Business News

Business

Stay informed about the latest appointments, expansions, and industry insights in this concise business column. From new executive roles at leading companies to strategic manufacturing ventures, get key updates shaping the corporate landscape. Plus, stay in the loop with association initiatives and industry events.

Waste Management Explores $3 Billion Sale of Renewable Natural Gas Unit, Sources Say

The Houston-based firm is exploring a sale of its renewable natural gas business that could be worth about $3 billion, according to people familiar with the matter.

Energy Transfer Subsidiary Sunoco and NuStar Energy Merger Receives Green Light from Unitholders

The acquisition grants Sunoco access to NuStar's extensive transportation and storage infrastructure, encompassing approximately 9,500 miles of pipeline and 63 terminals.

Russia's Gazprom Sees Worst Loss in Decades as European Gas Sales Collapse

Kremlin-owned gas giant Gazprom said on Thursday it plunged to a net loss of $6.9 billion in 2023, its first annual loss in more than 20 years, amid dwindling gas trade with Europe, once its main sales market.

Exxon's $60 Billion Deal with Pioneer Gets FTC Approval, Former Pioneer Exec Barred from Board

U.S. regulators on Thursday gave the go-ahead to Exxon Mobil's $60 billion purchase of Pioneer Natural Resources, but barred Pioneer's former CEO from Exxon's board on allegations he attempted to collude with OPEC to raise oil prices.

Shell Smashes Forecasts with $7.7 Billion Quarterly Profit Driven by Strong LNG Performance

Shell reported first-quarter profit of $7.7 billion on Thursday, exceeding expectations as disruption to Red Sea shipping and Russian refining boosted oil trading and liquefied natural gas production rose.

Exxon's $60 Billion Pioneer Merger Deal Poised for FTC Approval, Pending Key Condition

The FTC is likely to approve ExxonMobil's $60 billion buyout of Pioneer Natural Resources, but former Pioneer CEO Scott Sheffield's exclusion from the merged board may be crucial for finalizing the deal.

Cenovus Energy Surpasses Profit Estimates, Eyes New Markets with Trans Mountain Pipeline Expansion

Cenovus Energy beat first-quarter profit estimates on Wednesday due to higher production and refinery throughput, and executives said the start-up of the Trans Mountain pipeline expansion would open up new markets.

Diamondback Energy, Endeavor Face FTC Scrutiny with Second Request on $26 Billion Merger

Oil and gas firm Diamondback Energy said on Monday it had received a second request from the U.S. Federal Trade Commission (FTC) in connection with the $26 billion deal to buy privately-held Endeavor.

Shell's LNG, Gas, and Power Trading Chief Steve Hill to Depart Company

Hill joined Shell in 2016 following the $53 billion acquisition of rival BG Group. He has headed Shell Energy, which oversees business-to-business LNG, gas and power trading, part of the company's downstream division.

TC Energy Announces Layoffs in Houston, Calgary as Part of Pipeline Unit Integration Plan

Canadian oil and gas pipeline firm TC Energy said on Wednesday it has laid off some of its workers as part of a previously announced plan to integrate its natural gas pipeline units.

SCF Partners Acquires Flowchem, Val-Tex, and Sealweld, Leaders in Midstream Solutions

SCF Partners Inc. has acquired the Pipeline and Industrial Materials business from Entegris Inc., a leading supplier of advanced materials and process solutions for the semiconductor and other high-technology industries.

Tellurian CEO Octavio Simoes' Term Not Extended, Company Eyes Asset Sale

LNG developer Tellurian said on Monday it would not renew or extend the employment term of CEO Octavio Simoes beyond June 5, and aims to sell its upstream business, sending its shares up as much as 3% before the bell.

Business News March 2024

Association news, personnel changes and mergers and acquisitions in March 2024!

Woodside Urged to Abandon $57 Billion Santos Merger by Major Shareholder

Woodside should walk away from its proposed $57 billion merger with Santos rather than pay a premium for its smaller rival, a large shareholder said on Thursday, a sign of the deep divide between both sides over fair value.

Santos Amends PNG Stake Sale Terms with Papua New Guinea's Kumul Petroleum

Oil and gas giant Santos said on Thursday it had amended the terms of sale of its 2.6% stake in PNG LNG project to Kumul Petroleum, allowing the Papua New Guinea state-owned firm additional time to pay the purchase price.

Business News February 2024

Association news, personnel changes and mergers and acquisitions in February 2024!

Business News January 2024

Association news, personnel changes and mergers and acquisitions in January 2024!

LNG Developer Tellurian Hires Financial Adviser Amid Leadership Changes, Debt Restructuring

Struggling liquefied natural gas (LNG) developer Tellurian on Thursday said it has hired a financial adviser to assist in balance sheet management.

Chatterjee Fund Management Boosts Stake in LNG Developer Tellurian to 7.3%

Chatterjee Fund Management has increased its stake in U.S. liquefied natural gas (LNG) developer Tellurian Inc. to 7.3%, a filing with the Securities and Exchange Commission showed on Wednesday, up from 5.2% previously.

Harbour Energy Strikes $11.2 Billion Deal for Wintershall Dea Assets

Britain's Harbour Energy on Thursday agreed to acquire Wintershall Dea's non-Russian oil and gas assets in a $11.2 billion share and cash deal with BASF and LetterOne that creates one of the world's largest independent producers.

BP Short-Lists Three Internal Candidates for CEO

BP's board has short-listed interim CEO Murray Auchincloss and two senior female executives as internal candidates to replace Bernard Looney as chief executive, three company and industry sources told Reuters.

Aramco Expands Big Data Unit to Drive M&A Decisions and Profit Optimization

Saudi oil giant Aramco is boosting its big data and artificial intelligence unit that links up its assets to help maximize profit, assisting on decisions from trading to acquisitions, a senior executive told Reuters.

Former BP CEO Looney Loses $40 Million in Compensation Amid Board Misconduct Claims

BP cut over $40 million in remuneration from former CEO Bernard Looney after the British oil giant concluded he had knowingly misled the board over personal relationships with colleagues.

Sources: Endeavor Energy Explores Sale for as Much as $30 Billion

Endeavor Energy Partners is exploring a sale that could value the largest privately-held oil and gas producer in the Permian basin of the United States at between $25 billion and $30 billion, according to people familiar with the matter.

FTC Issues Second Information Request on Exxon's $60 Billion Takeover of Pioneer

The U.S. Federal Trade Commission has sent shale oil producer Pioneer Natural Resources and Exxon Mobil a second request for more information on their $60 billion takeover deal, Pioneer said on Tuesday.

Business News December 2023

Association news, personnel changes and mergers and acquisitions in December 2023!

Riposte Capital Pushes for Board Overhaul at Energy Producer SilverBow

One of SilverBow Resources Inc.'s largest investors is pushing the U.S. oil and gas producer to revamp its board to address governance concerns and boost its lagging performance, according to a letter reviewed by Reuters on Thursday.

India Energy Week to Showcase India’s Leadership in the Global Energy Landscape

(P&GJ) — The second edition of India Energy Week (IEW) will be hosted in Goa from February 6th to 9th 2024, by the Federation of Indian Petroleum [FIPI] Industry, under the aegis of Ministry of Petroleum and Natural Gas, Government of India.

Italy’s Saipem wins Guyana, Brazil contracts worth $1.9 billion

In Brazil, Saipem was awarded a contract by Equinor for the Raia project in the Campos Basin. In Guyana, it was awarded a contract by ExxonMobil for the proposed Whiptail oilfield development located in the offshore Stabroek block.