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#Saudi Aramco 1% Stake Is a Tough Sell - Bloomberg

Saudi Aramco 1% Stake Is a Tough Sell - Bloomberg Five years after Crown Prince Mohammed Bin Salman ventured that “in 2020 we can live without oil,” he is, once again, hawking Saudi Arabia’s oil champion to raise funds. In a recent, sweeping interview with Arab News, he teased the potential sale of 1% of Saudi Arabian Oil Co., or Saudi Aramco, to a “huge company” in an oil-importing country.Who would pay $19 billion for that sliver of the Saudi dream? The obvious candidates are in Asia, where ...
Tags: Travel, Asia, Saudi Arabia, Russia, India, Bloomberg, Reliance, Reuters, Aramco, Saudi Aramco, Mohammed bin Salman, BP Plc, Reliance Industries Ltd, David Fickling, Saudi Arabian Oil Co, Rupert Neil Bumfrey


#Saudi Aramco Follows Big Oil Rivals With Bumper Earnings - Bloomberg

Saudi Aramco Follows Big Oil Rivals With Bumper Earnings - Bloomberg Saudi Aramco’s profit soared in the first quarter following a recovery in global oil and gas markets, though free cash flow remained too low to fully cover dividend payments.The world’s biggest energy company kept its quarterly payout, almost all of which goes to the Saudi government, at $18.75 billion. The money is vital for the kingdom as it tries to narrow a budget deficit that ballooned last year, with the coronavirus pan...
Tags: Travel, Royal Dutch Shell Plc, BP Plc, Big Oil, Rupert Neil Bumfrey, Amin Nasser, Bloomberg Saudi Aramco


Aramco Is Said to Weigh Sale of Stake in Natural Gas Pipelines - Bloomberg

Aramco Is Said to Weigh Sale of Stake in Natural Gas Pipelines - BloombergSaudi Aramco is considering the sale of a stake in its vast natural gas pipeline network to help free up cash and draw more international investors to the kingdom, people familiar with the matter said.The state-owned energy producer is holding preliminary discussions on the potential move, the people said, asking not to be identified because the information is private. Any deal could raise billions of dollars for Dhahran-b...
Tags: Travel, Saudi Arabia, Qatar, Aramco, Bloomberg News, Dhahran, BP Plc, Saudi Arabian Oil Co, Rupert Neil Bumfrey, EIG Global Energy Partners, Yasir al Rumayyan, Abdulaziz Al Gudaimi, Natural Gas Pipelines Bloomberg, Natural Gas Pipelines BloombergSaudi Aramco, Amin Nasser Saudi Arabia


Big Oil's Secret World of Trading Fuels Profits as Climate Change Worries Rise - Bloomberg

Big Oil's Secret World of Trading Fuels Profits as Climate Change Worries Rise - Bloomberg It was a bleak moment for the oil industry. U.S. shale companies were failing by the dozen. Petrostates were on the brink of bankruptcy. Texas roughnecks and Kuwaiti princes alike had watched helplessly for months as the commodity that was their lifeblood tumbled to prices that had until recently seemed unthinkable. Below $50 a barrel, then below $40, then below $30.But inside the central London headqu...
Tags: Travel, Texas, London, Saudi Arabia, Bloomberg, Bp, Bob Dudley, Dudley, BP Plc, Rupert Neil Bumfrey, Cassandra Oil


Top #UAE Power Producer Joins Global Peers in Renewables Push - Bloomberg

Top UAE Power Producer Joins Global Peers in Renewables Push - BloombergThe United Arab Emirates’ largest power producer plans to cut exposure to oil and natural gas assets, joining energy companies around the world looking to refocus their operations on renewables.“Our focus is going to be on power and water, and less on oil and gas going forward,” Abu Dhabi National Energy Co. Chief Executive Officer Jasim Husain Thabet said in a Bloomberg TV interview.The UAE, which can pump more than 4 milli...
Tags: Travel, Bloomberg, United Arab Emirates, Uae, BP Plc, Bloomberg TV, Rupert Neil Bumfrey, Taqa, Abu Dhabi National Energy Co, Abu Dhabi National Energy, Jasim Husain Thabet


