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PSE Stock: ENERGY DEVELOPMENT CORP (EDC)

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warlocksfs

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Reply #15 on: Feb 26, 2012, 09:38 PM
Hahah DonT I have the same predicament. My case naman nasa WIN, MARC and APX.


rds

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Reply #16 on: Feb 27, 2012, 02:43 AM
^yung pinagkaiba lang ang EDC ay "value stock". yung WIN, MARC, APX, puro speculative (kung hindi basura)...


TSO

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Reply #17 on: Feb 27, 2012, 04:17 AM
Wait for the poor earnings report and meager to nil dividend and price may play at the P3 level.   

REALLY!?

:D

Sweet.

Post Merge: Feb 27, 2012, 04:18 AM
I hope it drops down to P2! Or even P1!

'cause I'm gonna buy more when it does and watch my average cost go dooooown


vgal0579

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Reply #18 on: Feb 27, 2012, 06:07 PM
Have not yet added on this... This is one of my long term stocks but waiting to reach 4.00... :-)


nepenthe

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Reply #19 on: Feb 27, 2012, 11:00 PM
buy more when this hits 4.00  :watchuthink:


nepenthe

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Reply #20 on: Mar 04, 2012, 07:54 AM
not bad when edc hit 5, bought a lot :hihi:


bajoyjoy

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Reply #21 on: Mar 04, 2012, 09:16 AM
this was one of the stocks discussed in the Citisec TA seminar last friday. fundamentally its a good company, and its price is cheap, but it was shown as one of the examples of stocks that is currently on a downtrend (the other one was pcor). there were several rallies during the downtrend which were identified as proper exit points/bounce from the major trendline. we dont know if the downtrend will continue so better to wait until its safer to buy more the speaker said (VP and Chief TA).


pocoyo

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Reply #22 on: Mar 04, 2012, 09:23 AM
basta ako ill keep EDC... :hihi: actually I earn a lot last week from this stock... and if ever it goes down... ill average down down down down too  :hihi: i believe this worth the waiting  :cool2: :watchuthink:

Post Merge: Mar 04, 2012, 09:25 AM
sir baka pwede u share ung isang stocks   :watchuthink: hehehe :) thanks for the tip re EDC!   :thankyou:
« Last Edit: Mar 04, 2012, 09:25 AM by pocoyo »


bajoyjoy

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Reply #23 on: Mar 04, 2012, 09:43 AM
correction pala upstairs^, not buy more but "buy again"...

the other one is PCOR (petron).. just like edc we just look at the charts on a longer timeframe, trendline drawn from the highest point to the most recent ones (much lower highs), then we find the next support level to forecast where the free fall might finally or temporarily stop for a bounce/rally....


vgal0579

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Reply #24 on: Mar 06, 2012, 10:14 AM
EDC reports 86% net income drop on weaker steam sales

ENERGY DEVELOPMENT Corp. (EDC) closed 2011 with an 86% drop in net income as the impact of the temporary closure of the Northern Negros Geothermal Power Plant dragged on, the company said in a statement over the weekend.

EDC saw its net income fall to P615 million at the end of 2011 from the P4.4 billion it posted in 2010.

Its recurring net income slid by 27.5% to P5.2 billion in 2011 from P7.2 billion the year previous.

“The non-cash impairment of P5.1 billion taken during the year on the Northern Negros Geothermal Project was the major contributor to the substantial decline in the company’s net income,” the company said in the statement.

The decline in net income can also be attributed to the P1.21 billion of forgone steam revenues “resulting from EDC’s acquisition of the Bacon-Manito (BacMan) power plants to which the company supplies the steam.”

“[The year] 2011 was a difficult year because we had to absorb sizable hits, primarily the Php5.1 billion write off of Northern Negros and the Php1.21 billion of foregone steam sales of BacMan,” the statement read.

The decline in net income “was partially offset by the P1.1 billion revenues from FG Hydro’s sale of ancillary services.” The firm posted revenues of P2.1 billion in 2010.

FG Hydro is a subsidiary of EDC and operates the 132-megawatt (MW) Pantabangan-Masiway hydroelectric power plant.

EDC did not provide further details on its financial results for 2011.

