget how the richest man in history got rich 

[Loki]

8 minutes ago, King Penda said:

Well slaves and all lol. Let’s not forget how the richest man in history got rich 

Watching and learning?

[Plan-b]

1 hour ago, Red Debt Redemption said:

Bought in at £2.25 I'll take that.

I'm in at around 3 quid so finally have a very small profit I'll also take that.

[BWW]

1 hour ago, King Penda said:

That built /invented pretty much everything we take for granted . Without us Africans would all still be living in mud huts . 

quite, when we want the ultimate break we seek a hut next to the beach with straw roof.

any africans near the pub i,'m holed up in for the night 4 miles from central newcastle? directors beer 4.10. my previous pint was6.10 for madri, does it count as beer .... at gunners with libve music where the landlord tellsme they want to be thenew hopeandanchor

[sancho panza]

7 hours ago, Castlevania said:

 

Agreed. It on paper at least looks like a great deal for Harbour. It’s effectively a reverse take over by the owners of Wintershall at £3.60 a share. BASF and Letter One get to dump their Russian assets. Harbour get a lot of producing assets cheaply. Harbour should also eventually get a re-rate as U.K. windfall taxes become less material as a portion of production.

The more I see the more I like it.Shame they couldnt get the Russian assets.......

look at the weighted average coupon at 1.8% on the $4.9bn......

https://www.harbourenergy.com/media/tgqhvqlg/231221-transformational-acquisition-of-wintershall-dea-asset-portfolio-presentation-vfinal.pdf

Edited December 27, 2023 by sancho panza

[Castlevania]

Gold just closed at a record level; and no one cares.

[Loki]

3 minutes ago, Castlevania said:

Gold just closed at a record level; and no one cares.

I care, fren

 

[PETR4]

List of countries with elections next year for anyone who wants to trade around it.

https://en.m.wikipedia.org/wiki/List_of_elections_in_2024

India, Indonesia, Russia, USA, Brazil municipals amongst others. Lots of people will see some change.

[Castlevania]

20 minutes ago, PETR4 said:

List of countries with elections next year for anyone who wants to trade around it.

https://en.m.wikipedia.org/wiki/List_of_elections_in_2024

India, Indonesia, Russia, USA, Brazil municipals amongst others. Lots of people will see some change.

South Africa is the one I’m concerned about. I have a fair bit of exposure.

Edited December 27, 2023 by Castlevania

[King Penda]

40 minutes ago, Castlevania said:

South Africa is the one I’m concerned about. I have a fair bit of exposure.

Bunch of racist twats there they are known for shooting imigrents from Rhodesia er I mean Zimbabwe. Obviously I don’t take the piss at work if anyone meantiones we are racist .even some of the Africans have realised it’s pointless pointing at me has a wracist because I point back and laught