53.64 -0.20 (-0.37%)
After hours: 5:19PM EDT
|Bid||53.62 x 2200|
|Ask||54.35 x 2200|
|Day's Range||53.87 - 54.47|
|52 Week Range||47.70 - 65.69|
|Beta (3Y Monthly)||0.73|
|PE Ratio (TTM)||13.46|
|Forward Dividend & Yield||2.92 (5.53%)|
|1y Target Est||68.40|
U.S. liquefied natural gas (LNG) producer Cameron LNG is loading cargoes according to schedule despite finding a technical fault at its facilities, it said late on Monday. LNG traders said on Friday it had declared force majeure due to technical issues at the export terminal but that the impact on volumes had not been immediately clear. "Cameron LNG continues to produce LNG from Train 1 and is loading cargoes in accordance with the lifting schedules agreed with its customers," the company said in emailed comments.
Tullow Oil's (TUWOY) Joe-1 oil discovery follows its massive and significant oil discovery in August at its Jethro-1 exploration well in Guyana.
The drone attack on Saudi Arabia could have a far-reaching impact on oil prices as it eliminated roughly 5% of daily oil supply globally and it is not possible to mitigate these losses immediately.
This weekend's Barron's offers a look at what's in store for North American railroad stocks. Other featured articles discuss changing oil stock dividends and potential results from a major media merger. "Railroad Stocks Could Run Out of Steam" by Bill Alpert suggests that cost-cutting is boosting profits for North American railroads, but declining freight volumes and increasing competition from truckers may pull the brakes on growth at the likes of CSX Corporation (NASDAQ: CSX).
The French company should have sufficient free cash flow to boost its dividend at a 10% annual clip over the next three years, according to Cowen.
While Concho Resources (CXO) is looking to boost the value of its legacy assets and minimize cost structure, Crescent Point Energy (CPG) is focusing on debt reduction.
Total SA has suspended its planned $3.5 billion crude export pipeline from Uganda to Tanzania after the collapse of a deal to buy a stake in Tullow Oil Plc's oil fields in Uganda.
TOTAL (TOT) gets approval to go ahead with the $13-billion Papua New Guinea LNG project, which will help it to benefit from rising demand of LNG in emerging economies.
(Bloomberg) -- After months of delays and new commitments by Total SA, Papua New Guinea will honor a gas deal with the French energy giant, clearing a major hurdle for a $13 billion plan to expand the nation’s fuel exports.The Papua LNG project, which counts Exxon Mobil Corp. and Oil Search Ltd. as partners, has been in limbo since Prime Minister James Marape’s government swept to power in May pledging better resource deals for the country. His decision to review and possibly renegotiate the agreement, which was signed in April, has drawn criticism for raising the specter of “sovereign risk” and potentially scaring off foreign investment.Read a QuickTake on how Papua New Guinea has grappled with the LNG industryThe nation’s petroleum minister, Kerenga Kua, said in a statement Tuesday that Total has made new commitments, detailed in an Aug. 30 letter, that are mostly “substantial new concessions on potential future benefits not previously available to the country under the signed agreement.”It’s the government’s position “that the Papua LNG project be allowed to proceed in accordance with the terms of the related gas agreement,” Kua said in the statement. “But which terms must be interpreted and applied in accordance with the Total letter and the related expectations of the government and the state.”Total said it welcomed the decision to honor the gas agreement, calling it “a positive signal for foreign investment in the country.”Moving AheadFinalization of the Papua LNG deal is necessary for talks to resume on the related Exxon-led P’nyang project. Once those are concluded, both ventures, which will share infrastructure, can progress to front-end engineering and design work. The partners are competing with a wave of LNG projects around the world aiming to start up next decade.After reviewing the agreement and meeting in Singapore for talks last month, Total rejected the government’s request to renegotiate the financial terms of the deal, which was signed by Marape’s predecessor, Peter O’Neill.According to Kua, Total committed to preparing a detailed plan for how the project will use local content, building third-party access points for the project’s pipelines, engaging in future negotiations for the government to buy stakes in the pipelines and evaluating the use of LNG tankers owned by the nation’s state oil company, Kumul Petroleum Holdings Ltd.Oil Search shares ended Tuesday in Sydney up 2.1%. The benchmark ASX 200 Index fell 0.1%. The company traded ex-dividend Tuesday, meaning buyers won’t be entitled to the 5-cent dividend payment due Sept. 24.Kua also said he and the mining minister have been instructed to draft new resource laws that ensure Papua New Guinea will receive early cash flow from future mining and petroleum projects and relieve the state of burdensome expensive loans.Currently the government gets most of its gas revenue through Kumul, which has to buy multi-billion dollar stakes in projects, often borrowing at higher interest rates than its international partners.(Updates with Total comment in fifth paragraph.)\--With assistance from Dan Murtaugh and Stephen Stapczynski.To contact the reporter on this story: James Thornhill in Sydney at email@example.comTo contact the editor responsible for this story: Ramsey Al-Rikabi at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Papua New Guinea said on Tuesday it would honour a gas deal that Total SA signed with a previous government for a $13 billion plan to expand gas exports, after securing promises from the French company to consider some future benefits for the country. "The government has now cleared Total to proceed full steam ahead with the implementation of the Papua Gas Project," Petroleum Minister Kerenga Kua said in a statement, following nearly three weeks of talks seeking to revise the agreement. Total and its partners, Exxon Mobil Corp and Oil Search Ltd, had pressed the government to honour the gas agreement signed in April with the previous government.
Papua New Guinea said on Tuesday it will honour a gas deal that Total SA signed with a previous government for a $13 billion plan to expand gas exports, after securing minor concessions from the French company. The decision removes uncertainty over the plan to double liquefied natural gas (LNG) exports from the Pacific nation that arose after new Prime Minister James Marape came to power in May promising to win more benefits for the impoverished country. The Papua LNG gas agreement is one of two agreements needed for Total and its partners, Exxon Mobil Corp and Oil Search Ltd, to go ahead with the LNG expansion plan.
Papua New Guinea's opposition leader, Patrick Pruaitch, on Friday pressed the nation's prime minister to back a gas deal with France's Total SA rather than seek changes and delay a $13 billion expansion of the country's gas exports. The government, led by James Marape, earlier this month suddenly called for talks with Total to revise the Papua LNG gas agreement, one of two needed for Total, Exxon Mobil Corp and their partners to go ahead with two major projects. Neither Total nor the government have disclosed the status of talks, but Total's partner in Papua LNG, Oil Search Ltd has said the companies believe the agreement, signed with Marape's predecessor, Peter O'Neill, should be honoured.
Sempra Energy (SRE) owns 50.2% equity interest in Cameron LNG JV, which is likely to generate $400-$450 million annual earnings for the company.
Following the Anadarko acquisition, real estate is not a primary focus for Occidental, which is working on integrating functional aspects of the businesses.
Papua New Guinea has sent a team to Singapore to renegotiate its Papua LNG agreement with French oil major Total SA, the nation's petroleum minister said in a statement on Thursday, warning the talks could end "disastrously" for the gas project. The strong language from minister Kerenga Kua marked an about-turn from a statement 10 days earlier, when he announced the new government would stand by the gas deal agreed by the previous government with Total in April, with some minor changes.