#UAE News: #AbuDhabi Utility Taqa to Weigh Sale of Oil and Gas Assets - Bloomberg

UAE News: Abu Dhabi Utility Taqa to Weigh Sale of Oil and Gas Assets - BloombergAbu Dhabi National Energy Co. is considering options for its oil and gas assets, including a potential sale, as the state-owned utility focuses more on power generation, people familiar with the matter said.The company, also known as Taqa, is speaking with potential advisers as it reviews a business that spans countries including the U.K. and Canada, the people said, asking not to be identified as the matter is priva...
Tags: Travel, Bloomberg, Canada, Abu Dhabi, Calgary, North Sea, Uae, U K, BP Plc, Rupert Neil Bumfrey, Taqa, Abu Dhabi Power Corp, AbuDhabi Utility Taqa, Abu Dhabi Utility Taqa, United Arab Emirates The city, Northrock Resources


Tuesday round-up

The Supreme Court convenes at 10 a.m. for its final argument day of January. The justices will first hear argument in a pair of consolidated cases —  FCC v. Prometheus Radio Project and National Association of Broadcasters v. Prometheus Radio Project — about whether the Federal Communications Commission acted lawfully when it rolled back rules preventing a single company from owning both a newspaper and a TV or radio station in the same local market. Our case preview is here. The second argument...
Tags: Fcc, Supreme Court, Law, Federal Communications Commission, Bp, Round-up, Sonia Sotomayor, HARRIS, BP Plc, Prometheus Radio Project, City Council of Baltimore, Averi Harper Beatrice Peterson, Ellen Gilmer Bloomberg Law Alexander Kaufman


Peak Oil Is Suddenly Upon Us

Peak Oil Is Suddenly Upon Us A year ago, if anyone in the petroleum business had suggested that the moment of Peak Oil had already passed, they would have been laughed right off the drilling rig. Then 2020 happened.Planes stopped flying. Office workers stayed home. “Zooming with the grandkids” replaced driving to see family. A year of global hunkering yielded the sharpest drop in oil consumption since Henry Ford cobbled together the first Model T. At its worst, global demand dropped by a stagge...
Tags: Travel, Opec, Bp, Henry Ford, BP Plc, Rupert Neil Bumfrey, Peak Oil


#SaudiArabia’s Gas Push Pays Off as Production Hits Record - Bloomberg

Saudi Arabia’s Gas Push Pays Off as Production Hits Record - Bloomberg Saudi Aramco’s greater focus on developing natural gas resources paid off with record daily output of the fuel -- but it still wasn’t enough to keep the kingdom’s power plants supplied when they needed it most.Saudi Arabia consumes all the gas it produces, much of it to generate electricity. Because gas pollutes less than crude, power plants prefer it as fuel.Aramco pumped a record 10.7 billion cubic feet of gas on Aug. 6, th...
Tags: Travel, Saudi Arabia, Bloomberg, Aramco, BP Plc, Joint Organisations Data Initiative, Rupert Neil Bumfrey, Bloomberg Saudi Aramco


#Saudi Aramco third-quarter profit slumps 44.6% as pandemic chokes demand | Reuters

Saudi Aramco third-quarter profit slumps 44.6% as pandemic chokes demand | Reuters Saudi Arabian state oil giant Aramco 2222.SE on Tuesday reported a 44.6% drop in third-quarter net profit as the coronavirus crisis continued to choke demand and weigh on crude prices.Share prices of global oil companies have been hammered this year as investors fret over the impact of the pandemic on energy demand and the long-term shift away from fossil fuels.Oil prices have recovered only slightly since tumblin...
Tags: Travel, Shell, Chevron, Exxon, Reuters, Aramco, Saudi Aramco, BP Plc, Rupert Neil Bumfrey, Amin Nasser, Refinitiv


