Latest news with #OilGas
Yahoo
2 days ago
- Business
- Yahoo
US oil and gas M&A activity tripled last year, report says
By Nicole Jao NEW YORK (Reuters) -Mergers and acquisitions in the U.S. oil and gas sector tripled last year despite softer commodity prices as energy companies boosted spending to improve efficiency and profits, according to a report released on Tuesday. WHY IT'S IMPORTANT The jump in dealmaking marks a shift in strategy after years of focusing on shareholder returns over growth as commodity prices retreated from their 2022 high. CONTEXT The sector-wide consolidation has been led by a handful of megadeals by large players, including Exxon Mobil, Diamondback Energy and ConocoPhillips. KEY QUOTE Companies flush with cash were focused on driving efficiency through scale, said Bruce On, partner at EY's strategy and energy transactions group. 'It's a relook at process, tools, workforce and everything around your operations,' On said. BY THE NUMBERS Leading energy companies spent $206.6 billion on mergers and acquisitions in 2024, up from $47.9 billion the previous year, according to an Ernst & Young study published on Tuesday. Oil and gas companies cut spending on dividends and share repurchase payments by about 25% last year to $29.2 billion. Money spent on tapping oil and gas also fell slightly, with exploration and development expenditure down 7% year on year at $85.5 billion. Profits fell 10% last year to $74.8 billion, less than half the record level recorded in 2022, primarily owing to soft commodity prices, the report said. Exxon Mobil was the biggest buyer in 2024 with total property acquisition costs of $84.5 billion. The company announced the acquisition of U.S. shale oil producer Pioneer Natural Resources in October 2023 and completed the $60 billion purchase last May.
CNN
03-08-2025
- Politics
- CNN
Ukrainian drone attack sparks fire at oil depot in Russia's former Olympic city, governor says
Russia War in Ukraine Oil & gas OlympicsFacebookTweetLink Follow More than 120 firefighters were trying to extinguish a blaze at an oil depot in the Russian city of Sochi that was sparked by a Ukrainian drone attack, regional Governor Veniamin Kondratyev said early on Sunday on the Telegram messaging app. In the Krasnodar region on the Black Sea where Sochi is located, a fuel tank with a capacity of 2,000 cubic meters (70,000 cubic feet) was on fire, Russia's RIA news agency reported, citing emergency officials. The Russian defense ministry said in its daily morning report on Telegram that its air defense units destroyed 93 Ukrainian drones overnight, including one over the Krasnodar region and 60 over the waters of the Black Sea. The ministry reports only how many drones its units destroy, not how many Ukraine launched. Rosaviatsia, Russia's civil aviation authority, temporarily halted flights at Sochi's airport to ensure air safety before saying on Telegram that flights resumed as of 0200 GMT on Sunday (10 p.m. ET, Saturday). Reuters could not independently verify the reports. There was no immediate comment from Ukraine. The attack, which Kondratyev said was in the Adler district of the coastal resort city, would be Ukraine's latest on infrastructure inside Russia that Kyiv deems key to Moscow's war efforts. A woman was killed in the Adler district in a Ukrainian drone attack late last month, but attacks on Sochi, which hosted the 2014 Olympic Winter Games, have been infrequent in the war that Russia launched in February 2022. The Krasnodar region is home to the Ilsky refinery near the city of Krasnodar, among the largest in southern Russia and a frequent target of Ukraine's drone attacks. Also on Sunday, the governor of Voronezh region in southern Russia said four people were injured in a Ukrainian drone strike that caused several fires, while Russia launched a missile attack on Kyiv, according to the military administration of the Ukrainian capital. The Russian defense ministry said that its units destroyed 18 Ukrainian drones over the Voronezh region that borders Ukraine.
