Refiners Get a Look from Short Sellers (BHI, BP, CHK, CVX, COP, EPD, XOM, KMI, NOV, PSX, SLB, RIG, VLO)

Energy

Published: November 12, 2012 8:58 am

We have tracked the key short interest changes in the following oil and gas leaders: Baker Hughes Inc. (NYSE: BHI), BP PLC (NYSE: BP), Chesapeake Energy Corp. (NYSE: CHK), Chevron Corp. (NYSE: CVX), ConocoPhillips (NYSE: COP), Enterprise Products Partners L.P. (NYSE: EPD), Exxon Mobil Corp, (NYSE: XOM), Kinder Morgan Inc. (NYSE: KMI), National Oilwell Varco Inc. (NYSE: NOV), Phillips 66 (NYSE: PSX), Schlumberger Ltd. (NYSE: SLB), Transocean Ltd. (NYSE: RIG) and Valero Energy Corp. (NYSE: VLO).

Here are short positions in these firms as of October 31:

Baker Hughes Inc. (NYSE: BHI) saw short interest fall 16.1% to 13.61 million shares, or 3.1% of the company’s total float.

BP PLC (NYSE: BP) short interest rose 15.1% to 5.72 million shares, to 0.2% of the company’s float. The announced sale BP’s share of TNK-BP to Russia’s Rosneft is the likely cause of the rise in short interest.

Chesapeake Energy Corp. (NYSE: CHK) saw a 5.7% drop in short interest to 71.84 million shares, which represents about 11% of the firm’s float.

Chevron Corp. (NYSE: CVX) short interest rose 2.1% to 16.58 million shares, which represents just 0.8% of the company’s float.

ConocoPhillips (NYSE: COP) saw a 2.4% rise in short interest to 25.86 million shares, which represents 2.4% of the firm’s float.

Enterprise Products Partners L.P. (NYSE: EPD) saw short interest fall 11.7% to 1.8 million shares, just 0.3% of the company’s total float.

Exxon Mobil Corp. (NYSE: XOM) saw short interest drop 2.1% to 39.29 million shares, just 0.9% of the company’s total float.

Kinder Morgan Inc. (NYSE: KMI) short interest fall 24.1% to 6.92 million shares, which represents 1.4% of the company’s float.

National Oilwell Varco Inc. (NYSE: NOV) saw short interest rise 8.4% to 5.64 million shares, about 1.3% of the company’s total float.

Phillips 66 (NYSE: PSX) saw a 20.7% rise in short interest to 10.38 million shares, which represents 1.7% of the firm’s float.

Schlumberger Ltd. (NYSE: SLB) short interest rise 7.9% to 13.5 million shares, which represents 0.9% of the company’s float.

Transocean Ltd. (NYSE: RIG) saw a 23.8% fall in short interest to 3.54 million shares, which represents 1% of the firm’s float.

Valero Energy Corp. (NYSE: VLO) saw a 34.6% rise in short interest to 16.27 million shares, which represents 3% of the firm’s float.

The falling price of crude has had a larger impact on oil field services firms than on the large integrated companies like Exxon and Chevron. Rising natural gas prices have buoyed Chesapeake. Dropping crude prices and lower U.S. demand for gasoline have raised short interest in refining companies.

Paul Ausick

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