Service Resumed at Berkshire Hathaway Energy Cove Point LNG Export Plant
U.S. energy firm Berkshire Hathaway Energy's Cove Point liquefied natural gas (LNG) export plant in Maryland returned to service on Sunday after a planned autumn maintenance outage, according to a company notice to customers and data from financial firm LSEG.The amount of natural gas flowing to the plant, which shut around September 20, rose from about zero to 0.9 billion cubic feet per day (bcfd) on October 12…
Berkshire Hathaway Energy Cove Point in Maryland LNG export plant is back in service
According to a notice sent to customers by the company and data provided by financial firm LSEG, on October 13, U.S. energy giant Berkshire Hathaway Energy’s Cove Point liquefied gas export plant (LNG) in Maryland resumed service after a planned maintenance outage. The LSEG data revealed that the amount of natural gases flowing into the plant after…
Occidental CEO: Chemical divestiture to improve core oil and gas business
CEO Vicki Hollub said in an interview with the Associated Press on Thursday that Occidental Petroleum would be better positioned to invest in the core oil and natural gas business following the divestiture of a chemical unit. The company will also be able replace the cash flow lost from the division within two and a quarter years. Occidental shares…
S&P 500 and Nasdaq fall after setting intraday records, as momentum wanes
S&P 500 index and tech-heavy Nasdaq index retreated on Thursday after reaching intraday records earlier in the day. Investors locked in gains as the U.S. shutdown entered its second day. The rapid pullback highlights how fragile the market momentum is, with stretched values and uncertainty over the Federal Reserve’s lack of visibility in economic data keeping traders at edge.
S&P 500 and Nasdaq reach intraday records as rate-cutting hopes overshadow shutdown fears
S&P 500 and Nasdaq both hit intraday records at the market opening on Thursday. This was due to renewed expectations of interest rate reductions. Traders are bracing for a week-end with little data, but few new catalysts. Investors have been able to ignore the uncertainty of the U.S. Government Shutdown because they are anchored to a Federal Reserve that is dovish.
Occidental reduces debt by selling Berkshire's chemicals unit for $9.7 billion
Occidental Petroleum announced on Thursday that it will sell OxyChem, its chemicals division, to Warren Buffett’s Berkshire Hathaway, for $9.7 Billion. This is the largest divestment to date to reduce debt following years of expensive acquisitions. The deal would be Berkshire's largest since the $11.6 billion acquisition of Alleghany Corporation by Berkshire in 2022.
US LNG exports record second consecutive month
According to preliminary data, U.S. exports of LNG reached a new record in September, surpassing their previous record set in August at 9.3 million MT. According to LSEG, the increase was fueled primarily by sales to Europe, Asia and other parts of the world. This occurred despite unexpected shutdowns at Cheniere Energy’s Sabine Pass facility in Texas and a planned maintenance at Berkshire Hathaway’s Cove Point Plant. The U.S.
WSJ reports that Berkshire is in negotiations to purchase OxyChem from Occidental for around $10 billion.
The Wall Street Journal, citing sources familiar with the situation, reported Tuesday that Berkshire Hathaway was in discussions to purchase Occidental Petroleum’s petrochemical division for around $10 billion. The sale of OxyChem, which provides products for sectors like medical care, food safety and construction, will add to the series of divestitures that the U.S. Oil and Gas producer has made in recent years.
Japanese trading companies are able to offset the impact of commodity price drops on their food businesses
The disclosures of Mitsui Marubeni Itochu and Mitsui showed that the higher profits in their diversified food business offset lower performances in their commodities unit. Warren Buffett’s Berkshire Hathaway took a minority stake in these companies because of the diversification away from traditional commodity trading. Mitsui's profits for the three-month period ended June 30 were down 31% compared to a year ago…
The new CEO of Buffett's homeServices believes that buyers and sellers can deal with tariffs and changes
HomeServices of America's new CEO, Berkshire Hathaway HomeServices of America, said that concerns about tariffs impacting mortgage rates weigh on both home buyers and sellers but are unlikely to have a significant effect on sales of existing homes. In a recent interview, Chris Kelly, the new owner of the largest residential real estate firm in the United States…
Japanese trading houses cautious on profit forecasts despite US tariffs
Japanese trading houses Mitsui & Co., Sumitomo Corp. and Sojitz issued cautious profit predictions for the current fiscal period as U.S. Tariffs threaten global supply chain and increase economic insecurity. Ryosei Acazawa, Japan's chief trade negotiator, is currently in the United States to try and negotiate a tariff agreement with President Donald Trump.
