Sempra Energy (NYSE:SRE) and The Royal Bank of Scotland (NYSE:RBS) announced they've sold their Sempra Energy Solutions to Noble Group for the assumption of debt $265 million in and $317 million in cash.
The Sempra Energy Solutions unit was the retail commodity marketing arm of the joint venture between the two companies.
RBS-Sempra Commodities sold their global metals and oil business to JPMorgan Chase (NYSE:JPM) in July, along with its European natural gas and power business, which was the first step in the sale of assets by the joint venture.
RBS and Sempra said their final asset sale of the joint venture, the North American wholesale power and natural gas business, is in the latter part of negotiations.
The deal with Noble should close sometime in the fourth quarter.
RBS as been required to sell some of its assets in response to antitrust concerns in the European Union.
Showing posts with label Noble Group. Show all posts
Showing posts with label Noble Group. Show all posts
Tuesday, September 21, 2010
Tuesday, June 8, 2010
Noble (NYSE:NE) Among Goldman (NYSE:GS) Oil Industry Downgrades
Goldman Sachs (NYSE:GS) took out their downgrade scalpel today and did some surgery on the oil industry, including the downgrading of Noble (NYSE:NE) from "Buy" to "Neutral."
All the cuts by Goldman were centered around expectations the moratorium on drilling for oil in the Gulf of Mexico will be extended to 12 months, as the political will to resist the extension won't exist in an election year.
Other analysts are looking at the possibility the moratorium won't be extended, but the fact that delays are already part of the picture means everything is pushed out as to what the performance of Noble and other offshore drillers would have been.
Either way, Noble and others will continue to remain under pressure, and the uncertainty of the direction Obama and other politicians will take on the moratorium will continue to hang over the industry until a decision is made.
All the cuts by Goldman were centered around expectations the moratorium on drilling for oil in the Gulf of Mexico will be extended to 12 months, as the political will to resist the extension won't exist in an election year.
Other analysts are looking at the possibility the moratorium won't be extended, but the fact that delays are already part of the picture means everything is pushed out as to what the performance of Noble and other offshore drillers would have been.
Either way, Noble and others will continue to remain under pressure, and the uncertainty of the direction Obama and other politicians will take on the moratorium will continue to hang over the industry until a decision is made.
Goldman Sachs (NYSE:GS) Cuts Ratings on Transocean (NYSE:RIG), Atwood Oceanics (NYSE:ATW), Diamond Offshore (NYSE:DO) and Noble (NYSE:NE)
Ratings on offshore oil drillers Transocean (NYSE:RIG), Atwood Oceanics (NYSE:ATW), Diamond Offshore (NYSE:DO) and Noble (NYSE:NE) were cut by Goldman Sachs (NYSE:GS) today.
The primary mover of Goldman's decision was the probability the existing drilling moratorium of six months will be extended to twelve months, which will devastate the industry if it occurs.
With Obama under extreme pressure, it's doubtful he has the political will to change this, and we'll probably see the extension become a reality.
Overall this will affect about 20 percent of global oil capacity, which will continue to pressure pricing.
All the stocks were down big just before noon EDT.
The primary mover of Goldman's decision was the probability the existing drilling moratorium of six months will be extended to twelve months, which will devastate the industry if it occurs.
With Obama under extreme pressure, it's doubtful he has the political will to change this, and we'll probably see the extension become a reality.
Overall this will affect about 20 percent of global oil capacity, which will continue to pressure pricing.
All the stocks were down big just before noon EDT.
Thursday, June 3, 2010
Anadarko (NYSE:APC) Declares Force Majeure on Three Gulf Oil Rigs
Anadarko Petroleum Corp (NYSE:APC) announced it has declared force majeure on three oil rigs in the Gulf region as a result of the ban from the Obama administration in not allowing them to drill in the region.
Declaring force majeure means they won't be liable for meeting contract obligations when it's the result of unavoidable and natural accidents or disasters.
Companies whose rigs will be affected, according to UBS analyst Angie Sedita are Diamond Offshore Drilling (NYSE:DO), Noble Corp. (NYSE.NE) and Transocean (NYSE:RIG).
One rig will remain operational by Anadarko, ant that one is owned by Ensco Plc (NYSE:ESV).
Anadarko maintained their guidance on sales and spending projections and the second quarter and overall year.
Declaring force majeure means they won't be liable for meeting contract obligations when it's the result of unavoidable and natural accidents or disasters.
Companies whose rigs will be affected, according to UBS analyst Angie Sedita are Diamond Offshore Drilling (NYSE:DO), Noble Corp. (NYSE.NE) and Transocean (NYSE:RIG).
One rig will remain operational by Anadarko, ant that one is owned by Ensco Plc (NYSE:ESV).
Anadarko maintained their guidance on sales and spending projections and the second quarter and overall year.
Tuesday, September 22, 2009
China Investment Corp Invests in Noble Group
China Investment Corp
China's sovereign wealth fund, the China Investment Corp., has invested in the Hong Kong-based commodities corporation Noble Group. Noble is listed on the Singapore exchange.
According to the Noble website, it will sell a total of 573 million shares to CIC for $850 million, at $1.5 a share, bringing its overall stake in Noble to 14.9 percent.
Noble holds a number of positions in agricultural and other raw materials like iron ore and coal. Its agricultural holdings are especially targeted to Latin American countries like Argentina, Uruguay, and Brazil, also operating five ports across South America.
China Investment Corp
China's sovereign wealth fund, the China Investment Corp., has invested in the Hong Kong-based commodities corporation Noble Group. Noble is listed on the Singapore exchange.
According to the Noble website, it will sell a total of 573 million shares to CIC for $850 million, at $1.5 a share, bringing its overall stake in Noble to 14.9 percent.
Noble holds a number of positions in agricultural and other raw materials like iron ore and coal. Its agricultural holdings are especially targeted to Latin American countries like Argentina, Uruguay, and Brazil, also operating five ports across South America.
China Investment Corp
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