Tuesday, March 31, 2020

David French News

Oilfield Services Giants Start Year with Asset Sales

Illustration - Image by pichitstocker - Adobe Stock

Schlumberger, Halliburton Co, and Baker Hughes Co have kicked off the new year by putting units up for sale, as the three largest names in oilfield services seek to reshape their businesses and adjust…

Saudi Aramco Pursues IPO Planning Despite Attack

Saudi Aramco president and CEO 
Amin H. Nasser (Photo: Saudi Aramco)

Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks…

Timeline: Occidental's Anadarko Victory

(Photo: Anadarko)

Before Occidental Petroleum Corp clinched a deal on Thursday to buy Anadarko Petroleum Corp for $38 billion, it pursued its U.S. oil and gas exploration and production rival for nearly two years, culminating…

Oxy Would Sell Anadarko’s Africa Assets to Total

(Photo: Anadarko)

France's Total SA said on Sunday it has agreed with Occidental Petroleum Corp to acquire the African assets of Anadarko Petroleum Corp for $8.8 billion, should the two U.S. oil and gas companies clinch…

Warren Buffett Backs Oxy's Anadarko Bid

(Photo: Anadarko)

Warren Buffett's Berkshire Hathaway Inc committed $10 billion on Tuesday to Occidental Petroleum Corp's $38 billion cash-and-stock bid for Anadarko Petroleum Corp, boosting its chances of snatching…

Occidental Tops Chevron's Bid for Anadarko

(Photo: Anadarko Petroleum)

Occidental Petroleum Corp on Wednesday started the first takeover battle for a major oil company in years, offering $38 billion for Anadarko Petroleum Corp, a bid that topped a $33 billion offer by…

Chevron to Buy Anadarko for $33 Bln

(Photo courtesy Anadarko)

Chevron Corp on Friday said it will buy oil and gas producer Anadarko Petroleum Corp for $33 billion in cash and stock in a deal that doubles down on its bet on U.S. shale and LNG as U.S. energy production…

Oil Majors Rush to Dominate US Shale

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In New Mexico's Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry's notorious boom-and-bust cycles.Workers…

Saipem Push with US Drillers Draws a Blank

(File photo: Saipem)

Italian oil services company Saipem is trying to lure big U.S.

Rising US Oil Clout on Show in Houston

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A glance at the attendee list at one of the world's largest energy industry events in Houston this week left little question about the growing influence of the United States over global oil politics.Present: top U.S. diplomat Mike Pompeo.

ExxonMobil Shareholders Want GHG Reduction Goals

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A number of institutional investors in ExxonMobil Corp have said they will file a shareholder resolution which calls on the world's largest oil company to set targets for lowering its greenhouse gas emissions.The call, led by the New York State

Next-wave LNG Race Hits Hurdles in US-China Trade War

© Dmitry Rukhlenko / Adobe Stock

The delay of a U.S. Gulf Coast liquefied natural gas (LNG) export project has crystallized fears that the U.S. trade battle with China is hampering efforts to line up buyers needed to move ahead with…

Kosmos Energy Acquired DGE for $1.23 Bln

(File photo courtesy of Deep Gulf Energy)

Kosmos Energy has agreed to acquire Deep Gulf Energy (DGE) from its private equity owner for $1.23 billion, according to a bourse filing on Monday, expanding the deepwater oil and gas firm's operations into the Gulf of Mexico.Dallas-based Kosmos

Baker Hughes Explores Sale of Gas Metering Unit

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

Baker Hughes, the oilfield services company controlled by General Electric Co, is exploring a sale of its gas detection and metering business that could be worth around $900 million, people familiar with the matter said on Monday.

North American Energy IPOs Set to Rebound in 2018

File Image: Credit DSM

Higher oil prices and a positive earnings outlook for energy companies are expected to fuel a rebound in North American oil and gas initial public offerings in 2018, with bankers betting investors…

Riverstone Unit Mulls Sale of WA Refinery

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

TrailStone Group, a start-up commodity merchant backed by private equity firm Riverstone Holdings LLC, has retained Tudor Pickering & Holt to sell or find strategic alternatives for its Tacoma, Washington refinery…

BHP Hires Four Banks for U.S. Shale Exit

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

BHP hires Barclays, Citi, BAML and GS. BHP , the world's largest miner, has asked four investment banks to help it prepare for either a sale or spin-off of its underperforming U.S. shale oil and gas unit…

Talos, Stone Energy Plan $2.5 Bln Merger

Talos Energy LLC and Stone Energy Corp, two U.S. exploration and production companies focused on the Gulf of Mexico, announced on Tuesday plans to merge and create a new company valued around $2.5 billion including debt…

Buffett Bets Big on Energy with $9 Bln Oncor Buy

Warren Buffett's move to spend $9 billion on his largest energy sector acquisition reflects his long-standing drive to diversify his Berkshire Hathaway Inc and deepens his commitment to electricity as a means to boost profit.

US Charges Penn West Petroleum with Accounting Fraud

U.S. securities regulators on Wednesday filed civil accounting fraud charges against Canada-based oil and gas company Penn West Petroleum Ltd and several of its former top finance executives. The U.S.