Debt levels could increase to as much as 50% of GDP in five years Last week, the Saudi Arabian government was rumored to be creating a division specializing in monitoring government spending. Today, the Financial Times reports that OPEC’s chief producer will invest in international bond markets for the first time in its history. A senior official said the finalization
Short-term prices likely to remain low Both the Energy Information Administration (EIA) and International Energy Agency (IEA) released their most recent pricing outlooks for the energy markets today, giving a glimpse into what two of the most widely followed energy agencies see as the future of energy markets. The EIA’s Short Term Energy Outlook (STEO) forecasts prices out through 2016,
From The Wall Street Journal LONDON—U. K. natural-gas and electricity network operatorNational Grid PLC is seeking buyers for a majority stake of its domestic gas-distribution business to rebalance its portfolio and create extra value for shareholders. Analysts value the business, which comprises four of the U.K.’s eight regional distribution networks which deliver gas to around 10.9 million customers, at £10 billion
SAN ANTONIO – November 10, 2015 – Tesoro Corporation (NYSE:TSO, Tesoro) and Tesoro Logistics LP (TLLP) today announced that subsidiaries of Tesoro have agreed upon terms for the sale of crude oil and refined product storage and pipeline assets in Los Angeles, California (the “Los Angeles Refinery Storage and Handling Assets”) to TLLP for a total consideration of $500 million.
From Reuters MONTEVIDEO, Nov 9 (Reuters) – U.S. oil company Exxon Mobil has acquired a 35 percent stake in an oil block off Uruguay’s coast, teaming up with France’s Total to spud the country’s first offshore exploratory well, state oil firm ANCAP said on Monday. The well will be drilled about 400 km (249 miles) from the seaside capital Montevideo
PITTSBURGH–(BUSINESS WIRE)–EQT Midstream Partners, LP (NYSE: EQM), an EQT Corporation company, announced today that it has priced an underwritten public offering of 5,650,000 common units representing limited partner interests. Total gross proceeds of the offering (before underwriters discounts and commissions and estimated offering expenses) will be approximately $406 million. EQT Midstream Partners, LP (EQM) has granted the underwriters a 30-day
Update: Pricing Announced Callon Petroleum (ticker: CPE) upsized its stock offering one day after its original announcement, increasing the total to 12.0 million shares with a greenshoe of 1.8 million additional shares. The first round of stock offerings is expected to yield gross proceeds of approximately $100.8 million. Taking those metrics into account, the greenshoe would boost the gross proceeds to
Latest action from energy M&A front line Apache Corporation (ticker: APA) rejected an unsolicited bid of $18 billion over the weekend, according to a report from Bloomberg. Apache has not commented on the report, but the company is said to be working with Goldman Sachs Group Inc. on a defense strategy. The development is the latest chapter in an energy
PrairieSky to purchase Canadian Natural assets for C$1.8 billion Canadian oil major Canadian Natural Resources (ticker: CNQ) announced today that PrairieSky Royalty (ticker: PSK) will purchase assets from CNR to for the largest fee simple mineral title and royalty positions in Western Canada. PrairieSky will acquire a portion of Canadian Natural’s royalty assets for total consideration of C$1.8 billion (USD$1.36
Study finds hydraulic fracturing added 725,000 jobs during the Great Recession The energy boom brought on by hydraulic fracturing helped to soften the blow from the Great Recession, a new study conducting by the National Bureau of Economic Research found. Between 2005 and 2012, 725,000 jobs were added to support the oil and gas industry as it rapidly expanded thanks
From Bloomberg: Barack Obama belittled the Keystone XL pipeline debate even as he brought it to a close. The project, which would have delivered heavy, oil-sands crude from Western Canada to the Gulf Coast, “has occupied what I, frankly, consider an overinflated role in our political discourse,” he said Friday. “It became a symbol too often used as a campaign
HOUSTON, Nov. 09, 2015 (GLOBE NEWSWIRE) — Marathon Oil Corporation (MRO) announced today that the Company has signed an agreement for the sale of its operated producing properties in the greater Ewing Bank area and non-operated producing interests in the Petronius and Neptune fields in the Gulf of Mexico for $205 million. The buyer will assume all future abandonment obligations
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