2017-03-07 18:35:00
SHELL & SAUDI AGREEMENT
SHELL - Royal Dutch Shell plc ("Shell") announces the signing of binding definitive agreements between SOPC Holdings East LLC (a U.S. downstream subsidiary of Shell) and Saudi Refining Inc. ("SRI") (a wholly owned subsidiary of Saudi Arabian Oil Company ("Saudi Aramco")) on the separation of assets, liabilities and businesses of Motiva Enterprises LLC ("Motiva"), a 50/50 refining and marketing joint venture.
A balancing payment of $2.2 billion has been agreed between the parties, subject to adjustments including for working capital. This value will be satisfied by a combination of SRI assuming more than its 50% share of Motiva's net debt on completion and a cash payment for the balance. As at 31 December 2016, Motiva's total net debt was $3.2 billion, of which Shell will assume $0.1 billion, resulting in a deduction to the cash portion of the balancing payment of $1.5 billion. As a result of the transaction no material effect is expected on gearing reported on the Shell balance sheet.
Subject to regulatory approval, the transaction is expected to close in the second quarter of 2017.
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Earlier:
SHELL:
SHELL INVESTS IN BRAZIL $10 BLN
SAUDI:
SAUDI'S RENEWABLE INVESTMENT: $50 BLN
SAUDI CUTS OIL PRODUCTION: 486 TBD
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September, 21, 11:00:00 |
OIL PRICE: NEAR $79 STILL |
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September, 21, 10:55:00 |
RUSSIA'S OIL PRODUCTION: 11.3 MBD |
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September, 21, 10:45:00 |
UNEXPECTED OIL PRICES |
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September, 21, 10:40:00 |
OIL MARKET UNCERTAINTY |
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September, 21, 10:35:00 |
OPEC-NON-OPEC DECISIONS |
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September, 21, 10:30:00 |
U.S. CAPITAL EXPENDITURES UP |
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Chronicle:
2018, September, 21, 10:25:00
U.S. ENERGY CASH: $119 BLN
U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014
2018, September, 21, 10:20:00
WORLD OIL DEMAND: 100.23 MBD
OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.
2018, September, 21, 10:15:00
IRAQ'S OIL: NO RECORD
ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.
2018, September, 21, 10:10:00
NATURAL GAS EXPORT UP
PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.