Business News

Riposte Capital Pushes for Board Overhaul at Energy Producer SilverBow

One of SilverBow Resources Inc.'s largest investors is pushing the U.S. oil and gas producer to revamp its board to address governance concerns and boost its lagging performance, according to a letter reviewed by Reuters on Thursday.

India Energy Week to Showcase India’s Leadership in the Global Energy Landscape

(P&GJ) — The second edition of India Energy Week (IEW) will be hosted in Goa from February 6th to 9th 2024, by the Federation of Indian Petroleum [FIPI] Industry, under the aegis of Ministry of Petroleum and Natural Gas, Government of India.

Italy’s Saipem wins Guyana, Brazil contracts worth $1.9 billion

In Brazil, Saipem was awarded a contract by Equinor for the Raia project in the Campos Basin. In Guyana, it was awarded a contract by ExxonMobil for the proposed Whiptail oilfield development located in the offshore Stabroek block.

Canadian Pipeline Operator Enbridge Bets on Higher 2024 Demand With Increased Earnings Forecast

The upbeat forecast from Enbridge, which operates the Mainline oil pipeline system that ships the bulk of Canada's crude exports to the U.S., follows peer TC Energy estimating higher adjusted core earnings for 2024 on Tuesday.

Canadian Pipeline Operator TC Energy Forecasts Higher 2024 Earnings Despite Competition

TC's Keystone oil pipeline, which moves crude from Alberta to U.S. Midwest refineries and the Cushing, Oklahoma storage hub, faces stiffer competition starting in the first quarter when the Canadian government-owned Trans Mountain pipeline is scheduled to complete an expansion.

BASF Shares Rise on Report of ADNOC Exploring Wintershall Dea Deal

Shares in chemicals giant BASF rose on Friday after a report that Abu Dhabi National Oil Co. (ADNOC) is exploring an acquisition of the German group's energy business Wintershall Dea.

Kuwait-based Investment Firm Secures Minority Stake in Pipeline Inspection Provider Pipecare Group

Kuwait-based Gulf Investment Corporation (GIC) said on Monday it has acquired a significant minority stake in Pipecare Group Holding, a major provider of pipeline inspection services.

ROSEN Founder Sells Majority Stake to Partners Group

(P&GJ) — Hermann Rosen, founder of ROSEN Group, has sold a majority stake in ROSEN to the global private markets firm Partners Group, as part of his succession planning.

Occidental Petroleum Beats Q3 Estimates on Higher Production

Occidental Petroleum on Tuesday beat analysts' third-quarter profit estimates on strong U.S. oil production, but its results were well below a year ago due to lower energy prices and weaker chemical and pipeline results.

EOG Resources Beats Quarterly Profit Estimates on Strong Production

U.S. shale oil producer EOG Resources on Thursday soared past Wall Street estimates for third-quarter profit and raised its annual production forecast amid resilient fuel demand.

Origin Energy's Top Shareholder Opposes Brookfield's $9.8 Billion Takeover Offer

Origin Energy's largest shareholder said on Tuesday it plans to vote against a Brookfield-led consortium's $9.78 billion takeover offer for the company, casting doubt on the bid's future weeks ahead of a shareholder vote on the deal.

Pipeline Operator TC Energy Exploring Multi-Billion-Dollar Asset Sale

The company is working on the sale of a minority stake in ANR Pipeline, estimated at an enterprise value of about $3 billion, as well as a minority stake in its Mexican operation and stakes in Portland Natural Gas Transmission System and the Millennium Pipeline.

Opinion: European Oil Majors Lack Options, Value to Join US M&A Frenzy

The European majors could instead double down on investments that burnish their energy transition credentials.

Chevron, Hess Deal More Expensive than Exxon, Pioneer Acquisition

Pioneer generates twice as much annual cash as Hess, but the all-stock transactions value Pioneer at just 6.35 times its 12-month cash flow compared with 11.65 times for Hess.

ConocoPhillips Weighs CrownRock Acquisition Amid Oil Major Megadeals

Houston-based Conoco, the largest U.S. oil and gas producer after Exxon Mobil Corp and Chevron Corp, has expressed interest in participating in the sale process for privately held CrownRock, which is valued between $10 billion and $15 billion, the sources said.

