(Oil Price) – Lower oil and gas prices are expected to dent the second-quarter earnings at BP, despite higher output and stronger refining margins. BP’s realizations in the oil production and operations segment are expected to be $600 million-$800 million lower in the second quarter compared to the first quarter, the supermajor said in a trading statement on Friday ahead of publishing
(Oil Price) – Paul Singer’s Elliott Management is kicking the tires on a deal that would have been unthinkable just a few years ago: buying a stake in a pipeline that carries Russian natural gas into Europe. The pipeline in question is the Bulgarian extension of TurkStream—Russia’s last functioning gas artery to the continent. With the rest of its gas empire
(World Oil) – Elliott Investment Management has built up its stake in bp Plc to just over 5% of shares, as the activist investor continues its pressure campaign at the struggling oil giant. The stake, disclosed in a regulatory filing on Tuesday, would make Elliott one of bp’s largest shareholders, on par with Vanguard Group Inc., according to data compiled by
(Oil Price) – U.S. refiner Phillips 66 told shareholders on Monday that they should keep in mind that activist investor Elliott, which wants to break up one of the biggest U.S. refiners, may not necessarily act in Phillips 66 shareholders’ interests as it is pursuing an acquisition of Citgo, a direct competitor of Phillips 66. Activist hedge fund Elliott Investment Management
(Oil Price) – BP chair Helge Lund has informed the board that he would be stepping down from the role “most likely during 2026,” as activist investor Elliott continues to demand more changes at the UK-based supermajor. BP’s board of directors has initiated a succession process to select a new Chair after Helge Lund informed the board of his intention to
(Oil Price) – BP is looking to raise the number of its board members and hire two more directors as part of its strategy to boost oil and gas production and shareholder returns, the Financial Times reported on Tuesday, citing sources familiar with the plans. Last week, BP said that it is increasing its investment in upstream oil and gas to $10 billion per
(Oil Price) – Elliott Investment Management is at it again, this time sinking its teeth into U.S. refiner Phillips 66 with a $2.5 billion stake and a laundry list of demands. The aggressive activist investor—best known for shaking up boardrooms and strong-arming CEOs into “unlocking value” (i.e., making changes that boost Elliott’s returns)—wants Phillips 66 to spin off its midstream business
Yahoo Finance U.S. oil refiner Phillips 66 is exploring a sale of its 25% stake in the Rockies Express Pipeline that it hopes could be worth more than $1 billion, including debt, people familiar with the matter said on Tuesday. The Rockies Express Pipeline (REX) is a 1,700-mile (2730-km)interstate natural gas pipeline, stretching from Wyoming and Colorado in the U.S.
Oil Price Elliott Investment Management is preparing to roll out a new company with an at least $1 billion war chest to invest in metals mining assets around the world, to take advantage of the energy transition and the currently low market valuations of mining companies, the Financial Times reported on Friday, citing sources with knowledge of the plans. Elliott, the U.S.
Nasdaq Canada’s Suncor Energy Inc SU.TO said on Friday it has amended an agreement with Elliott Investment Management to give the activist investor more time until March 31 to appoint an additional director to the energy company’s board. Elliott has been pushing for organizational changes and strategic review at Suncor since disclosing a 3.4% stake in the company in April last
Reuters NEW YORK/LONDON – Activist hedge fund Elliott Management Corp has invested at least $30 million in Cataleya Energy, a small firm focused on oil exploration in Guyana, the world’s newest oil and gas hot spot, two people familiar with the matter said. The deal reflects rising interest in Guyana, a small South American country of 750,000 whose oil discoveries
Reuters Activist investor Elliott Management is seeking to break up Noble Energy Inc’s $5 billion sale to oil major Chevron Corp, a Bloomberg reporter tweeted here on Wednesday. A notice posted on the U.S. Federal Trade Commission website on Tuesday showed the hedge fund had built a stake in Noble Energy. In response to the tweet, Braden Reddall, manager, external affairs at
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