58.71 0.00 (0.00%)
After hours: 4:17PM EDT
|Bid||58.62 x 3200|
|Ask||58.74 x 1300|
|Day's Range||58.71 - 59.23|
|52 Week Range||54.64 - 72.06|
|Beta (3Y Monthly)||0.65|
|PE Ratio (TTM)||11.83|
|Forward Dividend & Yield||3.76 (6.42%)|
|1y Target Est||82.00|
LONDON , Sept. 19, 2019 /PRNewswire/ -- Royal Dutch Shell plc (the 'Company') (NYSE: RDS.A) (NYSE: RDS.B) announces that on September 19, 2019 it purchased the following number of "A" Shares ...
(Bloomberg) -- Deals for two major London buildings leased mostly to WeWork are on the ropes.Saudi Arabia-based Sidra Capital has pulled out of a 90 million-pound ($112 million) deal as the flexible-office giant’s planned initial public offering got an increasingly rocky reception from investors, according to people familiar with the matter, who asked not to be identified discussing private negotiations.Separately, talks have stalled on the sale of WeWork Waterloo, which the company describes as the largest co-working facility in the world, according to other people with knowledge of the negotiations. Singapore-based Bright Ruby Resources Pte Ltd. had agreed last month to buy it and an adjoining property leased to Royal Dutch Shell Plc for about 850 million pounds. It’s not clear what impact WeWork’s roller-coaster IPO has had on Bright Ruby’s appetite for the deal, the people said.We Co., which owns WeWork, pushed back its IPO this week to buy time to overcome concerns about its governance, slashed valuation and business prospects. The decision sent the company’s bonds plunging and added a sour note to a medley of high-profile, but frequently disappointing, IPOs this year. Shortly after the announcement, WeWork made a small round of job cuts in a New York City unit.Read more: WeWork’s Breakneck Growth Hits Resistance as Banks Get Cold FeetThe delay also comes at a critical time for major backer SoftBank Group Corp., which is trying to raise money for a successor to its Vision Fund. SoftBank’s biggest investors, including Saudi Arabia’s Public Investment Fund, are reconsidering how much to commit to the new vehicle as the Japanese conglomerate’s bet on WeWork sours.WeWork has lease obligations of $47 billion and continues to burn cash to fund its rapid expansion, putting pressure on the company to raise new capital. But the company’s model of signing long leases, then renting out short-term space to members, as well as its complex relationship with co-founder Adam Neumann, have polarized investors assessing the planned offering.Skate RampWeWork Waterloo, originally known as Two Southbank Place, is fully leased to WeWork and boasts a skate ramp, retro arcade games and a library in its cavernous lobby. Negotiations on a sale, which were first reported by React News in August, are ongoing and there’s no certainty about their outcome, one of the people said.Representatives of Almacantar SA, the developer selling the buildings in London’s Waterloo district, and WeWork declined to comment. A representative for Bright Ruby wasn’t immediately able to comment.Sidra Capital was in talks to buy 70 Wilson Street near London’s financial district from a venture led by Columbia Threadneedle Investments, the people said.Representatives of Sidra Capital, Columbia Threadneedle and WeWork declined to comment.(Adds background in fourth paragraph.)\--With assistance from Lucca de Paoli and Alfred Cang.To contact the reporter on this story: Jack Sidders in London at email@example.comTo contact the editors responsible for this story: Shelley Robinson at firstname.lastname@example.org, Patrick HenryFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Today we are going to look at Royal Dutch Shell plc (AMS:RDSA) to see whether it might be an attractive investment...
