Sources say ConocoPhillips is exploring the sale of Permian Shale assets worth more than $1 billion.
ConocoPhillips has been looking at selling some of its Permian basin shale assets worth more than $1billion, after two unsuccessful years of trying to sell the same assets. Houston-based oil producer, Texas, is preparing to complete its $22.5 billion acquisition of Marathon Oil before the end of the year. As part of the deal it will assume approximately $5.4 billion in debt from Marathon Oil and plans to raise an additional $2 billion by selling assets. Sources said that ConocoPhillips had hired investment bankers from RBC Capital Markets in order to manage a sale of the Permian assets.
Maguire: Slow rollout of charge points could stall US EV sales momentum
The United States has seen a 140% increase in electric vehicle sales since 2023. However, further growth could be hindered if public charging stations are not rolled out more evenly and at a slower pace. According to the Alternative Fuels Data Center, U.S. electric vehicle registrations will reach just over 3.5 millions by September 2024. This is up from 1.4m registrations in 2023 and represents the steepest growth rate ever in EV adoption in the country. AFDC data show that the number of public EV chargers has increased by just 22% in the same time period to 176 032 units.
Maguire: Slow rollout of charge points could stall US EV sales momentum
The United States has seen a 140% increase in electric vehicle sales since 2023. However, further growth could be hindered if public charging stations are not rolled out more evenly and at a slower pace. According to the Alternative Fuels Data Center, U.S. electric vehicle registrations will reach just over 3.5 millions by September 2024. This is up from 1.4m registrations in 2023 and represents the steepest growth rate ever in EV adoption in the country. AFDC data show that the number of public EV chargers has increased by just 22% in the same time period to 176 032 units.
Santos' new CFO shines spotlight on succession in top jobs
The Australian energy giant Santos announced on Thursday that Sherry Duhe, a former Woodside and Newcrest executive, has been appointed as its chief financial officer. This announcement comes amid heightened market speculation regarding a possible change in the top position. Duhe will replace Anthea McKinnell as chief financial officers. McKinnell leaves Santos after more than half a century. Kevin Gallagher, CEO of Santos in 2021, signed a controversial A$6 Million incentive package which forced him to stay at the oil-and-gas firm until 2025.
Rystad reports that US oil and gas M&A will reach a record in 2023, with the focus shifting away from Permian.
Analysts at Rystad, a consultancy, said that the appetite of U.S. producers for deals is close to last year's level, as a rise in interest in smaller oilfields offsets sluggish activity in the Permian Basin, which produces most oil. According to Rystad's analysis of the U.S. market through August, nearly $100 billion was spent on mergers and purchases (M&As) by U.S. producers. Another $46 billion worth of assets is currently up for sale. Rystad says that a record-breaking $155 billion in production and exploration deals were signed by 2023.
After the closure of the furnace, KNS, a new Caledonian nickel company, is looking for a new investor.
KNS reported on Tuesday that talks with potential buyers of Glencore's Koniambo Nickel SAS stake are continuing, after the New Caledonian Nickel producer shut down their furnaces at the weekend. KNS, a part of the struggling New Caledonian Nickel industry, halted its mine and factory operations in March, after commodity group Glencore sold its interest. Glencore agreed that it would pay the salaries of the workers and keep the furnaces hot until August. Alexandre Rousseau is the Vice President and spokesperson for KNS.
Sources say that the owner of energy producer Maverick is interested in selling it for $3 billion.
According to sources familiar with the situation, the private equity owner of Maverick Natural Resources has been exploring the possibility of selling the U.S. oil-and-gas producer for a price that would be around $3 billion including debt. Sources said that the Houston-based exploration company, owned by the energy-focused investment group EIG, was working with Jefferies investment bankers on the sale process. They requested anonymity because the discussions were confidential. Sources said that potential buyers such as oil and gas producers…
Price Drop Triggers Haggling Over Oil and Gas Deals
The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.At a time when most oil companies are slashing budgets, dividends, and headcounts to preserve cash, sellers are facing a difficult choice between sweetening the deal or risking losing it altogether.Premier Oil's CEO said he is seeking a cheaper price for North Sea assets…
Chevron Seeks to Shrink Nigerian Presence
Chevron is seeking to sell several Nigerian oilfields as part of a global drive to reshape its portfolio as it focuses on growing its U.S.
Venezuela Sells Oil to Tiny Turkish Firm
With U.S. sanctions blocking Venezuela from selling oil to the United States, state-owned energy firm PDVSA has turned to several little-known buyers that include a tiny Turkish company with no refineries but ties to President Nicolas Maduro's government, according to internal documents and a PDVSA source.Until recently, some of the world's largest petroleum and refining firms, including U.S. companies Chevron and Valero Energy, lined up to take Venezuelan oil cargoes and PDVSA had a rigorous vetting process to ensure potential buyers had the capacity to pay.But U.S.
