Elliott Affiliate's Citgo Bid to be Challenged
Companies seeking to claim proceeds from a court auction of shares in a parent of Venezuela-owned Citgo Petroleum are pressing a U.S. court to lift an exclusivity deal with an affiliate of Elliott Investment Management, which could pave the way for at least two new bids, sources close to the matter said.The auction of shares in the U.S. oil refiner's parent PDV Holding…
Citgo creditors attack Elliott bid in auction, seeking rival offers
Creditors of the company said that the key terms of an agreement proposed by a U.S. court with a hedge fund to control Venezuelan oil refiner Citgo Petroleum would lock in its low-ball offer. The reaction to Elliott Investment Management’s Amber Energy, a wholly owned company by Elliott Investment Management, has ended any hope of changing Citgo's ownership this year to satisfy Venezuela's debt defaults or expropriation.
US Supreme Court will not halt EPA power plant emission rule
The U.S. Supreme Court refused on Wednesday to suspend a new federal regulation targeting carbon pollution from coal and gas-fired plants, despite the requests of many states and industry groups. This is another major setback to President Joe Biden’s efforts to fight climate change. The Justices refused emergency requests from West Virginia, Indiana, and 25 other states…
Citgo auction at risk as Venezuelan bondholders file parallel claims
Holders of billions in Venezuelan bonds, notes and other securities have emerged in the last minute as protagonists in an American court case that will decide ownership of oil refiner Citgo Petroleum. They threaten to derail a compensation auction for more than a dozen firms to compensate them for unpaid debts or expropriations. Two groups of holders have taken their cases to other U.S.
Siemens Energy settles with US over gas turbine contract dispute
Siemens Energy said it had agreed to pay $104m to settle with U.S. Authorities after using stolen trade secrets five years ago to inflate its bids on contracts. The proposed settlement between a U.S. Court in Virginia and Siemens Energy revolves around allegations that Siemens Energy used stolen trade secrets to bid for gas turbine equipment, as well as servicing, to Dominion Energy Inc. in 2019.
Elliott group seeks to buy Citgo Petroleum from Exxon director
Gregory Goff, Exxon Mobil's board director, recently joined a newly-formed company backed by Elliott Investment Management that is seeking to take control of Venezuelan oil refiner Citgo Petroleum. Citgo and Exxon compete in the motor-fuels and lubricants business. Exxon, the third largest U.S. refiner of oil by capacity, and Citgo are the seventh largest. Goff, a former Exxon executive who joined the company in 2021…
Elliott group seeks to buy Citgo Petroleum from Exxon director
Gregory Goff, Exxon Mobil's board director, recently joined a newly-formed company backed by Elliott Investment Management that is seeking to take control of Venezuelan oil refiner Citgo Petroleum. Citgo and Exxon compete in the motor-fuels and lubricants business. Exxon, the third largest U.S. refiner of oil by capacity, and Citgo are the seventh largest. Goff, who was part of the dissident board of directors that joined Exxon 2021…
US Court of appeals overturns Biden's tip wage rule
A U.S. court of appeals on Friday overturned a rule that President Joe Biden’s administration had adopted to increase the pay of tipped employees. The court cited a recent U.S. Supreme Court decision which curtailed federal agencies’ ability to issue regulations. The 5th U.S. Circuit Court of Appeals, located in New Orleans, is composed of a three-judge panel. Circuit…
Citgo: Oil Tanker Caught in Dispute Enters International Waters
U.S. refiner Citgo said the Gerd Knutsen oil tanker, which had been carrying crude claimed by both the company and Venezuelan parent PDVSA, departed Venezuela's Jose Terminal on Thursday and entered international waters on Friday morning.The tanker over the past week discharged its 1 million barrel cargo, worth some $57 million, in Venezuela after being stranded for over a year off the South American country's coast amid fallout over U.S.
