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.
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.
Profits at EDPR Wind Power have dropped 56% as a result of reduced asset sales.
EDP Renovaveis, a wind energy producer, reported on Wednesday that its first-half profits fell 56% from a year earlier, despite boosting power production. This was due to the fact that it sold less assets. EDPR is the fourth largest wind energy producer in the world.
Sources say that ConocoPhillips is close to selling Oklahoma assets to Stone Ridge Energy.
Three people with knowledge of the situation said on Tuesday that ConocoPhillips, a U.S. oil producer and gas company, is in advanced discussions to sell assets in Oklahoma for $1.3 billion to Stone Ridge Energy. One source said…
India's Inox Clean Energy files IPO via confidential route
A newspaper advertisement revealed that India's Inox clean energy filed IPO draft documents with the country’s markets regulator on Friday via the confidential route. Mint, citing PTI news agency, reported that the offering could be worth up to 60 billion rupees.
Kayne Anderson raises $ 2.25 billion for the third Energy Income Fund
Kayne Anderson announced that it has closed its third Energy Income Fund with $2.25 Billion of capital committed. This is far more than the initial target, as investors have shown renewed interest in oil and gas assets. According to a Kayne Private Energy Income Fund III statement…
Wind energy company EDPR's profits fall 24% despite high revenues
EDP Renovaveis (the world's fourth-largest wind energy producer) announced on Thursday that its first-quarter profit had fallen by 24% despite an increase in revenue. This was because it did not have any capital gains, unlike the previous year.
Wind energy company EDPR's profits fall 24% despite high revenues
EDP Renovaveis (the world's fourth-largest wind energy producer) announced on Thursday that its first quarter net profits fell by 24% despite an increase in revenue. This was because it had not made any capital gains during the period, unlike the year before.
PetroChina's profit for the first quarter increased by 2.3% due to natural gas sales
PetroChina, China's largest energy producer, posted a 2.3% increase in its first-quarter profits on Tuesday. The company cited higher natural gas production, even though poor margins affected the refined products business. A filing…
Mexico's Finance Ministry estimates crude oil production at 129,000 bpd less than target
Mexico has lowered its average crude oil production estimate for this year, citing "prudent" approach that takes into consideration the trajectory of the early months of the year. This would put the country under the ambitious target…
ConocoPhillips is looking to sell assets in Oklahoma worth more than $1 billion, according to sources
People familiar with the situation said that ConocoPhillips has begun exploring the possibility of selling oil and gas assets it acquired from Marathon Oil when it bought the company for $22.5 billion last year. Sources said that…
Finland's final active coal-fired heat and power plant closes
The last coal-fired heat and power plant in Finland will be permanently shut down on Tuesday. This will allow the Helsinki energy group Helen, which is based in Helsinki, to reduce its emissions, and end rising energy prices for its customers.
Diamondback Energy CFO Van't Hoof to succeed Stice as CEO
Diamondback Energy announced on Thursday that CEO Travis Stice will step down after 13 years in the role during the company’s annual stockholders’ meeting 2025. He will be replaced by Kaes van't Hof, the finance director. Stice, who has led Diamondback since January 2012…
Sources: Encino's owner is considering a $7 billion sale and the IPO of an energy producer.
CPP Investments, a Canadian pension fund, is considering strategic options for Encino Acquisition Partners, such as a sale or an initial public offering that could value Encino Acquisition Partners at up to $7 billion including debt.
Nigeria's NNPC and partners to build 5 mini-LNG for local gas usage
A company spokesperson announced late Thursday that the state-owned Nigerian National Petroleum Company has started construction on five mini-liquefied gas plants (LNG). This is part of government initiatives to boost economic growth and gas consumption.
Diversified Energy buys energy producer Maverick for $1.3 billion
Diversified Energy, a U.S. company, announced on Monday that it would buy Maverick Natural Resources, a private equity firm, for $1.28 Billion, including debt. The purchase will allow the company to expand its operations in the oil-and-gas-rich Permian Basin.
Egypt rushes solar energy to catch up as gas prices soar
Egypt, with its few clouds, vast deserts, and well-developed electrical grid, has everything it needs to expand solar energy generation. It is only now that Egypt has begun to take advantage of these resources, as the price of imported natural gas has risen.
NZ's Contact Energy will build a new geothermal plant for $421 million
Contact Energy, a New Zealand-based energy producer, will spend NZ$712 ($421.65 millions) on a new geothermal plant of 101 MW, Te Mihi Stage 2. The firm announced this Wednesday that it aims to replace Wairakei's geothermal powerstation, which is more than 70 years old.
Norwegian infrastructure fund Aker to launch 1 billion euros in 2025
The head of the Infrastructure unit at Industry Capital Partners, a Norwegian investment fund for energy transition, backed by Aker ASA industrial group, said that it plans to launch a 1 billion euro ($1.08 billion), inaugural fund in 2019.
Low Carbon, a UK investment company, sells 6 GW of Dutch battery storage.
Low Carbon, a UK-based renewables energy investor, has announced that it sold a portfolio of 6 gigawatts of battery storage project in the Netherlands to S4 Energy. S4 Energy is owned by global commodities trader Castleton Commodities International.