Tuesday, July 16, 2019

Finance News

Anadarko Shareholders to Vote on Oxy Deal

(Photo: Anadarko)

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…

Atlantic Offshore Wind: Favorable Winds for Maritime

© 3plusx/Adobe Stock

Now that the United States finally can envision steady winds blowing from the Atlantic Seaboard due to a pipeline of offshore wind farms on the horizon, the maritime industry can finally step up and earn some of the benefits. This includes shipbuilding, port construction, and worker training.

Aker Energy Issues Bonds to AFC

FPSO Dhirubhai-1 (File photo: Aker Floating Production)

Aker Energy Ghana, a subsidiary of Norwegian-based oil exploration and production firm Aker Energy AS, has entered into an agreement to issue $100 million of convertible subordinated bonds to Africa Finance Corporation (AFC).AFC also intends to take part in future capital market activities…

India Eyes $250 bln for Renewable Energy

Indian Finance Minister Nirmala Sitharaman. Photo: PIB

India is undertaking one of the world’s largest renewable energy expansion programs, which will require additional investments of around $80 billion till 2022, growing more than threefold to $250 billion during 2023-30.According to the Economic Survey 2019,  the investment estimates, which have been made at current prices…

Oilfield Services Pricing Rises

Graph: Rystad Energy

Oilfield services companies are in bullish mode. They are now able to raise prices for their products and services, after several years of gloom.“Oil and gas investments are on the rise, and so too is the pricing power of service companies. After losing pricing power in 2015 and 2016, oilfield service companies have since regained some of the lost ground…

EMP Applauds Poseidon Principles

Aquarius Eco Ship by Eco Marine Power - A Sail Assisted Ship. Image: EMP

Japan-based Eco Marine Power (EMP), a company develops and markets renewable energy based systems for ships and other vessels, has applauded the recently announced introduction of the Poseidon Principles – a global framework for assessing and disclosing the climate alignment of financial…

Norway Wealth Fund to Drop ConocoPhillips, Hess

(Photo: ConocoPhillips)

Norway's wealth fund will have to divest its holdings in ConocoPhillips and Hess after both U.S. oil companies were added to a list which effectively excludes them from the Nordic country's portfolio.As part of Norway's efforts to shift its $1 trillion "rainy day" fund away from oil, the…

Lawmakers Want UK to Stop Funding Fossil Fuel Projects Abroad

© Iakov Kalinin / Adobe Stock

Britain must stop financing fossil fuel projects abroad by 2021 as it undermines the nation's efforts to combat climate change, a report by lawmakers said on Monday.The report, which targets financial support provided by the UK Export Finance (UKEF) agency, was published as Britain debates plans to set tougher climate goals and move towards a net zero emissi

Europe Invests in African Renewable Energy

Pic: DNV GL

The provider of testing and advisory services to the energy value chain including renewables and energy management, DNV GL has joined European signatories including ABB, EDP Renewables, Enel Green Power, Ge Renewable Energy, Pöyry, Prysmian, PwC, Siemens Gamesa and Vestas."DNV GL has signed…

Fitch Downgrades Pemex Debt to 'Junk'

Pemex CEO  Octavio Romero Oropeza (Photo: Pemex)

Fitch on Thursday became the first major ratings agency to downgrade the debt of Mexican oil company Pemex to "junk" status, in a major setback for President Andres Manuel Lopez Obrador's plans to revive the struggling state-run firm.Fitch changed Pemex's credit rating from investment grade to speculative grade, or "junk", with a negative outlook, a day afte

Only 10% of Shale Firms Reports Positive Cash Flow

Graph: Rystad Energy

Only four, out of the financial performance of 40 dedicated US shale oil firms under study, reported a positive cash flow balance in the first quarter of 2019, bringing down the share of companies with a positive cash flow balance from the recent norm of around 20% to just 10%.Nine in ten US shale oil companies are burning cash…

Oxy Plans to Sell Parts of Anadarko

Deal-makers say most likely sale prospects are Anadarko's offshore assets in the Gulf of Mexico and its pipeline business. (Photo: Anadarko)

Occidental Petroleum snatched up some of the richest shale oilfields in Texas when it beat out rival Chevron Corp in a bidding war to acquire Anadarko Petroleum.It also quadrupled its debt - to $40 billion - at a time when investors are calling for spending cuts and higher dividends.That…

Okea Eyes Listing by Mid-2019

Norwegian oil company Okea AS said on Tuesday it was planning an initial public offering by mid-2019, in a bid to raise funds to finance further expansions.The company, which is partly owned by Thailand's Bangchak Corporation and private equity firm Seacrest Capital, had previously said the IPO was expected some time in 2019.The company produced around 19…

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 a deal from Chevron Corp.Occidental and Chevron are locked in the biggest oil-industry takeover…

Europe Invests $30bln in Wind in 2018

Image: WindEurope

Europe invested a total of EUR27bn (USD 30.34bln) in new wind farms in 2018, allowing it finance a record amount of new wind energy capacity, according to European trade body WindEurope.Europe invested EUR 10.3 billion in new offshore wind farms with a combined capacity of 4.2GW in 2018.Investments…

Aker Solutions Raises 2019 Forecasts

(Photo: Aker Solutions)

Norway's Aker Solutions ASA raised its 2019 revenue outlook on expected higher spending on the offshore oil services and reported better than expected first-quarter profits, lifting its shares on Tuesday.The upbeat sentiment on oilfield spending is a result of record cashflows accumulated…

A New York State of Mind

New York Bight call areas.  "Call" is a short-hand term referring to calls for proposals or calls for interest in an area. (Image: BOEM)

“A new industry is being established in New York, with the primary stimulus being a state-driven procurement process.”New York State Public Service Commission (PSC), July 12, 2018.To a great extent, this PSC comment provides direct insight into the dynamics behind New York’s pace-setting moves to establish offshore wind.

Voser Steps in as Interim CEO at ABB

Peter Voser (Photo: ABB)

ABB Chief Executive Ulrich Spiesshofer has quit the Swiss industrial group as the board and major shareholders look for a speedier turnaround at the maker of industrial robots and supplier of factory automation.Spiesshofer’s abrupt exit follows the launch of the biggest overhaul in ABB’s…

Oman LNG Settles $2bln Loan in Advance

Pic: Oman LNG

Oman Liquefied Natural Gas LLC has announced that it has successfully repaid its US$2 billion loan facility obligation ahead of schedule, saving interest costs.According to Oman News Agency, the move is part of the company’s ongoing efforts to reduce financial costs and support Oman’s credit rating.The agency quoted Dr Mohammed bin Hamad al Rumhi…

Anadarko to Resume Talks with Occidental

(Photo: Anadarko)

Anadarko Petroleum Corp said on Monday it planned to resume talks with Occidental Petroleum Corp over its $38 billion bid, putting pressure on Chevron Corp to raise its $33 billion offer for the oil and gas producer.Anadarko said its board had unanimously decided that Occidental's offer could result in a "superior proposal"…