International Petroleum Finance articles from January 2002

International Petroleum Finance archives from January 2002

Making the grade.(evaluating corporate governance)(Brief Article)
January 1, 2002... Report cards for corporate governance at oil and gas companies are starting to be handed out. So far, Big Oil has received high marks. Credit ratings agency Standard & Poor's (S&P) has begun assigning corporate governance scores based on a 1-10...

Has Devon bitten off more than it can chew?(Devon Energy Corp.)(Company Profile)
January 1, 2002... When Devon Energy went public in 1988, it had 8 million barrels of oil equivalent in reserves and was ranked 200th in size among roughly 400 US independent producers. Today the Oklahoma City-based company is one of the top five US-based...

Companies find a way to raise funds in tough emerging markets.
January 1, 2002... With the US in recession, crude oil demand slowing, Argentina defaulting on over $100 billion of debt, and Enron filing for Chapter 11 bankruptcy, energy companies seeking finance for projects in emerging markets have faced more than their fair...

Debt downgrade could hurt Repsol-YPF.(Brief Article)
January 1, 2002... Repsol-YPF's borrowing costs appear likely to increase following Moody's decision to downgrade the company's debt rating in late December upon word that Argentina would default on its $155 billion debt. The credit agency lowered Repsol's rating...

Ethical investors quietly put heat on big oil.
January 1, 2002... After the holiday season's cards and presents, the New Year usually brings a few less-welcome gifts for the world's major oil companies. These come in the shape of shareholder resolutions, submitted to meet December deadlines for inclusion at...

Low prices may spur -- not slow -- M&A action.
January 1, 2002... With US natural gas prices near two-year lows and crude oil prices down about $8 per barrel since the Sep. 11 attacks, the dynamics of industry consolidation have Changed dramatically. Many oil and gas companies are preparing for a period of...

SPC launches daring integration plan to save ailing refining unit.(Singapore Petroleum Company )
January 1, 2002... The perennial problem of refining overcapacity in Asia has been taking its toll on regional refiners for years. Singapore Petroleum Company (SPC) is no exception, issuing a profit warning late last month. To stabilize earnings, SPC is...

Shell searches for encore to please wary investors.
January 1, 2002... Is Europe's largest oil company limbering up for a spending spree? Having mostly watched from the sidelines as rivals bought their way to supermajor status, Royal Dutch/Shell last month loosened investment criteria -- cutting itself some slack...

Refiners brace for $17 billion in low sulfur capex.
January 1, 2002... The introduction of tighter sulfur content specifications for gasoline and on-road diesel could cost US refiners more than $17 billion in upgrading expenditures, according to a new industry report. Credit ratings agency Standard and Poor's...

Russian invasion.(Russian oil companies expand)(Brief Article)
January 1, 2002... Emboldened by President Vladimir Putin's projection of a new, self-assured, and non-threatening Russia, the country's leading oil companies are pursuing their own charm offensive to expand their role in markets beyond the boundaries of their...

Shell hits in Brazil.(Brief Article)
January 1, 2002... Royal Dutch/Shell announced a major discovery in Brazil -- the first significant find by a foreign operator since the country opened its upstream sector to competition in 1997. The field, at the deepwater BS block in the Santos Basin, contains...

Exxon ready to sell.(Brief Article)
January 1, 2002... Accounting restrictions that prevented newly merged Exxon Mobil from selling substantial assets in its first two years of existence are gradually unwinding, triggering the first signals that the US supermajor may be ready to unload some assets....

Done deal.(Brief Article)
January 1, 2002... Brazil's Petrobras has finally sealed a $1 billion asset swap with Repsol-YPF that allows it to enter the Argentine market and permits Repsol to operate in Brazil. Spain-based Repsol's part of the swap is 100% of Argentine distributor Eg3, one...

RWE beefs up.(RWE AG)(Brief Article)
January 1, 2002... The takeover of Czech natural gas utility Transgas transformed Germany's RWE group into a leading European gas pipeline operator and a direct buyer of 7 Bcm/yr of Russian gas. Transgas carries around 20% of Russian Gazprom's exports to Western...

Paying the price.(Brief Article)
January 1, 2002... BP and Royal Dutch/Shell will be putting some 1,500 retail stations in Germany on the block as the price for cartel office approval of their multi-billion dollar refining and marketing mergers. Shell is to merge with RWE's subsidiary DEA, while...

Japanese restructuring.(Brief Article)
January 1, 2002... The first signs of restructuring in Japan's beleaguered upstream industry were visible when four Japanese firms bought the rights to sell crude from a Japan National Oil Corp. (JNOC) affiliate. Refiners Cosmo and Japan Energy, along with trader...

Gazprom states plan.(Brief Article)
January 1, 2002... Russian gas monopoly Gazprom plans to buy back key assets that were frittered out of the company by its previous management, and intends to establish a new corporate strategy on profitability. Gazprom's board of directors voted to spend $188...

Going public in Taiwan.(Brief Article)
January 1, 2002... State-owned Chinese Petroleum Corp. (CPC), Taiwan's dominant oil company, plans to sell a stake worth at least $3.5 billion as early as 2002 to gear up for foreign competition and relax government control over the company. The company plans to...

Enron auction opens.(Brief Article)
January 1, 2002... A US judge has given beleaguered Enron the green light to accept bids for part of the bankrupt energy company's trading operations. As a way to partially rebuild its trading operations, Enron wants to form a trading joint venture with a more...

Downgrades shake the energy services sector.(Brief Article)
January 1, 2002... Growing investor concern about debt, liquidity, and creditworthiness has forced energy service companies to restructure their balance sheets in the wake of Enron's collapse. With credit rating agencies Standard & Poor's, Moody's, and Fitch...

Outlook bleak for oil equities in 2002. (Equity Markets).(Brief Article)
January 1, 2002... It was not a banner year for oil and gas equities in 2001, but most managed to outperform the broader market. Looking forward to the balance of this year, many analysts are skeptical that oil and gas stocks will be able to repeat that feat. The...

Argentina crisis takes toll on energy companies. (Emerging Markets).(Brief Article)
January 1, 2002... Eduardo Duhalde, a Peronist, became the fifth Argentine president in a span of less than two weeks last month, as the country's deep economic and political crisis continued to rattle energy companies at home and abroad. His term in office...