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360 Articles

Source: Reuters

Venezuela opposition cuts deal to delay possible Citgo seizure

Reuters Venezuela’s opposition has reached a deal with the custodians of a bond issued by state oil company PDVSA to prevent bondholders from seizing U.S. refining subsidiary Citgo, the bond’s collateral, until May, according to court filings and a source. The opposition-appointed PDVSA board, which is recognized in the United States as the company’s rightful representation, last month sued in[Read More…]

November 19, 2019 - 1:30 pm 360 Articles, Closing Bell Story, Energy News, Finance, International
Saudi Aramco in race for IPO record with $1.7 trillion top value

Saudi Aramco in race for IPO record with $1.7 trillion top value

Reuters DUBAI- Saudi Aramco is worth up to $1.7 trillion at the price range set by the oil giant on Sunday, below the $2 trillion sought by Saudi’s crown prince but putting it in the running to become the world’s biggest IPO.   Aramco cannot sell its shares directly to investors in the United States and other markets, as the[Read More…]

Source: forbes.com

European Investment Bank to cease funding fossil fuel projects by end-2021

Reuters The European Investment Bank said on Thursday it would stop funding fossil fuel projects at the end of 2021, in a landmark decision. The bank’s new energy lending policy, which was approved with “overwhelming” support, will bar most fossil fuel projects, including traditional use of natural gas, bank vice president, Andrew McDowell told reporters in a call. “This is[Read More…]

November 14, 2019 - 3:45 pm 360 Articles, Closing Bell Story, Finance, International
Source: Reuters

Occidental reports continued momentum executing against key strategic and financial initiatives

Nov. 13, 2019 /PRNewswire/- (“Occidental” or “the Company”) (NYSE: OXY) today, provided an update on its speed and momentum executing against key strategic and financial initiatives designed to maximize shareholder value following the close of its acquisition of Anadarko Petroleum (“Anadarko”) on August 8, 2019. Occidental’s incremental progress following third-quarter earnings includes: Ecopetrol Joint Venture: Occidental has completed the transaction to[Read More…]

November 14, 2019 - 8:00 am 360 Articles, Closing Bell Story, E&P, Energy News, Finance
Source: Houston Chronicle

NOV plans to issue $500 million of senior notes amid financial reshuffling

Source: Houston Chronicle Struggling oilfield service company National Oilwell Varco plans to issue $500 million of senior notes amid some financial reshuffling to pay down near-term debt and deal with recent quarterly losses. In a Monday afternoon filing with the U.S. Securities and Exchange Commission, NOV reported plans to issue the notes to help pay down a different set of[Read More…]

Source: Reuters

Aramco meets investors in last-minute bid to hit $2 trillion IPO target: sources

Source: Reuters DUBAI (Reuters) – Saudi Aramco officials and advisers are holding last-minute meetings with investors in an attempt to achieve as close to a $2 trillion valuation as possible ahead of an expected listing launch on Sunday, according to three sources. Failure to reach the coveted target would cause a dilemma for Saudi Crown Prince Mohammed bin Salman –[Read More…]

November 1, 2019 - 11:00 am 360 Articles, Closing Bell Story, Energy News, Finance
REUTERS/Arnd Wiegmann

Big Oil, investors face returns reckoning amid darkening economy

Source: Reuters LONDON (Reuters) – Darkening clouds over the global economy have led two of the world’s top oil firms to warn investors that promised growth in returns could be at risk for the first time since the 2014 oil downturn. Both BP and Royal Dutch Shell, which account for nearly 15% of the FTSE’s total dividends, signaled this week[Read More…]

Source: Reuters/Toby Melville

BP says no decision yet on 2019 dividend hike

Source: Reuters LONDON (Reuters) – BP has yet to decide whether to boost its dividend by the end of the year, it said on Wednesday, after its shares fell sharply on the previous day on fears it would defer a decision to 2020. BP reported a 40% drop in third-quarter profits on Tuesday due to lower oil and gas prices,[Read More…]

October 30, 2019 - 12:00 pm 360 Articles, Closing Bell Story, Finance, International
Source: Reuters

Big Oil seeks refuge in Brazil from Latam regional turmoil

Source: Reuters RIO DE JANEIRO/MEXICO CITY (Reuters) – When executives arrive in Rio de Janeiro this week for Brazil’s biennial Offshore Technology Conference, they will find themselves in Latin America’s most promising market for Big Oil by far. That marks a dramatic change from only a year ago.   In early October 2018, Brazil’s current president, Jair Bolsonaro, was in[Read More…]

Source: Reuters/Rodrigo Garrido

Tankers sail after U.S. allows sanctions-hit COSCO unit to wind down oil deals

Reuters At least three tankers are on their way to Asia with U.S. oil cargoes after Washington gave temporary approval to wind down transactions with a Chinese shipping company that it sanctioned last month, according to data and shipping sources. In one of the biggest sanctions actions taken by the U.S. government since its crackdown on Iranian oil exports, Washington[Read More…]

