Mon, Nov. 9, 3:34 PM
- Apache (APA +14.3%) shares reach their highs of the day after a report that the company had rejected a takeover offer after a suitor was lured by APA's $1.6B in cash and low leverage to help strengthen its balance sheet and fund a dividend.
- One analyst thinks Hess (HES -0.8%) and Murphy Oil (MUR +0.5%) - with strong balance sheets and which have materially underperformed in 2015 as investors have focused on E&Ps with longer life onshore portfolios - also could be buyout targets.
- But shares of APA’s peers have enjoyed little benefit from the report, which Heard On The Street's Spencer Jakab says suggests that the bargains on offer among North American oil and gas producers are not compelling enough to kick off a round of consolidation and that the list of buyers is short.
- Analysts at Simmons thinks Exxon Mobil (XOM -2.1%) and BP (BP -0.5%) are the most likely prospective buyers for APA.
May 5, 2014, 5:42 PM
- Talisman Energy (TLM) and Statoil (STO) are considering selling their joint venture in the Eagle Ford basin, which could fetch more than $4B, Bloomberg reports.
- TLM is said to have solicited offers last year for its 50% interest in the JV and couldn’t find a buyer in part because STO wasn’t ready to exit.
- The report speculates that a sale could draw interest from large exploration companies such as Encana (ECA), Murphy Oil (MUR) and Devon Energy (DVN) that want to acquire more oil-producing properties.
Feb. 14, 2014, 4:34 AM
- Murphy Oil (MUR) is thinking about following some of its U.S. peers and selling Asian oil and gas assets worth as much as $3B, Reuters reports.
- One possible deal is the sale of 30% of Murphy's operations in Malaysia; the company also has interests in Vietnam, Indonesia, Brunei and Australia.
- Murphy has been inspired by the strong demand for assets that Newfield Exploration and Hess sold in auctions last year.
Nov. 6, 2012, 8:14 AMMurphy Oil (MUR) should explore various options, including a possible sale, Oppenheimer's Fadel Gheit says, believing recent steps to improve shareholder value - such as a $1B buyback authorization and U.S. retail spinoff plans - make it more attractive on an ongoing basis. | Nov. 6, 2012, 8:14 AM | Comment!
Oct. 17, 2012, 5:18 PMWith Third Point successfully convincing Murphy Oil (MUR) to spin off its U.S. retail business, Deutsche Bank analyst Paul Sankey thinks Occidental Petroleum (OXY) and Hess (HES) likely will be next, since "in both cases, investors have major questions over strategy and execution, and both are trading below NAV.” ConocoPhillips (COP) is viewed as a sleeper pick. (also) | Oct. 17, 2012, 5:18 PM | Comment!
Oct. 16, 2012, 2:14 PMHess (HES +3.8%) shares are strong on Murphy Oil's (MUR +8.8%) move to spin off its U.S. fuel-making business into a new company. Conoco used a similar strategy earlier this year when it spun off its fuels, petrochemicals and pipeline businesses into Phillips 66. HES operates in two segments - exploration and production, and marketing and refining - making it a potential candidate for a spinoff. | Oct. 16, 2012, 2:14 PM | Comment!
Oct. 16, 2012, 11:58 AMMurphy Oil's (MUR +7.8%) move to spin off its U.S. fuel-making and distribution business into a new company could unlock up $5/share in trapped enterprise value, Simmons analysts say, and “could be a sign for more aggressive moves to continue to improve the valuation in shares (more aggressive divestments, for example)." Chalk up at least one item, and maybe two, on Dan Loeb's wish list. | Oct. 16, 2012, 11:58 AM | Comment!
Oct. 16, 2012, 8:24 AMMurphy Oil (MUR) +7.3% premarket after announcing it will spin off its U.S. downstream business into an independent company. MUR also authorizes a $2.50/share special dividend and $1B share buyback program, and says it’s still working to divest its U.K. downstream operations and continuing to review options with respect to "selected assets." | Oct. 16, 2012, 8:24 AM | Comment!
Jul. 20, 2011, 1:44 PM
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