Post Tagged with: "Debt"
Encana Closes on Sale of Arkoma Basin Natural Gas Assets
Encana Closes on Sale of Arkoma Basin Natural Gas Assets
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Energy Bankruptcies Back on the Rise in 2019
After a recovery from the last oil bust, energy bankruptcies are back on the rise in 2019.
The number of oil and gas bankruptcy filings through mid-August has nearly equaled the total tally from 2018, and …
Occidental Finance Chief Pledges to Act Quickly to Pare Acquisition Debt
From Reuters
Occidental Petroleum Corp (OXY.N) expects to quickly reduce the $40 billion in debt it took on with its purchase of Anadarko Petroleum, the company’s finance chief said on Monday.
Cedric Burgher, in his first public remarks since the …
Oxy Earnings Dip 25%; Anadarko Megadeal Likely to Close Aug. 8
Occidental Petroleum reported a $635 million quarterly profit that dipped 25 percent from the year prior, but the focus still remains on Oxy’s $38 billion acquisition of Anadarko Petroleum that could close in August.
Houston-based Oxy …
New Tax Breaks Planned for Mexico’s Indebted Pemex
From Reuters
The Mexican government will propose an additional tax reduction for heavily indebted state oil company Pemex [PEMEXF.UL] in the nation’s 2020 budget, President Andres Manuel Lopez Obrador said Thursday, the latest measure to strengthen the company.
Lopez Obrador …
Shell Accelerates Share Buybacks as Profits Soar
From Reuters
LONDON (Reuters) – Royal Dutch Shell’s profits soared to a four-year high in the third quarter, boosted by rising oil and gas prices as the company accelerated its giant $25 billion share buyback program.
Although the $5.6 …
Northern Oil and Gas Reduces $20 Million of Debt
From Business Wire
Northern Oil and Gas, Inc. (NYSE American: NOG) today announced that it has entered into two independent, separately negotiated exchange agreements with institutional holders (the “Investors”) of its 8% senior unsecured notes due 2020 (the “Notes”). Together …
E&P Bankruptcy Filings Down 67% in 2017: Haynes and Boone
Debt involved in oil and gas company bankruptcies since 2015 totals $90 billion
International corporate law firm Haynes and Boone has tracked 144 North American oil and gas producers that have filed for bankruptcy since the beginning of 2015.
These …
SM Energy Divestment of $792 Million Non-Core Assets Will Drive 30% Debt Reduction
Out of the Williston
Midland- and Eagle Ford-focused SM Energy Company (ticker: SM) sold its remaining assets in the Williston Basin and third-party operated assets in Upton County, Texas. The combined sale generated $292.3 million, but the buyers have not …
Baker Hughes Aims Cash at a $3 Billion Share Repurchase; Intends to Issue New Debt
Earlier today Baker Hughes GE (ticker: BHGE) announced that its board authorized Baker Hughes, LLC to repurchase up to $3 billion of its common units from BHGE and GE. According to the company’s press release, BHGE will use the proceeds …
Venezuela Will Seek to Restructure Debt, Blaming Sanctions
From Bloomberg
President Nicolas Maduro said Venezuela will seek to restructure its global debt after the state oil company makes one more payment, blaming U.S. sanctions for making it impossible to find new financing.
The government will transfer funds for …
When Does the Balance Sheet Stop Being the Market’s First Concern?
Companies are beginning to put capital to work away from the drill bit, but should they be targeting debt?
Several high-profile share repurchase programs have been announced recently as oil and gas companies look for ways to reinvest their free-cash …
The Capital Markets are Open to Oil & Gas: PLS
PLS Capitalize™ Report: Oil & gas industry raised $186 Billion through U.S. public offerings in 2016; PLS predicts surge in M&A activity in 2017
Houston’s oil and gas research firm PLS Inc. provided the following statistical review of capital markets …
Whiting Reduces Debt via a Debt for Equity Transaction
Whiting Petroleum (ticker: WLL) has initiated an exchange offering for senior notes aimed at lowering debt and leverage through the mandatory conversion of senior notes to equity. The announcement on June 22, 2016, will encompass $377.0 million worth of nonconvertible …
Genoil Completes a Non Brokered Private Placement
CALGARY, ALBERTA–(Marketwired – April 11, 2016) – Genoil Inc. (OTCBB:GNOLF) – The company closed its private placement on Friday December 11, 2015, raising gross proceeds of $322,730 totaling 6,454,600 shares at a price of $ 0.05 per unit. Each unit …
PDC Energy Announces Stock Offering
On March 7, 2016, PDC Energy, Inc. (ticker: PDCE) announced the company would offer 5,922,500 shares, including the expected purchase of overallotments, in common equity to the market. The offering is expected to bring in gross proceeds of $262.7 million …
Oil Companies Are Too Encumbered by Debt to Acquire: Tillerson
Very few attractive targets for takeover due to debt; doing deals has gotten harder, not easier
The amount of debt oil and gas companies took on to fuel growth during the shale revolution has made them too encumbered to be …
More Loans from China — BOC Lends Gazprom $2.2 Billion
‘Sitting in Ambush’ for Russian Companies
Bank of China has agreed to loan Russian state-owned gas giant Gazprom (ticker: OGZPY) €2 billion ($2.17 billion). In the company’s press release, Gazprom said the loan was the largest deal in terms …
Energy Industry: I’d Rather Not Be in Your Debt Forever
The Wrath of Godzilla
Oil and gas companies have become wary of debt like the residents of Odo feared the wrath of Godzilla, rising up from the sea to wreak havoc at any moment and smashing buildings in a single …
World’s Most In-Debt Oil Company to Get $10 Billion Lifeline from China
Petrobras plans to use loan to help pay down debt
Petrobras (ticker: PBR, Petrobras.com) will receive a $10 billion loan from the China Development Bank to help pay down the company’s debt coming due this year, according to a …
Exploration and Production: Which Companies Shall Investors Not Worry About?
Pool of companies in Moody’s lowest credit rating grows; but risk of bankruptcy is minimal for a few standouts
Continued pressure from low oil prices has prompted Moody’s Investor Service to put 264 companies in its lowest credit rating, just …
