BP, solar, De Beers, Centrica
In this week’s podcast: Interim results from BP fail to please investors; solar power – how economic is it? We ask CEO of Canadian Solar, Dr Shawn Qu; diamond company De Beers gets a new chief executive; and, Centrica – what should we expect from its results? Read more
Jim Mulva, chief executive of ConocoPhillips, has been in a hurry to establish his legacy. In the beginning, it was going to be as the head of one of the world’s biggest international oil and gas companies. And he got there, boosting Conoco into 5th place, in terms of production. But then the economic downturn hit, and the weaknesses in his grow-through-acquisition strategy were exposed. Conoco was forced to slash capital spending, lay off staff and sell billions of dollars in assets.
The weekend oil spill by ExxonMobil into Yellowstone River gives environmentalits more ammunition in their long-running battle against granting the oil industry increased access to US oil resources.
While oil patches from the Bakken shale to the Eagle Ford have been getting a lot of attention in recent years, the oil industry has been increasingly focusing its attention on one of the oldest and richest oil-producing basins in the country – the Permian Basin. Permian formations have long trapped hydrocarbons in shale and other tight sands and rock in what was formerly the Permian Sea, an area of 110 degree heat desert that stretches 100,000 square miles across West Texas and Southeastern New Mexico.
The technological advances in the oil and gas patch just keep coming. While everyone has been scrambling to catch up with the shale gas revolution, the industry has been working on another potentially massive breakthrough in gas. This one is in producing gas that has long been stranded offshore in areas too far or too small to warrant a pipeline to shore.
It’s been a fortnight of corporate comebacks for former BP executives. First out of the blocks was Tony Hayward, the former chief executive of the UK oil group, with the launch last week of his energy fund, Vallares. Read more
Mol Duna refineryHungary is taking no chances with control of Mol (MOL:BUD), the national oil company. After announcing a €2.88bn deal to buy back a controversial 21.2 per cent stake from Surgutneftgaz, the secretive Russian energy group, Budapest is proposing to up its stake further, to up to 24 per cent. Read more
We all knew that the collapse of BP’s deal with Rosneft to drill in the Arctic was more damaging for BP than it was for their prospective Russian partners. Read more
With two private equity groups having pulled out of the bidding, Toshiba is closing in on a $2bn deal to buy Landis+Gyr, the world’s largest smart-meter maker by revenues. Read more
Russian president Dmitry Medvedev at a news conference May 18They should have done their homework. That’s the view of Russian president Dmitry Medvedev on the collapse of the BP-Rosneft deal. And it’s hard to fault his conclusion, delivered at a mega press conference on Wednesday that was broadcast live. Read more