Natgas producer BKV is valued at $1.56 billion in its NYSE debut
BKV shares rose by 3.1% on their New York Stock Exchange debut on Thursday. This gives the U.S. Natural Gas Producer a market cap of $1.56 Billion. Companies looking to list shares have a new window of opportunity as the long-awaited rate-cutting cycle of the U.S. Federal Reserve begins. Several companies are also speeding up their plans in order to avoid the uncertainty that will result from the November presidential elections. BKV shares opened at $18.55 on their debut, as opposed to the $18 price for the initial public offer.
Money losing natgas producer BKV revives US IPO
BKV Corp, a natural gas producer in the red, said it plans to raise $315 million via an initial public offer of shares. This comes nearly two years after BKV first filed to sell its shares publicly. BKV said it will offer between $19 to $21 per share. The company aims to achieve a valuation up to $1.77bn in its IPO. Companies waiting to list shares have a new window of opportunity due to the recent increase in natural gas prices in the United States from their more than 30-year low inflation adjusted. This company was one of the U.S.
Baker Hughes Finalizes Name Change
Baker Hughes has officially dropped GE from its name after the industrial conglomerate shed majority ownership in the oilfield services company in September.Formerly Baker Hughes, a GE company, the firm will now be known as Baker Hughes, and on Friday its Class A common stock will begin trading on the New York Stock Exchange under the symbol BKR, it said.Following the July 2017 merger between Baker Hughes and GE Oil & Gas, General Electric had owned 62.5% of the combined company.
GE Says Four Flagship Power Turbines are Shut Down in U.S.
General Electric Co said on Thursday that four of its new flagship power turbines in the United States have been shut down due to an "oxidation issue" and warned it expects the problem to affect 51 of the giant machines it has shipped, sending shares lower.The problem was discovered a few weeks ago on turbine blades in a natural gas-fueled turbine, known as the 7HA, operated by Exelon Corp in Texas, GE told Reuters. "We expect the same issue will impact other HA units…
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.. Energen shares rose 3.8 percent to $75.95 on Wednesday morning trade on the New York Stock Exchange.Diamondback was down 10.4 percent at $119.83 per share on the NYSE.Activist investor Corvex Management LP…
Seadrill Suggests Consolidation for Drilling Market Recovery
On Tuesday, Seadrill CEO, Anton Dibowitz said consolidation of smaller offshore oil rig companies would help boost drilling market recovery in the drilling market. The statement comes a day the offshore rig firm emerged from Chapter 11 bankruptcy proceedings. Seadrill started trading new shares on the New York Stock Exchange and plans to list new shares on the Oslo Stock Exchange by end of July. Shares of Seadrill, controlled by Norwegian-born John Fredriksen, opened at $25 a share, but slid to $18 a share by 11:08am (ET).
Seadrill Exits Chapter 11
Offshore drilling rig contractor Seadrill said on Monday it had successfully completed its reorganisation, emerging from a U.S. Chapter 11 bankruptcy process launched last September. The company, once the world's largest offshore driller by the market capitalisation, was forced to seek protection from creditors when it was unable to repay its debts amassed during boom years to buy new rigs. When oil prices fell in 2014, oil companies cancelled or postponed exploration plans to save cash which reduced demand for offshore drilling rigs.
Schlumberger Wins in US Supreme Court on Patent Damages
The U.S. Supreme Court ruled on Friday that companies can recover profits lost because of the unauthorized use of their patented technology abroad in a victory for Schlumberger NV, the world's largest oilfield services provider.The 7-2 decision overturned a lower court's ruling that had enforced limits on applying U.S. patent law overseas and reduced by $93.4 million the damages sum that rival ION Geophysical Corp had to pay for infringing Schlumberger technology that helps find oil and gas beneath the ocean floor.
Corvex and Icahn to Mull Making a Bid for Energen
Activist investor Keith Meister on Monday reunited with billionaire investor Carl Icahn and said in a regulatory filing that they may try to buy oil and gas producer Energen Corp..The announcement comes roughly two months after the Birmingham, Alabama-based company settled a long-simmering fight with Meister's New York-based hedge fund Corvex Management by agreeing to review its businesses and adding two members to the board.Now Meister and Icahn have…
Statoil ASA Changes Name to Equinor ASA
Equinor ASA (OSE: EQNR, NYSE: STO), the new name of Statoil ASA, was approved by the annual general meeting yesterday, May 15, 2018, and the new name has now been registered in the Norwegian register of business enterprises (Foretaksregisteret). The company's shares will from May 16, 2018 (inclusive) be quoted on Oslo Børs with the new name and the new ticker EQNR. Implementation date for the new ticker EQNR for the company's American Depository Receipts (ADRs) on New York Stock Exchange is expected to be May 17, 2018 at the earliest.
