Third quarter oil and gas deals in 2010 soared to $85 billion, led by Petrobras (NYSE:PBR), BP Plc (NYSE:BP) and ConocoPhillips (NYSE:COP).
Petrobras obviously led the way with their deal with the Brazilian government valued at $42.5 billion, about half of the overall total for deals in the third quarter.
BP divested of $8.9 billion in assets, most of that in deals with Apache Corp. (NYSE:APA), who acquired about $7 billion in assets from the oil giant. BP is attempting to raise about $30 billion to fund liabilities related to the Gulf oil spill.
ConocoPhillips generated sales of $5.8 billion in the quarter when they reduced their stake in Lukoil from 19.2 percent to 6.6 percent. In an effort to strengthen their balance sheet, they're looking at divesting of $10 billion assets overall.
According to Evaluate Energy’s Global M&A CEO Richard Krijgsman, “Last quarter, we saw the biggest volume of exploration and production deals ever. We are seeing major structural shifts in the market as publicly quoted and national oil companies vie for reserves, and the M&A market is simply reflecting this trend.”
Evaluate Energy tracks the various oil and gas deals around the globe daily.
Sinopec recently acquired a 40 percent stake in Repsol for $7.1 billion, bring the overall total in 2010 for Brazilian deal concerning deepwater assets to $56 billion.
The other major deal in the quarter was the divestiture of $8.5 billion by Cairn Energy of 51 percent of their stake in Carin India. They sold that to Vedanta Resources, a company based in India.
Showing posts with label Sinopec. Show all posts
Showing posts with label Sinopec. Show all posts
Thursday, October 7, 2010
Wednesday, July 28, 2010
Conoco (NYSE:COP) Surges on Increased Margins, Oil Prices
ConocoPhillips (NYSE:COP) enjoyed over double the earnings in their latest quarter, as refinery margins and oil prices led them during the reporting period.
Profits came to $4.16 billion, or $2.77 a share in the second quarter, contrasting with the $859 million, or 57 cents a share in the same quarter last year. Revenue also exploded from $35.45 billion to $45.69 billion during that time.
Price per barrel of oil rose to $71.09, a 37 percent gain, while natural gas prices increased to $4.50 per million cubic feet, a gain of 22 percent.
Conoco's profit margins from refineries were much stronger, where the American refineries generated income of $782 million. That was unfortunately offset by a $1.1 billion impairment charge in connection to its Germany-based Wilhelmshaven refinery.
The goal of selling about $10 billion in assets remains on the front of Conoco's strategy, and CEO Jim Mulva announced the next assets to be sold will be its entire stake in Lukoil, the largest private oil company in Russia.
In June Conoco sold its stake in the Canada oil sands to Sinopec for $4.65 billion.
Profits came to $4.16 billion, or $2.77 a share in the second quarter, contrasting with the $859 million, or 57 cents a share in the same quarter last year. Revenue also exploded from $35.45 billion to $45.69 billion during that time.
Price per barrel of oil rose to $71.09, a 37 percent gain, while natural gas prices increased to $4.50 per million cubic feet, a gain of 22 percent.
Conoco's profit margins from refineries were much stronger, where the American refineries generated income of $782 million. That was unfortunately offset by a $1.1 billion impairment charge in connection to its Germany-based Wilhelmshaven refinery.
The goal of selling about $10 billion in assets remains on the front of Conoco's strategy, and CEO Jim Mulva announced the next assets to be sold will be its entire stake in Lukoil, the largest private oil company in Russia.
In June Conoco sold its stake in the Canada oil sands to Sinopec for $4.65 billion.
Monday, April 12, 2010
Conoco (NYSE:COP) Sells Stake in Syncrude
Conoco Sells Stake in Syncrude to Sinopec
Conoco (NYSE:COP) has sold its 9 percent stake in Syncrude to Sinopec International Petroleum Exploration and Production (NYSE:SHI) for $4.65 billion, the company said on Monday. Syncrude is an oil sands project in Canada.
The move by Conoco was part of their strategy to pay down their huge debt load, with a goal of divesting of $10 billion in assets over the next two years for that purpose.
With this acquisition, China's investment in the oil sands projects in general stands at about $10 billion.
Recently Conoco announced it was selling its stake in Lukoil, the Russian oil producing giant, which would raise $4.9 billion at existing prices.
Already these two major deals are close to the stated goal of Conoco, so we'll see if they continue on with big deals, or now look to smaller deals to reach their goal.
Conoco (NYSE:COP) has sold its 9 percent stake in Syncrude to Sinopec International Petroleum Exploration and Production (NYSE:SHI) for $4.65 billion, the company said on Monday. Syncrude is an oil sands project in Canada.
The move by Conoco was part of their strategy to pay down their huge debt load, with a goal of divesting of $10 billion in assets over the next two years for that purpose.
With this acquisition, China's investment in the oil sands projects in general stands at about $10 billion.
Recently Conoco announced it was selling its stake in Lukoil, the Russian oil producing giant, which would raise $4.9 billion at existing prices.
Already these two major deals are close to the stated goal of Conoco, so we'll see if they continue on with big deals, or now look to smaller deals to reach their goal.
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