Oil Services, Pipelines Feed Shorts (BHI, BP, CHK, CVX, COP, EPD, XOM, KMI, NOV, PSX, SLB, RIG, VLO)

Offshore drill rig
Offshore drill rig

We have tracked the key short interest changes as of November 30th in the following oil and gas leaders: Baker Hughes Inc. (NYSE: BHI); BP PLC (NYSE: BP); Chesapeake Energy Corporation (NYSE: CHK); Chevron Corporation (NYSE: CVX); ConocoPhillips (NYSE: COP); Enterprise Products Partners L.P. (NYSE: EPD); Exxon Mobil Corporation (NYSE: XOM); Kinder Morgan, Inc. (NYSE: KMI); National Oilwell Varco, Inc. (NYSE: NOV); Phillips 66 (NYSE: PSX); Schlumberger Limited (NYSE: SLB); Transocean Ltd. (NYSE: RIG); and Valero Energy Corporation (NYSE: VLO).

Baker Hughes Inc. (NYSE: BHI) saw short interest rise by 2.1% to 12.64 million shares, 2.9% of the company's total float.

BP PLC (NYSE: BP) short interest fall by 3.7% to 8.73 million shares, 0.3% of the company's float. This is breaks a string of three consecutive rises in short interest in BP.

Chesapeake Energy Corporation (NYSE: CHK) saw an 8.8% rise in short interest to 90.79 million shares, which represents about 13.9% of the firm's float.

Chevron Corporation (NYSE: CVX) short interest rose 1.9% to 16.12 million shares, which represents 0.8% of the company's float.

ConocoPhillips (NYSE: COP) saw an 8.1% drop in short interest to 23.72 million shares, which represents 2.1% of the firm's float.

Enterprise Products Partners L.P. (NYSE: EPD) saw short interest rise a 29.1% following a whopping 54.3% rise two weeks ago. Current short interest totals 3.18 million shares, 0.6% of the company's total float.

Exxon Mobil Corporation (NYSE: XOM) saw short interest drop 4.6% to 36 million shares, 0.8% of the company's total float.

Kinder Morgan, Inc. (NYSE: KMI) short interest fall 23.1% to 6.47 million shares, which represents 1.1% of the company's float.

National Oilwell Varco, Inc. (NYSE: NOV) saw short interest fall 2.7% to 4.56 million shares, about 1.1% of the company's total float.

Phillips 66 (NYSE: PSX) saw a 23.2% rise in short interest to 13.59 million shares, which represents 2.2% of the firm's float.

Schlumberger Limited (NYSE: SLB) short interest fall by 0.6% to 14.21 million shares, which represents 1.1% of the company's float.

Transocean Ltd. (NYSE: RIG) saw a 17.9% increase in short interest to 3.89 million shares, which represents 1.1% of the firm's float.

Valero Energy Corporation (NYSE: VLO) saw a 20.2% jump in short interest to 24.74 million shares, which represents 4.5% of the firm's float.

The sharpest increases in short interest came in the refining sector, with both Phillips 66 and Valero seeing sharp rises. That was likely due to the remaining impact on the East Coast from Hurricane Sandy and, partly at least, to falling gasoline prices. The second consecutive jump in short interest at Enterprise matches a share price slide that began in October. It's all a bit mysterious, really, unless shorts are expecting a dip in cash flows that would necessitate another issue of common units.

Paul Ausick

Filed under: 24/7 Wall St. Wire, Commodities, Oil & Gas, Short Interest Tagged: BHI, BP, CHK, COP, CVX, EPD, KMI, NOV, PSX, RIG, SLB, VLO, XOM