Royal Dutch Shell’s announcement this morning that it is selling its holding in six oil and gas fields in the Gulf of Mexico is by no means a signal that the Anglo-Dutch major is about to reduce its presence in the area. The company is doing what most of its peers have been doing - selling non-core assets and focusing on higher-quality ones.
At the same time, most of the supermajors are also increasing their capital expenditure budgets in an attempt to increase production growth – one of the themes to come out of the third quarter reporting season that just ended which saw Exxon and Shell report sharply higher profits, fuelled by strong crude prices and better refining margins.
The battle for Dynegy’s future is getting more intense by the day.
Dynegy’s chief executive, Bruce Williamson, and the board are urging shareholders to accept a proposal to sell the independent power producer to the Blackstone Group for $4.7bn. Read more
- Oil and freight companies pay $237m to end bribery probe – FT
- Shell bribes part of ‘culture of corruption’, says Panalpina – Bloomberg
- W&T paying $450m for Shell’s stake in Gulf fields – WSJ
- Transocean sees ‘gradual’ return to US Gulf – Argus
- Cap and trade didn’t kill the Dems – Michael Levi
- Obama may overhaul renewable energy loan guarantees – Argus
- Dynegy claws its way back from the brink – FT
- Dynegy shareholders will be grateful to have salvaged some value – FT Lex
- Enel Green Power shares flat on debut – WSJ
- Coal India rises 39 per cent on debut – FT
- Coal still king as green power IPO struggles – Reuters
- Entergy puts Vermont nuclear plant up for sale – NY Times
- More incentives needed for nuclear, says UK minister – The Telegraph
- Chancellor aiming to reveal green investment bank details by Christmas – The Guardian
- Opec upbeat on world economy – FT Read more