Kimmeridge, an activist investor, takes a stake in US energy company Devon
Kimmeridge Energy Management, an activist investment firm, has acquired a stake in Devon Energy of the United States. This was revealed by a stock exchange filing on Friday. Kimmeridge held 5.66 million Devon shares at the end of September according to the filing. According to calculations, this would equate an approximately 0.9% share in Devon. It is also the 14th largest shareholder of Devon according to data provider LSEG.
Chevron aims to increase cash flow by 10% annually through 2030 and cut costs even more.
Chevron announced on Wednesday its plans to increase oil and gas production and grow free cash flow annually by more than 10 percent through 2030, all while reducing costs and capital spending. Chevron announced its new guidance on Wednesday at their investor day. The company has been working to improve efficiency following a restructuring that took place earlier this year, which included the layoff of up to 20 percent of employees or approximately 8,000 people.
BP profits beat expectations but there is no news about Castrol sale
Oil major BP announced a smaller-than-expected fall in its third quarter underlying profit Tuesday, as a good performance across all divisions, led by refinery helped offset the impact from lower crude prices. There was no news on the sale of Castrol Lubricants, which is the centerpiece of the $20 billion asset-sale campaign to reduce its debt. BP, after a failed foray into the renewables sector under former CEO…
Equinor Q3 core profits fall more than expected
Equinor announced a 9.9% decline in its third quarter profits, which was higher than expected. Oil and gas prices have fallen since a year earlier. The company has maintained its production forecast. Equinor's poll of 21 analysts predicted that the Norwegian energy group would earn $6.31 billion in adjusted earnings for July-September, a slight drop from $6.89. The company's forecast for 2025 capital expenditure of $13 billion was not changed.
Conoco CEO: 'I blame myself for not paying attention'
ConocoPhillips' CEO Ryan Lance said to employees on Thursday, that he was forced to reduce the number of workers by up to 25 percent because the U.S. energy producer became less competitive due to its focus on acquiring smaller competitors. Lance spoke to employees at a town-hall meeting, a day after sending them a video informing them of the job cuts. The job cuts are part of a broader restructure focusing on cost reductions.
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, the U.S. oil-and-gas producer, will reduce 20-25% its workforce in a restructuring that is expected to take place over the next few months, according to a spokesperson for the company. Five sources had previously reported that CEO Ryan Lance revealed his plans via a video message sent out early on a Wednesday morning. The shares of the third largest U.S. oil company fell 4.5%, to $94.55, compared with a 2.6% decline in the S&P 500 Energy Index.
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, the U.S. oil-and-gas producer, will reduce 20-25% its workforce in a broad restructuring. A company spokesperson confirmed this on Wednesday after five sources said that CEO Ryan Lance had detailed his plans in an early morning video message. The shares of the third-largest U.S. oil company fell 4.2% to $94.91, compared with a drop of 2.1% in the S&P 500 Energy Index. ConocoPhillips, and its competitors…
Trump's tax rules benefit clean energy investors
The shares of U.S. companies that produce solar energy rose Monday, after the Trump Administration released new rules on clean energy subsidies. These were less strict than many investors had expected. The Treasury Department narrowed its definition of what constitutes a solar or a wind project as being under construction. This is a requirement for qualifying for federal tax credits that are worth 30% of the project's costs.
Equinor Q2 Core Profit drops as expected due to lower oil prices
Equinor reported on Wednesday that its second-quarter profits fell by 13% compared to a year ago, as expected, due to the decline in oil prices, which outweighed an increase in gas. Equinor's poll of 21 analysts predicted that the adjusted earnings for April-June would be $6.54 billion, down from $7.48 billion in the previous year. Equinor has maintained its projections that oil and gas production will increase by 4% in this year's compared to the previous year.
As Trump tariffs cause demand concerns, refining stocks plummet to levels not seen in two years.
Investors were rattled by fears about a slowdown in oil and fuel consumption and a decline in refining margins after President Trump announced new tariffs. According to LSEG data, the market capitalization of top refiners Marathon Petroleum and Valero Energy, as well as Phillips 66, has dropped by more than 20 billion dollars since Trump announced new tariffs Wednesday afternoon. Alan Gelder is vice president for refining chemicals and oil markets, Wood Mackenzie.
