Noble's Proceeds from Unit Sale to Vitol Disappoint
Struggling commodities trader Noble Group has completed the sale of its U.S.-focused oil business to the world's largest oil trader Vitol, but net proceeds from the deal are lower than a previously announced estimate, the company said on Monday. In a statement, Noble Group said net proceeds from the sale of Noble Americas Corp (NAC) to Vitol were expected to be about $400 million. In October, Hong…
Noble Group to Exit Oil Trading: Sources
Trader exodus in London, Singapore; Vitol bought core of oil business based in Americas in Oct. Noble Group is closing down its London oil desk and winding down its Asia oil operations, sources familiar with the matter said, as heavy losses and high debt force what was once Asia's biggest commodities trader to restructure. The closures follow the sale of its larger U.S. oil trading business to Vitol, announced in October, and a nine-month loss of some $3 billion reported in November.
NARL Refining to Layoff 130
NARL Refining notified employees Wednesday of plans to shed up to 130 jobs at its Come By Chance refinery in Newfoundland, Canada, the latest refiner along the Atlantic Coast to undergo painful belt-tightening amid weak margins. The cuts revive an uncomfortable question for the remaining refineries along the U.S. and Canadian Atlantic Coast: will they all survive the current market downturn? "They remain the most vulnerable," Sarah Emerson, a managing principal at ESAI Energy LLC.
Gulf Keystone Shares Fluctuate Widely
Traded volumes hit record high as retail investors pile in; junk bond funds set to get large stake after debt swap. Gulf Keystone's stock spiked and fell by a third on Tuesday as retail investors flooded chatrooms trying to figure out how junk bond funds led by former JP Morgan and Lehman Brothers traders will help restructure the oil firm. Last week Gulf Keystone, crippled by low oil prices and non-payments from Iraqi Kurdistan…
Oil Falls as Brexit Threat Rattles Markets
Oil fell on Tuesday, as investor nervousness over next week's vote on Britain's possible European Union exit swept financial markets, eclipsing signs of a return to health for crude prices. Perceived safe-haven assets such as the Swiss franc and German Bunds rallied, while industrial commodities and equity markets, seen as more vulnerable to economic risk, fell after polls showed Britain's "Leave" campaign leading before a referendum on EU membership.
Oil Up on Possible OPEC-Russia Talks
Russia says open to oil meeting, boosting Brent. Oil rose on Wednesday, paring earlier losses after Russia reiterated its openness to talking with OPEC about output cuts, which helped revive hope among investors that the world's largest producers could act to boost prices. Russian Foreign Minister Sergei Lavrov said if there is consensus among the Organization of the Petroleum Exporting Countries and non-OPEC members to meet, "then we will meet".
Dana Gas Announces New Senior Management
Dana Gas PJSC, a publicly listed natural gas company in the Middle East, has announced several key senior management appointments. Chris Hearne was appointed as the Chief Financial Officer of the company on January 4, 2016. Prior to joining Dana Gas, Hearne was with Serica Energy plc, an international oil exploration and production company listed on the AIM market in London, where he served as Chief Financial Officer and Director from 2005.
Trafigura Posts Record Profit
Switzerland's Trafigura reported record first half net profit on Monday on the back of stronger oil and metals trading, illustrating how trading houses have benefited from market volatility and price structure in recent months. Trafigura's financial year ends in September so its first half results -- from September 2014 to March 2015 -- covered a period when oil prices collapsed and then partially recovered.
Come By Chance Refinery Samples New Crude
Canada's Come By Chance refinery, located on the eastern island of Newfoundland, is for the first time buying domestic crude pumped from fields only a few hundred miles offshore, marking the latest addition to its increasingly versatile slate. The 115,000 barrel-per-day refinery recently began taking deliveries of White Rose crude, a refinery spokeswoman confirmed. Until now, the relatively medium-sweet variety has been a stranger to the refinery…
Evercore Hires Andrews to Energy Group
Evercore has appointed David Andrews as a senior managing director in the advisory boutique's energy group, working out of the firm's Houston office. Andrews has a wealth of experience in the oilfield services area, having started his career at Lehman Brothers before moving to Deutsche Bank, where until recently he was head of oilfield services coverage and a managing director. Energy is one of Evercore's strongest areas.
