Oxy Plans to Sell Parts of 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…
Weatherford CEO's Rebound Plan Relies on Getting Smaller
Four years ago, oilfield company Weatherford International Plc pledged to sell non-core businesses and make paying down debt its top priority after years of borrowing and over spending.It almost worked. Asset sales provided some $1.8 billion to pare debt, and Weatherford's stock nearly doubled that year.
At Noble Group, Staff Exits and Debt Increase Risks
Noble shares fall as much as 49 pct after overhaul plan. Noble Group is slimming down drastically to its core Asian coal-trading business, but that may not be enough to revive its fortunes due to a staff exodus, shrunken balance sheet and debts of more than $3 billion, analysts and industry sources say.
Crude Rout Worsens, But Bond Funds Remain Confident
Big bond investors who have bet on high-yield oil producers are sticking to losing bets, waiting for a turnaround in the price of crude, even though their performance has suffered and fund assets have shrunk as oil has plunged. "Junk" rated U.S. exploration and production credits…
Chesapeake Energy Fails Miserably
Chesapeake Energy's attempt to ease its short-term liquidity woes looks set to fail miserably after the early take-up of a debt swap offer was shunned by many of its bondholders. The troubled oil and gas company extended Wednesday's deadline for the bond exchange by two days as it tried to buy time to service its massive pile of debt.
Oil, Bonds Go Their Separate Ways
The rebound in oil prices has not been enough to stop the bleeding at many US energy companies, whose bonds keep weakening - and whose ability to muster fresh capital is dwindling away. Oil and bond prices are moving in opposite directions, underlining the market's lack of confidence…
Oil Plunge Deepens High-yield Gloom
US crude fell to a more than six-year low this week, clouding the picture for a high-yield energy sector that already faces a significant cull when credit lines are reevaluated in autumn. Lower-quality names, especially in exploration and production, are already struggling to stay afloat…
Oil Rally Drives Producer Hedging
A rally in oil prices that has pushed WTI spot levels above US$60 has drawn a spate of hedging activity as producers look to lock in 2016 cashflows. California Resources Corporation, Cenovus Energy, EP Energy, EQT Corporation, Marathon Oil, Hess Corporation, Gulfport Energy, and…
Energy Debt Investors Reap Gains On Oil Rise, But Risks Loom
The rebound in oil prices since mid-March is paying off for holders of corporate bonds of energy companies, and investors are confident that they will outperform Treasuries this year, despite lingering risks. U.S. crude oil prices have rallied more than 32 percent to near their highest levels of the year…
Noble Rejects Muddy Waters' Claims; Shares Recover Partially
Shares edge up 4 pct after Thursday's decline; Noble says Muddy Waters' claims are inaccurate. Embattled Noble Group issued a detailed rebuttal of allegations of improper accounting and unsustainable debt made by U.S.-based short seller Muddy Waters, saying it has not misled investors and has a strong balance sheet.
Warning Sign: High-Yield Bonds Drive Energy Sector Growth
Energy companies have become a larger presence in the US high-yield bond market this year, relying on debt to fund capex as they expand exploration and production activity, but months of heavy issuance and weaker oil prices are taking their toll. Some recent bond deals have struggled to get across the line…
Kinder Morgan Bonds Rally on Merger News
Bonds of oil and gas pipeline company Kinder Morgan Inc rallied Monday on expectations that its credit ratings would be boosted to investment-grade following a US$70bn deal to bring all of its publicly traded units into one group. Kinder Morgan's 5% February 2021 bonds jumped to 107 from 101.5 on Friday…
