Anna's Feed
Jun 29, 2015

Analysis – Oil companies played hardball in bid to defeat climate outsiders

HOUSTON (Reuters) – Petty legal filings. Diversionary ballot measures. Counting abstentions as no votes. These are just some of the tactics U.S. oil companies used this spring to quash efforts by investors to win the right to nominate climate experts for board seats.

Led by New York City Comptroller Scott Stringer and proposed at 75 U.S. companies in various industries this year, the so-called proxy access measure would give investor groups who own 3 percent of a company for more than three years the right to nominate directors. At the 19 oil and gas companies targeted, the aim was to demand more accountability on global warming.

Jun 29, 2015

Oil companies played hardball in bid to defeat climate outsiders

HOUSTON (Reuters) – Petty legal filings. Diversionary ballot measures. Counting abstentions as no votes. These are just some of the tactics U.S. oil companies used this spring to quash efforts by investors to win the right to nominate climate experts for board seats.

Led by New York City Comptroller Scott Stringer and proposed at 75 U.S. companies in various industries this year, the so-called proxy access measure would give investor groups who own 3 percent of a company for more than three years the right to nominate directors. At the 19 oil and gas companies targeted, the aim was to demand more accountability on global warming.

Jun 22, 2015

Energy Transfer offer may be Williams’ best option -analysts

HOUSTON, June 22 (Reuters) – Energy Transfer Equity’s
unsolicited $48 billion offer for Williams Companies Inc
through a corporate structure with tax advantages may be
the U.S. pipeline company’s best option as potential bids from
rivals are complicated by possible antitrust issues and the
deal’s rich price, investors and analysts said on Monday.

Energy’s proposed all-equity offer of $64 per share for
Williams was rejected by Williams’ board who said in a statement
on Sunday that it significantly undervalued the company which
controls a master limited partnership, or MLP.

Jun 15, 2015

Guesswork, inconsistency nag U.S. shale oil accounting

HOUSTON/NEW YORK (Reuters) – Steep downward revisions to oil and gas reserves at the end of this year are likely to increase scrutiny of how energy companies tally future barrels – a process that has become more opaque with the rise of shale drilling.

The revisions due in December will reflect a deep plunge in crude prices and should not come as a surprise for investors who have been pouring billions of dollars into U.S. oil companies betting that crude prices will recover.

Jun 15, 2015

Analysis – Guesswork, inconsistency nag U.S. shale oil accounting

HOUSTON/NEW YORK (Reuters) – Steep downward revisions to oil and gas reserves at the end of this year are likely to increase scrutiny of how energy companies tally future barrels – a process that has become more opaque with the rise of shale drilling.

The revisions due in December will reflect a deep plunge in crude prices and should not come as a surprise for investors who have been pouring billions of dollars into U.S. oil companies betting that crude prices will recover.

May 27, 2015

Exxon, Chevron holders say ‘no’ to adding climate experts to boards

HOUSTON, May 27 (Reuters) – Shareholders of the top two U.S.
oil companies on Wednesday rejected proposals to add directors
with climate change expertise to their boards, but a measure
passed at one, Chevron Corp, could give new power to
minority investors with environmental concerns.

Proposals to add an independent director with expertise in
climate change received the support of about 20 percent of
shareholders at each company, according to preliminary tallies
provided at Chevron’s annual meeting and that of Exxon Mobil
Corp.

May 27, 2015

Shareholders press for board voice on climate at Exxon, Chevron

HOUSTON, May 27 (Reuters) – Progressive shareholders are
pushing to add directors with climate change expertise to the
boards of Exxon Mobil Corp and Chevron Corp,
arguing the largest U.S. oil companies need more depth of
knowledge to navigate environmental issues.

Climate and greenhouse gas proposals regularly surface at
oil company annual meetings, but Wednesday will be the first
time shareholders at Exxon will vote on putting an independent
climate expert on the board.

May 26, 2015

Storms kill seven in Texas, Oklahoma, Houston hard-hit

HOUSTON (Reuters) – At least two people have been killed in Houston in flooding that turned streets into rivers and led to nearly 1,000 calls for help in the fourth-most populous city in the country, officials said on Tuesday.

Eight people have been killed in Texas and Oklahoma with 12 others missing after torrential rains slammed the states during the Memorial Day weekend, causing floods and tornadoes that destroyed homes and swept away bridges.

May 20, 2015

Flood of new cash sustains US oil firms; energy dealmakers gripe

HOUSTON, May 20 (Reuters) – U.S. oil companies, still
smarting from the crude price rout, are attracting a wave of new
investment from unlikely sources – hedge funds and private
equity firms flocking to the energy market for the first time to
bet on a rebound.

By pouring billions of dollars into energy shares and bonds
in the past few months these newcomers, dubbed “energy tourists”
by Houston’s seasoned dealmakers, have thrown a lifeline to
scores of companies that a few months ago looked like potential
targets for bigger rivals or distressed debt and restructuring
specialists.

May 13, 2015

LLOG plans drilling in U.S. Gulf near blown out BP well

HOUSTON (Reuters) – LLOG Exploration, a privately-held oil
and gas company focused on deepwater in the Gulf of Mexico,
plans to drill a well into the block near where BP Plc’s Macondo
well ruptured in 2010, causing the worst offshore oil spill in
U.S. history.

LLOG Exploration, which has backers including Blackstone
Energy Partners, received approval to drill a well in Blocks 252
and 253 in the Mississippi Canyon area of the Gulf from
regulators on April 13, according to records filed with the U.S.
Bureau of Safety and Environmental Enforcement.

    • About Anna

      "I currently cover large U.S. oil and gas companies including Exxon Mobil and ConocoPhillips as part of the equities desk's Raw Materials Team. I am based in Houston, Texas."
    • Follow Anna