Tuesday, November 20, 2018

Carl Icahn News

Corvex and Icahn to Mull Making a Bid for Energen

Photo: Energen

Activist investor Keith Meister on Monday reunited with billionaire investor Carl Icahn and said in a regulatory filing that they may try to buy oil and gas producer Energen Corp..The announcement comes roughly two months after the Birmingham, Alabama-based company settled a long-simmering fight with Meister's New York-based hedge fund Corvex Management by agreeing to review its businesses and adding two members to…

SandRidge Draws Interest from Multiple Bidders

File Image (CREDIT: AdobeStock / © Shamtor)

SandRidge Energy Inc has been approached by 26 potential bidders for a buyout of the company or some of its assets, the U.S. shale oil producer said on Friday, days after activist investor Carl Icahn took control of its board. The list includes Midstates Petroleum, whose previous attempt to buy SandRidge was rebuffed by the company - a move that was criticized by Icahn and some other shareholders. SandRidge, which said earlier this month it was approached by 17 potential bidders including Icahn…

Diamondback Energy Shares Drop on $9.2 billion Deal for Shale Rival

Diamondback Energy Inc shares fell 10 percent early on Wednesday following the U.S. oil and gas producer's all-stock, $9.2 billion deal for shale rival Energen Corp.On Tuesday, Diamondback agreed to pay about $84.95 per share for Energen, a 16 percent premium to the Birmingham, Alabama, company's close on Tuesday.. Energen shares rose 3.8 percent to $75.95 on Wednesday morning trade on the New York Stock Exchange.Diamondback…

Icahn Cuts Stake in Cheniere

File Image: The Cheniere Sabine Pass facility (CREDIT: Cheniere)

Activist investor Carl Icahn has reduced his stake in energy company Cheniere Energy Inc to 9.5 percent, and said he was confident in the company's management and Chief Executive Officer Jack Fusco.   Icahn, still the biggest shareholder of the company, had disclosed a stake of 13.8 percent in Cheniere in December 2015.

SandRidge Says Approached by 17 Potential Buyers, Including Icahn

Logo: SandRidge Energy

SandRidge Energy Inc said on Friday it had been approached by 17 potential bidders for a buyout, including billionaire Carl Icahn who is fighting for control of the oil and gas producer's board.Icahn has criticized SandRidge's leadership, forced the removal of its chief executive officer and got the company to back out of its planned buyout of rival Bonanza Creek Energy Inc .The investor, who said in April he was willing to buy the company…

Oil Industry Infighting Heats up as EPA Weighs Biofuels Rule Change

Oil companies showed deepening divides on the future of the U.S. biofuels program in solicited comments from the Environmental Protection Agency (EPA) over a plan sought by some refiners to shift the program's financial burden to retailers and blenders. All sides are pushing hard, seizing the opportunity to test President Donald Trump's commitment to the program. Trump has supported the program, but top figures in his administration have criticized it.

U.S. Biofuels Mandates Under High Stakes Scrutiny

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

U.S. biofuels regulations, which mandate mixing corn-based ethanol into gasoline, have lately drawn together a diverse cast of political opponents. They include an upstart gas station owners' trade group, a former Obama administration environmental adviser and billionaire activist investor Carl Icahn, who owns a refiner and served as U.S. President Donald Trump's special advisor on business regulation - until he resigned Friday amid allegations of a conflict of interest.

Philadelphia Energy Shopping East Coast's Largest Refinery

Philadelphia Energy Solutions, the Carlyle Group-backed company that breathed new life into a "zombie" refinery complex on the East Coast is now trying to shed the investment in the face of market headwinds, according to people familiar with the efforts. PES has circulated detailed financial statements within the past two weeks to several potential buyers, including other refiners and at least one company that would be a new entrant to the business, according to two people familiar with the process.

Six Williams Directors Quit after CEO Ouster Fails

Six of Williams Cos Inc's directors, including the pipeline company's chairman, resigned on Thursday after a failed attempt to oust Chief Executive Alan Armstrong, three sources familiar with the matter told Reuters. The resignations from the company's 13-member board come a day after Energy Transfer Equity walked away from its more than $20 billion deal to buy Williams after months of lawsuits and heated arguments between the rival pipeline companies.

EPA Mulls Changes to Biofuels Policy

File Image: a midwest ethanol plant. CREDIT: AdobeStock) / (c) Jason Lee:

The Environmental Protection Agency is considering a change to U.S. biofuels policy that would allow exports of ethanol to count toward the country's annual biofuels volumes mandates, two sources familiar with the matter told Reuters on Wednesday. The proposal would represent a significant shift from the original mandate of the 2005 renewable fuel program, designed to increase the amount ethanol and biodiesel in the country's fuel pool while boosting the U.S. agricultural sector. The move would benefit U.S.