With No Cuts Left to Make, Big Oil Sits and Waits for a Recovery - Bloomberg

With No Cuts Left to Make, Big Oil Sits and Waits for a Recovery - Bloomberg It was Andrew Swiger, the chief financial officer at Exxon Mobil Corp., who summarized the attitude of the whole industry after Big Oil ended reporting another dismal set of quarterly earnings: “Prices will have to rise.”After months of low oil and gas prices driven by weak demand, the world’s largest international oil companies have largely exhausted their financial defenses, leaving little room to maneuver if they’re ...
Tags: Travel, Saudi Arabia, Russia, Opec, Chevron, Exxon, Exxon Mobil Corp, BP Plc, Big Oil, Ben van Beurden, Rupert Neil Bumfrey, Recovery Bloomberg, Swiger, Andrew Swiger, Shell Brent


BP beats profit view amid upstream recovery

BP PLC on Tuesday reported a narrowed underlying replacement cost profit for the third quarter of the year that beat market...
Tags: Bp, BP Plc


Exxon's Plan For Surging Carbon Emissions Revealed In Leaked Documents

An anonymous reader quotes a report from Bloomberg: Exxon Mobil has been planning to increase annual carbon-dioxide emissions by as much as the output of the entire nation of Greece, an analysis of internal documents reviewed by Bloomberg shows, setting one of the largest corporate emitters against international efforts to slow the pace of warming. The drive to expand both fossil-fuel production and planet-warming pollution comes at a time when some of Exxon's rivals, such as BP Plc and Royal Du...
Tags: Greece, Tech, Exxon Mobil, Bloomberg, Exxon, Royal Dutch Shell Plc, BP Plc, Scope, Darren Woods


Europe’s Big Oil Companies Are Turning Electric

Under pressure from governments and investors, industry leaders like BP and Shell are accelerating their production of cleaner energy.
Tags: Europe, News, Greenhouse Gas Emissions, Bp, Shell, Royal Dutch Shell Plc, BP Plc, Looney, Oil (Petroleum) and Gasoline, Energy and Power, Eni SpA, Alternative and Renewable Energy, Electric Light and Power, Descalzi, Bernard (1970-, Claudio (1955-




China Oil Giant CNPC Said to Eye BP Stake in #Oman Gas Field - Bloomberg

China Oil Giant CNPC Said to Eye BP Stake in Oman Gas Field - Bloomberg:China National Petroleum Corp. is in talks to acquire part of BP Plc’s stake in a key gas field in Oman, according to people familiar with the matter.China’s state-owned oil giant is having advanced discussions with BP for a 10% stake in the Khazzan natural gas field, the people said. The minority stake could fetch about $1.5 billion, said the people, asking not to be identified as the matter is private.No final decisions ha...
Tags: Travel, China, Malaysia, Oman, Bp, Bloomberg News, BP Plc, CNPC, China National Petroleum Corp, Rupert Neil Bumfrey, Oman Oil Co, Khazzan, China Oil Giant CNPC, Oman Gas Field Bloomberg


Coty, Boeing rise; Intercept Therapeutics, Heron fall

NEW YORK — Stocks that moved heavily or traded substantially on Monday:Fluor Corp., up 75 cents to $11.99.The engineering and construction company is selling its EQIN professional equipment rental business to VE Partners.Intercept Pharmaceuticals Inc., down $30.79 to $46.70.The Food and Drug Administration declined to approve the biotechnology company's liver disease drug.Coty Inc., up 56 cents to $4.74.The owner of Clairol and CoverGirl is spending $200 million for a 20% stake in Kim Karda...
Tags: Business, New York, Kim Kardashian, News, Faa, Ineos, BP Plc, Boeing Co, The Food and Drug Administration, Gilead Sciences Inc, Coty Inc, Clairol, Fluor Corp, Coty Boeing, Intercept Therapeutics Heron, EQIN


