Editor’s Note: Related Tickers: First Solar, Inc. (NASDAQ:FSLR), SunPower Corporation (NASDAQ:SPWR), Chesapeake Energy Corporation (NYSE:CHK), Exxon Mobil Corporation (NYSE:XOM), Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE), Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP), BP plc (ADR) (NYSE:BP)
First Solar Sees Mideast Renewable Power Accelerating From 2014 (Bloomberg)
First Solar, Inc. (NASDAQ:FSLR), the largest thin- film panel manufacturer, sees “significant growth” in renewable energy projects being developed in the Middle East and North Africa by the end of 2014. Solar power projects with planned cumulative capacity of 500 megawatts to 1,000 megawatts will be under development or tendered by governments by then, Ahmed Nada, the Middle East vice president for business development, said today in Dubai. First Solar will seek to win some of those projects, he said. “Any company of our size would aim to have a substantial market share” of the power plants to be developed, he said.
SunPower Launches X-Series Family of Solar Panels with World-Record Efficiencies (Power Engineering Magazine)
SunPower Corporation (NASDAQ:SPWR) has introduced its SunPower X-Series Solar Panels (X-Series), a new product line for the residential market that offers an unprecedented 21.5 percent efficiency. The X-Series delivers more energy, higher reliability and superior aesthetics than conventional solar panels. The new world-record efficiency of this product line has received third-party validation by the National Renewable Energy Laboratory (NREL). The X-Series is made with SunPower’s third-generation Maxeon solar cells which are built on a solid copper foundation for high reliability and performance. This foundation makes them virtually impervious to the corrosion and cracking that typically degrade conventional panels. As a result, SunPower Corporation (NASDAQ:SPWR) solar panels are backed by the industry’s first combined 25-year product and power warranty.
Chesapeake Energy nearing completion on three more office building sales (Journal Record)
Chesapeake Energy Corporation (NYSE:CHK) is definitely not done selling off some of the office buildings it has acquired in recent years near its corporate campus in Oklahoma City. In December the energy firm sold the Caliber Center and Harvey Parkway. These two buildings totaled 350,000 square feet. Now, it appears Chesapeake is in the process of selling Atrium Towers at NW 63rd and Hefner Parkway, and the former IBC Bank building that is located adjacent to Atrium Towers. According to a Price Edwards & Company first quarter market statistics blog, Chesapeake is expected to complete the sale of these properties during the second quarter to another locally headquartered company.
Exxon Mobil Given “Buy” Rating at Cowen Securities (XOM) (Daily Political)
Exxon Mobil Corporation (NYSE:XOM)‘s stock had its “buy” rating restated by equities researchers at Cowen Securities in a report issued on Tuesday, Analyst Ratings Network reports. They currently have a $100.00 target price on the stock. Exxon Mobil traded up 0.38% on Tuesday, hitting $86.815. Exxon Mobil has a 52-week low of $77.13 and a 52-week high of $93.67. The stock’s 50-day moving average is currently $89.18. The company has a market cap of $389.0 billion and a price-to-earnings ratio of 8.92.
Two SunPower solar systems under construction for Yolo County (Your Industry News)
SunPower Corporation (NASDAQ:SPWR) announced today that construction is underway on two solar power projects for Yolo County in Calif. The projects are expected to generate 5.8 megawatts of emission-free solar power for county facilities, worth an estimated $1.5 million in electricity costs the first year of operation. The projects include one array built at the corner of West Beamer Street and Cottonwood Street in Woodland, Calif. and one at Grassland Regional Park in Davis, Calif. The two new systems will be owned by the County, with the systems purchased through low interest public financing.
First Solar, Inc. (NASDAQ:FSLR) competes with Chinese rivals like Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE) for market share (Crazy Joys)
The renowned solar cells producer First Solar, Inc. (NASDAQ:FSLR) is planning to produce cheaper yet less efficient solar cells. The company is fighting to regain the market share that it lost against the Chinese less costly products. The fact is the firm produces less efficient cells from rivals that will increase costs for customers too. Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE) is a low cost Chinese solar cell company. Company is worried over fragile debt to equity ratio of 4.39 and is desirous to make it strengthened. In order to support the solar industry…
…the Chinese government is providing cheap capital to companies. The development came after the biggest solar cell producer Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP) went for bankruptcy.
