Latest news with #AdamWhittaker
Wall Street Journal
29-05-2025
- Business
- Wall Street Journal
Shell to Buy TotalEnergies' Stake in Nigerian Oil Field for $510 Million
Shell SHEL -0.06%decrease; red down pointing triangle will buy TotalEnergies' TTE 0.19%increase; green up pointing triangle stake in an oil field offshore Nigeria for $510 million, increasing its interest in the country's deep-water Bonga field. Shell said Thursday that it will buy TotalEnergies' 12.5% stake in the oil field by purchasing its portion of the production-sharing contract. This will increase its interest in the field to 67.5% from 55%. In a separate release, TotalEnergies said it was selling the stake for $510 million. The agreement comes as Shell seeks to grow its combined integrated gas and upstream total production by 1% a year through 2030. The transaction is subject to regulatory approvals and is expected to be completed before the end of this year, Shell said. Write to Adam Whittaker at
Wall Street Journal
28-05-2025
- Business
- Wall Street Journal
UniCredit Plans to Double Stake in Greek Bank Alpha Services to Around 20%
UniCredit UCG 1.96%increase; green up pointing triangle said it would double its stake in Greece's Alpha Services to around 20% after entering into agreements with investment banks for financial instruments representing nearly 10% of the company. The Italian bank said Wednesday that it has entered into financial contracts for an around 9.7% stake in Alpha at a share price discount to previous closing prices. UniCredit did not disclose the price paid for the instruments. Alphavalue shares closed at 2.79 euros yesterday and currently trade up 3.5% at 2.89 euros. UniCredit's stake will increase to around 20%, from a current holding of 9.6% once regulatory approval is granted, it said. The transaction will generate an additional net profit of around 180 million euros ($203.9 million) per year which it intends to return to shareholders in line with its distribution policy, it said. It will have an around 40 basis point impact on UniCredit CET1 ratio–a measure of a bank's resilience. The deal is expected to complete by the end of 2025, UniCredit said. Write to Adam Whittaker at
Wall Street Journal
15-05-2025
- Business
- Wall Street Journal
Engie Backs View After Infrastructures Business Drives Earnings Growth
French power utility Engie confirmed its full-year guidance after earnings were boosted by its infrastructures business. The company said Thursday that earnings before interest and taxes excluding nuclear power–a key company metric–rose 2.1% on an organic basis to 3.7 billion euros ($4.13 billion). Engie said the rise was mainly attributable to a better performance in its infrastructures business. Within the division, EBIT from networks activities rose organically by 69% but declined organically by 19% for local energy infrastructures due to the normalization of market prices, which was expected, it said. Earnings before interest, taxes, depreciation and amortization were unchanged from the year prior at 5.4 billion euros. Revenue increased 5.6% to 23.3 billion euros, while cash flow from operations–a measure of cash generated from normal business operations–declined 22% to 4 billion euros. For 2025, the company continues to expect net recurring income group share between 4.4 billion and 5 billion euros as well as EBIT excluding earnings from nuclear power between 8 billion and 9 billion euros. Write to Adam Whittaker at
Wall Street Journal
04-04-2025
- Business
- Wall Street Journal
Shell to Sell Its Interest in Colonial Enterprises to Brookfield for $1.45 Billion
Shell SHEL -4.05%decrease; red down pointing triangle said it would sell its 16.125% stake in Colonial Enterprises to Brookfield Infrastructure Partners for $1.45 billion as it continues to simplify is portfolio. The British energy major said the sale is subject to regulatory approvals but is expected to complete in the fourth quarter of the year. Shell said the divestment continues to simplify its portfolio and would enable it to refocus on areas where it has scale and competitive advantage. Colonial Enterprises operates and fully owns Colonial Pipeline Company, which provides oil products transportation services from the U.S. Gulf Coast to the U.S. Atlantic Seaboard. It also owns the Colonial Marketing Company. The stake was sold to Colossus AcquireCo, which is a subsidiary of Brookfield Infrastructure Partners BIP -2.15%decrease; red down pointing triangle. Write to Adam Whittaker at