British oil major BP raises nearly $12 billion in hybrid bonds issue

British oil major BP Plc has raised $11.9 billion in debt through an issue of hybrid bonds in multiple currencies, a spokeswoman told Reuters in an emailed statement, as the company seeks to take advantage of low interest rates to fortify its balance sheet.
Tags: Money, businessNews, Bp, Reuters, BP Plc


BP Prepares for a Future That Needs Less Oil

The energy giant said its oil and gas assets were worth less, a move reflecting broad changes in the industry.
Tags: News, Global Warming, Natural Gas, Bernard, BP Plc, Looney, Prices (Fares, Oil (Petroleum) and Gasoline, Fees and Rates, Coronavirus (2019-nCoV


Middle East Deals: #Oman M&A Up 145% Undisturbed by Covid-19 - Bloomberg

Middle East Deals: Oman M&A Up 145% Undisturbed by Covid-19 - Bloomberg:News of the global slump in mergers in acquisitions hasn’t reached the farthest corner of the Arabian Peninsula, where a string of potential $1 billion-plus energy deals is helping Oman defy the gloom.The value of announced or proposed transactions involving an Omani target has risen 145% in the last 12 months, according to data compiled by Bloomberg. That compares with a 6% fall globally, owing to the impact of the coronavi...
Tags: Travel, Bloomberg, Oman, Arabian Peninsula, BP Plc, Occidental Petroleum Corp, Rupert Neil Bumfrey, Oman Bloomberg News


Global Oil Demand Hasn’t Yet Peaked, Energy Watchdog Predicts - Bloomberg

Global Oil Demand Hasn’t Yet Peaked, Energy Watchdog Predicts - Bloomberg:Global oil consumption hasn’t peaked, the head of the International Energy Agency warned, throwing cold water on hopes the coronavirus will cap demand and reduce climate-changing emissions.“In the absence of strong government policies, a sustained economic recovery and low oil prices are likely to take global oil demand back to where it was, and beyond,” Fatih Birol said in an interview.The world consumed last year nearly ...
Tags: Travel, Financial Times, BP Plc, International Energy Agency, Fatih Birol, Rupert Neil Bumfrey, Bernard Looney, Peaked Energy Watchdog Predicts Bloomberg


#Saudi Aramco's stock trades on a different planet - Arabianbusiness

Saudi Aramco's stock trades on a different planet - Arabianbusiness:Don’t worry if you missed Saudi Aramco’s earnings call: There wasn’t one.Now the sticklers and bores among you might raise a hand and suggest that, what with the global pandemic, oil crash and assorted what-have-yous, it might be advisable for the biggest oil major in the world to spare an hour for an update. But honestly, does it really matter? I mean, look at this:So how are things?Shares in Saudi Arabian Oil Co., to give the ...
Tags: Travel, Financial Times, Aramco, Saudi Aramco, BP Plc, Saudi Arabian Oil Co, Rupert Neil Bumfrey, Bernard Looney


A Decade After Deepwater Horizon

Rolling back regulations ignores the central lessons from the country’s largest oil spill.
Tags: News, Oil Spills, National, Deepwater Horizon, Environmental Defense Fund, BP Plc, Audubon Society, Oil (Petroleum) and Gasoline, Offshore Drilling and Exploration, Coast Erosion, Gulf Coast (US, Gulf of Mexico Oil Spill (2010


Rosneft Sells Venezuelan Assets as Fight With U.S. Grows

(Bloomberg) -- Russian oil giant Rosneft PJSC sold its assets in Venezuela to the Russian government, in what may be a maneuver to avoid any U.S. sanctions in an escalating fight between Caracas, Washington and Moscow.Rosneft is selling local production, service and trading assets to a state-owned company, it said in a statement. The move is to protect shareholders’ interests, according to company spokesman Mikhail Leontyev.The U.S. slapped sanctions on two units of Rosneft earlier this year for...
Tags: News, Vladimir Putin, Saudi Arabia, Russia, Opec, Qatar, Bloomberg, Moscow, Venezuela, Kremlin, Donald Trump, Nicolás Maduro, Rosneft, Trump, BP Plc, PDVSA


