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2014-04-17 18:54:00

NABORS CHANGES

NABORS CHANGES

One of the major rallying cries for activist shareholders in recent days is for a shift in executive compensation to increase shareholder returns. At one major oil company, those cries have come to fruition.

Oilfield services and drilling company Nabors Industries Ltd announced on April 14 that it would institute a number of changes to its board and payment structure. Chief among the changes are the limiting of severance packages to 2.99 times the executive's yearly salary and bonuses.

Nabors also announced that it would be splitting the chairman and CEO roles once current CEO Anthony Petrello leaves his position. The company will also institute a proxy access policy in which shareholders that have held at least 5 percent of the company for three consecutive years will be eligible to nominate directors to the board.

"These changes reflect the results of our commitment to strengthening our corporate governance and compensation practices, and open the door to an even more focused commitment to the generation of long-term value for shareholders," Petrello said in a statement.

Of course, this isn't the first time that Nabors has reshuffled the deck with respect to corporate governance. In 2012, Nabors shareholders adopted a non-binding proxy access resolution, which Reuters claims is the first of its kind to pass at a major company. In addition, Nabors rewrote Petrello's employment contract in 2013 to limit bonuses and increase shareholder returns.

This type of reshuffling could very well become a trend. In speaking with InsideCounsel in November 2013, Veta Richardson, president and CEO of the Association of Corporate Counsel, said that shareholders are becoming more proactive in seeking change where they believe there is room for improvement.

"Director independence, executive compensation, corporate social responsibility, reliability of financial reporting and transparency of communications are among the key issues that shareholders are urging boards of directors to focus more attention on," Richardson said.

insidecounsel.com

Tags: NABORS, INDUSTRIES

Chronicle:

NABORS CHANGES
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

NABORS CHANGES
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

NABORS CHANGES
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

NABORS CHANGES
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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