Investors Brace for Poor US Shale Earnings
Investors are bracing for weaker results from U.S. shale players in coming days as lower oil and natural gas prices and cost-cutting measures have weighed on third-quarter operations.Major shale producers ConocoPhillips and Concho Resources this week kick off quarterly earnings reports for a group whipsawed this year by volatile pricing and investor demands for improved returns.
Swissco Sells Vessels to Allianz Middle East
Singapore’s Swissco Holdings, currently under judicial management, announced that it is disposing of a substantial part of its offshore support vessels division, which is expected to help reduce the group's liabilities.UAE's Allianz Middle East Ship Management has signed a deal to buy most of the OSV fleet of Swissco…
Equinor Bets on Offshore Wind
Norway's Equinor is focusing its green efforts on offshore wind, a goal it is already on its way to achieve, but some investors are concerned about the impact this shift will have on the company's bottom line.European oil and gas companies are diversifying their portfolio to include less-emitting sources of energy as a result of the Paris 2015 agreement…
Allianz Limits Coal Insurance Policies
Germany's Allianz will immediately stop insuring single coal-fired power plants and coal mines, the company said on Friday, following criticism from environmental groups. But Allianz said it would continue to insure companies generating power through multiple sources, including coal and other fossil fuels. It wants to phase out any coal insurance by 2040, it said.
BP Names Former Statoil Boss Lund as Next Chairman
BP named Helge Lund, a former head of Norway's Statoil, as its next chairman on Thursday, as the British oil major looks to extend a period of rapid growth after recovering from a deadly oil spill in 2010.Lund, who also led BG Group during its acquisition by rival Royal Dutch Shell, will replace Carl-Henric Svanberg…
Allianz Considers Group's Stance on Coal Insurance
Coal debate intensifies as Allianz posts 22 pct Q4 profit fall. Germany's Allianz is considering whether to stop insuring new coal power plants but told environmental campaigners it would stay in the business for now. The 22 percent slide in fourth-quarter earnings reported by the insurer on Friday brought into sharp…
Big Oil Takes Stage for Post-austerity Beauty Contest
With years of austerity in their rear-view mirrors, the world's biggest oil companies are locked in a beauty contest to lure investors with promises of growth and greater rewards. Royal Dutch Shell and Total are emerging as frontrunners after a three-year slump thanks to strong growth projections but Exxon Mobil, the biggest publicly traded oil company…
Shell Poised to Dethrone Exxon as Q4 Profits Double
Profits rise 120 percent to $16 bln in 2017; Q4 profits more than double, beating forecasts. Royal Dutch Shell could usurp its largest rival Exxon Mobil as the energy sector's biggest cash generator after higher oil and gas prices combined with an improved performance lifted its 2017 revenue. Chief Executive Ben van…
Oil Shrugs off Geopolitical Tensions but Some See Red Flags
The oil price has ignored rising geopolitical tensions in the Middle East, as a three-year old crude surplus has wiped out any real fear over supply, but one of the world's largest security consultants says there are red flags the market cannot ignore. Bahrain, Saudi Arabia, Egypt, the United Arab Emirates and several other countries cut ties with Qatar on Monday…
British Investors Wary of Aramco as London Courts Listing
While Britain's stock exchange pulls out all the stops to woo Saudi Aramco, some leading British fund managers who would be among potential investors have expressed reservations about the oil titan's corporate governance and valuation. The Saudi government values the state firm at $2 trillion and plans to sell a stake…
Allianz, MFUG Invest in EDF-owned Wind Deal
Allianz and Japanese bank Mitsubishi UFJ Financial Group (MUFG) have invested in a U.S.-based wind park owned by French utility EDF , Allianz said, as the German insurer expands its renewables portfolio. Allianz, which gave no further financial details, said the 225 megawatt (MW) Great Western wind project is about 200 km (125 miles) north-west of Oklahoma City and can power about 70…
Court: $1.8B Gas Transport Tariff Row
A Norwegian court will hear an appeal next week by four firms seeking to overturn a ruling that upheld a government decision to cut offshore gas transportation tariffs. The firms - owned by Allianz, UBS, the Abu Dhabi Investment Authority and the Canada Pension Plan Investment Board - said the slashed tariffs would cost them 15 billion crowns ($1.8 billion) in lost earning by 2028.
Allianz Middle East Ship Management, MCS Join Forces
Allianz Middle East Ship Management and Maritime Craft Services (MCS)have taken delivery of a Damen Fast Crew Supplier 2610. Demonstrating the cooperative relationship between the two companies, the new vessel will offer safe and cost efficient crew transfer services for up to 50 passengers to and from the Abu Dhabi…
Snam-Allianz Consortium Wins Bid for 49% of Gas Connect Austria
Italian gas grid company Snam said on Thursday its bid with Allianz to buy a 49 percent stake in pipeline company Gas Connect Austria had been successful, confirming what sources previously told Reuters. Snam and Allianz will pay a total of 601 million euros ($675 million) to buy the stake from owner OMV, Austria's leading oil and gas group, Snam said.
Commodity Rally Fades and Investors Look to Oil
Commodity market fundamentals have not improved yet. The rapid speculative rally in commodity markets is already petering out as focus returns to oversupplied markets, but dipping into a few choice assets could yield strong returns later this year. Fund managers say crude oil and some soft commodities may see tightness, while political uncertainty could boost gold.
Allianz to Double Infrastructure Investments
Allianz is planning to double its investments in infrastructure and renewable energy within the next two to three years as it seeks to diversify its 638 billion euros ($726.43 billion) in assets, a unit head told Reuters. Like all of its peers, Europe's largest insurer has to invest its customers' premiums and is increasingly turning to alternative investments such as infrastructure…
Norway to Ramp Up Gas Production Capacity, Eyes Arctic Pipeline
Norway plans to increase its gas production capacity and is evaluating the potential for building a pipeline from the Barents Sea to meet future demand in Europe, its gas system operator Gassco said on Tuesday. Norway meets about 25 percent of Europe's gas needs, competing with Russia for top place, and demand from…
Austria's OMV Looks to Sell Turkish Unit Petrol Ofisi
Austrian oil group OMV said on Friday that it is putting its Turkish subsidiary Petrol Ofisi up for sale as part of its strategy to dispose of non-core assets. OMV is focusing on growth in its upstream business, which covers crude oil and natural gas production, and its integrated downstream business, covering refining, sales and distribution.
Investors Line Up for OMV's Gas Grid Gas Connect Austria
Gas Connect Austria, the pipeline unit of Austrian energy group OMV, has drawn interest from several parties ahead of an auction that could value the asset at up to 750 million euros ($845 million), three people familiar with the deal said. The sales process, which the sources said was organised by Citi, is expected…
Allianz, BofA Invest in U.S. Wind Farms
Marks first wind investment by Allianz in USA; combined volume at more than 600 mln euros. Allianz and Bank of America are investing in two onshore wind parks developed by French utility EDF, the German insurer said on Monday, marking the group's first wind investment in the United States. Insurers and infrastructure investors have ramped up investments into wind power in recent years…
