Skip to main content

Oil and gas company announcements: 18 June

Hydrocarbon Engineering,


CB&I

CB&I noted there was an unusual trading volume on 17 June 2014 in its common stock. The activity appears to be related to the issuance of a report by a short seller recommending that stockholders sell CB&I stock. CB&I has reviewed the report and strongly disagrees with its assumptions and conclusions.

Notably, the report warns readers to assume that the short selling firm and/or its affiliates hold short positions in CB&I common stock and that they stand to realise significant gains in the event that CB&I’s stock price declines. CB&I believes that this conflict of interest should cause the report and its conclusions to be viewed sceptically.

CITGO Petroleum

The International Liquid Terminals Association (ILTA) recognised CITGO Petroleum Corporation earlier this month with its Platinum Safety Award for safety excellence, making it the third time that CITGO has received the award in the last eight years. The top award, presented during the 34th Annual International Operating Conference & Trade Show, recognises the year’s most exemplary performer based on 2013 data for all domestic terminal operations and a thorough review of the applicant’s safety and management systems.

CITGO owns and/or operates 48 petroleum product terminals, which comprise on of the largest networks in the USA.

Edison Investment Research

Edison Investment Research has further expanded its London team of equity analysts with the appointment of Peter Lynch as a UK oil and gas analyst. Lynch has 18 years oil and gas sector experience and joins Edison from Tell Investments and prior to that Millennium Global, where he worked on the buy side focusing on both upstream, including unconventionals, and oilfield services.

Shell

Royal Dutch Shell plc has confirmed that its subsidiary has completed the sell down of 78.27 million shares of Woodside Petroleum Limited. Shell Energy Holding Australia Limited completed the sale at a price of AUS$ 41.35 /share with proceeds expected to be received on 23 June 2014. The sale to a broad range of equity investors attracted strong demand and took place on an underwritten basis.

Valero

Valero Energy Partners LP has approved the acquisition from certain subsidies of Valero Energy Corporation of the McKee Crude System, Three Rivers Crude System and Wynnewood Products System for total consideration of US$ 154 million. The drop down transaction is expected to close on July 1 2014 and to be funded with the partnership’s cash on hand.

Upon closing the partnership plans to enter into 10 year term transportation and terminaling agreements with subsidies of Valero. These agreements are expected to contain minimum throughput volume commitments that account for approximately 90% of expected throughput volumes. The to be acquired assets are expected to contribute approximately US$ 15.4 million of EBITDA in the first full year of operation.

Wood Group

Wood Group has promoted Martin McIntyre to the position of Group head of Legal, with responsibility for managing the Wood Group’s legal function worldwide, effective July 1. McIntyre joined Wood Group in 2000 and has served as general counsel for the Americas since 2001. Licensed to practice law in both Texas and Scotland, he has extensive experience with international acquisitions and divestitures, joint ventures, and other commercial transactions.


Edited from various sources by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/18062014/oil_and_gas_company_announcements_18_june/


 

Embed article link: (copy the HTML code below):