TAKEOVERS $500 BLN
The world's six largest publicly traded oil producers have more than a half-trillion dollars in stock and cash to snap up rival explorers.
Exxon Mobil Corp. tops the list with a total of $320 billion for potential acquisitions. Chevron is next with $65 billion in cash and its own shares tucked away, followed by BP Plc with $53 billion.
Merger speculation was running high after Anadarko Petroleum Corp. said Wednesday it withdrew an offer to buy Apache Corp. for an undisclosed amount. Apache rebuffed the unsolicited offer and wouldn't provide access to internal financial data, Anadarko said. Both companies are now takeover targets.
Royal Dutch Shell Plc has $32.4 billion available, almost all of it in cash. That said, The Hague-based company is unlikely to go hunting for large prey given plans announced in April to take over BG Group Plc for $69 billion in cash and stock.
At the bottom of the pack are ConocoPhillips with $31.5 billion and Total SA with $30.5 billion. More than 90 percent of ConocoPhillips' stockpile is in the form of shares held in its treasury. Total's arsenal is 85 percent cash.
Even with its lowest cash balance in at least a decade, Exxon still wields a mighty financial stick. The Irving, Texas-based company has $316 billion of its own shares stockpiled in the company treasury that it could use for an all-stock takeover. The world's biggest oil company by market value made its two largest acquisitions of the last 20 years with stock -- the $88 billion Mobil deal in 1999 and the $35 billion XTO transaction in 2010.
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IEA - For the third consecutive year, global energy investment declined, to USD 1.8 trillion (United States dollars) in 2017 – a fall of 2% in real terms. The power generation sector accounted for most of this decline, due to fewer additions of coal, hydro and nuclear power capacity, which more than offset increased investment in solar photovoltaics.
EIA - Crude oil production from the major US onshore regions is forecast to increase 143,000 b/d month-over-month in July from 7,327 to 7,470 thousand barrels/day , gas production to increase 1,066 million cubic feet/day from 69,466 to 70,532 million cubic feet/day .
U.S. FRB - Industrial production rose 0.6 percent in June after declining 0.5 percent in May. For the second quarter as a whole, industrial production advanced at an annual rate of 6.0 percent, its third consecutive quarterly increase. Manufacturing output moved up 0.8 percent in June.
U.S. DT - The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $69.9 billion. Of this, net foreign private inflows were $58.8 billion, and net foreign official inflows were $11.1 billion.