The firm booked the impairment of the Northern Negros plant in the first half of 2011 after it was forced to temporarily close the facility due to declining steam production.

EDC won the bid for the operations of the power plant for $28.5 million in 2010. It was fully turned over to the company in September the same year.

Rehabilitation of the BacMan plant began in May 2010 right after EDC won the contract. Work is supposed to be completed 18-24 months from the start of the rehabilitation.

BacMan is located in Bacon, Sorsogon and Manito, Albay. The 110-MW BacMan I geothermal plants were commissioned in 1993 while the 40-MW BacMan II plants were commissioned in 1998.

“We are working hard to attain our targeted third quarter 2012 re-commissioning of the BacMan plants,” said EDC President and Chief Operating Officer Richard B. Tantoco in the statement.

EDC operates the 130-MW BacMan geothermal power plant in the Visayas, the 305-MW Tongonan I geothermal power plant, the 192-MW Palinpinon geothermal plant in Leyte and the 132-MW Pantabangan-Masiway hydroelectric power plant in Nueva Ecija.

It also holds contracts to develop wind projects in Northern Luzon.

Shares of EDC closed at P5.39 on Friday, down 0.05% from its previous close of P5.44 apiece. -- Emilia Narni J. David


DonT

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Reply #25 on: Mar 06, 2012, 10:22 AM
This will have an impact on the stocks...good time to buy more.


vgal0579

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Reply #26 on: Mar 21, 2012, 01:25 PM
First Gen profit drops 50% on EDC losses

First Gen Corp., power generation arm of the Lopez Group, recorded a 50-percent drop in profits last year due to lower contributions from its affiliate.

In a disclosure, First Gen said net income attributable to equityholders of the parent firm slumped to $35 million last year from $70.2 million the previous year.

“The decline was mostly attributable to the lower income contribution from its affiliate, Energy Development Corp. (EDC), as it incurred a loss of $9.3 million in 2011 compared with an income contribution of $52.5 million in 2010,” it added.

The lower EDC earnings resulted from the non-cash impairment of $115.3 million (or P5 billion) on the Northern Negros geothermal project.

EDC also recorded foregone steam revenues worth P1.8 billion following its acquisition of the Bacon-Manito geothermal power plants in September 2010. The non-cash impairment charge was recorded in its books last June.

“The poor financial performance of EDC was disappointing but expected given the current operating activity focused on the rehabilitation of the Bacon-Manito, Palinpinon and Tongonan power plants combined with the full impairment of the Northern Negros plant in EDC’s books,” said First Gen president Francis Giles B. Puno.

Puno added that projects of First Gen will benefit from low financing costs while hydropower and natural gas plants deliver good returns.

Consolidated revenues of First Gen rose nearly a tenth to $1.4 billion last year from $1.2 billion a year ago.

Higher revenues were due to higher dispatch and fuel prices of the 1,000-megawatt (MW) Santa Rita and the 500-MW San Lorenzo natural gas power plants, First Gen said.

The natural gas plants operated at a record dispatch rate of 89.2 percent compared with 82.7 percent in the previous year.

“The gas plants delivered stable attributable earnings to the parent firm of $70.9 million in 2011,” First Gen said. - N.J. Morales


vgal0579

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Reply #27 on: Apr 13, 2012, 11:30 AM
Malampaya oil prospect mulled anew

THE ENERGY department is in talks with Shell Philippines Exploration B.V. to revise estimates on the oil potential within the Malampaya natural gas site, an official told reporters yesterday.

The exploration contract for the Camago-Malampaya Oil Leg (CMOL), which lies below gas reserves, will then be bid out after the study is conducted, the official said.

“We’re discussing the conduct of a new study. The new challenge is, when it was [first] awarded in 2006, the pressure was good. So we were hoping that oil would be extracted but over time the pressure depletes and makes it difficult to extract the oil,” said Energy Undersecretary Jose M. Layug, Jr.

He added the study should be done by Shell Philippines Exploration because it is the operator of service contract 38 offshore Palawan.

CMOL was discovered and is estimated to contain up to roughly 40 million barrels of oil. Earlier estimates put the cost of developing the area at $1 billion.