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Oil sank from a 3 1/2-month high amid signs Saudi Arabia is restoring production after a debilitating weekend attack on key installations.Futures closed 6.5% lower in London after the Saudi state oil company said it revived 41% of capacity at a key crude-processing complex just days after a devastating aerial attack that wrecked vital equipment and rocked global energy markets. The global benchmark sank to an intraday low of $63.55 a barrel.The announcement followed conflicting media reports about the pace and probable duration of Saudi Aramco’s efforts to repair the damaged Abqaiq facility. Despite the kingdom’s reassurances at a media briefing in Jeddah, crude remained almost 7% higher than the pre-attack price, a signal of the risk premium factored in by traders.The Saudis pledged to lift output capacity to 11 million barrels a day by the end of this month and grow to 12 million in November, Energy Minister Prince Abdulaziz bin Salman said at the briefing. Customers will be getting their supplies, and the company will tap reserves if needed to fulfill commitments, he said.Oil futures swung wildly in London and New York for the past two days after the attack on the Abqaiq complex and an important oil field crippled Saudi production and prompted U.S. Secretary of State Mike Pompeo to allege Iran was behind the incident.Adding to the bearish sentiment, the industry-funded American Petroleum Institute reported a 592,000-barrel increase in stocks for the week ended September 13, in contrast with analyst expectations for a 2.25 million-barrel decline. If government data Wednesday confirms the stock increase, it would break a four-week streak of inventory declines. The API also reported an 846,000-barrel drop in stocks at Cushing, Oklahoma, and a combined 3.6 million barrel build in gasoline and distillate inventories.Brent for November delivery fell $4.87 to $64.15 a barrel on the ICE Futures Europe exchange at 5:11 p.m. in New York.West Texas Intermediate for October delivery fell $4.09 to $58.81 on the New York Mercantile Exchange. The U.S. benchmark’s discount to Brent for the same month was $5.47 a barrel.Meanwhile, U.S. President Donald Trump said he saw no reason to allow refiners to dip into the nation’s emergency reserves.“I don’t think we need to. Oil has not gone up very much,” Trump told reporters Tuesday aboard Air Force One. “There’s a lot of oil in the world.“Saudi Aramco is firing up idle offshore oil fields -- part of its cushion of spare capacity -- to replace some lost production, a person familiar with the matter said. Some customers are being asked to accept different grades of crude. The kingdom’s domestic inventories are sufficient to cover about 26 days of exports, according to consultant Rystad Energy A/S.\--With assistance from Joe Carroll.To contact the reporters on this story: David Marino in New York at email@example.com;Sheela Tobben in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: David Marino at email@example.com, Mike Jeffers, Catherine TraywickFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Oil plunged nearly 7% in London after Reuters reported Saudi Arabia is close to restoring 70% of the oil production it lost after this weekend’s attack on a key crude facility in the kingdom.Brent crude dropped to as low as $64.48 a barrel on the report, which cited an unidentified Saudi source saying the OPEC member would return to full production in the next two to three weeks. Energy Minister Prince Abdulaziz bin Salman is scheduled to hold a press briefing on Tuesday evening in Jeddah.Estimates of when, and how much, of the 5.7 million barrels a day of shut output would be back online have fluctuated since the attack. Significant volumes could come back within days, people familiar with the matter said over the weekend, adding that it could still take weeks to restore full capacity. Brent futures rose 19% in a matter of seconds at the open on Monday and ended the day up 15%, their biggest single-day advance.The worst ever sudden disruption to global oil supplies continues to reverberate as geopolitical risk premiums soar on concern over instability in the Middle East and a potential retaliation against Iran, which the U.S. has blamed for the strikes.Brent for November settlement fell $4.09 to $64.92 a barrel at 10:12 a.m. in London. Ten unmanned drones damaged one of the Saudis’ flagship fields and a key processing complex Saturday, triggering one of the wildest bouts of trading seen in oil markets.WTI for October slid $3.48 to $59.42 a barrel, after declining as much as 5.6% The U.S. benchmark’s discount to Brent for the same month narrowed to $5.54.Saudi Aramco is firing up idle offshore oil fields -- part of its cushion of spare capacity -- to replace some of the lost production, a person familiar said earlier. Customers are also being supplied using stockpiles, though some are being asked to accept different grades of crude. The kingdom has enough domestic inventories to cover about 26 days of exports, according to consultant Rystad Energy A/S.The disruption surpasses the loss of Kuwaiti and Iraqi petroleum output in August 1990, when Saddam Hussein invaded his neighbor. It also exceeds the loss of Iranian oil production in 1979 during the Islamic Revolution, according to the International Energy Agency.To contact the reporters on this story: David Marino in New York at firstname.lastname@example.org;Sheela Tobben in New York at email@example.comTo contact the editors responsible for this story: David Marino at firstname.lastname@example.org, Pratish NarayananFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The heavy exposure of the U.K. to the energy sector was on display on Monday, as the FTSE 100 outperformed most global benchmarks in wake of the attacks on Saudi Arabia that has taken half of its production offline.