Activist investor defies Woodside directors election citing climate risk, poor returns
The Australasian Center for Corporate Responsibility (ACCR), citing among other reasons failures to manage climate risks, expressed its disapproval on Thursday of all directors who are due to be elected at the Woodside Energy annual general meeting. ACCR members filed statements attributing Woodside's failures, such as poor shareholder returns and inadequate climate risk management. The activist investor's report…
Woodside Energy's earnings to drop as investors focus on strategic deals
Woodside Energy is Australia's largest independent gas producer and on course to report a decline in its interim earnings on February 2, with investors focused on the company's deal-making strategies after a failed $52 billion merger between Santos. According to Jarden's Visible Alpha consensus, Woodside, based in Perth, is expected to report a underlying net loss after tax of $1.11billion for the six-month period ended June. This compares to $1.90billion reported a year earlier.
Canada's benchmark TSX index edges up on oil gains and local acquisitions
Canada's benchmark stock index edged up slightly on Monday, as calm returned to the market after a turbulent week. However, rising tensions in Middle East and the upcoming U.S. data this week kept investors on the edge. The S&P/TSX Composite Index closed at 22,406.31, up 95.01, or 0.43%. Two major acquisitions in Canada also contributed to the increase. On Monday, oil prices surged to $80.06 per barrel amid fears that tensions in the Middle East may escalate and lead to a wider conflict.
U.S. Oil Firms' Quarterly Reports to Show Depths of Slump
Investors are in for more bad news on the energy front in the coming weeks as a host of the sector's biggest companies report quarterly results following the historic collapse in oil prices.Forecasts for U.S. energy sector earnings this year have dropped along with oil prices, weighing on shares along with worries over debt, layoffs and possible bankruptcies.Analysts see a 58.9% year-over-year decline in energy earnings for the first quarter…
BP Spurs $10 Bln Divestment Target
BP will take charges of $2 to $3 billion in the third quarter, the British energy firm said on Friday, as it looks to reach divestments worth $10 billion by the end of 2019, a year ahead of schedule.In a statement, London-based BP said it expects to agree asset sales of $10 billion by end-year after its $5.6 billion sale of its Alaskan business to Hilcorp and divestments in U.S. shale gas.BP shares were down 1.1% by 0948 GMT compared with a 1.3% gain in the broader European energy index.The non-cash…
Oil Search Boss to Retire in 2020
Papua New Guinea's biggest company Oil Search Ltd said on Tuesday long-serving Managing Director Peter Botten will retire from the firm next year after 25 years in the role, just as the company enters a major growth phase in PNG and Alaska.Botten will be succeeded by senior executive Keiran Wulff in February and will step down from the board on Aug. 25."Under his leadership, Oil Search has grown from a small exploration and production company to a regionally significant oil…
Battered U.S. Oil Producers Soar on Saudi Attacks
Shares of U.S. oil and gas companies surged on Monday, as a jump in oil prices in the wake of attacks on Saudi Arabia's oil facilities drove a relief rally in one of the S&P 500's worst performing sectors this year.Shares in major energy conglomerates including Exxon Mobil Corp and Chevron Corp jumped nearly 3%, while some of this year's weakest performers saw huge gains: Chesapeake Energy Corp was up 17%, Denbury Resources up 26% and California Resources up 15%.Oil prices at one point surged nearly 20%…
Hess Corp Posts Smaller Quarterly Loss
Hess Corp reported a smaller-than-expected quarterly loss on Wednesday, helped by lower exploration costs and a surge in output in its Bakken shale and Gulf of Mexico assets that also prompted the company to raise its 2019 production forecast.The company also cut its full-year spending plans by $100 million to $2.8 billion against the backdrop of increased investor pressure to boost shareholder returns.Hess' shares rose 6.3%…
Oil Prices Jump 2% After Tanker Attacks
Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings…
Rice Brothers Push for Top-level changes at EQT
EQT Corp is facing calls for a shakeup at the helm from shareholders Toby Rice and Derek Rice, who had sold Rice Energy Inc to the oil and gas producer last year for $6.7 billion.In a letter made public on Monday, the Rice brothers, who own about seven million shares or a 2.75 percent stake in the company, pointed to EQT's "severely depressed" stock price and blamed the management for underperformance.EQT shares have slumped 47.6 percent as of Friday's close since the acquisition of Rice Energy in Nov.