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’Christmas cancelled for GKP investors
It’s taken more than a day and a half but Gulf Keystone Petroleum (GKP) has finally responded to speculation that Exxon Mobil was considering a £7bn, or 800p a share, cash offer.
And guess what, the Kurdish explorer is not in takeover talks but it remains committed to creating value for shareholders blah,
Snap news
Breaking pre-market news on Monday,
- Ocado warns on its measure of profits; sees full EBITDA between £27.5m to £28.5; analysts expecting £34.3m — statement.
- HMV puts Live business up for sale;
Could Exxon bid for BP?
Yes, says Fred Lucas of JPMorgan, who notes that BP is trading on an implied reserve multiple that’s 30 per cent below its peers and equal to ExxonMobil’s long run finding and development costs:
Who also says investors should not overreact to news that BP could face penalties of $21bn-plus if found libale for damages over the Macondo oil spill.
Duster!
The price action in Falkland Oil & Gas on Monday morning, following news that it had found no hydrocarbons at its Toroa exploration well south of the Islas Malvinas:
So that’s Dusters TWO (FOGL and Desire Petroleum),
Fantasy oil major M&A
Fred Lucas of JP Morgan has been gazing into his crystal ball:
It is early February 2011 in Irving (TX) and Rex Tillerson, CEO of Exxon Mobil, has just concluded a marathon board meeting ahead of the corporation’s Q4 results.
Is Exxon hoping to Standardise the shale gas market?
Anyone who has read Daniel Yergin’s historical review of the oil industry, The Prize, will know the important role Standard Oil — the company ExxonMobil is derived from — played in organising the oil market from 1870 onwards.
CDS report: Greece and Dubai Continue to Drive Markets
Otis Casey of Markit wrote this CDS report
Early trading saw the Markit iTraxx indices and stock markets higher as investors were heartened to see the last minute Abu Dhabi bailout of Dubai. The Markit iTraxx Europe index tightened by more than 2 bp to 79.49 bp. The Markit iTraxx HiVol was 2 bp tighter at 118.33 bp while the Markit iTraxx Crossover finished at 476.30 bp,
Mega merger Monday: Exxon in $41bn union with XTO Energy
And just when everyone thought M&A had crawled into a cave for the winter:
Exxon Mobil Corporation (NYSE: XOM) and XTO Energy Inc. announced today an all-stock transaction valued at $41 billion. The agreement,
Berkshire reveals new investments
Billionaire Warren Buffett’s Berkshire Hathaway on Monday revealed new investments in Nestle and Exxon Mobil and said it has nearly doubled its investment in Wal-Mart Stores, reports Reuters. It disclosed the investments,
BP eyes bid for Jubilee field
BP, Europe’s second-biggest oil company, may bid for Kosmos Energy’s stake in the Jubilee field off Ghana’s coast and has hired Goldman Sachs to advise it, reports Bloomberg. BP has held talks with Ghana National Petroleum Corp about a potential joint offer for Kosmos’s Ghanaian assets,
Canberra approves $42bn LNG project
Australia’s Chevron-led A$50bn ($42bn) Gorgon liquefied natural gas venture cleared a significant hurdle on Wednesday when Canberra gave environmental approval to the project, which will supply the fuel to China,
Refining, the weakest link in the recovery
Crude oil refining margins have been trying to warn the world about weak US demand for months now. This week’s oil major results may finally spread the realisation that not all is well in industrial demand for energy into the wider public consciousness.
Those ‘big four’ oil major results again
Headline results:
Chevron profit tops forecasts, oil price hits shares
Exxon profit rises, tops estimates, after oil surges
Shell beats forecasts with $10.9 bn Q3 profit
BP profits soar to record $10 bn on high oil
Production in Q1: