By Tyler Losier, Energy Reporter, Oil & Gas 360 Patrick Conroy promoted to principal Intervale Capital, a private equity firm dealing mainly in the energy industry and the infrastructure products and services sector, has promoted Patrick Conroy to principal, effective immediately. Conroy first joined Intervale back in 2015, and since then, he has been responsible for managing numerous aspects of
By Tyler Losier, Energy Reporter, Oil & Gas 360 Devon looks to focus on oil-based growth in U.S., departs Canada Canadian Natural Resources Limited (stock ticker: CNQ) inked a deal this Wednesday to acquire Devon Energy Corp.’s (stock ticker: DVN) Canadian assets for a cash purchase price of approximately US$2.8 billion (CAD $3.8 billion). The deal is expected to close
Broad support, targeted tightening and effective capital controls will help manage trade headwinds From Asia Times Goldman Sachs Asia-Pacific economist Andrew Tilton sees only a modest decline in China’s economic growth during the next year. “Chinese policy combines broad support and targeted tightening to address [the] highest-profile risks,” Tilton wrote in a recent client presentation. Monetary policy is “continuing to
From Bloomberg It’s official at long last: David Solomon will inherit the crown from Lloyd Blankfein at Goldman Sachs Group Inc. The news, announced Tuesday — after more than a year of jockeying, choreography and speculation — fully and finally sets in motion one of the most significant succession plays on Wall Street. On Oct. 1, just 76 days from
From The New York Times The most closely watched contest on Wall Street appears to have been settled. Goldman Sachs Group said on Monday that Harvey M. Schwartz would retire, likely clearing the way for his fellow president and co-chief operating officer, David M. Solomon, to become the company’s next chief executive. The surprise announcement reflected a decision by Goldman’s
Lucid Energy Group and EnCap Flatrock Midstream have agreed to sell Lucid Energy Group II, LLC to funds owned by Riverstone Holdings LLC and the Goldman Sachs Group Inc. (ticker: GS) for approximately $1.6 billion. The participating investment funds managed by Goldman Sachs MBD are West Street Capital Partners VII, L.P., West Street Global Infrastructure Partners III, L.P., and West Street Energy Partners, L.P.
From Bloomberg/Arabian Business According to Goldman, the market will have re-balanced by mid-2018 OPEC’s desire to clear the global oil inventory overhang may come sooner than expected, enabling the group to exit from its production cuts early, according to Goldman Sachs Group Inc. Global stockpiles will remain below seasonal levels and continue to shrink through the second quarter of next
JP Morgan Chase & Co. increases oil and gas loan loss reserves by 61% JP Morgan Chase & Co. plans to increase its reserves to cover potential oil and gas loan losses by 61% this quarter, reports Reuters. The bank plans to set aside $500 million on top of the $815 million already in place to protect against loan loss
Crude oil prices are trending along six month highs, prompting relief and optimism for the weary oil and gas industry. West Texas Intermediate seems to have stabilized around $60 for the time being, but not till after rig counts plunged by approximately 60% and United States production leveled off for the first time since the shale boom began. In the
Goldman Sachs estimates near-term WTI prices could fall to $40 per barrel Oil prices could give back gains seen over the past few weeks, falling as low as $40 per barrel, according to Goldman Sachs. West Texas Intermediate (WTI) oil prices rose more than 20% between January and February due to supply disruptions in the Middle East, strong winter demand
