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2016-08-08 18:50:00

MAJORS SELL ASSETS

MAJORS SELL ASSETS

 

OIL PRICES JUL - AUG 2016

 

OIL PRICES SEP 2015 - AUG 2016

 

According to FT three of Europe's biggest energy groups are looking to make progress with multibillion-dollar asset disposal programmes before the end of this year, despite pressure on valuations from low oil prices.

Total of France is aiming to sell its Atotech chemicals subsidiary this autumn in a deal expected by analysts to raise about $3bn, and Eni of Italy says talks to offload part of a big Mozambique gasfield are at an "advanced stage".

Royal Dutch Shell, meanwhile, says it is working on 17 potential disposals as it seeks to reassure investors that its target for $30bn of asset sales by 2018 is achievable.

In common with other oil companies, the European trio are looking to divest non-core assets to help shore up their balance sheets and defend dividends at a time of mounting pressure from the prolonged weakness in oil prices.

However, they face a challenge to achieve acceptable valuations as the deflationary impact of the oil price crash ripples through the industry.

This balancing act is especially tricky for Shell as disposals are crucial to reduce debts after its £35bn takeover of BG Group, completed in February.

"Shell is going to have to be flexible on price if it is to move forward with some of these deals," said one energy banker. "They cannot just sit back and wait for oil prices to come back."

About $3bn of disposals have been completed or announced by Shell so far this year, including the sale of its stake in the Japanese refiner Showa Shell.

Simon Henry, Shell's chief financial officer, said last month that the group wanted to make "significant progress" on deals worth $6bn-$8bn by the end of the year.

Assets in Thailand, New Zealand and the North Sea are among those up for grabs, as well as Shell's planned exit from its Motiva refining joint venture with Saudi Aramco in the US.

Patrick de la Chevardière, chief financial officer of Total, said he was confident of hitting his target for $10bn of disposals by the end of next year despite weak valuations for upstream exploration and production assets.

"It is true that the oil price environment is not favourable to sell upstream assets, and we are not desperate to sell at any price," he told investors last month. "We have a few projects under negotiation to sell midstream assets, mostly pipeline infrastructure ... and the market is there for those assets."

Much of this year's deal activity has involved downstream refining and chemicals businesses, such as Total's Berlin-based Atotech unit, which makes chemicals for circuit boards and semiconductors used in electronics. Mr de la Chevardière said Total was in the process of selecting a short list of bidders, with an aim to sign a deal in the fourth quarter.

Reuters reported last week that Sinochem of China and private equity groups Cinven and BC Partners had made it into a second round of bidding. Total and the three reported bidders declined to comment.

ExxonMobil has been strongly linked with Eni's Mozambique asset. Both companies declined to comment. Eni is also planning to offload part of a big Egyptian field next year in pursuit of its target for €7bn of disposals by 2019.

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Earlier:  

MAJORS DEBT: $138 BLN 

CHEVRON SELLS $5 BLN 

NABORS NET LOSS $583 MLN 

STATOIL SALES U.S. 

EXXON NET INCOME $3.5 BLN 

CHEVRON NET LOSS 2.2 BLN 

ENI NET LOSS €1.2 BLN 

CONOCO NET LOSS $2.54 BLN 

TOTAL NET INCOME $3.7 BLN 

PEMEX NET LOSS $7.7 BLN 

SHELL PROFIT DOWN 72% 

ANADARKO NET LOSS $1.7 BLN 

BAKER HUGHES NET LOSS $911 MLN 

SUNCOR NET LOSS $735 MLN 

NOV VARCO NET LOSS $336 MLN 

STATOIL CUTS $1 BLN 

NOVATEK PROFIT UP OF 122%

 

 

 

 

Tags: OIL, PRICES, ASSET, MAJOR

Chronicle:

MAJORS SELL ASSETS
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

MAJORS SELL ASSETS
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

MAJORS SELL ASSETS
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

MAJORS SELL ASSETS
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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