Refinery State Lawmakers Stump for Biofuel Meeting

File Image: A midwest Biofuel Refinery (CREDIT: AdobeStock / (c) Jason Lee)

Nine U.S. senators from states that have oil refineries sent a letter to President Donald Trump on Thursday urging changes to the country's biofuels policy and asking for a meeting to discuss the issue. The letter reflects growing tensions between refiners that oppose the U.S. Renewable Fuel Standard - a law requiring them to blend increasing amounts of ethanol into the nation's fuel each year - and the Midwest corn lobby that supports it.

Trump Plans to Meet Oil Industry Reps on US Biofuel Policy

President Donald Trump  (Photo: The White House)

U.S. President Donald Trump has agreed to meet with representatives of the oil refining industry and their legislative backers to discuss the nation's biofuels program, according to two sources briefed on the matter. The White House meeting could set the stage for negotiations over possible legislation to overhaul the U.S. Renewable Fuel Standard - a 2005 law that requires refiners to blend increasing amounts of biofuels like ethanol into the nation's gasoline each year, the sources said, asking not to be named.

Icahn Seeks to Inspect SandRidge Energy Books, Records

Activist investor Carl Icahn has asked to inspect certain books and records of SandRidge Energy Inc , according to a regulatory filing on Friday. Icahn seeks to investigate the compensation of SandRidge's senior management, the proposed acquisition of Bonanza Creek Energy Inc and the recent poison pill plan laid out by SandRidge, according to the filing. Icahn's demand comes a day after he called the $746 million bid by SandRidge for Bonanza Creek "value-destroying".

SandRidge Offers Icahn Some Deal Records, Rebuts Claims

SandRidge Energy Inc on Monday pushed back against activist investors Carl Icahn and Fir Tree Partners' attack on the oil and gas producer's proposed $746 million acquisition of rival Bonanza Creek Energy Inc. In a letter to its shareholders, the Oklahoma City-based energy firm said opponents' claims the transaction would hurt shareholder value were "false and reckless," and a purchase would boost cash flow per share by 15 percent next year and provide operational and financial synergies.

Icahn Steps Up Fight Against SandRidge's Plan to Buy Bonanza Creek

Activist investor Carl Icahn on Friday stepped up its fight against SandRidge Energy Inc's plan to buy a rival, urging fellow stockholders to vote against the oil and gas company's plan to issue shares for the $746 million deal. Several other holders including Fir Tree Partners and Susquehanna Advisors Group have come out against the purchase and said SandRidge was paying an unjustified premium. Billionaire Icahn…

Icahn Demands Removal of 2 SandRidge Board Members

Top shareholder and activist investor Carl Icahn on Tuesday called for the resignation of two of SandRidge Energy's board members, days after thwarting the oil and gas company's deal to buy Bonanza Creek Energy Inc for $746 million. Icahn said in a letter to the board that he wanted to nominate one new director, while the other would be determined by other large shareholders. Icahn also demanded that any major changes to SandRidge's business…

Two Chesapeake Directors, Including Icahn Representative, Resign

Chesapeake Energy Corp said on Tuesday that two board directors, including a representative of activist investor Carl Icahn, resigned on Monday, a week after Icahn more than halved his stake in the natural gas producer. John Lipinski, who has been on Chesapeake's board since June 2014, and Vincent Intrieri stepped down on Monday, the company said. Intrieri, who has served as senior managing director of Icahn Capital LP…

Midstates Petroleum Seeks Merger with SandRidge Energy

File Image (CREDIT: AdobeStock / (c) Shamtor)

A merger could create $1 bln producer in the Mississippian Lime. Midstates Petroleum Co Inc on Tuesday sought to merge with larger rival SandRidge Energy Inc in a deal that could create the biggest oil producer in the Mississippian Lime shale formation. Both companies have a large presence in the Mississippian Lime, which is primarily an oil producing area spread across Northern Oklahoma and Southern Kansas. The basin…

Freeport to Sell California Energy Assets for Up to $742 mln

Freeport-McMoRan Inc said on Friday it will sell onshore California oil and gas assets to Sentinel Peak Resources California for up to $742 million, part of the world's biggest listed copper miner's push to trim its multi-billion dollar debt. Hard hit in recent years by a downturn in commodity prices, Phoenix-based Freeport is under pressure from activist investor Carl Icahn, its third-largest shareholder, to reduce net debt of $18.8 billion and boost valuation.

SandRidge to Evaluate All Buyout Offers

SandRidge Energy Inc, which is in the middle of a proxy fight with top shareholder Carl Icahn, said on Monday it would evaluate buyout offers, including one from Icahn.   The activist investor, who offered to buy the company last week, said he planned to nominate directors who would push for a sale of SandRidge Energy.   Reporting by Karan Nagarkatti