Exxon Q4 Earnings Poised to Exceed Pre-pandemic Level
Exxon Mobil Corp's fourth quarter profit should top Wall Street's consensus and surpass its pre-pandemic levels, lifted by better-than-expected earnings from oil and gas, analysts said.Credit Suisse, Scotiabank and JPMorgan have raised their fourth quarter earnings estimates following Exxon's flagging of sharply higher oil and gas operating profit last week. Official results are due on Feb.
Weatherford Files Bankruptcy Plan
Oilfield services firm Weatherford International on Friday filed a prepackaged restructuring plan with the U.S. Securities and Exchange Commission, according to a regulatory filing.The company, which has struggled under a heavy debt burden and years of losses, warned in May that it expected to seek Chapter 11 bankruptcy protection after failing to obtain new financing and after the…
EnVen Co-founder Exits, Sues Company
An EnVen Energy Corp co-founder claims the chief executive of the offshore oil and gas producer provided misleading production and financial data to the board and forced him out as president, according to a lawsuit in a Texas court.David Dunwoody alleges CEO Steve Weyel and other company employees inflated production forecasts presented to its board of directors to influence 2018 and 2019 budgets…
Timeline: Occidental's Anadarko Victory
Before Occidental Petroleum Corp clinched a deal on Thursday to buy Anadarko Petroleum Corp for $38 billion, it pursued its U.S. oil and gas exploration and production rival for nearly two years, culminating in the sector's most high-profile public contest since the 1980s.For most of Occidental's pursuit, Anadarko snubbed its overtures, arguing its offers were too risky. Last month…
Shale Innovator Mark Papa Joins Schlumberger Board
Oilfield services company Schlumberger NV has appointed shale pioneer Mark Papa and energy researcher Tatiana Mitrova to its board of directors, according to a filing on Monday with the U.S. Securities and Exchange Commission.Papa, who built independent energy producer EOG Resources into one of the most profitable U.S. shale companies, currently heads Centennial Resource Development.His appointment comes just a few months after Helge Lund…
Shell Targets Former Senior Executive in Nigeria Graft Complaint
Royal Dutch Shell has filed a criminal complaint against a former senior employee over suspected bribes in the $390 million sale of an oilfield in Nigeria, where the company is already under investigation over a separate deal. Dutch prosecutors confirmed they had received the complaint against Peter Robinson, a former vice president for sub-Saharan Africa. They said it would be included…
North American Energy IPOs Set to Rebound in 2018
Higher oil prices and a positive earnings outlook for energy companies are expected to fuel a rebound in North American oil and gas initial public offerings in 2018, with bankers betting investors will remain optimistic about the sector even if the broader stock market remains volatile. IPOs in the United States and Canada could reach their highest in four years, and oilfield services companies are seen leading the recovery, given their pressing capital needs.
Russian Oil Industry Pipe Maker TMK Prepares for U.S. Spin-off
TMK, Russia's largest maker of steel pipes for the oil and gas industry, is preparing its U.S. subsidiary IPSCO Tubulars for an initial public offering (IPO) of shares. The announcement comes amid concerns among some Russian officials about a potential expansion of U.S. sanctions against Moscow and as Russia itself has pledged to cut its oil output by 300,000 barrels per day as a part of the global deal.
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.
Nigerian Lawmakers Tell SEC to Report Back on Oando Probe
Nigeria's lower house has given the Securities and Exchange Commission (SEC) two weeks to disclose the results of its investigation into oil firm Oando Plc, said the deputy chairman of its capital markets committee, Tony Nwulu. The SEC said in July it was investigating Oando's shareholding structure following its $1.65 billion acquisition of ConocoPhillips's Nigerian business in 2014.
Halliburton to Pay $29.2 mln to Settle Charges Tied to Angola
Oil giant Halliburton Co will pay $29.2 million to settle civil charges it violated federal anti-bribery rules related to books, record-keeping and internal accounting controls while doing business in Angola, U.S. regulators said Thursday. The Securities and Exchange Commission said Halliburton's former vice president, Jeannot Lorenz, separately agreed to pay a $75,000 penalty in connection with the alleged violations of the Foreign Corrupt Practices Act.
US Charges Penn West Petroleum with Accounting Fraud
U.S. securities regulators on Wednesday filed civil accounting fraud charges against Canada-based oil and gas company Penn West Petroleum Ltd and several of its former top finance executives. The U.S. Securities and Exchange Commission alleged Penn West Petroleum, which this week changed its name to Obsidian Energy, moved hundreds of millions of dollars from operating expense accounts to capital expenditure accounts.
As Trump Targets Energy Rules, Oil Companies Downplay their Impact
President Donald Trump’s White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from foreign oil. But the top U.S. oil and gas companies have been telling their shareholders that regulations have little impact on their business, according to a Reuters review of U.S. securities filings from the top producers. In annual reports to the U.S.
Trump Seeks US Energy Companies' Input on Paris Climate Pact
President Donald Trump's administration has been contacting U.S. energy companies to ask them about their views on the U.N. global climate accord, according to two sources with knowledge of the effort, a sign Trump is reconsidering his 2016 campaign pledge to back out of the deal. The sources, who asked not to be named because they are not authorized to speak publicly on the subject…
Senate Kills Anti-corruption Rule for Energy Companies
The Republican-controlled Senate voted on Friday to repeal a controversial U.S. securities disclosure rule adopted by the Obama administration to curb corruption at big oil, gas and mining companies. In a 52-47 vote, the Senate approved a resolution already passed by the House of Representatives that wipes from the books a rule requiring companies such as Exxon Mobil and Chevron Corp to publicly state the taxes and other fees paid to foreign governments.
Weatherford CEO Bernard Duroc-Danner Leaves
Weatherford International Plc said on Wednesday Chief Executive Bernard Duroc-Danner has left the company, effective immediately, and the oilfield services company named Chief Financial Officer Krishna Shivram its interim CEO. The company's shares, which were halted for news pending, surged 33.2 percent in late trading and closed up at $5.06. Shivram will continue as chief financial officer until a new CFO is named, Weatherford said.
FMC Technologies to Pay $2.5 Mln for Overstating Profits
Energy technology company FMC Technologies Inc will pay a $2.5 million penalty to settle charges that it overstated profits in one of its business segments, the U.S. Securities and Exchange Commission said on Thursday. Two now former executives made the improper adjustments after being pressured to improve the financial performance of the Houston-based company's energy infrastructure department, the SEC said.
Ernst & Young to Pay $11.8 mln to Settle Audit Charges
Ernst & Young will pay $11.8 million to settle charges over "failed audits" of oil services company Weatherford International PLC, the U.S. Securities and Exchange Commission said on Tuesday. An Ernst & Young partner who coordinated the audits and a former tax partner who was part of the audit team were also charged in the SEC's order, the agency said in a statement, which follows Weatherford's…
Weatherford to Pay $140 mln in Accounting Fraud Case -SEC
Oil services company Weatherford International LLC has agreed to a $140 million penalty to settle charges it inflated its earnings by using deceptive income tax accounting, the U.S. Securities and Exchange Commission said on Tuesday. The company, in settling the case, neither admitted nor denied the SEC's allegations, the agency said. (Reporting by Suzanne Barlyn)
Braskem in Talks With U.S. DOJ in Graft Case
Brazil's Braskem SA, Latin America's largest petrochemical producer, said on Monday it had entered talks with the U.S. Department of Justice and the Securities and Exchange Commission regarding an internal graft probe started in 2015. Braskem said in a securities filing that it planned to begin a parallel process with Brazilian authorities and an eventual deal could result in "material financial obligations" and other possible sanctions.
