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(Reuters) - Billionaire investor William Ackman has taken a stake in hotel operator Hilton Worldwide Holdings for the second time in two years after earning a 32 percent profit on his investment in 2017. Ackman’s Pershing Square Capital Management hedge fund owns 10.9 million shares, or 3.7 percent, of the company, according to a filing made on Thursday. Hilton shares hit a more than one-year low on Thursday on concerns over a slowdown in the hotel industry due to international trade worries.
Pershing Square, which invests $8.4 billion, said the 10.9 million Hilton shares purchased represent about 13.9 percent of the net asset value of Pershing Square Holdings (PSH.AS), the firm’s publicly traded hedge fund, Hilton has a market capitalization of $19 billion, Ackman, one of the rolex watch movement cufflinks industry’s most closely watched activist investors, originally started buying Hilton stock in 2016 and exited the position in 2017, he told investors last year, The size of that position was never disclosed, but a source familiar with the matter said it was smaller than the current position..
Ackman tends to invest in companies in which he can bring about change, but last year’s Hilton bet was a passive investment for Pershing Square. He has said nothing regarding his plans for Hilton this time around, saying only that investors would find out more next month when he holds an investor call. Earlier this month, Pershing Square announced a $900 million position in Starbucks, after having announced positions in Nike (NKE.N), United Technologies Corp (UTX.N) and Lowe’s Companies Inc (LOW.N) earlier this year.
NEW YORK (Reuters) - Three years after a ban on crude oil exports was lifted, some U.S, shale producers are doing something they have never done before - lock in prices for their barrels that will find a home overseas, Shale companies, primarily those operating in the Permian basin, the biggest U.S, oilpatch, are finding new ways of insulating themselves from the wide discount of U.S, West Texas Intermediate crude futures (WTI) to the global benchmark Brent WTCLc1-LCOc1, In the rolex watch movement cufflinks second quarter, as WTI’s discount to Brent whipsawed and widened to the most in over three years, WPX Energy Inc (WPX.N), SM Energy Co (SM.N) and Oasis Petroleum Inc (OAS.N) began quietly erecting specialized hedges, a Reuters analysis of company filings found..
The hedges, the first of their kind for these producers, protect against that discount widening as their oil increasingly gets sold to foreign buyers. The hedged volumes are relatively small, but indicate the rising importance of export revenues as the U.S. plays an increasingly dominant role as a global oil supplier. U.S. oil production is near a record 11 million barrels per day (bpd), depressing the price of WTI versus Brent, while also spurring an export boom. Since the lifting of a 40-year ban in 2015, crude exports surged to as much as 3 million bpd in June.
Traders closely watch the spread between the two benchmarks to gauge export economics, While a wider discount makes U.S, oil attractive to foreign buyers, for producers, it means weaker revenues, Locking the spread in protects export-related revenues, Permian producers have long protected future revenue through financial instruments, but they have typically been solely linked to WTI, That is changing, according to filings rolex watch movement cufflinks and interviews with brokers, bankers, hedging consultants and company executives..
“Previously, all of our sales would be really tied to domestic indices,” said Todd Scruggs, vice president and treasurer of WPX Energy. “The fact that we can have our barrels sold internationally is a new thing - and we’re happy to take advantage of that.”. Companies identified a price - in this case for WTI to trade at a discount of around $8 a barrel to Brent - and use contracts known as “basis swaps” to lock in prices at that level. Basis swaps have become popular among Permian producers to manage the spread between regional oil prices in West Texas against U.S. futures. But now companies are using the swaps to hedge Brent versus WTI.
In the second quarter, WPX used Brent-WTI basis swaps to hedge 3,000 bpd of 2020 production at a $8.40 WTI discount to Brent, If two years from now, Brent trades at $90 a barrel and WTI at $80, WPX’ effective price will be $81.60, “When we lock in the Brent-WTI spread, we’re effectively ensuring that the sales arrangements that we’ve made will stay in the money going forward,” rolex watch movement cufflinks said Scruggs, WPX, however, could be exposed if that spread were to contract to a level narrower than the fixed price..