C&J Energy, Keane Merge in $1.8bln Deal
Oilfield services firms C&J Energy Services and Keane Group, said that they will merge in an all-stock deal valued at about $1.8 billion.C&J Energy, which offers a suite of oil and gas production services, and Keane, which specializes in well completions would combine in what the companies described as a merger of equals. The deal would create a company with more than $4 billion in annual revenues.Under the terms of the merger agreement…
Oilfield Services Firms Keane, C&J Merge
Oilfield services company Keane Group Inc said on Monday it will merge with rival C&J Energy Services in a $745.7 million all-stock deal, as it looks for scale amid spending cuts by crude producers.The oil service sector has been battling lower demand and pricing pressure as U.S. producers hold off drilling new wells on investor demand that cash be used for dividends and buybacks rather than growth.The deal is expected to add to cash flow immediately…
MEG Energy Rejects Husky's Bid
MEG Energy announced its Board of Directors has unanimously determined that Husky Energy's unsolicited bid to acquire MEG significantly undervalues the common shares of MEG and is NOT in the best interests of MEG or the holders of Common Shares.On October 2, 2018, Husky made a formal offer to acquire all of the issued and outstanding Common Shares, at the election of the MEG Shareholder…
Marathon Petroleum Beats Street as Pipeline Unit Delivers
Marathon Petroleum Corp reported a surprise quarterly profit on Thursday as the refiner earned more from its pipelines and storages business. Income from the company's midstream business rose 63.5 percent to $309 million in the first quarter ended March 31. The company also said it earned more from its stakes in new and existing pipeline and marine operations. Operating…
Marathon Mulls Speedway Spin-off
Marathon Petroleum Corp, under pressure from activist investor Elliott Management, said a special committee of its directors would review its retail business, including considering a tax-free separation. Elliott unveiled a 4 percent stake in Marathon Petroleum in November and urged the company to consider spinning off just Speedway, a chain of gasoline stations and convenience stores, or all three of its retail, refining and pipeline businesses.
Germany Postpones Fracking Vote
said on Tuesday. Legislation had been due to go to the Bundestag (lower house of parliament) on Friday but objections from some Social Democrats (SPD), in coalition with Chancellor Angela Merkel's Christian Democrats, led to a postponement until the autumn. Unconventional fracking, or hydraulic fracturing, involves blasting chemicals and water into rocks to release trapped gas.
Petrobras Expected to Choose Governance Head on Tuesday
Brazil's state-run oil company Petroleo Brasileiro SA will likely choose its first chief governance officer on Tuesday, a source with direct knowledge of the company's plans told Reuters on Monday. The governance official is expected to be chosen from a list of candidates put together by a special committee named in December by the board, the source said, requesting anonymity because of a lack of authorization to speak on the matter.
Petrobras to Release 3Q14 Report Before Deadline
Petrobras announces it will release its third quarter 2014 financial statements in January 2015 without the PricewaterhouseCoopers (PwC) external auditors’ report. This deadline ensures Petrobras will comply with its obligations within the period stipulated by its financial contracts, considering the applicable periods of contractual tolerance and avoiding acceleration of finance debt by creditors.
Petrobras Sets up Special Committee
The Board of Directors of Petrobras approved at a meeting held today, the creation of a special committee to act as interlocutor ("Reporting line") of independent internal investigations conducted by the Trench, Rossi e Watanabe and Gibson, Dunn & Crutcher offices . This Committee shall act independently and will report directly to the Board. The powers and responsibilities of the Special Committee shall include (i) approve the research plan…
Ocean Rig's $120m Loan Agreement with DryShips
Ocean Rig UDW Inc. On November 18, 2014, Ocean Rig’s $120 million loan to its majority shareholder, DryShips Inc. (―DryShips‖), was approved by a special committee of Ocean Rig’s Board of Directors which received a fairness opinion from Global Hunter Securities, a division of Seaport Global Securities LLC, and the loan agreement was executed by both companies. This loan is for a period of 18 months…
Dryships Achieves Refinance of 5% Convertible Notes
DryShips Inc. * The Company has repurchased on the open market and cancelled $191,090,000 principal amount of its 5% convertible notes. No other repurchases are planned and therefore the outstanding principal balance of the 5% convertible notes due on December 1 is $508,910,000. * On October 29, 2014, the Company signed definitive documentation for the Nordea $170 million senior secured credit facility.
