Business News

Companies in the News March 2023

People in the News March 2023

Sempra Energy reported fourth-quarter profit that beat analysts' estimates on Tuesday, helped by higher earnings from its California utilities. The company also reiterated that it is targeting a final investment decision for its LNG export facility in Texas before the end of the first quarter of 2023.

The company provides logistics services to customers in the oil and natural gas industry within the Permian Basin of West Texas and New Mexico. It plans to raise $414 million in an offering priced between $20 and $23 per share.

(P&GJ) — The Association for Materials Protection and Performance (AMPP), a global nonprofit representing more than 32,000 members in the materials, corrosion and coatings industries – among them pipeline companies – has appointed Alan Thomas as its new chief executive officer effective April 1.

Oil and gas explorer Pioneer Natural Resources Co. said on Friday that it was not pursuing any business combinations, after Bloomberg News reported that the oil and gas explorer was considering an acquisition of smaller U.S. rival Range Resources Corp.

State oil giant Abu Dhabi National Oil Co. (ADNOC) said on Thursday it has set a price range for an initial public offering (IPO) of its gas unit that could raise up to $2 billion and give ADNOC Gas an equity valuation of $47 billion to $50.8 billion.

Oil and gas producer Wintershall Dea, fresh from pulling out of its long-term partnership with Russia, will focus on growing its production elsewhere and building up carbon management for the long-term future, it said on Thursday.

U.S. oil and gas producer Diamondback Energy Inc said on Wednesday it was increasing its non-core asset sale target to at least $1 billion by the end of this year from $500 million. Additionally, the shale producer announced it beat Wall Street expectations for fourth-quarter profit, as tighter energy supplies following Russia's invasion of Ukraine boosted crude prices.

Japan's Tokyo Gas will cut shareholder returns from the next financial year and use freed up funds to invest in technology to slash its carbon emissions, the company said on Wednesday. The company will pay out 40% of profits from the current 50% from the next financial year, it said.

CenterPoint Energy Inc. narrowly missed the fourth-quarter profit estimates on Friday, as higher costs hit the U.S. electric and gas utility firm.

Cenovus Energy named COO Jon McKenzie as its next president and chief executive on Thursday, as Canada's second-largest oil and gas producer swung to a fourth-quarter net profit from a loss last year.

Sources told Reuters last month that ADNOC was eyeing a valuation of at least $50 billion for its gas business, which would translate to proceeds from the IPO of roughly $2 billion, according to Reuters calculations.

TC Energy Corp. beat market estimates for fourth-quarter profit on Tuesday as sustained demand for energy helped the North American pipeline operator soften a $488 million cost hit from an oil spill at its Keystone pipeline in Kansas.

(P&GJ) — Gimv’s portfolio company KÖBERL Group has strengthened its main location in Munich in the field of pipeline cleaning and wastewater technology by acquiring established specialists Rohrreinigungs-Service RRS GmbH and THG Abwassertechnik GmbH, the company announced on Feb. 9.