Globe and Mail
16-07-2025
- Business
- Globe and Mail
Altima Energy Provides Bi-Weekly MCTO Status Update and Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - July 16, 2025) - Altima Energy Inc. (TSXV: ARH) (OTCID: ARSLF) ("Altima" or the "Company") is providing a bi-weekly default status report in accordance with National Policy 12-203 - Management Cease Trade Orders (" NP 12-203") as well as a corporate update on its proposed target acquisitions in Northern Alberta and the status of the previously announced private placement for up to $5,500,000 (the " Financing"). MCTO Update On July 2, 2025, the Company announced that it had applied for a management cease trade order (" MCTO") with the British Columbia Securities Commission (" BCSC") in connection with the delay in filing of its audited annual financial statements for the year ended February 28, 2025, related management discussion and analysis, and CEO and CFO certificates in addition to its NI 51-101 Disclosure for Oil & Gas Activities for the financial year ended February 28, 2025 (collectively, the " Required Documents") by the prescribed filing deadline (the " Original Announcement"). At that time, based on information then-available, the Company expected to file the Required Documents by August 29, 2025. The MCTO was issued on July 2, 2025 and restricts its Chief Executive Officer and Chief Financial Officer from trading in securities of the Company, whether direct or indirect, until the Company files the Required Documents and the BCSC revokes the MCTO. The Company's management continues to work diligently to complete the Required Documents. The Company still expects that the Required Documents will be filed by August 29, 2025. Deposit on Property Acquisition The Company would also like to announce that it has paid an additional non-refundable deposit of $150,000 for the advancement of the prospective acquisition of a Red Earth Property in Northern Alberta (the " Red Earth Asset") which is located in close proximity to the Company's existing Red Earth assets. The total consideration in the Non Binding Proposal dated January 23, 2025 to acquire the Red Earth Asset is $1,050,000 CAD (the " Acquisition"). This is an arms-length acquisition. While the Company has not entered into a binding agreement with respect to this acquisition at this time and there is no guarantee that the acquisition will be completed, however, the Company anticipates entering into a final binding agreement with respects to the Acquisition upon the closing of the Financing. Private Placement Update On July 8, 2025 the Company announced that it has negotiated a private placement for gross proceeds of up to $5,500,000, subject to acceptance by the TSX Venture Exchange (see news release dated July 8, 2025). The Company anticipates to close the private placement on or about Friday, July 18, 2025. The Company confirms that since the date of the Original Announcement: (i) other than as described above and in its Original Announcement, there have been no changes to the information set out in the Original Announcement that would be expected to be material to an investor; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203, and, no such other default is anticipated; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed. The Company confirms it will continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 so long as it remains in default of the requirement to file the Required Documents. About Altima Energy Inc. Altima Energy is a Vancouver-headquartered oil and gas exploration and production company with a strategic focus on unlocking the potential of hydrocarbon assets across North America. Committed to efficient resource development, Altima combines cutting-edge technology and industry expertise to drive operational excellence and deliver sustainable growth. With a focus on long-term value creation, Altima is dedicated to enhancing returns for its shareholders while maintaining a disciplined approach to asset management. ON BEHALF OF THE BOARD, SIGNED: " Richard Barnett" Richard Barnett; CFO Email: info@ T: 1-604-336-8610 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward Statements: Certain information set out in this news release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the timing of filing of the Company's Required Filings, and Company's compliance with the MCTO and NP 12-203, the expected closing of the private placement and the expected acquisition of a Red Earth property. In particular, this news release contains forward-looking information relating to the anticipated date for filing the annual financial statements for the year ended February 28, 2025, related management's discussion and analysis, and related certifications for the financial year ended February 28, 2025, in addition to its NI 51-101 Disclosure for Oil & Gas Activities for the financial year ended February 28, 2025. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's most recent management's discussion and analysis under the heading "Risk and Uncertainties", a copy of which is filed on SEDAR Plus, at and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
Yahoo
09-07-2025
- Business
- Yahoo
Should You Invest in the SPDR S&P Oil & Gas Exploration & Production ETF (XOP)?
Designed to provide broad exposure to the Energy - Exploration segment of the equity market, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is a passively managed exchange traded fund launched on 06/19/2006. Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors. Sector ETFs also provide investors access to a broad group of companies in particular sectors that offer low risk and diversified exposure. Energy - Exploration is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 15, placing it in bottom 6%. The fund is sponsored by State Street Global Advisors. It has amassed assets over $1.89 billion, making it one of the largest ETFs attempting to match the performance of the Energy - Exploration segment of the equity market. XOP seeks to match the performance of the S&P Oil & Gas Exploration & Production Select Industry Index before fees and expenses. The S&P Oil & Gas Exploration & Production Select Industry Index represents the oil and gas exploration and production sub-industry portion of the S&P Total Markets Index. The S&P TMI tracks all the US common stocks listed on the NYSE, AMEX, NASDAQ National Market and NASDAQ Small Cap exchanges. The Oil & Gas Exploration Index is a modified equal weight index. Since cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio. Annual operating expenses for this ETF are 0.35%, making it one of the least expensive products in the space. It has a 12-month trailing dividend yield of 2.44%. Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis. This ETF has heaviest allocation in the Energy sector--about 98.40% of the portfolio. Looking at individual holdings, Hf Sinclair Corp (DINO) accounts for about 3.40% of total assets, followed by Marathon Petroleum Corp (MPC) and Expand Energy Corp (EXE). The top 10 holdings account for about 30.26% of total assets under management. Year-to-date, the SPDR S&P Oil & Gas Exploration & Production ETF return is roughly 0.72% so far, and is down about -6.20% over the last 12 months (as of 07/09/2025). XOP has traded between $101.91 and $148.67 in this past 52-week period. The ETF has a beta of 0.96 and standard deviation of 31.14% for the trailing three-year period, making it a high risk choice in the space. With about 56 holdings, it effectively diversifies company-specific risk. SPDR S&P Oil & Gas Exploration & Production ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, XOP is an excellent option for investors seeking exposure to the Energy ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well. Invesco Energy Exploration & Production ETF (PXE) tracks Dynamic Energy Exploration & Production Intellidex Index and the iShares U.S. Oil & Gas Exploration & Production ETF (IEO) tracks Dow Jones U.S. Select Oil Exploration & Production Index. Invesco Energy Exploration & Production ETF has $72.89 million in assets, iShares U.S. Oil & Gas Exploration & Production ETF has $513.87 million. PXE has an expense ratio of 0.63% and IEO charges 0.40%. To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SPDR S&P Oil & Gas Exploration & Production ETF (XOP): ETF Research Reports Marathon Petroleum Corporation (MPC) : Free Stock Analysis Report iShares U.S. Oil & Gas Exploration & Production ETF (IEO): ETF Research Reports Invesco Energy Exploration & Production ETF (PXE): ETF Research Reports HF Sinclair Corporation (DINO) : Free Stock Analysis Report Expand Energy Corporation (EXE) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
13-05-2025
- Business
- Yahoo
Syensqo announces revised segment reporting
Syensqo announces revised segment reporting Consumer & Resources segment renamed Performance & Care, focused on Novecare & Technology Solutions New 'Other Solutions' segment comprised of Aroma Performance and Oil & Gas Brussels, Belgium – May 13, 2025 - 8:30 CEST Syensqo SA ('Syensqo' or the 'Company') today announced that it has changed its segment reporting structure to align with its previously announced intention to divest its Oil & Gas and Aroma Performance business units. Effective from the first quarter of 2025, the Company will disclose net sales, underlying EBITDA, working capital and capital expenditure for its four reportable segments; Materials, Performance & Care, Other Solutions and Corporate & Business Services: Materials will continue to consist of the Specialty Polymers and Composite Materials global business units (GBUs). The Materials segment offers a unique portfolio of high-performance polymers and composite technologies used primarily in sustainable mobility applications. Its solutions enable weight reduction and enhance performance while improving CO2 and energy efficiency. Major markets served include next-generation mobility in automotive and aerospace, healthcare and electronics. Performance & Care, the new name for Consumer & Resources, will now comprise the Novecare and Technology Solutions GBUs. This new name denotes the segment's customer value proposition (i.e., enhanced performance, improved efficiency, and optimized resource utilization in applications), while 'care' reflects the segment's focus on sustainability, with an emphasis on natural, renewable, and biodegradable solutions. Novecare's portfolio of surface chemistry solutions and deep formulation & application expertise, is dedicated to innovations for natural and sustainable solutions spanning the home and beauty care, coatings and agricultural end markets. Technology Solutions is a global leader in specialty mining reagents and technical services to maximize performance in metal extraction and mineral processing. Other Solutions combine the specialty formulations of the Aroma Performance and Oil & Gas GBUs. Aroma Performance is the world's largest integrated producer of synthetic and natural vanillin and a global leader in the Hydroquinone market. Oil & Gas delivers a comprehensive range of products and solutions tailored for the upstream oilfield sector, focusing on enhancing operational efficiency and performance. Corporate & Business Services will continue to include corporate and other business services, such as research & innovation, cogeneration units dedicated to the Syensqo activities, new business development (NBD) and the Peroxides activities in the Zhenjiang entity. The Company has recast previously reported quarterly and full year segment financial information for fiscal year 2024 to reflect the new reportable segments. The segment changes have no impact on previously reported consolidated financial statements. To illustrate the changes, the Company has included the unaudited segment financial information in the supplemental information below. The Company will report under the four segments, as illustrated in Table 1 of the supplemental information below, with its results for the first quarter of 2025, which will be announced on May 15, 2025. Contacts Investors & Media Sherief BakrBisser AlexandrovLoïc FlamentRobbin Moore-Randolph +44 7920 575 989+33 607 635 280+32 478 69 74 20+1 470 493 2433 Perrine MarchalLaetitia Schreiber +32 478 32 62 72+32 487 74 38 07 About Syensqo Syensqo is a science company developing groundbreaking solutions that enhance the way we live, work, travel and play. Inspired by the scientific councils which Ernest Solvay initiated in 1911, we bring great minds together to push the limits of science and innovation for the benefit of our customers, with a diverse, global team of more than 13,000 associates. Our solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices and health care applications. Our innovation power enables us to deliver on the ambition of a circular economy and explore breakthrough technologies that advance humanity. Useful links Earnings materials Strategy Share information Credit information Separation documents Webcasts, podcasts and presentations Annual Integrated Report Subscribe to our distribution list Attachments 20250513_New C&R Segmentation_EN 20250512_SYENSQO NEW SEGMENTATIONError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
