WaterBridge, backed by Five Point, is valued at almost $3 billion and shares soar in NYSE debut
WaterBridge Infrastructure shares rose 25% on their New York Stock Exchange debut on Wednesday. This gives the midstream water management company a market value of almost $3 billion. Shares in the Houston-based firm, backed by the private equity firm Five Point Capital, opened at $20 each, as opposed to the initial offer of $25. WaterBridge raised $634 million through a larger initial public offering. WaterBridge had previously marketed 27,000,000 shares at $17-$20 each. Investors looked beyond tariff uncertainty to make a comeback in the U.S. this fall.
Five Point-backed WaterBridge raises 634 million dollars in US IPO
WaterBridge Infrastructure, a company that manages oilfield water, announced on September 16th that it raised $634 Million in its initial public offering (IPO) in the United States. This is the latest indication of renewed momentum within the listing market. Houston-based company, Texas, sold 31.7 millions shares at $20 each, the upper end of their marketed range from $17 to $20.00 per share. It was valued at $2.3 billion in the IPO. WaterBridge is the latest in a string of IPOs.
Q&A: Is Venezuela on the verge of losing its prized foreign asset, Citgo?
After a fierce battle for the seventh-largest U.S. refiner, a U.S. judge began the final hearing on Monday of the sale of shares of the parent company of Venezuelan-owned refiner Citgo Petroleum in order to pay creditors. A bidding war led to the purchase of the property by an Elliott Investment Management affiliate. He had recommended an offer of $7,4 billion by a unit from Toronto-listed miner Gold Reserve. Creditors and bondholders are pursuing the same assets.
Venezuela bondholders and creditors clash before Citgo auction decision
The auction of Citgo Petroleum's parent company, which is owned by Venezuela and based in the United States, has turned into a heated battle between creditors seeking compensation for expropriation their Venezuelan assets as well as holders of defaulted bonds issued by Venezuelan oil company PDVSA. Both groups' interests have grown increasingly opposed, as a Delaware court moves towards the conclusion of a nearly two-year long bidding process. The supervising officer changed his recommendation last month during a bidding battle. The future of the U.S.
Gold Reserve's unit bids for Citgo parent at court-led auction
Miner Gold Reserve announced on Thursday that Dalinar Energy, its subsidiary, had submitted a better bid in an auction organized by a court for the parent company Citgo Petroleum. A final decision is expected to be made next month. A court officer who was overseeing the auction for PDV Holding - the parent company of Venezuelan owned U.S. refiner Citgo - said that a bid of $5,9 billion from an affiliate of Elliott Investment Management, the hedge fund, was the strongest to date. He gave Dalinar more time to prepare a response.
Elliott affiliate emerges in Citgo auction as the frontrunner, filing states
An American court officer announced on Monday that an affiliate of the hedge fund Elliott Investment Management had made the highest bid for Citgo Petroleum's parent company, a Venezuelan refiner. This group was recommended to win the deal over a previous group led by Gold Reserve. In the final stages of PDV Holding's auction, the parent company of the seventh largest U.S. refiner - PDV Holding - improved bids were made after court rulings in parallel legal proceedings that encouraged new, better offers.
WhiteWater, Partners Move Ahead with Eiger Express Pipeline Construction
WhiteWater and its partners have reached a final investment decision (FID) to move ahead with the construction of the Eiger Express Pipeline, the infrastructure firm said on Monday.Driven by a boom in U.S. liquefied natural gas exports as well as rising demand for natural gas on the back of increasing electricity consumption, gas production in the country's shale fields is expected to rise even as oil output begins to plateau.U.S.
WaterBridge, backed by Five Points, files for US IPO in a hot listings market
WaterBridge Infrastructure, a midstream water management firm, filed for an initial public offering in the United States on Friday. This highlights the growing momentum of new listings. In recent days, a number of corporate issuers joined the IPO pipeline. This could lead to a September launch. Positive IPO sentiment is also expected to be supported by firmer bets on potential rate cuts in the near future. Josef Schuster, CEO of IPOX, said that lower U.S. interest rates and a proliferating rally in U.S.
Q&A: Auction heats up for Venezuelan refiner Citgo as US court considers bids
After delays, the U.S. auction for Venezuelan-owned U.S. refining company Citgo is heating as bidders increase their offers. This is good news for creditors who are seeking compensation for Venezuelan debt defaults and for a wave nationalizations that occurred under the late Venezuelan president Hugo Chavez. Citgo is Venezuela's crown jewel in terms of foreign assets. The bidding round that ends this month has been spiced up by last-minute bids, compared to a dull round last year.
Pipeline operator ONEOK greenlights new Delaware Basin gas plant
Midstream company ONEOK announced on Tuesday that it had made a final decision to invest in a new natural-gas processing plant in Delaware Basin. This will expand its footprint in America's top shale gas field, as gas volumes continue to surge. The company has increased its presence in Permian Basin, which includes the Delaware Basin, through strategic moves, such as acquiring NGP XI Midstream Holdings stake in their Delaware Basin Joint Venture, buying a Gulf Coast NGL Pipeline System and taking over Medallion Midstream, EnLink Midstream, and Medallion Midstream.
