Canadian Natural Gas Companies eager to capitalize on the LNG boom flood the market with excess supply
Analysts said that a huge LNG Canada terminal, led by Shell, could struggle to raise Canadian natural-gas prices dramatically when it begins operating next year, because of a glut of supply waiting to be released. Storage was full, and the price of a million British thermal unit (mmBtu), which had been at a high for two years, dropped to 5 Canadian cents in late September.
Baker Hughes Profits from Foreign Focus
Baker Hughes reported negative free cash flow for the first quarter at a time energy investors have been pushing companies to aggressively shore up capital for dividends and buybacks, sending its shares down as much as 8.5 percent.Oilfield service companies, including bellweather Schlumberger NV and Halliburton Co, are planning to spend less in 2019, following in…
Total Taps Warn as Investor Relations SVP
French supermajor Total has appointed Brendan Warn as Senior Vice-President, Investor Relations, effective January 1, 2019. He succeeds Mike Sangster.Prior to joining Total, Warn was Managing Director and UK Head of Equity Research at BMO Capital Markets in London. HE has more than 13 years of experience in equity research across three investment banks including Macquarie Capital and Jefferies International in London.
Verus Petroleum Mulls 12-Fold Production Growth
Aberdeen, UK-based Verus Petroleum has secured a 12-fold increase in its production – from 1,500 to 18,000 barrels per day in less than a year – with the closing of three recent acquisitions on the UK Continental Shelf.A press release from the petroleum exploration and production services provider said that it has recently completed three significant acquisitions…
DNO Makes Hostile Bid for Faroe Petroleum
Norway's DNO has launched a hostile bid to buy all of Faroe Petroleum in a deal valuing the London-listed company at around 608 million pounds ($781 million), sending Faroe shares up by a quarter.DNO, which already owns 28 percent of Aberdeen-based Faroe, returned to the North Sea last year after years of expansion in the Middle East focusing on Iraqi Kurdistan,…
Shell Sells its Danish Upstream Assets for $1.9 Bln
Royal Dutch Shell has agreed to sell its Danish upstream business to Norwegian Energy (Noreco) in a deal valuing the assets at $1.9 billion, as part of its wider divestment strategy, the company said on Wednesday.The sale brings Shell's three-year $30 billion divestment plan close to its conclusion, having begun the process in 2015 after the acquisition of BG Group.
Exxon's Rosneft JV LNG Project Proceeds - Despite Sanctions
Exxon Mobil is pushing ahead with efforts to develop its $15 billion Far East Liquefied Natural Gas (LNG) project with Russia's Rosneft despite being forced to exit some joint ventures due to Western sanctions. Two months ago Exxon invited companies including China National Petroleum Corporation's engineering arm to bid for construction contracts by October, sources with knowledge of the matter said.
BP Profits Surge, Leaving Downturn Behind
Annual profit more than doubles to $6.2 bln; Q4 profit jumps to $2.1 bln from $400 mln. BP's profits more than doubled in 2017 to $6.2 billion powered by higher prices and output of oil and gas, allowing the company to resume share buybacks as it recovers from a three-year downturn. The London-listed company saw one of the strongest output increases in its history last year, lifting production to levels not seen since the 2010 Deepwater Horizon spill.
Big Oil Flush With Cash Again, But No Party Yet
The world's top oil companies are expected to generate more cash in 2018 than at any other time this decade after three painful years of cuts, but it isn't party time yet. The shift in sentiment has been rapid as crude prices have risen by more than 50 percent over the past six months to reach $70 a barrel, a level not seen since the crash year of 2014, thanks to global supply cuts led by OPEC.
BP Deepwater Horizon Costs Balloon to $65 Billion
BP said on Tuesday it would take a new charge over the 2010 Deepwater Horizon spill after again raising estimates for outstanding claims, lifting total costs to around $65 billion. The post-tax, non-operating $1.7-billion charge BP will take in its fourth quarter results came after claims resolved in recent months were about seven times higher than anticipated, the London-based company said.
