Daily Archives: April 5, 2011

Sheila McNulty

ConocoPhillips’ shrink-to-grow strategy is doing more than benefitting the company and its shareholders. It turns out the architect of the programme, Jim Mulva, Conoco’s chief executive (pictured), got a 25 per cent increase in total compensation to $17.9m in 2010.

While it is difficult for an outsider to put a dollar amount on Mr Mulva’s value, the turnround he has staged since the economic downturn exposed weaknesses in his acquisition spree is worth noting.

In early 2009, the US’ third biggest oil and gas company by production and market capitalisation, disclosed a 2008 fourth-quarter net loss of $31.8bn; a $34bn writedown; 1,300 in job losses; and a $2.8bn cut in capital spending.

Oil prices slipped slightly in Asian trading on Tuesday but remain well above $120 a barrel for Brent crude, as investors fret about Libya, unrest in North Africa,  and Nigerian election delays, not to mention delivery problems in the North Sea and a strike in Gabon.

At 0810 London time, Brent crude was at $120.67, down $0.39, but still close to its highest level since 2008. The premium over West Texas Intermediate -  the US benchmark – widened to $12.80 – short of its March record of $17 but still high by past standards, in recognition of the greater threats to supply in Europe than North America.

FT Energy Source

- Oil prices reach sterling high – FT

- Brent crude soars in warning to chancellor – The Times

- Gabon oil strike ends – Argus

- Libyan rebels set for first crude exports – FT

- Kuwait Petroleum says oil price is too high – WSJ

- BP has no agreement to drill in Gulf of Mexico, says Salazar – Bloomberg

- BP’s alliance with Rosneft still in balance – FT

- BP chucks out beer cans to get back to basics – The Times

- Ex-BP chief in talks to set up fund – FT

- Salazar slams Transocean over bonuses – NY Times Green blog

- Transocean regrets ‘insensitive’ wording – WSJ

- Kazakhstan delays work on vast oil field – The Telegraph

- Sabic sees growth at home and abroad – FT

- Japan plant releases radioactive water into the sea – The Guardian

- Fresh Tepco woes pressure Asian stocks – FT

- Aggreko wins contract to power Japan – The Telegraph

- Sweden tries to solve nuclear storage issue – FT

- Rockhopper rises on Falklands oil estimates – The Telegraph

- World Bank to limit funding for coal-fired power stations – The Guardian

- Turbine maker warns on wind subsidies – FT

- Wind power hits a trough – WSJ

- Germany to phase out nuclear power, says deputy minister – Reuters

- Fears over nuclear loophole in energy bill – The Guardian

- GE chief defends nuclear safety – Reuters

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