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Phillips 66 Partners To Buy Phillips 66 Assets In $2.4B Deal

September 22, 2017 Tsvetana Paraskova 0

Phillips 66 Partners (NYSE:PSXP), the master limited partnership of Phillips 66, said on Friday that it would buy assets from Phillips 66 (NYSE:PSX) in a deal valued at US$2.4 billion including debt, in the largest acquisition the partnership has ever made. Oil firms in the U.S. form master limited partnerships (MLPs) to buy and operate midstream assets. MLPs distribute excess cash to unitholders in the form of tax-deferred dividends. Phillips 66 Partners has reached a deal with Phillips 66 to buy the refiner’s 25-percent stake in each of…

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Phillips 66 Partners To Buy Phillips 66 Assets In $2.4B Deal

September 22, 2017 Tsvetana Paraskova 0

Phillips 66 Partners (NYSE:PSXP), the master limited partnership of Phillips 66, said on Friday that it would buy assets from Phillips 66 (NYSE:PSX) in a deal valued at US$2.4 billion including debt, in the largest acquisition the partnership has ever made. Oil firms in the U.S. form master limited partnerships (MLPs) to buy and operate midstream assets. MLPs distribute excess cash to unitholders in the form of tax-deferred dividends. Phillips 66 Partners has reached a deal with Phillips 66 to buy the refiner’s 25-percent stake in each of…

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5 Big Gainers In Oil & Gas This Week

September 22, 2017 Tsvetana Paraskova 0

Energy has been the worst-performing S&P 500 sector so far this year, losing 10.8 percent year-to-date. The top 15 U.S. oil companies by market capitalization have felt the sting of the failed oil price recovery. (Click to enlarge)Oil prices have risen less than initially anticipated this year, partially due to the continuous U.S. crude oil production gains. In recent weeks, a weaker dollar has been propping up oil prices more than OPEC’s cuts, and efforts to convince the market that rebalancing is well under way. This week, the U.S.…

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OPEC Talks End Without Recommendation On Output Cut Extension

September 22, 2017 Tsvetana Paraskova 0

The OPEC/non-OPEC joint panel on monitoring the cuts, which is meeting in Vienna today, has concluded talks without any recommendation for the broader group on whether it will extend the production cuts beyond March next year, one OPEC delegate told Bloomberg at the end of the meeting. The monitoring committee, which consists of OPEC’s Kuwait, Venezuela, and Algeria, as well as non-OPEC Russia and Oman, was also expected to discuss a proposal to consider informal monitoring of crude oil exports, in addition to supervising compliance to production…

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Goldman Turns Bullish On European Oil Majors

September 22, 2017 Tsvetana Paraskova 0

Goldman Sachs has raised its earnings per share (EPS) estimates for the European oil majors’ third-quarter results, and believes that the stocks will start reversing their underwhelming year-to-date performance when companies report higher Q3 cash flows from a year earlier, thanks to higher oil prices and increased production. The weak dollar against the euro and the reduction of the oil price estimates since the beginning of this year had prompted oil analysts to reduce their earnings estimates on Europe’s Big Oil by 24 percent. “Both…

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Hundreds Of Vertical Oil Wells Damaged By Horizontal Fracking

September 21, 2017 Tsvetana Paraskova 0

At least 450 conventional vertical wells in Oklahoma’s Kingfisher County have been damaged by horizontal fracturing, the Oklahoma Energy Producers Alliance (OEPA) said in a study, The Oklahoman reports. OEPA, a group of Oklahoma oil and gas companies concerned with protecting their rights as conventional vertical producers and royalty owners, says that “hundreds if not thousands of wells are being destroyed by horizontal frac jobs.” All these wells paid 7 percent gross production tax (GPT) and are being replaced by wells paying…

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Is Big Oil Going Green?

September 20, 2017 Tsvetana Paraskova 0

Oil supermajors rank among the biggest polluters in the world—a hardly surprising fact. In recent years, however, Big Oil has reduced its greenhouse gas emissions, in what may come as a surprising fact about the dirtiest industry globally. The world’s five largest oil firms—ExxonMobil, Chevron, Royal Dutch Shell, BP, and Total—cut their combined emissions by 13 percent, starting from 2010 and ending in 2015, the latest year with available comprehensive data, a report by Bloomberg New Energy Finance (BNEF) released this week…

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Saudi Aramco May Unveil Financials In Early 2018

September 20, 2017 Tsvetana Paraskova 0

If Saudi authorities decide this year which foreign stock market will be the venue of what would be the biggest IPO in history, and if the government finalizes energy subsidy reforms, Saudi Aramco may be ready to disclose its audited financial figures in early 2018, Reuters reports, citing three sources. If so, it would be the first time that the world is privy to Aramco financials. Saudi authorities have been hoping for a US$2-trillion valuation of the company, and have plans to sell a 5 percent of that $2-trillion pie by the end of next year…

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Iraq Sees No Need For Further OPEC Oil Output Cuts

September 20, 2017 Tsvetana Paraskova 0

Iraq doesn’t see a need for more collaborative oil production cuts currently, but it would support consensus within OPEC if such need arises, Iraqi Oil Minister Jabbar al-Luiebi said on Tuesday, adding that it was still too early to decide on actions to take beyond March next year. OPEC and the non-OPEC producers that are part of the deal are discussing several options, including extending the cuts and even deeper cuts, yet it’s premature to decide on now, according to the Iraqi minister. Some producers favor extending the deal for…

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New Saudi Railway Expected To Reduce Dependence On Crude Oil

September 18, 2017 Tsvetana Paraskova 0

Saudi Arabia plans to soon issue contract tenders for a 1,000-mile railway between the Red Sea and the Persian Gulf, and to extend links to serve oil giant Aramco, Saudi Railway Company’s chief executive Bashar Al Malik told Bloomberg in an interview published on Monday. Saudi Arabia has been planning the 1,000-mile Red Sea-Persian Gulf link—Land Bridge—since 2008, but tabled it after Saudi Arabia and private companies failed to initially agree on the financial terms of a deal. The Saudis are now “moving ahead to implement…

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