Chevron (CVX) stock has fallen 1.4% since July 1, 2019, the beginning of the current quarter. Prices of WTI crude oil have fallen 6.0% in the quarter.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Deer Park Refining Limited Partnership and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
The valuations of integrated energy stocks ExxonMobil, Chevron, Shell, and BP have been slammed in Q3, led by volatile equity markets and oil prices.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Naspers Ltd.’s newly listed internet unit received an enthusiastic early response from investors, soaring on its trading debut to close a valuation discount to its biggest investment, Chinese tech giant Tencent Holdings Ltd.Prosus NV, as the new Amsterdam-listed company is known, jumped as much as 32% in early trading to value the business at about 125 billion euros ($138 billion). The group’s 31% stake in WeChat creator Tencent is worth about $131 billion, the result of a timely investment made almost two decades ago.The investor reaction is an early vindication of the strategy masterminded by Naspers Chief Executive Officer Bob van Dijk, who took the helm of the Cape Town-based company five years ago. His plan to carve out Prosus into a new listing in Amsterdam was designed to attract a more global investor base and realize more value, while weakening the group’s dominance over the Johannesburg stock exchange.The move to Euronext is “to facilitate our next phase of growth,” Van Dijk said in an interview with Bloomberg TV just after the market opened. Prosus’s classified-ads business is the largest in the world, while the group also sees fast expansion in internet payments, food delivery and online trading in second-hand goods, he said.While the discount to Tencent was all but wiped out, the firm is still trading below the sum of its parts when you add other assets, including shareholdings in Russia’s Mail.Ru Group Ltd. and Delivery Hero SE of Germany. Van Dijk’s next challenge will be to generate higher returns from those investments and prove that Prosus isn’t merely a proxy for holding Tencent stock.“Our next step will be to bed down and invest in our core business units,” Chief Financial Officer Basil Sgourdos said by phone.Shares in Prosus -- a Latin word meaning ‘forwards’ -- declined slightly after the early surge. The value as of 11:28 a.m. in Amsterdam was 121 billion euros, making it the third-largest publicly traded company in the Netherlands, behind Royal Dutch Shell Plc and Unilever NV. Its market value rivals that of Europe’s biggest tech company, Germany’s SAP SE.Naspers is retaining a 73% stake in Prosus, and will keep hold of South African businesses including the newspapers that form the basis of the company’s origins a century ago. Its stock rose in Johannesburg, trading 5.4% higher as of 11:28 a.m. local time.“Naspers has been looking to unlock value in the steep discount applied to its Tencent holding and the successful listing of Prosus today has certainly gone some way to achieving that target,” said Neil Campling, an analyst at Mirabaud Securities. “Prosus is not only the Tencent holding though.”(Updates with CFO comment in sixth paragraph.)\--With assistance from Swetha Gopinath, Anna Edwards, Matthew Miller and Kit Rees.To contact the reporters on this story: Loni Prinsloo in Johannesburg at email@example.com;John Bowker in Johannesburg at firstname.lastname@example.orgTo contact the editors responsible for this story: Thomas Pfeiffer at email@example.com, Jennifer RyanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
HKEX’s proposed offering £20.45 in cash plus 2.495 newly issued share for each LSE share — a 23 per cent premium to Tuesday’s closing price — conditional on LSE abandoning its offer for US financial data company Refinitiv. US and EU regulators were unlikely to allow an Asian player to gain control of LSE’s critical infrastructure assets in post-trade services, and LSE chief executive David Schwimmer would not want to “work as a divisional manager for HKEX CEO Charles Li,” it said. Berenberg saw an LSE-HKEX tie-up offering few synergies and argued that political objections would be the main obstacle.