OPEC+ Talks Collapse, Blowing Hole in Russia- #Saudi Alliance - Bloomberg

OPEC+ Talks Collapse, Blowing Hole in Russia-Saudi Alliance - Bloomberg:OPEC+ talks ended in dramatic failure, auguring the end of a diplomatic alliance between Saudi Arabia and Russia that has underpinned crude prices and changed the balance of power in the Middle East.Brent crude, the global benchmark, plunged the most in more than a decade after Russia refused to bend to the will of Saudi Arabia, whose high-stakes gamble pushed the group past breaking point. Riyadh wanted to slash production ...
Tags: Travel, Saudi Arabia, Russia, Opec, Moscow, Kremlin, Latin America, Middle Eastern, Riyadh, Central Asia, Exxon Mobil Corp, BP Plc, Rupert Neil Bumfrey, Middle East Brent, Russia Saudi Alliance Bloomberg


BP Pledges to Cut Emissions to Zero but Offers Few Details

It is the first oil giant to make a zero-emissions climate pledge that covers the burning of fuel it extracts.
Tags: News, Environment, Global Warming, Air Pollution, Greenhouse Gas Emissions, Carbon Dioxide, BP Plc, Oil (Petroleum) and Gasoline


Coronavirus Oil Shock Threatens Double Whammy for Producers - Bloomberg

Coronavirus Oil Shock Threatens Double Whammy for Producers - Bloomberg:The coronavirus outbreak is already threatening oil markets. The fear of lower demand — from a disease-stricken China and eventually globally as the economic impact widens — has destabilized prices, sending crude to its lowest levels in more than a year. For major oil-producing countries, the declines, coming at a time of curtailed output, threaten economic shocks that if long-lasting could lead to the kind of political and ...
Tags: Travel, Saudi Arabia, China, Russia, Opec, Bloomberg, BP Plc, General Administration of Customs, Rupert Neil Bumfrey


Oil Climbs From One-Year Low With OPEC+ Split on Output Curbs - Bloomberg

Oil Climbs From One-Year Low With OPEC+ Split on Output Curbs - Bloomberg:Oil rebounded back beyond $50 a barrel as OPEC+ entered a second day of discussions on the impact of the coronavirus outbreak.Futures rose 2.5% in New York, reversing some of the dramatic collapse across the futures curve this week that saw the market fall into a bearish contango structure -- indicating oversupply. The recovery reflects speculation that OPEC+ talks in Vienna may result in an emergency ministerial meeting o...
Tags: Travel, New York, Opec, Bloomberg, Vienna, BP Plc, Rupert Neil Bumfrey


Oil Traders Made Billions in 2019 as Conflict Shook the Market - Bloomberg

Oil Traders Made Billions in 2019 as Conflict Shook the Market - Bloomberg:The world’s largest energy traders enjoyed one of their best ever years in 2019 as pipeline outages, dramatic changes in ship fuel regulations and Middle East conflicts shook up the global oil market.The bonanza extended beyond the independent traders like Vitol Group and Trafigura Group Ltd. to the in-house units of oil giants Royal Dutch Shell Plc, Total SA and BP Plc, which made billions of dollars in profits.“By all a...
Tags: Travel, Middle East, BP Plc, Vitol Group, Rupert Neil Bumfrey, Marco Dunand, Mercuria Energy Group Ltd, Market Bloomberg, Shell BP, Trafigura Group Ltd, Royal Dutch Shell Plc Total SA


Nifty, Sensex rise on trade deal optimism, Reliance bounce

Indian shares firmed on Tuesday, boosted by heavyweight Reliance Industries Ltd after it signed a deal to form a joint venture with BP Plc and improving ties between the United States and China.
Tags: Money, businessNews, United States, Reliance, BP Plc, Reliance Industries Ltd