The last two energy crises that threatened hundreds of energy companies with bankruptcy have rewritten the O&G M&A playbook. Previously, oil and gas companies made numerous aggressive tactical or cyclical acquisitions in the wake of a price crash after many distressed assets became available on the cheap. However, the 2020 oil price crash that sent … Read more
ConocoPhillips (NYSE: COP) lifted its 2022 shareholder returns by $5 billion after reporting on Thursday tripled earnings from a year earlier, beating analyst expectations. Thanks to higher oil and gas prices, the US producer joins other majors in boosting the return of capital to shareholders after raising its planned 2022 return of capital by $5 … Read more
The British pound is expected to plunge to a historically low level versus the US dollar in the fourth quarter of this year, when the energy and gas crisis in the UK will worsen, according to strategists at the private banking unit of UBS Group. “We expect GBP/USD to come under pressure this year,” Thomas … Read more
German Chancellor Olaf Scholz walks towards a turbine of the Nord Stream 1 pipeline at the Siemens Energy plant in Muelheim an der Ruhr, western Germany, on Aug. 3. The turbine is one of many the pipeline uses to compress natural gas as it flows from Russia under the Baltic Sea to Germany.SASCHA SCHUERMANN/AFP/Getty Images … Read more
German Chancellor Olaf Scholz gestures as he addresses a press conference on current issues of energy policy at the Chancellery in Berlin on July 22, 2022.CHRISTIAN SPICKER/AFP/Getty Images The following is a transcript of The Globe and Mail’s interview with German Chancellor Olaf Scholz on Canada’s decision to allow Russian turbines to be sent back … Read more
Pipes at the landfall facilities of the Nord Stream 1 gas pipeline in Lubmin, Germany, on March 8.HANNIBAL HANSCHKE/Reuters German Chancellor Olaf Scholz says Prime Minister Justin Trudeau called the Kremlin’s bluff by allowing Russian pipeline turbines repaired in Canada to be sent back to Moscow’s state-controlled Gazprom, arguing that this move eliminated a pretext … Read more
Enbridge Inc. logo on display at the company’s annual meeting in Calgary, Thursday, May 12, 2016. THE CANADIAN PRESS/Jeff McIntoshJeff McIntosh/The Canadian Press Enbridge Inc. ENB-T is investing US$1.5-billion for a 30-per-cent stake in the Woodfibre LNG terminal in British Columbia, hoping to bolster the long-delayed project that needed a deep-pocketed investor to help export … Read more
By Julianne Geiger – Jul 28, 2022, 10:30 AM CDT Shell CEO van Beurden: there is more upside than downside for crude oil prices. Van Beurden sees ongoing tightness in crude oil supply. TotalEnergies CEO Pouyanne also stated that he saw room for demand to go higher with limited room for production growth. As oil … Read more
Earnings season is here with us once again, with 21% of S&P500 companies having reported second-quarter 2022 earnings. According to FactSet data, 68% of S&P 500 companies have reported EPS above Wall Street estimates, while 65% have beat revenue expectations. The Energy sector is expected to be the best performer this earnings season, thanks to … Read more
The biggest importer of Russian gas in Germany, energy giant Uniper, saw gas supply from Russia further cut to just a third of nominated and contractually agreed volumes, a spokesperson for the German firm told Reuters on Tuesday. Russia is further reducing flows via Nord Stream this week, to just 20% of the pipeline’s capacity, … Read more
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