Statoil Name Change Expected in May
Statoil ASA will vote on the proposal to change the company’s name, from Statoil ASA to Equinor ASA, at the company's annual general meeting on May 15.The company said in March it intends to change its name to reflect its move to become a broad energy company.The company expects to implement the name change from (and including) May 16, 2018. This entails that May 15, 2018 is expected to be the last day of trading on Oslo Børs under the ticker “STL”.
Endeavour Energy Kicks Off North Sea Assets Sale
Endeavour Energy UK has launched the sale of its North Sea oil and gas assets at an ambitious price target of $500 million, according to two industry sources and a document seen by Reuters. The sale is part of group asset sales after Endeavour's U.S. parent company filed for bankruptcy in 2014. The UK company and its administrators have hired audit firm Deloitte as their corporate finance advisor on the sale, dubbed "Project Arrow", the document showed.
Aramco IPO Venue up for Grabs
Saudi Crown Prince Mohammed bin Salman's upcoming trip to Britain and the United States could shape the decision on where to list oil giant Aramco, at a time when sources say the chances of London and New York hosting the IPO appear to be receding. The two leading financial centres have long been the clear frontrunners to host the international leg of the flotation, alongside a Riyadh listing. Yet this may no longer be the case as Hong Kong is emerging…
Exxon Selling Stake in Terra Nova Oil Project
Exxon Mobil Corp is selling its entire stake in the Terra Nova oil project off the eastern coast of Canada, though the world's largest publicly traded oil producer said it was committed to remaining an investor in the region. The project, located about 217 miles (350 km) off Newfoundland and Labrador, produced about 5,000 barrels of oil per day in 2016. Exxon is selling all of its 19 percent stake in the project and initial bids are due March 30, according to data and a document from Schlumberger's oil and gas asset sale business.
Aramco IPO Decision Under Time Crunch
Riyadh holding talks with strategic investors, but New York and London want to win Aramco IPO. Saudi Arabia wants to complete talks with strategic investors such as China, Japan and South Korea before deciding where to list shares in state oil company Saudi Aramco, three sources familiar with the discussions said. The decision shows the initial public offering (IPO), which could be the biggest in history, is becoming an increasingly difficult balancing act for Riyadh.
LyondellBasell Approaches Brazil's Braskem for Takeover-WSJ
LyondellBasell Industries NV has approached Brazil's Braskem SA for a potential takeover, valuing the petrochemicals company at more than $10 billion, the Wall Street Journal reported on Monday. The talks are at an early stage and there is no guarantee of a deal, the Journal reported, citing people familiar with the matter. http://on.wsj.com/2zRqhHj LyondellBasell did not immediately respond to a Reuters request for comment. Its shares rose 6 percent to $105.03 in afternoon trading on the New York Stock Exchange. Reporting by Ahmed Farhatha
BP Midstream Partners Seekup to $893 mln in IPO
BP Midtsream Partners, a unit of British energy company BP Plc, said on Monday it expects to raise up to $893 million from its initial public offering. BP Midtsream expects to sell 42.5 million shares, excluding underwriters' option, at a suggested price range of $19 to $21 each, the company said in a filing with the U.S. Securities and Exchange Commission. BP Midstream Partners, a master limited partnership (MLP) formed by BP's U.S. pipeline unit, plans to list on the New York Stock Exchange under the symbol "BPMP".
Dow, DuPont Complete Planned Merger
Dow Chemical Co and DuPont said on Friday the companies had successfully completed their planned $130 billion merger to form DowDuPont. Shares of DuPont and Dow stopped trading at the close of Aug. 31 and will now trade on the New York Stock Exchange under the ticker symbol "DWDP". Dow and DuPont announced the merger in December 2015. "The true value of this merger lies in the intended creation of three industry powerhouses that will define their markets," Andrew Liveris, executive chairman of DowDuPont, said in a statement on Friday.
Saudis Favor New York for Aramco Listing
New York float would demand more disclosure than London; NYSE would give Aramco access to larger pool of capital. Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter told Reuters. A final decision on where to stage what could be the world's largest initial public offering will…
GE Closes Baker Hughes Deal, Becomes No. 2 Oilfield Service Provider
General Electric Co on Monday completed its buyout of Baker Hughes Inc, merging it with its own oil and gas equipment and services operations to create the world's second-largest oilfield service provider by revenue. With headquarters in London and Houston, the combined company will have roughly $23 billion in annual revenue and offer oilfield gear including blowout preventers, pumps, drilling, chemicals, other products and services for oil producers in 120 countries.
