Sunday, June 16, 2019

Barclays Capital News

Seadrill Nears Comprehensive Restructuring Deal

(File photo: Seadrill)

Rig firm Seadrill, which last year filed for bankruptcy protection in a U.S. court, is working towards a comprehensive deal with all its creditors that could be concluded this week, it said in a court filing late on Friday. Once the largest drilling rig operator by market value, Oslo-listed Seadrill filed its bankruptcy case in Texas on Sept.

Seadrill Postpones Restructuring Hearing

File Image: A Seadrill offshore rig (CREDIT: Seadrill)

Drilling rig company Seadrill said in a court filing it postponed an initial hearing on its restructuring plan to Feb. 26, buying more time to consider alternative plans. Seadrill, one of the world's largest offshore drilling rig operators, filed for bankruptcy in September after a steep drop in crude prices caused drastic cutbacks in oil company investment.

Seadrill Postpones Court Hearing for Restructuring Talks

(Photo: Seadrill)

Drilling rig company Seadrill said in a court filing it postponed an initial hearing on its restructuring plan to Feb. 7, which sources told Reuters will give the company more time to consider alternative restructuring plans. Once the largest drilling rig operator by market value, Seadrill filed for bankruptcy protection in Texas on Sept. 12 after…

Cenovus Energy to Shed Pelican Lake Assets

Canada's Cenovus Energy Inc said on Tuesday it would sell its Pelican Lake heavy oil operations in Alberta for C$975 million ($786.92 million) and the oil company is also considering sale of other assets to reduce debt. Cenovus said the proceeds from the sale would be used to fund the acquisition of ConocoPhillips' assets, which it purchased for $13.3 billion in March.

Energy Capital-led Consortium to buy Calpine Corp

Debt-laden power producer Calpine Corp said it agreed to be acquired by a consortium of investors led by Energy Capital Partners for $5.6 billion. Calpine's shares were up 10.5 percent at $14.93 in premarket trading on Friday. The $15.25 cash per share offer, represents a 13 percent premium to Calpine's closing price on Thursday. The consortium…

Extraction Oil & Gas Jumps About 20% in Debut

Shares of Extraction Oil & Gas Inc - the first producer to launch a U.S. IPO this year - rose as much as 19.7 percent in their market debut as crude prices held above $50 per barrel. Denver-based Extraction Oil priced its offering of 33.33 million shares at $19 each, above the expected range of $15-$18, to raise about $633 million. The shares hit a high of $22.75 in early trading on Wednesday…

Oil Up as Canada Fire Idles Production

Wildfires knock out over 1 million bpd in production; production declines in Americas, Asia erode global glut. Oil rose on Monday after Canada's most destructive wildfire in recent memory knocked out over a million barrels in daily production capacity, but caution among investors prevented a return to late April's 2016 price highs. The lost capacity is equivalent to well over a third of the country's typical daily production…

Oil Firms After Touching 2003 Lows

OPEC sees bigger pain for non-member producers from low prices. Oil prices rose on Monday, recovering from a 2003 low as the market braced for additional Iranian exports after the lifting of sanctions against the country over the weekend. The United States and European Union on Saturday revoked sanctions that had cut Iran's oil exports by about…

Middle East State Spending Throws Lifeline to Oilfield Services

Oil majors may have slashed capital spending but national oil companies (NOCs) in the Middle East and North Africa show no sign of cutting investment, buoying oilfield services that the stock market has beaten down. Investors sold in the second half of 2014 as benchmark fuel prices sank, expecting a dire performance from a sector reliant on investment in oil and gas projects for its revenues.

Middle East State Spending Buoys Oilfield Services

MENA states have no option but to keep spending; Some OFS companies see strong bid pipeline for 2015. Oil majors may have slashed capital spending but national oil companies (NOCs) in the Middle East and North Africa show no sign of cutting investment, buoying oilfield services that the stock market has beaten down. Investors sold in the second half of 2014 as benchmark fuel prices sank…

Cheap Oil Threatens Debt Squeeze for Smaller North Sea Producers

Photo: EnQuest

Small and mid-sized independent oil producers in the British North Sea could face a financing squeeze this year as banks cut lending linked to the value of oil reserves, following last year's oil price sell off. Unlike the oil majors, which can slash headcount and delay projects, smaller firms tend to be reliant on few fields, and those that are mid-project have little choice but to continue with their capital expenditure.

Oil Slips Towards $96 as Libyan Output Returns

Oil fell towards $96 a barrel on Wednesday as rising supply from Africa and Iraq offset mounting tensions in the Middle East and better-than-expected data in China. Weak European economic data and a rise in oil exports from Iraq, Libya and Nigeria have weakened the oil price, which is down around 14 percent this quarter, the biggest quarterly drop since the second quarter of 2012.

Macquarie to Control IMTT

Macquarie Infrastructure Co LLC said it would buy the 50 percent stake in liquids storage provider International-Matex Tank Terminals (IMTT) that it does not control for $1.03 billion in cash and stock. Macquarie, which owns half of IMTT since 2006, said it expects the deal to add to its free cash flow this year given "a number of opportunities"…

Marathon Petroleum to Buy Hess's Retail Business for $2.87 bln

Refiner Marathon Petroleum Corp said it would buy oil and natural gas company Hess Corp's retail and transport business for $2.87 billion, expanding its network of gas stations and convenience stores along the U.S. East Coast. While Hess has been shedding downstream assets to focus on more profitable shale drilling, the deal offers Marathon a…

GasLog Partners Announce Closing of its IPO

GasLog

GasLog Partners LP, an international owner, operator and manager of LNG carriers, today announced the closing of its initial public offering of 9,660,000 common units representing limited partner interests (the “common units”), including 1,260,000 common units issued upon the exercise in full by the underwriters of their option to purchase additional units. The public offering price was $21.00 per common unit.

Encana to Double Oil Output with $3.1b US Deal

Canada's largest natural gas company Encana Corp said on Wednesday it is buying producing assets in the Eagle Ford shale field in Texas from Freeport-McMoRan Copper & Gold for $3.1 billion, nearly doubling its oil output. Encana has been concentrating on five shale fields that are rich in oil and natural-gas liquids to lessen its dependence on lower-value gas.