Shell to Scale Back Hydrogen Business, Cut Low-Carbon Workforce By 15%

Shell will cut at least 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan's drive to boost profits, it said on Wednesday.

Enverus: US Exxon, Chevron Megadeals to Spark Consolidation Across Energy Industry

Other deals in the third quarter included Permian Resources' $4.5 billion acquisition of Earthstone Energy, and Energy Transfer's $7.1 billion acquisition of pipeline rival Crestwood Equity Partners.

Chevron to Buy Hess for $53 Billion in All-Stock Deal

Chevron agreed to buy U.S. rival Hess Corp. for $53 billion in stock in a deal that reflects top U.S. energy companies' drive for oil and gas assets in a world seeking lower-risk future fossil supplies and higher shareholder returns.

Business News October 2023

Association news, personnel changes and mergers and acquisitions in October 2023!

TC Energy Names Ex-CEO as Chair of Oil Pipeline Business

Canadian pipeline operator TC Energy on Thursday named industry veteran and former CEO Hal Kvisle as the chair of its oil pipeline unit.

Midstream Winners Honored at Gulf Energy Information Excellence Awards Gala

(P&GJ) — Pipeline & Gas Journal is excited to announce the winners of the midstream categories at the inaugural Gulf Energy Information Excellence Awards. Industry experts gathered at Houston's Post Oak Hotel for a grand gala, combining the recognition programs of World Oil, Hydrocarbon Processing, Pipeline & Gas Journal, and Petroleum Economist.

Join Us for the Gulf Energy Information Excellence Awards: Where Excellence Takes Center Stage

(P&GJ) — In just two days, the prestigious Gulf Energy Information Excellence Awards will take center stage, celebrating the finest achievements in the energy industry. This event combines the recognition programs of World Oil, Hydrocarbon Processing, Pipeline & Gas Journal, and Petroleum Economist into a single grand gala, is set to be a pinnacle celebration of excellence.

Sources: Exxon in Advanced Talks for $60 Billion Acquisition of Pioneer

Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said on Thursday.

Business News September 2023

Association news, personnel changes and mergers and acquisitions in September 2023!

NextEra Energy to Sell Florida City Gas to Chesapeake Utilities for $923 Million

NextEra Energy said on Tuesday it plans to sell Florida City Gas (FCG) to Chesapeake Utilities for $923 million in cash. FCG’s natural gas infrastructure encompasses approximately 3,800 miles of distribution mains and 80 miles of transmission pipelines.

Repsol Challenges Venture Global LNG Over Failure to Supply Gas

Spain's Repsol SA has asked an international tribunal to require U.S. gas exporter Venture Global LNG to fulfill its contract for LNG or compensate it, Reuters reported. It is the fourth European customer to pursue an arbitration case against the U.S. developer.

Former CFO of Russian Natural Gas Firm Novatek Sentenced to 7 Years in US Prison

A former deputy chief of Russian natural gas producer Novatek was sentenced on Thursday to seven years and two months in a U.S. prison for a scheme to hide millions of dollars of income in undisclosed Swiss bank accounts and submitting a false filing.

Magellan Midstream Approves $18.8 Billion Sale to ONEOK, Creating Major U.S. Pipeline Player

Magellan Midstream Partners' unitholders on Thursday voted in favor of its sale to larger rival ONEOK Inc. for $18.8 billion, creating one of the largest U.S. energy pipeline companies.

Sempra Completes Port Arthur LNG Phase 1 Interest Sale to KKR

(P&GJ) — Sempra Infrastructure announced that it has completed the sale of a 42% indirect, non-controlling interest in its Port Arthur LNG Phase 1 project to KKR.

Diamondback Energy, Five Point Form Water-Focused JV Deep Blue in Midland Basin

(P&GJ) — Diamondback Energy Inc. and Five Point Energy LLC have partnered to form a new joint venture entity, Deep Blue Midland Basin LLC. The joint venture’s water infrastructure network comprises over 800 miles of pipelines for gathering, transport, disposal and reuse.