Siemens Energy extends CEO Contract as Recovery Continues
Siemens Energy announced on Wednesday that it had extended Christian Bruch's contract for another five years. This is the latest indication that the power equipment provider has made a turnaround following a major wind turbine crisis. Bruch has been leading the former Siemens AG division, since 2020.
TSX sluggish as gains in CPI are offset by energy shares
Canada's main index of stocks was down on Tuesday, as the losses in energy shares tempered gains from consumer price data which showed that inflation had cooled to a low of 40 months in July. This raised hopes for a rate cut next month. At 9:56 am. The S&P/TSX Composite index rose 3.48 points or 0.02% to 23,119.87 ET (13.56 GMT), hovering near its record highs.
New Fortress Energy shares tumble after it misses earnings expectations
New Fortress Energy Inc missed its second-quarter earnings estimate on Friday due to delays in launching a floating LNG facility off the coasts of Altamira and Mexico. New Fortress' stock fell 21% in the morning of Friday on Nasdaq. According to LSEG, the company reported a quarterly net loss of $88M and a loss of 44 Cents per Share.
Siemens Energy Shares Tumble 31% as Wind Turbine Troubles Exposed
Siemens Energy saw $6.3 billion wiped off its market capitalization on Friday after warning that the impact of quality problems at its Siemens Gamesa wind turbine business would be felt for years.The group scrapped its 2023 profit outlook late on Thursday after a review of its wind turbine division exposed…
Lundin Cuts 2020 Oil Output Goal, Raises Long-term Target
Lundin Energy has cut its 2020 oil and gas output target after Norway's decision to reduce production along with OPEC+ producers, the Swedish company said on Monday.The company has a 20% stake in the Equinor-operated Johan Sverdrup field, which reached phase-one plateau output of 470,000 barrels of oil equivalent per day (boepd) in April.
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…
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%…
Diamondback Energy Shares Drop on $9.2 billion Deal for Shale Rival
Diamondback Energy Inc shares fell 10 percent early on Wednesday following the U.S. oil and gas producer's all-stock, $9.2 billion deal for shale rival Energen Corp.On Tuesday, Diamondback agreed to pay about $84.95 per share for Energen, a 16 percent premium to the Birmingham, Alabama, company's close on Tuesday..
U.S. Midwest Refiners Profit as Harvey Hits Rivals
U.S. refiners in the Midwest will be among the biggest winners after Hurricane Harvey dealt a blow to their competitors on the U.S. Gulf Coast. Refiners such as PBF Energy and HollyFrontier that are not hit by Harvey are on course for their best quarter in two years amid fears of fuel shortages that…
Funds Pull Back from Permian as U.S. Shale Heats Up
Cash, people and equipment are pouring into the prolific Permian shale basin in Texas as business booms in the largest U.S. oilfield. But one group of investors is heading the other way - concerned that shale may become a victim of its own success. The speed of the recovery in the U.S. shale industry…
Savanna Energy Rejects Total Energy Services' Buyout Offer
Savanna Energy Services Corp said on Friday its board unanimously rejected an unsolicited buyout offer from fellow oilfield services provider Total Energy Services Inc as it "significantly" undervalued the shares of the company. Calgary-based Savanna Energy said the offer, for 0.13 of Total Energy's shares for each Savanna share…
SM Energy to buy Permian Basin Stake
SM Energy Co said on Tuesday it would buy 35,700 net acres in West Texas's Howard and Martin counties for about $1.6 billion and sell its Williston Basin assets in North Dakota for $785 million to Oasis Petroleum Inc. SM Energy has been trying to boost its presence in the Permian basin, while divesting assets elsewhere.
Oil Slips as OPEC Deal Questioned
OPEC producers agree output targets for first time in 8 years; energy company shares up on surge in oil prices. Oil prices slipped on Thursday as investors questioned whether an OPEC agreement to curb production - the group's first such deal since 2008 - would be enough to rebalance a heavily over-supplied market.
Danish Watchdog Asks Audit Office to Investigate DONG Energy IPO
A Danish political watchdog on Wednesday asked the national audit office to investigate the role of key parties involved in the share market flotation of offshore wind farm developer DONG Energy, including Goldman Sachs. DONG Energy's initial public offer (IPO) in June raised a gross 17 billion crowns…
Riverstone Holdings to Sell Rock Oil for $980 Mln
Riverstone Holdings LLC, a private equity firm that focuses on energy and power sectors, said it would sell U.S.-based oil and gas explorer Rock Oil Holdings LLC to SM Energy Co for $980 million in cash. SM Energy said the deal would increase its assets in the Midland Basin in Texas to 46,750 acres and add net production of 4,900 barrels of oil per day (boepd).
BlackRock Fund Took Profits in U.S. Energy Stocks
BlackRock's global allocation fund booked profits on U.S.-based energy shares in June as oil prices rose more than 25 percent in the second quarter, as a part of a 85 percent rebound since hitting 12-year lows in early 2016 tied to fears about oversupply. "During the month of June, we took profits in…
Offshore Wind to Compete with Fossil Fuels -DONG CEO
DONG Energy's Chief Executive Henrik Poulsen said renewable energy like wind will be produced at a lower cost in the future. "I have no doubt that costs of offshore wind and solar energy over time will come down and be at same level as fossil fuels," Poulsen said. "Our vision is that green energy will be cheaper than conventional energy.
DONG Energy Shares Jump after European IPO
Shares in DONG Energy jumped more than 10 percent on Thursday after the Danish utility and wind farm developer pulled off Europe's biggest stock market flotation this year. Analysts said the strong debut, coupled with a move by shareholders in E.ON to back the German utility's retreat from fossil fuel…
Oil Deal Optimism Fuels Rally in Crude, Global Stocks
Global equity markets rallied on Wednesday, buoyed by a jump in oil prices on optimism that top crude producers could reach a deal to freeze production, while the Mexican peso surged after Mexico's central bank hiked its benchmark interest rate. After a surprise agreement deal between non-OPEC Russia and the group's leader Saudi Arabia to freeze output at January levels…
Brent Oil Hits Lowest Since August; Dollar Dips
Brent crude oil prices hit their lowest since late August on Wednesday on worries about growing U.S. stockpiles, while the U.S. dollar took a breather from recent gains. U.S. stocks were mostly lower in choppy trading, with the drop in oil prices weighing on energy shares. European shares ended up 0.7 percent.
