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- GDF Suez reports a 15.4% fall in EBITDA in the first nine months of 2014.
- The company lowered its guidance for net recurring income in 2014 to €3.1 billion to €3.5 billion (previously €3.3 billion to €3.7 billion).
- The outage of three nuclear power reactors in Belgium continued to weigh down earnings; but management expects that all three reactors should be restarted by early next year.
- Non-recurring factors are largely to blame for the weakness in the first half.
- GDF Suez is expanding quickly beyond power generation in Europe.
- Dividend cut from €1.50 ($2.01 per ADR) per share to at least €1 ($1.34 per ADR) per share.
- Declining leverage, with net debt of €26.0 billion ($34.8 billion) and net debt/EBITDA of 2.2x.
GDF Suez: A European Giant Continues To Turn Outward
GDF Suez Is Stepping On The Gas In Fast Growing Markets
Thu, Nov. 13, 9:56 AM
- GDF Suez (OTCPK:GDFZY, OTCPK:GDSZF) says revenue fell 7.5% Y/Y to €54.5B ($67.8B) during the first nine months of the year, while EBITDA dropped 15.4% to €8.9B, blaming warm weather in western Europe that caused reduced demand for natural gas and forced the closure of two nuclear reactors it operates in Belgium.
- The reactors are still shut down, though GDF says it expects the local regulator to authorize their reopening by the end of the winter based on recent tests results.
- GDF also lowers its 2014 financial target of net recurring income to €3.1B-€3.5B from a previous outlook for €3.3B-€3.7B.
Thu, Oct. 23, 8:57 AM
- BP and GDF Suez (OTCPK:GDFZY) say they have made a significant discovery in the U.K. zone of the central North Sea, without providing specific estimates.
- An exploration well drilled by GDF flowed as much as 5,350 boe/day in test runs.
- The new-found oil patch crosses into a block operated by BP and half owned by Total (NYSE:TOT), and the other block is operated and 50% owned by GDF.
Tue, Sep. 9, 7:57 AM
- France's antitrust watchdog says it has opened an investigation into GDF Suez (OTCPK:GDFZY, OTCPK:GDSZF) after finding evidence the French utility may have abused its dominant position in the country's gas market.
- The antitrust authority is ordering GDF Suez to give competitors access to part of its client database in a bid to boost competition.
Thu, Aug. 7, 2:02 AM
- Japanese partners in the Cameron LNG terminal say the project has secured its last investment approval by obtaining $7.4B in financing.
- The move brings Japan a step closer to importing significant amounts of LNG from the U.S.'s abundant supply of shale gas.
- The Cameron project is owned by Sempra Energy (NYSE:SRE), GDF Suez (OTCPK:GDFZY), Mitsui & Co. (OTCPK:MITSY), and a joint venture between Mitsubishi Corp. (OTCPK:MSBHY) and Nippon Yusen KK (OTCPK:NPNYY).
Thu, Jul. 24, 12:43 PM
- Japan’s three biggest lenders are among ~30 banks set to sign a $7.5B loan early next month for the Louisiana-based Cameron liquefied natural gas project, Bloomberg reports.
- The $10B Cameron project is expected to produce 12M tons/year of LNG starting in 2018, and could provide Japan with an alternative fuel source after the nuclear industry shutdown following the 2011 Fukushima disaster forced it to boost energy imports.
- The project is owned by Sempra Energy (NYSE:SRE), GDF Suez (OTCPK:GDFZY, OTCPK:GDSZF), Mitsui (OTCPK:MITSY) and others.
Thu, Jul. 24, 6:42 AM
- Thirty banks are ready to sign a $7.5B loan next month for the U.S. Cameron LNG project that could offer Japan an alternative fuel source.
- Japan has been running record trade deficits after the nuclear industry shutdown forced it to boost energy imports following the 2011 Fukushima disaster.
- The $10B Cameron project is owned by Sempra Energy (NYSE:SRE), GDF Suez (OTCPK:GDFZY), Mitsui & Co. (OTCPK:MITSY), and a joint venture between Mitsubishi Corp. (OTCPK:MSBHY) and Nippon Yusen KK (OTCPK:NPNYY).
Thu, Jul. 17, 12:15 PM
- Royal Dutch Shell (RDS.A, RDS.B) reportedly plans to pull out of a natural gas project in Qatar following disappointing results from the Pre-Khuff formation in the giant North Field off Qatar's coast.
- Shell last year drilled a dry well in the field's Block D, which Qatar had considered the area's most promising exploration acreage, and the company is said to be discouraged from even attempting to drill a second well.
- Shell's potential withdrawal is a blow to Qatar, which has become the world's largest producer of liquefied natural gas; several other energy companies have signed contracts to explore for gas in the formation, including Cnooc (NYSE:CEO) and GDF Suez (OTCPK:GDFZY, OTCPK:GDSZF).
Tue, Jun. 24, 2:10 PM
- The French government says it is selling a 3.1% stake in GDF Suez (GDFZY), with an option to sell as much as 3.6%, as part of an effort to raise cash and help pay for a controlling stake in Alstom (ALSMY), which is to merge its energy business with GE.