Exxon Mobil Corp. gives $2M to Texas A&M Foundation (Dallas Business Journal)
Exxon Mobil Corporation (NYSE:XOM) and its employees donated more than $2 million to the Texas A&M Foundation this year. Each donor got to choose which college, department or program the money went to at the College Station campus. Irving-based ExxonMobil took each donation and triple matched it so for every dollar donated by an individual, the company would give $3. The match is capped at $7,500 per individual donation. In total, the Exxon Mobil Foundation contributed $2.08 million to the university’s foundation. Ed Davis, president of the Texas A&M foundation, said the three-to-one match makes Exxon Mobil Corporation (NYSE:XOM)’s contribution one of the most generous in corporate America.
BP Beats Chesapeake In Court Fight Over A Land Deal Gone Bad (Forbes)
Last November I took a look at a land dispute between BP plc (ADR) (NYSE:BP) and Chesapeake Energy Corporation (NYSE:CHK) that was set to go to trial. Now the judgement is in. Judge Vicki Miles-LaGrange in the U.S. Court for the Western District of Oklahoma ruled that Chesapeake and its former CEO Aubrey McClendon owes BP $22 million. In a nutshell: BP in 2008 paid Chesapeake $1.75 billion for 90,000 acres in the Arkoma Basin Woodford shale of Oklahoma. Turned out Chesapeake had problems with the titles on about 7% of that land — or about $116 million worth. After adjustments, BP in 2009 asked Chesapeake (in tandem with Chesapeake Investments, a limited partnership owned by former CEO Aubrey McClendon) to fork over $81 million to even up the accounts. Chesapeake Energy Corporation (NYSE:CHK) only paid $59 million, then claimed that BP CFO Tim Harrington agreed to forego payment on the remaining $22 million.
First Solar, Trading Below Book Value, Begins To Shine Again (Seeking Alpha)
A darling of Wall Street during its hyper growth phase last decade, First Solar, Inc. (NASDAQ:FSLR) has produced catalysts under new management that may cause this fallen high-flier to rise again. FSLR has a strong value aspect to it. It sells for about 10X this year’s projected earnings and below tangible book value while maintaining a strong balance sheet. Five years ago, FSLR was a $317 stock with a book value in the mid-teens and sales per share of $15. It now is a $37 stock with a scrubbed book value of $41 and net working capital that comprises almost 40% of its market cap. Sales per share this year are going to be north of $40.
SunPower to Announce First-Quarter Results on May 2, 2013 (Sacramento Bee)
SunPower Corporation (NASDAQ:SPWR) will announce its first-quarter financial results on a conference call Thursday, May 2 at 1:30 p.m. Pacific Time. The call-in number is 517-623-4618, passcode SunPower. The call will be webcast and can be accessed from SunPower’s website at http://investors.sunpowercorp.com/events.cfm.
Chesapeake Energy Corporation Announces the Expiration and Final Results of Its Cash Tender Offers (Business Wire)
Chesapeake Energy Corporation (NYSE:CHK) today announced the expiration and final results of its previously announced cash tender offers (collectively the “Tender Offers” and each a “Tender Offer”) for any and all of its 7.625% Senior Notes due 2013 (the “2013 Notes”) and its 6.875% Senior Notes due 2018 (the “2018 Notes” and, together with the 2013 Notes, the “Notes”). The tender offers expired at 11:59 p.m., New York City time, on April 12, 2013 (the “Expiration Date”). The full terms and conditions of the Tender Offers are set forth in the Offer to Purchase and the related Letter of Transmittal, each dated March 18, 2013.
Former Wyden aide to lobby for ExxonMobil (The Hill)
The former long-time chief of staff for Sen. Ron Wyden (D-Ore.) is now lobbying for Exxon Mobil Corporation (NYSE:XOM) on energy, environment and tax issues, according to documents made public in mid-April. ExxonMobil retained Josh Kardon, who served on Wyden’s staff from 1992 until 2011, through lobby shop Capitol Hill Consulting Group. Kardon is senior vice president with the firm.
