Post Tagged with: "Debt"

Hedge Fund Angelo Gordon buys Northern Oil & Gas debt

Hedge Fund Angelo Gordon buys Northern Oil & Gas debt

Reuters


Hedge fund Angelo Gordon & Co on Tuesday bought $33 million worth of Northern Oil & Gas Inc’s (NOG.A) debt and said it was planning to push for deals that would increase the shale producer’s cash reserves.…

Source: Reuters

Occidental looks to raise cash, swap debt as oil prices pressure finances

Reuters


HOUSTON – Occidental Petroleum Corp (OXY.N) said on Wednesday it was looking to raise new cash or swap debt for stock, a day after it posted a large first-quarter loss, sending its stock down 7%.

 

Shares …

Encana Closes on Sale of Arkoma Basin Natural Gas Assets

Encana Closes on Sale of Arkoma Basin Natural Gas Assets

Encana Closes on Sale of Arkoma Basin Natural Gas Assets

UPDATE: Venture Global Announces Final Investment Decision for Calcasieu Pass LNG

UPDATE: Venture Global Announces Final Investment Decision for Calcasieu Pass LNG

UPDATE: Venture Global Announces Final Investment Decision and Financial Close for Calcasieu Pass LNG...

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

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

Source: Lonestar Resources

Energy Bankruptcies Back on the Rise in 2019

From The Houston Chronicle


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 …

Source: Tyler Losier

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 …

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%

Source: Occidental Petroleum

Occidental Closes on Anadarko

By Tyler Losier, Energy Reporter, Oil & Gas 360

Occidental Petroleum completes its $55 billion takeover of Anadarko Petroleum
Occidental Petroleum Corporation (stock ticker: OXY), led by President and CEO Vicki Hollub, has completed its acquisition of Anadarko Petroleum Corporation

Icahn Enterprises Completes Sale of Brazilian Resource Company

Icahn Enterprises Completes Sale of Brazilian Resource Company

By Tyler Losier, Energy Reporter, Oil & Gas 360

Icahn Enterprises closes sale of Ferrous Resources to Vale S.A. for $550 million
Icahn Enterprises L.P. (stock ticker: IEP), a conglomerate company owned by American investor Carl Icahn, has closed on

Oxy Earnings Dip 25%; Anadarko Megadeal Likely to Close Aug. 8

Oxy Earnings Dip 25%; Anadarko Megadeal Likely to Close Aug. 8

From The Houston Chronicle


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 …

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

Source: The Society of Petroleum Engineers

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

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 …

November 1, 2018 - 12:43 pm Closing Bell Story‎, Finance
Northern Oil and Gas Reduces $20 Million of Debt

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 …

June 12, 2018 - 2:56 pm Closing Bell Story‎, Energy News, Finance
E&P Bankruptcy Filings Down 67% in 2017: Haynes and Boone

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.

E&P Bankruptcy Filings Down 67% in 2017: Haynes and Boone

These …

What’s Worth More to the State of Texas—Land or Oil?

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

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 …

November 6, 2017 - 5:18 pm Closing Bell Story‎, Finance, Oil and Gas 360 Articles
Venezuela Will Seek to Restructure Debt, Blaming Sanctions

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 …

November 3, 2017 - 5:36 pm Closing Bell Story‎, Crude Oil News, Energy News
When Does the Balance Sheet Stop Being the Market’s First Concern?

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 …

October 19, 2017 - 5:34 pm Analytics, Closing Bell Story‎, Oil and Gas 360 Articles
The Capital Markets are Open to Oil & Gas: PLS

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 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

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 …

April 11, 2016 - 4:29 pm Canada
PDC Energy Announces Stock Offering

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

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

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

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

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?

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 …