RLNIY is defunct.
Nov. 7, 2014, 2:58 AM
- Despite a confirmation from both Venezuela's president and finance minister this past month saying that Citgo will not sell its U.S. refining unit, potential buyers have recently visited its refinery in Illinois and have shown interest in its Texas unit, Reuters reports.
- It is unclear if Citgo's owner, Venezuelan national oil company PDVSA, will go ahead with a sale, but Lazard, the investment bank hired by Citgo to carry out the sale, is still marketing the refinery.
- Potential bidders include, Reliance Industries (OTC:RLNIY), PBF Energy (NYSE:PBF), Tesoro (NYSE:TSO), Marathon Petroleum (NYSE:MPC), Valero Energy (NYSE:VLO) Phillips 66 (NYSE:PSX), Koch Industries and Chevron (NYSE:CVX).
Nov. 5, 2014, 8:32 AM
- Pioneer Natural Resources (NYSE:PXD) -4.2% premarket after announcing plans to sell its Eagle Ford Shale Midstream venture with India’s Reliance Industries (OTC:RLNIY); the two companies will sell their stakes in a joint process.
- PXD says the divestment will allow it to redeploy capital to its core oil-rich Spraberry/Wolfcamp assets in the Permian Basin of west Texas.
- Based on a $100M cash flow estimate from the Midstream venture for next year, PXD's interest could be valued as high as $1.2B.
- PXD says it is not selling its Eagle Ford exploration business it owns with Reliance, in which PXD holds a 46% stake, Reliance 45%, and Newpek LLC the remaining 9%.
- Separately, PXD said Q3 earnings rose to $2.58/share from $0.65 a year earlier, and announces plans to sell 5.75M common shares in a public offering.
Oct. 10, 2014, 6:34 PM
- India's Reliance Industries (OTC:RLNIY) is seeking a buyer for its stake in the Eagle Ford Basin oil and natural gas joint venture with Pioneer Natural Resources (NYSE:PXD), a sale that could raise up to $4.5B, Reuters reports.
- PXD is the operator of the wells in the JV, which could complicate the sale process; it owns 46% of the venture and sold a 45% interest to Reliance for $1.2B in 2010.
- The property for sale produces 115K boe/day, with 60% of the production in liquids rather than gas.
Dec. 11, 2013, 9:02 AM
- BP and joint venture partner Reliance Industries (RLNIY) will invest up to $10B to quadruple their natural gas output in India from the current level of ~12M metric cubic meters/day by 2020, the head of BP's Indian unit says.
- Production from India's east coast KG-D6 block, the country's richest gas deposit, has declined from nearly 70M metric cubic meters/day in 2010; the companies have cited geological complexities as the main reason for the output fall.
Jun. 6, 2013, 7:57 AMIndia's Reliance Industries (RLNIY.OB) plans to invest 1.5T rupees ($26.4B) in its businesses over three years, Chairman Mukesh Ambani says, adding its U.S. shale gas activities had doubled its revenues in the past year and it would forge long-term partnerships to source crude for its refineries. Reliance signed JV energy deals in 2010 with ATLS, PXD and CRZO. | Jun. 6, 2013, 7:57 AM | 1 Comment
May 24, 2013, 10:38 AMReliance Industries (RLNIY.OB), BP and Niko Resources say they made a significant gas and condensate discovery at their Krisha Godavari D6 deepwater block off eastern India. Reliance, which operates the venture and holds a 60% interest with BP holding 30%, says the data suggests good flow potential and will evaluate development options. | May 24, 2013, 10:38 AM | Comment!
Feb. 19, 2013, 9:13 AMBP and Reliance Industries plan to jointly invest more than $5B within the next five years to boost gas output in a block in the Krishna-Godavari basin off India's east coast. The fall in output from India's largest gas find has affected the country's overall natural gas supplies, hurting plans of industries including power and fertilizer which use the fuel. | Feb. 19, 2013, 9:13 AM | Comment!
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