There have been concerns that the oil potential there may be declining and thus it would no longer be commercially feasible to develop the site.

The Malampaya consortium composed of Shell Philippines Exploration, Chevron Malampaya LLC and the Philippine National Oil Co.-Exploration Corp. (PNOC-EC) decided not to develop CMOL itself because the quantities of oil were not satisfactory to the group.

PNOC-EC was given the rights to develop CMOL under Executive Order 473 in 2005 and it “farmed-in” or partnered with Malaysian oil firm Mitra Energy Ltd. But Executive Order 556 then canceled the partnership between PNOC-EC and Mitra Energy amid complaints from local firm Burgundy Global Exploration Corp.

PNOC-EC went on to sign a participation agreement with Burgundy but since the team had not fulfilled its work program, the Energy department canceled the contract last year.

Burgundy on the other hand filed a case against PNOC-EC and the Energy department because of the cancellation.

Mr. Layug said despite the pending court cases, there is no legal impediment to the conduct of the study.

“[There is no] legal impediment since [no one] will not develop [the site yet]. When we consider developing the oil rim, we will have to consult with the authorities already. Actually, since we have canceled the contract, we now have legal basis to bid out the oil rim anew,” said Mr. Layug.

He added there is no schedule yet for CMOL exploration contract auction. -- E. N. J. David


GIG

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Reply #28 on: Apr 16, 2012, 12:03 AM
PNOC-EC is not EDC.


brzmrsk

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Reply #29 on: May 05, 2012, 06:44 PM
EDC, Hot Rock sign joint-venture deals for Latin America projects


LISTED Energy Development Corp. (EDC), the country's largest geothermal developer, said it executed on Thursday shareholders’ agreements (SHA) and ancillary documents with Hot Rock Ltd. (HRL) of Australia.

In a disclosure to the Philippine Stock Exchange, EDC said the agreement will set up project companies for each of the Longavi geothermal concession in Chile, and the Chocopata and Quellaapacheta geothermal authorizations in Peru.

The project companies will allow the joint venture to commence exploration activities at the said sites.

Under the signed SHA, EDC will hold 70 percent of the outstanding capital stock of each of the project companies, while HRL will take the remaining 30 percent.

In February, EDC said it acquired a 70-percent stake in four geothermal projects in Chile and Peru. “We are pleased with the speedy conclusion of the negotiations with HRL as we now look forward to starting exploration work in what we view as attractive geothermal concessions in both Chile and Peru. These projects will showcase EDC expertise and help elevate the company as a Philippine corporate champion on the world stage,” Federico Lopez, EDC Chairman and Chief Executive, earlier said.

EDC said HRL acquired 23 geothermal tenements across Chile, Peru and Australia. With an experienced and accomplished geothermal team, EDC said HRL has been among the first to identify and obtain some of the most attractive concession areas in Latin America.

As the world’s largest integrated geothermal power producer, EDC and HRL now seeks to accelerate the development of the projects and offer a clean, reliable and indigenous source of energy to the people of Chile and Peru.

EDC and HRL are looking at the possibility of expanding the scope of partnership by including the latter’s other sites.

With the recent confirmation by the Chilean Ministry of Energy of the award to EDC of the Newen, San Rafael and Batea geothermal exploration concession areas to be exclusively developed by EDC, the company boasts a portfolio of geothermal exploration projects in Chile.

EDC said a full team of geothermal scientists will be deployed to Chile this month to start development activities on the joint-venture projects and EDC granted projects.

With over 35 years of experience in developing geothermal power projects in the Philippines, EDC now looks to leverage its technical expertise and expand its operations globally.

EDC has also submitted 13 applications for geothermal concessions in Chile, and is also looking at opportunities to develop geothermal projects in Indonesia and Kenya.

EDC is the world’s largest integrated producer of geothermal power and the acknowledged global leader in wet steam technology. EDC is engaged in the exploration, development and optimization of geothermal fields, as well as the operation and maintenance of the geothermal power plants with an aggregate capacity of 1,130 megawatts.

“The acquisition of these concessions in Latin America are the first steps in realizing our vision to establish a global presence and further solidify our position as the pre-eminent international leader in geothermal power development,” Lopez said.


 


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