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Fri, Sep. 12, 7:37 AM
- Italy's Enel (OTCPK:ENLAY) has made a binding offer to buy a 60.6% stake in Chile's Enersis (NYSE:ENI) from its own Spanish unit Endesa (OTC:ELEZF) for €8.3B ($10.7B).
- The reorganization is aimed at reducing Endesa's Latin American assets, giving Enel more direct control over them as it tries to reduce debts. It could also help raise Enel's net income by around €70M-80M.
- Following the purchase, Enel proposed that Endesa distribute an extraordinary cash dividend to shareholders equal to the value of the sale.
Jul. 18, 2013, 1:27 PMCredit Suisse's favored integrated oil & gas names heading into earnings are the Eagle Ford plays - EOG, Marathon (MPC), and ConocoPhillips (COP) - as they're likely to show the greatest acceleration in near-term production and cash flow, with downspacing likely an H2 event. Those at risk of a negative earnings surprise are Occidental (OXY) - CS's estimate is 9% below consensus - Enersis (ENI), and BP. | Comment!
Mar. 4, 2013, 4:41 PMBP, which lost its first deal to drill for oil in Russia's Arctic to Exxon (XOM), tried to negotiate a new deal with Rosneft and was again beaten to the punch by XOM in winning access to the Arctic Laptev Sea fields, Reuters reports. BP thus has been left a bystander in the rush for Arctic deals, and all but five of 30 Arctic license areas held by Rosneft have been parceled out in ventures with other firms. | 4 Comments
Oct. 3, 2012, 2:41 PMBrazilian utility stocks come under pressure following a local report that companies failing to renew expiring contracts, which carry stricter government rules aimed at cutting costs, will be barred from participating in future auctions for licenses. Decliners include Cemig (CIG -4%), which also is downgraded by Barclays; ELP -1.1%, EBR -2.9%, ENI -1.5%. | Comment!
Jul. 26, 2012, 12:36 PMChile's energy holding company Enersis (ENI -11.4%) plans to conduct a capital increase for up to $8B, it says in a filing with local regulators. ENI's owner, Spain's Endesa, will subscribe to the capital increase with $4.86B in non-monetary assets. Shares are downgraded to Neutral from Buy at Citigroup. | Comment!
Aug. 24, 2011, 5:54 PMGiven the risks of a correction in oil prices - considerable, in light of the weakening economy - Liam Denning observes that better value can be found in the stocks of major oil producers than in crude itself. XOM, ENI and TOT, for example, are valued lower now than they were at the end of 2008, while Brent crude has more than doubled. | Comment!
Aug. 12, 2011, 2:15 PMBig Q2 drops in oil production at more than 20 major oil companies are startling, even accounting for lost Libyan production, Deutsche Bank says, and are not likely to be offset by unconventional deepwater or shale E&P projects, except at XOM, OXY and MRO. Wall Street will need to ratchet down its estimates, and oil prices could rise to $120/barrel. | 2 Comments
Jan. 3, 2011, 3:25 PMMore than a dozen oil companies will be allowed to bypass new environmental reviews for deepwater projects halted by a temporary drilling ban, the Interior Department says. The companies, which include CVX, CIE, ENI, HES, MRO, STO and NE, were in the process of drilling wells when the ban was instituted. Crude futures trim gains, closing +0.2% to $91.55. | Comment!
Sep. 29, 2009, 3:48 PMAnalysts are skeptical of reports CNOOC (CEO) is bidding for a 6B-barrel, $30B stake in Nigeria's oil fields. A direct sale by the government would be highly disruptive to the block, of which Western majors (RDS.A, CVX, XOM, COP, TOT, ENI) already own 50%. And if CNOOC is planning to turn directly to its rivals, what might they be willing to sell? | Comment!
Dec. 8, 2008, 8:35 AM
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