Business News

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.

Canadian Pipeline Operator Enbridge Bets on Higher 2024 Demand With Increased Earnings Forecast

The upbeat forecast from Enbridge, which operates the Mainline oil pipeline system that ships the bulk of Canada's crude exports to the U.S., follows peer TC Energy estimating higher adjusted core earnings for 2024 on Tuesday.

Canadian Pipeline Operator TC Energy Forecasts Higher 2024 Earnings Despite Competition

TC's Keystone oil pipeline, which moves crude from Alberta to U.S. Midwest refineries and the Cushing, Oklahoma storage hub, faces stiffer competition starting in the first quarter when the Canadian government-owned Trans Mountain pipeline is scheduled to complete an expansion.

BASF Shares Rise on Report of ADNOC Exploring Wintershall Dea Deal

Shares in chemicals giant BASF rose on Friday after a report that Abu Dhabi National Oil Co. (ADNOC) is exploring an acquisition of the German group's energy business Wintershall Dea.

Kuwait-based Investment Firm Secures Minority Stake in Pipeline Inspection Provider Pipecare Group

Kuwait-based Gulf Investment Corporation (GIC) said on Monday it has acquired a significant minority stake in Pipecare Group Holding, a major provider of pipeline inspection services.

ROSEN Founder Sells Majority Stake to Partners Group

(P&GJ) — Hermann Rosen, founder of ROSEN Group, has sold a majority stake in ROSEN to the global private markets firm Partners Group, as part of his succession planning.

Occidental Petroleum Beats Q3 Estimates on Higher Production

Occidental Petroleum on Tuesday beat analysts' third-quarter profit estimates on strong U.S. oil production, but its results were well below a year ago due to lower energy prices and weaker chemical and pipeline results.

EOG Resources Beats Quarterly Profit Estimates on Strong Production

U.S. shale oil producer EOG Resources on Thursday soared past Wall Street estimates for third-quarter profit and raised its annual production forecast amid resilient fuel demand.

Business News November 2023

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

Origin Energy's Top Shareholder Opposes Brookfield's $9.8 Billion Takeover Offer

Origin Energy's largest shareholder said on Tuesday it plans to vote against a Brookfield-led consortium's $9.78 billion takeover offer for the company, casting doubt on the bid's future weeks ahead of a shareholder vote on the deal.

Pipeline Operator TC Energy Exploring Multi-Billion-Dollar Asset Sale

The company is working on the sale of a minority stake in ANR Pipeline, estimated at an enterprise value of about $3 billion, as well as a minority stake in its Mexican operation and stakes in Portland Natural Gas Transmission System and the Millennium Pipeline.