Source: Reuters/Rick Wilking

Phillips 66 profit beats on higher fuel margins, shares jump

Reuters Phillips 66 beat analysts’ estimates for quarterly profit on Friday, as the refiner benefited from higher retail fuel margins, sending its shares up 4.4% to their highest in more than a year. The Houston, Texas-based company, which retails fuel under brand names such as Conoco, 76 and JET, buys refined products from the market and resells them across its[Read More…]

Source: Houston Chronicle

Troubled oil field service company McDermott lands $1.7 billion in new financing

Houston Chronicle Roughly a month after its stock plummeted in value by 75 percent, Houston oil field service company McDermott International has landed $1.7 billion in new capital. In a Monday morning filing with the U.S. Securities and Exchange, McDermott entered into a credit deal with Barclays Bank, Crédit Agricole Corporate and Investment Bank and five other financial institutions. Under[Read More…]

Source: Reuters/Maxim Shemetov

Aramco listing was delayed to rope in anchor investors: sources

Source: Reuters DUBAI/RIYADH (Reuters) – Oil giant Saudi Aramco’s much-vaunted stock market listing was delayed after deal advisers said they need more time to lock in cornerstone investors, three sources with direct knowledge of the matter told Reuters. After a false start last year, preparations gathered momentum this summer with approaches to sovereign wealth funds, rich Saudis and large foreign[Read More…]

Source: Reuters

Saudi officials considering delaying IPO after drone attack: WSJ

Source: Reuters Saudi Arabia officials are discussing delaying Aramco’s initial public offering as attacks on the company’s oil facilities have drastically reduced their output, the Wall Street Journal reported on Monday, citing people familiar with the matter. The company is expected to move forward with presentations to analysts and meetings with bankers as planned. However, Saudi energy officials and Aramco[Read More…]

September 16, 2019 - 10:30 am 360 Articles, Closing Bell Story, Energy News, Finance
Source: Tallgrass Energy

Tallgrass Energy Receives ‘Take Private’ Proposal

By Tyler Losier, Energy Reporter, Oil & Gas 360 Tallgrass Energy receives preliminary proposal letter from Blackstone Infrastructure Partners offering to take the company private Tallgrass Energy LP (stock ticker: TGE), a midstream infrastructure company, received a non-binding preliminary proposal letter from Blackstone Infrastructure Partners (stock ticker: BX) on Tuesday, offering to acquire all of the outstanding Class A shares[Read More…]

Source: Ashtead Technology

Forum Energy Technologies Sells Ashtead Technology

By Tyler Losier, Energy Reporter, Oil & Gas 360 Forum Energy Technologies to sell its aggregate 40% interest in Ashtead Technology for $39 million Forum Energy Technologies Inc. (stock ticker: FET), a global oilfield products company, has entered into a definitive agreement through its subsidiaries to sell an aggregate 40% interest in Ashtead Technology, a subsea rentals company, to majority[Read More…]

Kayne Anderson Makes $100 Million Upstream Investment

Kayne Anderson Makes $100 Million Upstream Investment

By Tyler Losier, Energy Reporter, Oil & Gas 360 Kayne Anderson Energy Fund VIII invests $100 million in newly-formed Indianola Energy Kayne Anderson Capital Advisors LP, through its Kayne Anderson Energy Fund VIII LP, has made a $100 million equity commitment in order to form Indianola Energy LLC, an upstream entity that will purse the acquisition and development of highly-proven[Read More…]

Source: Venture Global LNG

Venture Global Closes on Project Financing for Calcasieu Pass LNG

By Tyler Losier, Energy Reporter, Oil & Gas 360 Proceeds from Venture Global’s debt and equity financing will fully fund the construction and commissioning of its Calcasieu Pass LNG facility Venture Global LNG Inc., headquartered in Arlington, Virginia, has closed on the project financing for its Calcasieu Pass LNG facility and associated TransCameron pipeline in Cameron Parish, Louisiana. The proceeds[Read More…]

August 19, 2019 - 5:56 pm 360 Articles, Closing Bell Story, Finance, LNG, Natural Gas News
Halcón Resources Appoints New CFO as Restructuring Process Continues

Halcón Resources Appoints New CFO as Restructuring Process Continues

By Tyler Losier, Energy Reporter, Oil & Gas 360 Halcón Resources selects Ragan T. Altizer as its new EVP, CFO, treasurer Halcón Resources Corporation (stock ticker: HKRS), currently undergoing Chapter 11 reorganization proceedings, has appointed Ragan T. Altizer as its new executive vice president, chief financial officer and treasurer, effective August 14. Altizer will replace Quentin Hicks, who resigned from[Read More…]

Source: QEP Resources

Anvil Capital Partners Provides Funding for Two Companies

By Tyler Losier, Energy Reporter, Oil & Gas 360 Vermilion Cliffs Partners gets $11 million senior secured loan facility On Monday, Anvil Capital Partners, a private credit special situations lending firm, announced the final close of an $11 million senior secured loan facility to Vermilion Cliffs Partners. According to Anvil, the funds will be utilized by Vermilion to support the[Read More…]