Gold Reserve, a bidder for Citgo, is happy with the refinery's management
Gold Reserve executives said that they were pleased with Citgo Petroleum management's performance on Thursday. This could be a sign of top executives staying at the Venezuelan-owned U.S. refining company if the bid of a Gold Reserve division for its parent was approved by an American federal judge. Last week, a court official overseeing an auction of shares recommended a $7.4 billion offer by Gold Reserve’s Dalinar Energy Corporation. Delaware Judge Leonard Stark will soon decide if it is approved, despite opposition from creditors and other bidders.
Q&A: Is Venezuela on the verge of losing its prized foreign asset, Citgo?
After at least three consortia revised their bids in June and a U.S. Court completed the second round of bidding in an auction of shares of Citgo Petroleum, owned by Venezuela, creditors are hopeful that they will receive payment for some outstanding Venezuelan debt. The auction of the seventh largest U.S. refiner was organized by a court in response to a case Crystallex, based out of Canada, brought eight years ago against Venezuela. Citgo Holding's parent company, PDV Holding was found liable by the federal court for Venezuela's past expropriations and debts.
Canada's TC energy erases $199 Million damages in Delaware appeal against Columbia takeover
Delaware's top court on Tuesday overturned a judge’s order requiring Canadian pipe-line operator TC Energy, which purchased Columbia Pipeline Group for $13 billion in 2016, to pay damages of $199.2 millions. Columbia shareholders brought the case against TC Energy, claiming that it was responsible for lowering the takeover price from $26 to $25.50. This allowed former Columbia Chief Executive Robert Skaggs to collect large payments to change control known as golden parachute.
The new Texas wastewater regulations could increase costs for oil producers
The new guidelines for permitting wastewater disposal wells are likely to increase the costs of oil producers, as the crude price is low. This will be the latest challenge faced by an industry that has seen its output growth slow down as it matures. U.S. oil production has soared to a record 13,4 million barrels a day (bpd), thanks to technological advances that allowed companies to tap into its vast oil reserves. The growth is slowing down, though, as the best oil resources are exhausted…
CEO Seeking to Build Philadelphia LNG Terminal Meets with White House
The CEO of a company seeking to build a liquefied natural gas terminal near Philadelphia told Reuters on Wednesday he met officials at the White House this week to "provide intelligence" about the project in the works for years despite local opposition.Penn America Energy Holdings wants to export 7.2 million tons a year of LNG from a site near Philadelphia to markets in Europe and Asia. Franc James, the CEO, said he had a meeting at the White House on Tuesday and that the company is considering several locations other than the original site in Chester…
The White House meets with the CEO of a company seeking to build a Pennsylvania LNG terminal
The CEO of the company that wants to build a terminal for liquefied gas near Philadelphia said on Wednesday that he had met with officials at the White House in this week to provide "intelligence" about the project, which has been in the works despite local resistance. Penn America Energy Holdings plans to export 7.2 millions tons of LNG per year from a facility near Philadelphia to European and Asian markets. Franc James said that he met with the White House Tuesday, and the company is looking at other locations than Chester, Pennsylvania.
After hearing, US judge decides on bid starting price in Citgo parent sale
In the coming days, a U.S. Court is expected to confirm and reject a $3.7billion offer made by an affiliate of Contrarian Funds. The offer was intended to set a floor price for a second round of bidding for shares in Citgo Petroleum's parent company. Citgo, America's seventh-largest refiner, was the subject of a Thursday hearing at which creditors made their case. PDV Holding is auctioned off to cover the up to $21 Billion owed to Venezuela and PDVSA, its state-owned oil company.
EOG Resources exceeds profit expectations for the fourth quarter on higher production
EOG Resources surpassed fourth-quarter profit expectations on Thursday as higher production helped offset lower oil price. The company's shares were down 3.5% in after-hours trading as the net income fell by more than half, to $1.25 Billion from $1.998 Billion the previous quarter. The overall quarterly revenue dropped 12%, to $5.59 Billion. This was due to lower oil revenues as well as losses on derivative contracts. Operating expenses rose by 3.6% compared to last year.
First Solar launches legal action against JinkoSolar for forecasting higher sales in 2025
First Solar, a solar panel manufacturer, forecasted higher sales for the current year and reported a rise of its fourth-quarter profits on Tuesday. It also announced that it had taken legal action against JinkoSolar over patent infringement. Extended trading saw shares up by 3.8% to $153.00. In November, the Biden administration imposed tariffs on imports of solar panels from four Southeast Asian countries after American manufacturers complained that companies were flooding markets with cheap products, which benefited U.S.
Devon Energy's production increases help it beat the fourth-quarter profit forecast
Devon Energy, a Devon Oil subsidiary, beat the analysts' estimates for its fourth-quarter profits on Tuesday as higher production offset lower prices. The U.S. Energy Information Administration reported that total oil production reached a record of 13.6 millions barrels per day during December. This was due to improved efficiency, which allowed oil producers to pump more. Devon's quarterly production increased by 28% compared to the same period last year, reaching 848,000 barrels equivalent per day (boepd).