(Bloomberg) -- A bloodbath in energy stocks is creating a rich opportunity for Big Oil to dominate America’s hottest shale play.Independent producers in the Permian Basin of Texas and New Mexico are trading much lower than when Chevron Corp. bid for Anadarko Petroleum Corp. in April. Royal Dutch Shell Plc and ConocoPhillips have expressed interest in bulking up in shale at the right price. Exxon Mobil Corp.’s chief said Wednesday his company is keeping a “watchful eye” on the Permian for potential deals.Oil’s drop to near $55 a barrel, from $75 in October, is putting pressure on shale producers at a time when investors are losing faith in an industry that has burned about $200 billion of cash in a decade. Despite record U.S. output, the S&P index of independent exploration and production companies is trading near its troughs of 2008 and 2015, when crude prices sank south of $35 a barrel. The producers are now worth just 4.5 times their earnings before certain items, compared with 9 times about a year ago.“It’s clear there are many E&Ps trading well below the Chevron valuation watermark from April,” said Michael Roomberg, who helps manage $4.4 billion at Miller/Howard Investments Inc. He expects “several additional deals over the next several quarters, and wouldn’t be surprised if the majors are involved.”Pioneer Natural Resources Co. or Concho Resources Inc., which have both struggled this year, would be a good fit for Exxon, while Shell may look at smaller players like WPX Energy Inc. and Cimarex Energy Co., according to Tudor, Pickering, Holt & Co.The collapse in valuations has been so severe that the biggest shale producers may also come into play. EOG Resources Inc. and Occidental Petroleum Corp. could also be targeted, Ben Cook, a portfolio manager at BP Capital in Dallas, said earlier this year. Activist investor Carl Icahn is pushing for a shakeup of the board at Occidental.After a slow start in shale, Exxon and Chevron have expanded in the Permian at prodigious rates over the past two years and now see onshore exploration in the U.S. as a key part of their global growth plans. They expect to more than double output to roughly 1 million barrels a day each by the early 2020s.The two heavyweights are betting their ability to fund enormous drilling programs and build associated infrastructure like pipelines and gas terminals means they won’t encounter the growing pains the independents are currently experiencing.“If there is the opportunity to acquire something that brings unique value to Exxon Mobil, we’ll be in a position to transact on that,” Exxon CEO Darren Woods said at a Barclays Plc conference Wednesday.But he’s willing to let potential targets struggle for some time to get a better price.“Time’s on our side to let that play itself out,” Woods said. “I think people need to recalibrate what they’re experiencing in that unconventional space, and that will have an impact on how people value companies.”Chevron will be “opportunistic” in making acquisitions, the company’s North America head Jeff Gustavson said at the same conference. Any deal would have to be a strategic fit and be good value, he said.BP Plc entered the fray a year ago, acquiring BHP Group Ltd.’s onshore oil and gas assets for $10.5 billion. In hindsight, the timing looks bad given the slump in shale valuations since then.Waiting for too long could be risky as well. On the day Chevron bid for Anadarko (which it ended up losing to Occidental Petroleum Corp.), major shale producers surged as much as 12% as investors bet on a buyout frenzy.So far, Exxon, Chevron and Shell are looking smart.Some shale producers are struggling to pay creditors, with Sanchez Energy Corp. and Halcon Resources Corp. recently filing for bankruptcy protection.The majors “are going to go out there and run these guys into bankruptcy,” Mark Rossano, CEO of C6 Capital Holdings, said on Bloomberg TV. “They’re going to look to pick up acreage at significant discounts.”(Corrects Pioneer’s Permian output in chart titled ‘Major Rivalry’ in story published Sept. 4)To contact the reporter on this story: Kevin Crowley in Houston at firstname.lastname@example.orgTo contact the editor responsible for this story: Simon Casey at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.