Indian gas firm GAIL seeks 26% stake in US LNG
GAIL India Ltd. issued a tender Friday for a maximum 26% stake in an American liquefied gas project, along with a 15 year gas import agreement. This will help New Delhi to reduce its trade surplus. India is racing to be the first country to sign a deal with the United States after President Donald Trump announced sweeping tariffs. This has led to a trade conflict with China, and other countries are now trying to negotiate.
Mitsubishi to invest $27 billion in the next three years to drive growth
Mitsubishi Corp, a Japanese trading company, said it would invest 4 trillion yen (about 27 billion dollars) in the next three financial years to boost growth. It also aims to increase its net profit from 1.2 trillion to 1.2 trillion by 2027/28. Mitsubishi announced its new management strategy for the next three years, starting this month. It also stated that it would continue its basic policy…
Indian oil companies are in talks with U.S. LNG suppliers to purchase their supplies
Pankaj Jain, the Oil Secretary of India, said that Indian oil companies were looking to purchase U.S. LNG. This was boosted by Trump's administration lifting its ban on new export permits. India, the world's fourth-largest LNG importer, aims to increase its gas share in its energy mix from 6.2% to 15% by 2030. Jain stated that Indian oil companies were in talks with U.S. firms to source additional LNG.
Maryland Cove Point LNG Export Plant of Berkshire Hathaway shut down for maintenance
According to a notice sent to customers, U.S. energy company Berkshire Hathaway Energy closed its Cove Point LNG export plant in Maryland during the annual autumn maintenance period of about three weeks. According to data from the financial firm LSEG, the amount of natural gases flowing into the plant has dropped to almost zero since August 1, when it averaged around 0.7 billion cubic feet per day (bcfd).
Will Buffett's put' on oil company Occidental stop the share price drop?
Shares of U.S. oil company Occidental Petroleum dropped to $56.17 Tuesday. This is below the level which has triggered Berkshire Hathaway, owned by billionaire Warren Buffett. Wall Street analysts referred to past multimillion-share purchase as "the Berkshire Put" because they were timed so precisely with drops below $60. But Occidental's shares have traded below this price for the entire month.
Occidental Posts $2.2B Loss, Deepens Spending Cuts
Occidental Petroleum Corp on Tuesday swung to a first-quarter loss on writedowns and charges, and the troubled U.S. oil producer cut its budget for the third time since March in response to a historic oil-price crash.The company has been struggling with debt taken on in last year's $38 billion acquisition of Anadarko Petroleum, an ill-timed bet on…
Anadarko Shareholders Go for Cash in Oxy Buyout
Shareholders of Anadarko Petroleum Corp on Thursday voted overwhelmingly to sell the company for $38 billion to rival Occidental Petroleum Corp, ending a short-lived contest that pitted two of the most storied names in the oil industry against one another.Occidental in May beat out Chevron Corp to grab a major oil industry prize: Anadarko's nearly quarter million acres in the Permian Basin, the top U.S.
Anadarko Shareholders to Vote on Oxy Deal
Anadarko Petroleum Corp shareholders will vote Aug. 8 on the oil and gas producer's planned $38 billion sale to Occidental Petroleum Corp - the biggest oil and gas deal of the year.Occidental avoided its own shareholder vote on the deal by securing a controversial $10 billion financing agreement with Warren Buffett's Berkshire Hathaway, which allowed…
Icahn Steps up Fight with Occidental
Billionaire investor Carl Icahn on Wednesday ratcheted up his fight with Occidental Petroleum over its pending purchase of rival Anadarko Petroleum by calling for a special shareholder meeting where he hopes to win board seats.In a regulatory filing, Icahn said he planned to oust and replace four Occidental directors and change the company's charter…