Source: Magellan Midstream

Magellan Midstream Prices $500 Million Debt Offering Due 2050

By Tyler Losier, Energy Reporter, Oil & Gas 360 Magellan Midstream prices $500 million of its 3.950% senior notes due 2050 Magellan Midstream Partners LP (stock ticker: MMP), based out of Tulsa, Oklahoma, has priced $500 million of its 3.950% senior notes due 2050 at 99.910% of par to yield 3.955% to maturity. Proceeds from the offering, after deducting underwriting[Read More…]

Source: Abraxas Petroleum

Saltstone Capital Pens Scathing Letter to Abraxas Petroleum

By Tyler Losier, Energy Reporter, Oil & Gas 360 Saltstone Capital Management calls for special committee of the board to review strategic alternatives Billy Bailey, founder and portfolio manager for Saltstone Capital Management LLC, penned a scathing letter to Abraxas Petroleum’s (stock ticker: AXAS) board of directors this week, calling for the creation of a special committee to explore strategic[Read More…]

Photo by Mike Goldwater"

UGI Subsidiary Closes on Columbia Midstream Deal

By Tyler Losier, Energy Reporter, Oil & Gas 360 UGI Energy Services completes acquisition of TC Energy subsidiary Columbia Midstream UGI Energy Services LLC, a subsidiary of UGI Corporation (stock ticker: UGI), has completed its previously announced acquisition of the equity interests of Columbia Midstream Group, a subsidiary of TC Energy Corporation (stock ticker: TRP), for approximately $1.275 billion. The[Read More…]

Source: Abu Dhabi National Oil Company

Singapore’s Sovereign Wealth Fund Joins KKR and BlackRock in Abu Dhabi Pipeline Investment

By Tyler Losier, Energy Reporter, Oil & Gas 360 Combined investment in Abu Dhabi National Oil Company’s pipeline project reaches almost $5 billion Source: Abu Dhabi National Oil Company Singapore’s sovereign wealth fund, GIC, has entered into an agreement with the Abu Dhabi National Oil Company (ADNOC) to contribute $600 million towards crude pipeline infrastructure, joining other prominent investors such[Read More…]

Source: Boor Drilling

Borr Drilling Goes Public

By Tyler Losier, Energy Reporter, Oil & Gas 360 Borr Drilling Limited launches IPO of five million common shares Borr Drilling (stock ticker: BORR), an international drilling contractor headquartered in Bermuda, has launched an initial public offering (IPO) in the United States for 5 million of its common shares. The newly public security will trade under the ticker symbol “BORR.”[Read More…]

Bam! – It’s Earnings Season Again

Bam! – It’s Earnings Season Again

By Aaron Vandeford, Managing Director, EnerCom EnerCom, Inc. has compiled Second quarter earnings per share, revenue, EBITDA and cash flow per share analyst consensus estimates on 95 E&P and 73 Oilfield Service companies in the EnerCom database. Download EnerCom’s full chart of estimates. Listen to Q2 earnings calls. The median E&P company earnings estimate for the quarter ending June 30,[Read More…]

Source: Bayou City Energy

Vanguard Emerges from Chapter 11 as Grizzly Energy

By Tyler Losier, Energy Reporter, Oil & Gas 360 Vanguard Natural Resources completes financial restructuring, emerges as Grizzly Energy Vanguard Natural Resources, a Houston-based onshore energy company, has successfully completed its Chapter 11 financial restructuring process, emerging as a new limited liability company under the name Grizzly Energy. According to the Houston Chronicle, this is the second time in two[Read More…]

Source: Royal Dutch Shell

Total Invests $500 Million in Tellurian, Enters Into LNG SPA

By Tyler Losier, Energy Reporter, Oil & Gas 360 Total commits to purchasing an aggregate of 2.5 Mtpa Total S.A. (stock ticker: TOT), through its subsidiaries Total Delaware and Total Gas & Power North America, has entered into a definitive agreement to purchase 1 Mtpa from Tellurian’s (stock ticker: TELL) Driftwood LNG terminal. Total will also invest $500 million in[Read More…]

July 11, 2019 - 1:19 pm 360 Articles, Closing Bell Story, E&P, Finance, LNG, Natural Gas News
Source: Encana

Encana Moving $165 Million Cash from Divestiture to its Balance Sheet

By Tyler Losier, Energy Reporter, Oil & Gas 360 Encana sells Newfield Arkoma Basin natural gas assets Encana Corporation (stock ticker: ECA), a Canadian-based company with unconventional assets in multiple North American basins, has agreed to sell its natural gas assets in Oklahoma’s Arkoma Basin to an undisclosed buyer through its wholly owned subsidiary Newfield Exploration Mid-Continent Inc. Total cash[Read More…]

Source: Summit Midstream Partners

Summit Midstream Partners Makes FID, Forms JV

By Tyler Losier, Energy Reporter, Oil & Gas 360 Summit Midstream to proceed with Double E pipeline project Summit Midstream Partners (stock ticker: SMLP) has made a final investment decision to proceed with its Double E pipeline project, after having secured sufficient commitments pursuant to binding precedent agreements for long-term, firm transportation service. The company also executed a definitive joint[Read More…]