Oxy Plans to Sell Parts of Anadarko
Occidental Petroleum snatched up some of the richest shale oilfields in Texas when it beat out rival Chevron Corp in a bidding war to acquire Anadarko Petroleum.It also quadrupled its debt - to $40 billion - at a time when investors are calling for spending cuts and higher dividends.That means the acquisition's success will depend on how quickly Occidental can sell off some of Anadarko's assets and focus on optimizing and integrating the assets it keeps - especially prime U.S. shale fields.Shedding debt will require selling assets when deals have been sluggish, said bankers and merger specialists.
UK Decommissioning Tax Relief Estimate in Question
Britain's public spending watchdog on Friday questioned a government estimate of 24 billion pounds ($31 billion) as the cost of tax relief to decommission oil and gas infrastructure.As one of the oldest and most mature oil basins, Britain's North Sea represents the world's biggest decommissioning project, with the Oil and Gas Authority estimating operators will need to spend around 60 billion pounds.The government has given oil and gas operators different kinds of tax relief designed to revive investment in the British North Sea…
BP Launches $3 Bln Sale of US Onshore Assets
Britain's BP has launched the sale of U.S. oil and gas onshore assets that could raise more than $3 billion to help pay for other fields in the United States it bought in October from BHP, industry and banking sources said.The sale proceeds will partly fund the $10.5 billion acquisition of BHP's onshore assets that are mostly around oil-producing fields in Texas and Louisiana. BP had said it would sell $5 billion to $6 billion to finance the deal.The London-listed firm wants to focus on production…
Settlement Reached in Petrobras' Texas Refinery Emissions Case
A U.S. unit of Brazilian state-run company Petrobras agreed to pay $3.5 million to settle a lawsuit over alleged toxic emissions from its Pasadena, Texas, oil refinery, two environmental groups said.The settlement comes in the midst of the company's efforts to sell the refinery. The deal is subject to approval by a federal judge.Petrobras did not respond to a request for comment.Under the terms of the agreement, Petrobras subsidiary Pasadena Refining System Inc (PRSI) will pay $3.175 million…
Oil Major Eni Pulls Out of Race for RTR Solar Assets in Italy
Italian oil major Eni has pulled out of a race to buy Terra Firma's solar power assets in Italy, a company spokesman told Reuters on Tuesday.The British private equity firm is looking to sell its Rete Rinnovabile, known as RTR, solar portfolio in Italy in a deal expected to fetch more than 1 billion euros ($1.17 billion).If successful, the transaction will be Italy's largest solar energy sale in a fragmented industry that has come under pressure to consolidate to counter the withdrawal of…
Turkey's Gama in Talks About Selling Energy Stake
Turkish conglomerate Gama Holding is in talks with Malaysia's Tenaga Nasional and other potential buyers about a sale of its 50.5 percent stake in its Gama Enerji energy unit, three sources said, as part of a $1 billion debt restructuring.Gama, which has businesses spanning oil, cement, petrochemicals and natural gas, is the latest Turkish company to attempt to restructure foreign-currency debt amid a sell-off in the lira. It is in talks with nearly 20 banks on restructuring some $1 billion worth of debt…
SandRidge Says Approached by 17 Potential Buyers, Including Icahn
SandRidge Energy Inc said on Friday it had been approached by 17 potential bidders for a buyout, including billionaire Carl Icahn who is fighting for control of the oil and gas producer's board.Icahn has criticized SandRidge's leadership, forced the removal of its chief executive officer and got the company to back out of its planned buyout of rival Bonanza Creek Energy Inc .The investor, who said in April he was willing to buy the company, will now have to battle 16 other potential suitors…
Enbridge Eyes Additional Asset Sales
Enbridge Inc may sell more assets than expected this year, seeing strong interest from potential buyers after achieving a goal this week for 2018 divestitures.Enbridge has been under pressure to reduce leverage, one of the factors that has weighed on its share price. Selling assets would also help the company become a pure pipeline utility.The company announced two sales on Wednesday that will help it exceed its target for $3 billion in divestitures this year, but more deals are being discussed."A…
UAE's Stanford Marine in Talks to Restructure $325 mln in Debt
Stanford Marine Group <IPO-SFMG.L>, majority owned by a fund managed by private equity firm Abraaj Group, is in talks with banks to restructure a $325 million Islamic loan, banking sources said. The Dubai-based oil and gas services firm, which has struggled as a result of a downturn in the hydrocarbons market, has asked banks to consider extending the maturity of its debt and restructuring repayments, the sources said. Although the company, which operates a fleet of offshore supply vessels that service the oil and gas industry…
Texas LNG Inks Non-Binding Deals with Foreign Buyers
Six out of 8 potential buyers have LNG terminals. Texas LNG has signed eight non-binding deals with potential buyers of liquefied natural gas (LNG) in China, southeast Asia and Europe, the company's chief executive said on Wednesday. They include five in China, two in southeast Asia and one in Europe, said Vivek Chandra, chief executive of Houston-based Texas LNG, declining to name the companies citing confidentiality reasons. The Chinese customers are a mix of large provincials, independent companies and small local governments…