Shell Adjusts to Low Priced Oil, Even as Profits Soar
Shell 'getting fit' to live with oil at $40/bbl -CEO. Royal Dutch Shell is gearing up for a world of "lower forever" oil prices, its Chief Executive Ben van Beurden said on Thursday, after the company's profits tripled in the second quarter. The oil and gas industry has struggled with three years of weak prices while also facing the prospect of oil demand plateauing by the end of the next decade.
Petronas Scraps $29 bln Canada LNG Project
Decision widely expected after long delay, weak prices. Malaysian oil company Petronas has scrapped a proposed C$36 billion ($29 billion) liquefied natural gas (LNG) project in western Canada due to weak prices, in a blow to both its global ambitions and Canada's hopes of becoming a major LNG player. Pacific NorthWest LNG in British Columbia was meant to produce 12 megatonnes per year and spur further development of Canada's largest shale play…
Rio Tinto recommends Yancoal coal offer over Glencore
Rio says Yancoal deal could be agreed more quickly; says Yancoal has improved offer. Rio Tinto selected Yancoal on Tuesday to buy its Coal & Allied division in Australia for $2.45 billion, surprising commodities trading giant Glencore which had put in a higher bid. Earlier this month, Glencore offered $2.55 billion cash for Rio's coal mines in the Hunter Valley region of New South Wales…
Genel's Rothschild Quits as Turkey Gas Focus Grows
Departure follows that of Chairman Tony Hayward; Company now focused on Turkish gas market. Genel Energy co-founder Nathaniel Rothschild quit on Monday in the latest high-profile departure from the loss-making Iraqi Kurdistan oil producer, which is switching its focus to the Turkish gas market. The majority of the board of Genel, which also announced the exit of non-executive director Simon Lockett…
Oil Lifts Global Stocks as Crude Slips on OPEC Doubts
Oil company shares lift global stocks after OPEC deal. An agreement by OPEC members to curb output boosted oil company shares on Thursday, lifted the currencies of crude-producing countries, and drove yields on low-risk government debt higher. Global stocks were pulled higher by the oil company rally, although Wall Street, which rose on Wednesday after the agreement was struck, looked set to open flat.
Canada's Enbridge to Buy Spectra Energy in $28 bln Deal
Enbridge Inc, Canada's largest pipeline company, said on Tuesday it would buy Spectra Energy Corp in an all-stock deal valued at about C$37 billion ($28 billion) to create the largest North American energy infrastructure company. Enbridge's biggest-ever deal comes as the company has been steadily expanding its North American pipeline network, which carries the bulk of Canadian crude oil to the United States.
Canada July Trade Deficit Shrinks as Non-energy Sector Shines
Canada's trade deficit in July unexpectedly shrank on stronger non-energy exports, a sector the Bank of Canada says is crucial to helping revive an economy hit by low oil prices. Statistics Canada said on Friday that the July deficit was C$2.49 billion ($1.90 billion), lower than the C$3.25 billion shortfall predicted by analysts in a Reuters poll and below the record C$3.97 billion in June.
Brexit Could Provide Boost for Britain's Shale Gas
Britain's shale gas industry could get a helping hand from a falling pound and a supportive new prime minister just as it is gearing up for its first production this year, after facing economic and political challenges that slowed its start. The British pound's weakness since the Brexit vote has made it more expensive to import gas, helping the case for shale gas…
Oil Down as Banks Downplay Producers' Meeting Impact
Oil prices slipped on Monday after banks dampened hopes that the result of next Sunday's meeting of producers in Qatar aimed at freezing current output levels would improve the current supply-demand balance. Brent crude futures, the global benchmark, were down 12 cents at $41.82 a barrel at 1022 GMT, retreating from a three-week high reached on Friday. Oil prices rallied more than 6 percent last week after data showed U.S.
Seven Generations to Buy Some Deep Basin Assets from Paramount
Canadian natural gas developer Seven Generations Energy Ltd said it would buy some of Paramount Resources Ltd's Deep Basin oil and gas properties in west Central Alberta for about C$1.9 billion ($1.47 billion), including debt. Paramount said it would receive C$475 million in cash and 33.5 million class A common shares of Seven Generations. Seven Generations will also assume Paramount's senior unsecured notes worth about C$584 million due 2023.
