Business News
Business News January 2024
Association news, personnel changes and mergers and acquisitions in January 2024!
LNG Developer Tellurian Hires Financial Adviser Amid Leadership Changes, Debt Restructuring
Struggling liquefied natural gas (LNG) developer Tellurian on Thursday said it has hired a financial adviser to assist in balance sheet management.
Chatterjee Fund Management Boosts Stake in LNG Developer Tellurian to 7.3%
Chatterjee Fund Management has increased its stake in U.S. liquefied natural gas (LNG) developer Tellurian Inc. to 7.3%, a filing with the Securities and Exchange Commission showed on Wednesday, up from 5.2% previously.
Harbour Energy Strikes $11.2 Billion Deal for Wintershall Dea Assets
Britain's Harbour Energy on Thursday agreed to acquire Wintershall Dea's non-Russian oil and gas assets in a $11.2 billion share and cash deal with BASF and LetterOne that creates one of the world's largest independent producers.
BP Short-Lists Three Internal Candidates for CEO
BP's board has short-listed interim CEO Murray Auchincloss and two senior female executives as internal candidates to replace Bernard Looney as chief executive, three company and industry sources told Reuters.
Aramco Expands Big Data Unit to Drive M&A Decisions and Profit Optimization
Saudi oil giant Aramco is boosting its big data and artificial intelligence unit that links up its assets to help maximize profit, assisting on decisions from trading to acquisitions, a senior executive told Reuters.
Former BP CEO Looney Loses $40 Million in Compensation Amid Board Misconduct Claims
BP cut over $40 million in remuneration from former CEO Bernard Looney after the British oil giant concluded he had knowingly misled the board over personal relationships with colleagues.
Sources: Endeavor Energy Explores Sale for as Much as $30 Billion
Endeavor Energy Partners is exploring a sale that could value the largest privately-held oil and gas producer in the Permian basin of the United States at between $25 billion and $30 billion, according to people familiar with the matter.
FTC Issues Second Information Request on Exxon's $60 Billion Takeover of Pioneer
The U.S. Federal Trade Commission has sent shale oil producer Pioneer Natural Resources and Exxon Mobil a second request for more information on their $60 billion takeover deal, Pioneer said on Tuesday.
Business News December 2023
Association news, personnel changes and mergers and acquisitions in December 2023!
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.
Business News November 2023
Association news, personnel changes and mergers and acquisitions in November 2023!
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!
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Boardwalk Approves 110-Mile, 1.16 Bcf/d Mississippi Kosci Junction Pipeline Project
- $3 Billion Natural Gas Pipeline Expansion to Add 1.3 Bcf Capacity in Southeast Region
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Enbridge Should Rethink Old, Troubled Line 5 Pipeline, IEEFA Says
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Polish Pipeline Operator Offers Firm Capacity to Transport Gas to Ukraine in 2025