- Based on Tuesday's closing price at the Paris Stock Exchange, the sale could raise €1.56B-€1.79B ($2.12B-$2.43B).
Thu, Jun. 19, 8:15 AM
- GDF Suez (GDFZY) and Santos (STOSF) decide to back away from a multibillion-dollar plan to develop natural gas fields offshore Australia using untested technology that can convert gas to a liquid at sea.
- The thinking behind the technology is that it removes the need to build pipelines to the coast, but the cost of designing a liquefaction and storage system that can withstand the ocean has proven prohibitive.
Fri, Jun. 6, 8:59 AM
- GDF Suez (GDFZY) reportedly is looking to sell a major stake in its Australian electricity generation and retail business, as it intensifies moves to cut debt and boost profit hurt by Europe's slow recovery from the global financial crisis.
- GDF is said to have hired Deutsche Bank to find a buyer for ~30% of its International Power Australia unit, which runs a coal-fired power plant in Victoria state along with two gas-fired power plants and a wind farm in South Australia state.
Wed, Jun. 4, 10:54 AM
- Norwegian onshore oil workers break off pay negotiations with employers, increasing the risk of a strike, as the industry fails to achieve full or partial deals in three separate discussions with workers on offshore platforms, supply bases and at oil service companies.
- The Industry Energy union, which represents more than 75% of 5K onshore workers at companies like Statoil (STO) and BP, ended talks yesterday; negotiations now move to public mediation, where failure may result in a strike.
- A strike would cut off ~50K bbl/day of oil at Exxon's (XOM) Ringhorne, Jotun and Baler fields, 28K bbl/day of oil and 11M cm/day of gas at GDF Suez’s (GDFZY) Gjoea field, and 22K bbl/day of oil from STO’s Vega field that goes through Gjoea.
Thu, May. 29, 6:47 PM
- Avista (AVA) +5% AH after non-regulated subsidiary Avista Capital agrees to sell its Ecova unit, which provides expense management services for utility and telecom needs, to Cofely USA, a subsidiary of GDF Suez (GDFZY, GDSZF) for $335M.
- AVA says it expects to use most of the proceeds to buy back stock and invest in its businesses.
Fri, Apr. 11, 10:39 AM
- GDF Suez's (GDFZY, GDSZF) contract to buy natural gas from Azerbaijan shows how the decades-old structure of Europe’s energy market is starting to crumble, according to a Bloomberg report.
- For the first time, the French company signed a 25-year contract to buy gas from BP and partners in the Shah Deniz gas project reportedly at prices tied to those in western Europe’s domestic gas markets; the change matters because purchases had been made at prices tied to crude oil, which has doubled in the last five years, an expense then passed on to consumers.
- Europe is seeking more flexibility in gas prices as the continent looks to diversify supply; Gazprom (OGZPY) supplied ~30% of EU gas last year, but likely will be competing with exports from the U.S. as well as Azerbaijan in coming years.
- ETFs: UNG, DGAZ, UGAZ, BOIL, GAZ, KOLD, UNL, NAGS, DCNG
Thu, Feb. 27, 8:49 AM
- GDF Suez (GDFZY) swung to a net loss of €9.3B in 2013 from a restated profit of €1.54B a year earlier after taking write-downs of €9.1B, mostly on European power assets, and after booking goodwill charges of €5.8B.
- GDF took the writedowns, which reflect soft demand and increased competition from coal, because "the change in environment in Europe is now serious and long-lasting."
- Net recurrent profit -10% to €3.4B.
- EBITDA dropped to €14.8B from €17B under new accounting rules.
- Expects net-recurrent profit of €3.3-3.7B in 2014.
- Shares +5% in Paris.
- GDF maintained a dividend of €1.50 a share for 2013 but said it would only pay a minimum of €1 from 2014-2016. (PR)
Tue, Jan. 21, 11:46 AM
- Talisman Energy (TLM +0.8%) reportedly rejected a $17B takeover offer from French utility GDF Suez (GDFZY, GDSZF), as the two sides failed to agree on terms in December and have not been in contact since.
- However, U.S.-based utility AES Corp. (AES +0.4%) may still be in GDF’s sights given its footprint in places such as Colombia, where GDF does not operate: GDF's Chinese partner, CIC, is an 8% shareholder in AES, which could ease financing and help get support for a deal.
- Beyond TLM and AES, sources say GDF also could look at smaller portfolios of assets in Latin America worth $5B-$10B, such as assets held by Duke Energy (DUK +0.9%) and Italy's Enel (ENLAY).
Mon, Jan. 13, 7:51 AM
- Total (TOT) purchases a 40% stake in two shale gas exploration licenses for the U.K., the first sign of interest from an energy major in British reserves. (earlier)
- The move is worth less than $50M, but the investment is a sign of confidence in prospects for shale gas in the U.K., which has seen some pilot projects disrupted by local and environmental protests.
- French oil companies Total and GDF Suez (GDFZY, GDSZF) have hopped across the English Channel to explore for British gas, but both probably would be doing it at home had the country not banned fracking.
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