Hints and tips:
...By the end of the year OCI had agreed to offload two fertiliser holdings for about $3.6bn apiece, to the Abu Dhabi National Oil Company and Koch Industries of the US....
...Shell’s former chief executive has joined private equity group KKR as a senior adviser for energy transition investments in his first corporate role since stepping down from the oil and gas major....
...“If Exxon and Chevron used cash for these deals and then the share price of oil companies went down dramatically they would look like bad buyers....
...The transaction is particularly significant given European oil majors such as Eni, BP and Shell have been more likely to sell oil and gas assets than to buy them since setting targets to cut carbon emissions...
...French oil major Total made an investment in 2016, later promising to buy 2.5mn tonnes a year from Driftwood....
...Executives at the companies, both of which are based in the tight knit oil and gas community in Tulsa, Oklahoma, will have a hard sell in the coming weeks....
...As the top five western oil producers (ExxonMobil, Chevron, BP, Shell and TotalEnergies) unveil their financial results over the next few weeks, it’s expected that they’ll report a record $200bn in combined...
...The valuation of companies like BP and Shell, which have embraced climate-friendly investments in renewable energy, have substantially lagged behind those of their American rivals ExxonMobil and Chevron,...
...In a sign of the renewed investor interest in the sector, Spain’s largest oil company Repsol last month agreed to sell a 25 per cent stake in its exploration and production business to Washington-based investment...
...Refinery and fuel distribution company Varo Energy said it would sell no oil products by 2040 as it laid out plans to cut its emissions through investments in biofuels, hydrogen and electric vehicle charging...
...It’s also caught up in a £2.9m lawsuit from a property investment company claiming it accepted “tainted” money for legal fees....
...But what about the oil companies’ divestments? Don’t they just amount to shifts in ownership? Probably....
...(FT) News round-up Shell agrees $9.5bn sale of Permian Basin oil assets to ConocoPhillips (FT) Finsbury Glover Hering in talks to buy rival Sard Verbinnen (FT) UK Labour party plans crackdown on private...
...We do not expect this to materially alter Shell’s investment plans, the company has already sold multiple refineries in recent years, but we would expect this trend to continue....
...Where does that leave the oil companies that have not reported yet?...
...If the returns aren’t available and Shell acknowledges the opportunity landscape is challenging then investment will not flow into lower return projects – reassuringly....
...Other private equity groups have also been moving into non-US oil and gas, especially since the 2014 crash in crude prices put oil companies under pressure to sell assets in order to cut debts....
...In that note we discussed the €3.7trn investment that Europe was to embark on....
...Rotork has the single largest exposure in our coverage (~50% v 60% in 2014 though)....
...or Royal Dutch Shell....
...(WSJ) Shell’s electricity shift Royal Dutch Shell, one of the world’s biggest oil and gas groups, aims to become the largest electricity company by the 2030s amid a global shift in energy supplies towards...
...Neptune has established itself as one of the largest independent European oil and gas companies with financial backing from Carlyle Group, CVC Capital Partners and China Investment Corporation (CIC), Beijing...
...Last year Carlyle’s Assala Energy acquired Shell’s onshore assets in Gabon....
...The $71m loss was burnished by a revaluation of Noble’s stake in Harbour Energy, a private equity backed investment vehicle which last year snapped up a chunk of Royal Dutch Shell’s old assets in the North...
...Among the fund’s equity investments, Royal Dutch Shell, Tencent, and Apple delivered the most positive contributions in the quarter while Nestlé, drugmaker Teva, and General Electric were the most negative...
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