Hennigan Tapped as New Marathon CEO
Marathon Petroleum Corp.named Michael Hennigan, the head of its midstream business, as its new chief executive officer effective immediately.Hennigan replaces Gary Heminger, whose departure was announced last year when the largest U.S.
New CEO for Marathon After Hedge Fund Campaign
Marathon Petroleum Corp chief Gary Heminger will leave the company next year after almost a decade in charge, launching sweeping changes demanded by investors at the biggest U.S. refiner including the spinoff of its Speedway retail arm.The departure is a victory for activists Elliott Management, DE Shaw and others who had sought the changes following the…
Siemens Exits Power, Gas, Renewable Biz
German conglomerate Siemens AG said it will spin off and give up its majority stake in its energy division and merge it with separately listed wind turbine supplier Siemens Gamesa Renewable Energy (SGRE), creating a new multi-technology global energy powerhouse. The company’s supervisory board announced the spinoff on May 7 as part of its Vision 2020+ strategy concept.
Sempra Energy to Shed U.S. Storage, Renewable Assets
U.S. utility Sempra Energy said on Thursday it plans to sell some of its natural gas storage and renewable energy assets and expects to record a charge between $1.47 billion and $1.55 billion during the second quarter. Earlier this month, activist investors Elliott Management and Bluescape Resources Co, who have a combined stake of 4.9 percent in Sempra, pushed for a board shakeup and strategic review at the company.
GE to Divest Baker Hughes Stake
General Electric Co said on Tuesday it will spin off its healthcare business and divest its stake in oil-services company Baker Hughes, leaving the once-sprawling conglomerate focused on jet engines, power plants and renewable energy. The changes aim to reward battered shareholders and strengthen GE's balance sheet by reducing debt, building up cash and further shrinking GE Capital, GE said.
Dover Mulls Upstream Energy Unit Sale
U.S. industrial conglomerate Dover Corp said on Monday it was exploring strategic alternatives, including a sale, for its upstream energy unit. The company said the options also include a tax-free spinoff of the unit. The upstream energy unit is part of Dover's overall energy business, which provides lift equipment services and diamond cutters used in oil and gas exploration and production. Reporting by Ahmed Farhatha
Marathon Petroleum Profit Misses; Strategic Moves Planned
Marathon Petroleum Corp reported a much smaller-than-expected quarterly profit on lower pricing and said it would place some assets into MPLX Inc, the master limited partnership that it spun off in 2012. These assets would contribute about $350 million of annual earnings before interest, taxes, depreciation and amortization by the end of 2017. Shares of Marathon were down 4.4 percent at $42.30 in morning trading…
Snam Working on Refinancing as Part of Italgas Spinoff
Italy's Snam, one of Europe's biggest gas pipeline operators, is looking to lift about 4 billion euros ($4.5 billion) off its balance sheet as part of plans to spin off its domestic gas business, sources familiar with the matter said. In a refinancing to be carried out by a dozen or so banks, the debt would end up with Snam's Italgas unit, which will be spun off by distributing Italgas shares to Snam investors and listing them…
Unmanned Underwater Vehicles: Is Bigger Better?
Undersea Superiority will rely on Large Underwater Vehicles, but the question begs ... Is bigger better? The U.S. Navy has many mundane, messy and perilous underwater missions that are better performed unmanned vehicles. When considering the right vehicle for the mission, size does matter. Unmanned Underwater Vehicles (UUVs) are classified into three basic size categories: man-portable…
Consol Energy Nominates Southeastern's CEO to Board
Consol Energy Inc said on Monday it nominated Bernard Lanigan, the chief executive of Southeastern Asset Management Inc, the coal and natural gas producer's largest shareholder, for election to its board. The nomination came after Southeastern Asset Management said in July it was seeking a possible "monetization" of Consol's gas unit, including a spinoff or a sale.
Next Exxon CEO Likely to be Internal Candidate
Exxon Mobil Corp's appointment of the head of its refining business as its new president makes him the probable successor to Chief Executive Rex Tillerson and was designed to avoid raising eyebrows on Wall Street, analysts said on Monday. The new president, Darren Woods, 50, a 23-year company veteran, and exploration and production executive Jack Williams, were named to Exxon's expanded five-member management committee in 2014.
Freeport Reviewing Options for O&G Business
Energy and mining company Freeport-McMoRan Inc said it is reviewing strategic options for its oil and gas business, including a spinoff, joint venture or a public offering. Activist investor Carl Icahn owned 8.8 percent of the company as of Sept. 22. Freeport also said it has reduced the size of its board to nine from 16. Five members who left have been named to the board of the oil and gas segment…
Consol Energy's Coal IPO Deferred
Coal and natural gas producer Consol Energy Inc said it was delaying a planned initial public offering of a unit holding steel-making coal assets due to weak prices. The company, which has been looking to lower its exposure to weak coal prices, also reported a much bigger quarterly loss, hurt by an $829 million impairment charge on its oil and gas assets.
Shell-BG Deal no Harbinger for What Comes Next
There is a widespread assumption that weak commodity prices are likely to spark a wave of merger and acquisition activity as stronger companies seek to buy assets on the cheap. The $70 billion buyout of BG Plc by larger rival Royal Dutch Shell is generally viewed by investors and analysts as the first big deal in a likely series of major mergers and acquisitions in the resource sector.
Canadian Natural Swings to Loss on Lower Oil Prices
Canadian Natural Resources Ltd, the country's largest independent oil and gas producer, said on Thursday it swung to a loss in the first quarter due to sharply lower oil prices even as production rose by nearly a third. The company reported a net loss of C$252 million ($208.3 million), or 23 Canadian cents per share, compared with a profit of C$622 million, or 57 Canadian cents, in the first quarter of 2014.
Eni Reportedly Working with Goldman Sachs on Gas and Power Spinoff
Italian oil and gas group Eni is working with Goldman Sachs on the possible spinoff of its power and gas unit, two sources with knowledge of the matter said on Thursday. "The group is reviewing the division and Goldman Sachs is working with them," one of the sources said. The perimeter of the carve-out is still being discussed, a second source said. "An IPO (initial public offering) is the only way to do it…
Cenovus Eyes Options for Its Freehold Properties
Cenovus Energy Inc , Canada's No.2 independent oil producer, said on Thursday it believes it is not realizing the full potential of its freehold lands and third-party royalty production and is now assessing options to boost their value. Brian Ferguson, the company's chief executive, said on a conference call the company will announce its plan for the properties in the next three months.
Statoil: Aasta Hansteen Moving Boundaries
Aasta Hansteen and Polarled are moving the boundaries for technology, deep waters and ripple effects on the Norwegian continental shelf (NCS). "Aasta Hansteen is one of the biggest and most complex industrial projects in Europe. "We are building the largest SPAR platform in the world, and we are setting a new depth record of 1,300 metres for a field development and pipeline on the NCS…
Transocean to Appoint Miller to Board
Transocean Ltd. Assuming Miller is elected by shareholders at the EGM, the board intends to designate him as Vice Chairman. Transocean explained that Ian C. Strachan, the current Chairman of the Board, will reach 72 years of age before the 2015 Annual General Meeting (AGM). In accordance with the company's Corporate Governance Guidelines, it is anticipated thathe will retire from the board at the end of his term at the 2015 AGM.
