Cal Dive International, Inc. (NYSE: DVR) reported a second quarter 2013 loss of $1.7 million, or $0.02 per diluted share, on revenues of $121.0 million. Included in the loss is a $4.0 million after-tax gain related to the final marked-to-market adjustment of the derivative liability on the Company’s convertible debt. This compares to a loss of $5.7 million, or $0.06 per diluted share, on revenues of $120.3 million for the second quarter 2012. For the second quarter 2013, the Company reported EBITDA of $10.2 million compared to $10.7 million for the second quarter 2012.

Cal Dive also announced that it was awarded a contract on August 6, 2013, from Pemex Exploración y Producción that is expected to generate revenue of approximately $40 million. This award is in addition to the three Pemex awards already announced in 2013 for approximately $250 million. This most recent award brings the total expected revenue from contracts awarded by Pemex to Cal Dive this year to approximately $290 million. This latest contract is for the procurement, installation and commissioning of 3.5 kilometers of 20 inch subsea pipeline and associated tie-ins to an existing platform. The offshore construction is expected to commence toward the end of the fourth quarter 2013 with the remainder of the work expected to be performed during the first quarter 2014.

Commenting on the results and the contract award, Cal Dive’s Chairman, President and Chief Executive Officer, Quinn Hébert, stated, “The second quarter saw increased revenue and profitability from all of our international regions. For the quarter our international revenues increased by over 60% when compared to the second quarter 2012 and accounted for 65% of our total consolidated revenues. We continue to focus on our strategy of expanding our international operations, and expect that approximately 70% of our total 2013 annual consolidated revenues will come from international locations, led by work in Mexico.

“The U.S. Gulf of Mexico shallow water market overall continued to be sluggish during the second quarter and the work season had a late start due to weather during April and into May. Furthermore, we experienced a decline in the profitability of our two derrick barges year-over-year. The Pacific was in drydock much of the quarter but was fully utilized during second quarter last year on a large decommissioning project, and the Atlantic had low utilization in the quarter due to permitting delays for salvage and decommissioning projects and inclement weather at the very end of June. However, the outlook for the salvage and decommissioning market remains steady and these two assets are expected to have good utilization during the third quarter.”

Mr. Hébert continued, “We are very pleased to have just been awarded our fourth contract from Pemex this year. Looking ahead to the second half of the year, we will commence offshore operations in Mexico later in the third quarter. Our offshore schedule is always subject to change, but currently we expect to complete more work in Mexico during the fourth quarter than the third quarter. Therefore we expect the fourth quarter financial results to be comparable with the third quarter as the Mexico activity will offset the start of the typical winter season in the Gulf of Mexico. The remainder of the Mexico work will be completed during the first half of 2014 giving us better than usual utilization during the typically slow winter season. We will continue to actively bid more projects in Mexico over the remainder of 2013 for work in 2014.”

As part of its recent initiative to provide the data behind its widely followed market analysis and price forecasts, PIRA Energy Group has launched the World Oil Supply Data Portal, (WOS) Available only via PIRA’s client site, WOS reflects the 30-plus years of PIRA forecast modeling of country-by-country and, at times, field-by-field supply data.  The results of this bottom-up analysis, when combined with PIRA’s similarly detailed work for by-country and by-sector demand, provides the foundation for PIRA’s oil balances and price forecasts that are relied on by more the 500 client companies worldwide.

With the world now in the midst of a major evolution in oil supply, the timing of the WOS’s launch is particularly important. Markets in North America will increasingly be supplied by new local sources, and oil previously destined for North America from abroad will be seeking new markets in Asia and elsewhere. For instance, U.S. liquids production has grown from 9.5 MMB/D in the second quarter of 2010 to 12 MMB/D currently, with 1.8 MMB/D of that increase coming from relatively light, sweet shale crude production and the remainder primarily from shale NGLs. This higher production has led to a reduction in imports of 2 MMB/D, with largest portion of the reduction to date in African grades. PIRA anticipates that the growth in U.S. crude production will continue, albeit at a slowing rate, changing the global crude mix to one that is both lighter on average and less dependent on OPEC.  Understanding the specifics of how this will evolve makes a resource like WOS critical to commercial success in refining, crude transport and maximizing the value of crude sales.

The Portal’s customized interface allows users to quickly access PIRA's latest world liquids supply forecast (annually to 2030 and monthly to end 2014), including assumptions on disruptions, maintenance, and spare capacity.  The data can be viewed and organized for any geographical split, from world or regional totals all the way to U.S. states and Canadian provinces, and even to specific plays where available.

