Monday, July 13, 2020

The New York Stock Exchange News

Baker Hughes Finalizes Name Change

© xmentoys / Adobe Stock

Baker Hughes has officially dropped GE from its name after the industrial conglomerate shed majority ownership in the oilfield services company in September.Formerly Baker Hughes, a GE company, the firm will now be known as Baker Hughes, and on…

GE Says Four Flagship Power Turbines are Shut Down in U.S.

General Electric Co said on Thursday that four of its new flagship power turbines in the United States have been shut down due to an "oxidation issue" and warned it expects the problem to affect 51 of the giant machines it has shipped, sending shares…

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…

Seadrill Suggests Consolidation for Drilling Market Recovery

Seadrill CEO, Anton Dibowitz (Photo:Seadrill)

On Tuesday, Seadrill CEO, Anton Dibowitz said consolidation of smaller offshore oil rig companies would help boost drilling market recovery in the drilling market. The statement comes a day the offshore rig firm emerged from Chapter 11 bankruptcy proceedings.

Seadrill Exits Chapter 11

File Image: Credit Seadrill

Offshore drilling rig contractor Seadrill said on Monday it had successfully completed its reorganisation, emerging from a U.S. Chapter 11 bankruptcy process launched last September. The company, once the world's largest offshore driller by the market capitalisation…

Schlumberger Wins in US Supreme Court on Patent Damages

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The U.S. Supreme Court ruled on Friday that companies can recover profits lost because of the unauthorized use of their patented technology abroad in a victory for Schlumberger NV, the world's largest oilfield services provider.The 7-2 decision…

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…

Statoil ASA Changes Name to Equinor ASA

CEO Eldar Sætre (Photo: Equinor)

Equinor ASA (OSE: EQNR, NYSE: STO), the new name of Statoil ASA, was approved by the annual general meeting yesterday, May 15, 2018, and the new name has now been registered in the Norwegian register of business enterprises (Foretaksregisteret).

Statoil Name Change Expected in May

Photo: Jan Arne Wold / Woldcam

Statoil ASA will vote on the proposal to change the company’s name, from Statoil ASA to Equinor ASA, at the company's annual general meeting on May 15.The company said in March it intends to change its name to reflect its move to become a broad…

Endeavour Energy Kicks Off North Sea Assets Sale

Photo: Endeavour Energy UK

Endeavour Energy UK has launched the sale of its North Sea oil and gas assets at an ambitious price target of $500 million, according to two industry sources and a document seen by Reuters. The sale is part of group asset sales after Endeavour's U.S. parent company filed for bankruptcy in 2014.

Aramco IPO Venue up for Grabs

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

Saudi Crown Prince Mohammed bin Salman's upcoming trip to Britain and the United States could shape the decision on where to list oil giant Aramco, at a time when sources say the chances of London and New York hosting the IPO appear to be receding.

Exxon Selling Stake in Terra Nova Oil Project

Terra Nova FPSO (Photo:Suncor)

Exxon Mobil Corp is selling its entire stake in the Terra Nova oil project off the eastern coast of Canada, though the world's largest publicly traded oil producer said it was committed to remaining an investor in the region. The project, located about 217 miles (350 km) off Newfoundland and Labrador…

Aramco IPO Decision Under Time Crunch

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

Riyadh holding talks with strategic investors, but New York and London want to win Aramco IPO. Saudi Arabia wants to complete talks with strategic investors such as China, Japan and South Korea before deciding where to list shares in state oil company Saudi Aramco…

LyondellBasell Approaches Brazil's Braskem for Takeover-WSJ

LyondellBasell Industries NV has approached Brazil's Braskem SA for a potential takeover, valuing the petrochemicals company at more than $10 billion, the Wall Street Journal reported on Monday. The talks are at an early stage and there is no guarantee of a deal…

BP Midstream Partners Seekup to $893 mln in IPO

File Image (CREDIT: AdobeStock / (c) Berkut 34)

BP Midtsream Partners, a unit of British energy company BP Plc, said on Monday it expects to raise up to $893 million from its initial public offering. BP Midtsream expects to sell 42.5 million shares, excluding underwriters' option, at a suggested price range of $19 to $21 each…

Dow, DuPont Complete Planned Merger

Dow Chemical Co and DuPont said on Friday the companies had successfully completed their planned $130 billion merger to form DowDuPont. Shares of DuPont and Dow stopped trading at the close of Aug. 31 and will now trade on the New York Stock Exchange under the ticker symbol "DWDP".

Saudis Favor New York for Aramco Listing

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

New York float would demand more disclosure than London; NYSE would give Aramco access to larger pool of capital. Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers…

GE Closes Baker Hughes Deal, Becomes No. 2 Oilfield Service Provider

General Electric Co on Monday completed its buyout of Baker Hughes Inc, merging it with its own oil and gas equipment and services operations to create the world's second-largest oilfield service provider by revenue. With headquarters in London and Houston…

In Demand: Hoegh LNG’s Sveinung Stoehle

The business model: Hoegh LNG president and CEO, Sveinung Støhle. Photo: handout

Satisfied with the recent opening of a new floating LNG import terminal in Turkey plus contract successes in Africa and Asia, Hoegh LNG CEO and president, Sveinung Stoehle, cautiously lets us into his stylish Oslo offices for a bit of “disclosure”.

Divide over Listing Location Slows Aramco IPO

Saudi Aramco's planned 2018 public share offering is being slowed down by a divide between Saudi Arabia's ruling family and executives of the kingdom's state oil company over where to list its shares, the Wall Street Journal reported on Wednesday.