US Judge Rejects Exxon, Shell Nigeria Case
A U.S. judge on Wednesday rejected Exxon Mobil Corp's and Royal Dutch Shell Plc's effort to revive a $1.8 billion arbitration award against Nigeria's state-run oil company, which stemmed from a dispute over a 1993 contract to extract oil near the African country's coastline.U.S. District Judge William Pauley in Manhattan cited public policy and due process considerations…
TC Energy: Order Blocking Keystone XL Pipeline Lifted
TC Energy Corp's long-delayed Keystone XL oil pipeline took a small step forward this week, after a U.S. court overturned an injunction that barred certain work on the project, the company said.The company, which also reported a better-than-expected quarterly profit on Thursday, has been working for more than a decade to build the controversy-ridden 830,000 barrel per day (bpd) pipeline.KXL would run from an oil hub at Hardisty…
U.S. Court Vacates Dominion Atlantic Coast Natgas Pipe Permit
A U.S. appeals court in Richmond, Virginia, on Friday vacated a permit by the U.S. Fish and Wildlife Service that allowed Dominion Energy Inc to build its Atlantic Coast natural gas pipe from West Virginia to North Carolina in areas inhabited by threatened or endangered species.(Reuters, Reporting by Scott DiSavino; editing by Jonathan Oatis)
U.S. Court to Decide Who Will Control Citgo
A U.S. court will decide whether a board of directors appointed by Venezuelan President Nicolas Maduro or one backed by his rival, opposition leader Juan Guaido, runs the eighth-largest U.S. refiner, Citgo Petroleum Corp.A lawsuit filed by Maduro's representatives on Tuesday in Delaware Chancery Court seeks to reassert control over Citgo , along with other U.S. subsidiaries of PDVSA…
Venezuela's Deals to Shield Citgo from Creditors in Doubt
Venezuela is facing the possible unraveling of a pair of billion-dollar settlements aimed at protecting the cash-strapped country's U.S.-based Citgo Petroleum Corp from seizure by creditors.A lawyer for Canadian mining company Crystallex International Corp said on Tuesday Venezuela had breached the $1.4 billion November agreement that resolved a long-running fight over an expropriated gold mine.Separately…
Impact of U.S. Court Ruling on Keystone XL Timing Unclear-TransCanada
TransCanada Corp is reviewing a decision by a Montana judge blocking construction of the Keystone XL pipeline expansion, but the impact on project timing remains unclear, the company's top crude pipeline executive said on Tuesday."We're going through the decisions, we're reviewing the deficiencies to determine how best to address the deficiencies," Paul Miller, President, Liquids Pipelines, said at an Investor Day in Toronto.
Pucks and Pellets: Canada Eyes New Ways to Move Crude
Canada's biggest railroad says it is attracting interest from oil producers in its effort to move crude in solid, puck-like form, as clogged pipelines divert more oil to riskier rail transport.Congested pipelines have stranded much of Canada's crude in Alberta, driving discounts to record-high levels. Canadian heavy crude traded on Friday for less than one-third of the U.S.
US Judge Halts Keystone XL Oil Pipeline
A U.S. judge in Montana has halted construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing a sharp rebuke on Friday from President Donald Trump.The ruling of a U.S. Court in Montana late on Thursday dealt a major setback to TransCanada Corp, whose stock dropped 2 percent in Toronto. Shares of companies that…
U.S. Court Dismisses Climate Change Lawsuits Against Oil Majors
A California federal court dismissed climate change lawsuits against five oil companies by the cities of San Francisco and Oakland, saying the complaints required foreign and domestic policy decisions that were outside the purview of courts, Chevron Corp said on Monday. The cities of San Francisco and Oakland, California sued Chevron, Exxon Mobil Corp, ConocoPhillips…
U.S. Court Stops Work on Natgas Pipeline
EQT Midstream Partners will stop construction in West Virginia of parts of its $3.5 billion Mountain Valley natural gas pipeline, after a U.S. federal appeals court issued a stay order last week against a permit, a U.S. regulator and the company said. The pipeline company will not proceed with construction in waters affected by the stay order in West Virginia, the U.S. Federal Energy Regulatory Commission said in a document issued on Monday.
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…