“What makes the Portal truly special is that it goes beyond understanding and displaying volumes,” notes Gary Ross, PIRA’s CEO. “Its critical advantage is how it allows users to delve quickly into specific components of liquids supply — conventional, nonconventional; onshore or offshore; shale or non-shale. WOS enables the user to drill down, so to speak, to specific types of liquids, not just crude or condensates. Details on NGLs, biodiesel and ethanol, GTLs and CTLs, syncrude and so on are all just a click or two away.”

Another unique aspect of the Portal is the ability to view crude and condensate production forecasts by quality (light sweet, medium sweet, heavy sweet, light sour, medium sour, heavy sour).  Users are further empowered to customize their output by establishing specific value ranges for API, sulfur, TAN, and 650+ content in order to generate a report that contains only the specific grade of crude they need. This could be particularly valuable to a refiner seeking the best source of supply or a producer assessing its most direct competition.

Dr. Ross adds, “As a reflection of PIRA itself, where all of its information services come with high degree of value-added analysis, WOS is more than a collection of data presented in an easy-to-access interface. It comes with our team of seasoned analysts who understand the limitations of source data and work to normalize the various streams. Anticipating and quantifying disruptions is another key element of accurately forecasting supply.  WOS inputs take into account all types of disruptions in production, including weather, technical problems, sabotage, sanctions, and other politically driven outages.”

Field start-ups are equally important to gauging future production. WOS’s “Production by Vintage” reports reveal which projects are scheduled to begin production in a particular year (or range of years) and show the behavior of those fields over time in PIRA’s forecast.

PIRA Energy Group, founded in 1976, is a preeminent energy information provider specializing in global energy markets research, analysis, and intelligence. PIRA offers primarily Retainer Client Services, but also can perform customized consulting, on a broad range of subjects in the international crude oil (and NGLs), refined products, natural gas (and LNG), electricity, coal, biofuels, shipping and emissions markets. Currently, more than 500 entities spread across some 60 countries — including international and national integrated oil and gas companies, independent producers, refiners, marketers, oil and gas pipelines, electric and gas utilities, industrials, trading companies, financial institutions and government agencies — use PIRA’s research and price forecasting services.

Petrobras announces that the oil output (oil plus natural gas liquids - NGL) of all of Petrobras' fields in Brazil was 1,979 thousand barrels per day (bpd), volume 4.6% higher than May (1,892 thousand bpd). Including the share operated by the company for its partners, oil output in Brazil reached 2,043 thousand bpd, indicating a 5.2% rise compared to May.


In June, Petrobras' total output (oil and natural gas) in Brazil averaged 2,378 thousand barrels of oil equivalent per day (boed), 4.8% higher than May. Including the share operated by Petrobras for partner companies, total production in June was 2,489 thousand boed, 5.5% higher than the previous month.



The increase in production was due to the startup of new wells connected to platforms FPSO Cidade de Itajaí, in Baúna field, Santos Basin, and FPSO Brasil, in Roncador field, Campos Basin, in addition to the startup of FPSO Cidade de Paraty, in the Lula NE Pilot Project, in the Santos Basin pre-salt. The production increase was also aided by the return into operation of platforms P-25 and P-31, in Albacora field, Campos Basin; and of FPSO Cidade de Angra dos Reis, which operates in the Lula field pilot project, in the Santos Basin pre-salt. These production units were undergoing planned shutdowns in May. According to the schedule, in June, platforms P-20 and Pampo-1 (PPM-1), both in Campos Basin, were stoped for maintenance.



Moreover, it is important to highlight the pre-salt's rising contribution to total volume. In June, a new record was set with the daily average of 310.2 thousand bpd, including the share operated by the company for its partners.

Total oil and natural gas production in June, including the company's production abroad, averaged 2,612 thousand boed, 4.2% higher than May.



Natural Gas Production



In June, Petrobras' non-liquefied natural gas output in Brazil was 63,430 thousand cubic meters per day, 6.2% higher than May. Total gas production in Brazil, including the share operated by the company for its partners, was 70,834 thousand cubic meters per day, a 6.8% rise compared to the previous month.


International Production



In June, total oil and natural gas production abroad was 234,885 boed, which corresponds to a 0.7% rise against May. Of this total, 144,131 bpd of oil were produced, stable when compared to the previous month. International natural gas output was 15,419 thousand cubic meters per day, 1.9% higher than the volume produced in May.



The rise in international output was primarily due to higher demand for Bolivian gas by the Brazilian market.


Information to the Brazilian National Agency for Oil, Natural Gas and Biofuels (ANP)

Total output reported to Brazil's National Petroleum, Natural Gas and Biofuels Agency (ANP) in June 2013 was 9,191,902.60 m³ of oil and 2,234,271.65 thousand m³ of gas.

This output corresponds to the total output from concessions where Petrobras is the operator. It does not include shale, NGL volumes and partners' output where Petrobras is not the operator.