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Barclays CEO Says Banks Can’t Go ‘Cold Turkey’ on Oil Clients

Conventional Energy, Energy Topics & Technology, Finance, Latest, LNG, Natural Gas, Oil, US News / By

The chief executive of Barclays Plc characterized as unrealistic growing calls for the finance industry to abandon fossil-fuel clients. Banks “cannot go cold turkey” on the oil and gas industry, Barclays CEO CS Venkatakrishnan told Bloomberg’s Anna Edwards at the Bloomberg Sustainable Finance Forum in London on Tuesday. While Barclays’ is “very much moving from away from” coal and oil, the …

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Over Half of Aramco Share Sale allocated to Foreign Investors, Sources Say

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(Reuters) – Saudi Arabia placed over half of an $11.2 billion share sale in Aramco  with foreign investors, two people with knowledge of the matter told Reuters on Saturday. Saudi Arabia has been seeking to lure international investment to pour tens of billions of dollars into projects to diversify away from its reliance on oil. Yet …

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Saudi Arabia Set to Raise More Than $11.2 Bln from Aramco Stock Offering – WSJ

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Saudi Arabia is set to raise more than $11.2 billion after pricing its offering of Aramco stock toward the lower end of the targeted range, the Wall Street Journal reported on Thursday. Saudi Aramco’s bankers have told investors it plans to price the shares at 27.25 Saudi riyals, or $7.27 each, according to the report. …

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Saudi Arabia Sets New Test for International Interest with $13.1 Billion Aramco Sale

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(Reuters) – Saudi Arabia and its bankers will on Sunday morning start taking orders for as much as $13.1 billion worth of shares in its energy giant Aramco , in a major test of international investor interest in its market. In a long-anticipated announcement on Thursday, the kingdom and Aramco detailed plans to sell up to a 0.7% …

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Oil Market Torpor Sends Investors to Other Commodities – John Kemp

Conventional Energy, Energy Topics & Technology, Finance, Latest, Oil, Tri-Pinned, US News / By

Global petroleum markets have become calm again after massive disruptions caused by the coronavirus pandemic, Russia’s invasion of Ukraine, and the sanctions imposed in response by the United States and its allies. Production and consumption are growing at similar rates; inventories are near normal; prices are close to average once adjusted for inflation; and volatility …

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Saudi Arabia Plans Aramco Share Sale as Soon as June, Sources Say

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(Reuters) – Saudi Arabia is planning a multi-billion-dollar share sale in energy giant Aramco  as soon as June in what would be one of the region’s biggest stock deals, two people familiar with the matter said. The offering could raise around $10 billion, one of the people said. The preparations are ongoing and the details could …

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JPMorgan Chase & Co. CEO Met With Texas AG as State Bans Banks Over ESG Policies

Conventional Energy, Energy Topics & Technology, Finance, Latest, Natural Gas, Oil, US News / By

The April meeting with the JPMorgan CEO took place in New York Banks are being examined for their stance on oil and gas JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon met with Texas Attorney General Ken Paxton as the Republican official threatens to bar more banks from helping the state and its local governments sell bonds to raise …

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Barclays Faces Investor Pressure to Halt Fracking Finance

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Church of England is among shareholders pressing UK bank ‘Stop funding this damaging and dangerous fuel’: ShareAction A group of 24 institutional investors with a combined $1.2 trillion of assets wants Barclays Plc to stop financing fracking, and argued a recent pledge by the British bank to restrict financing for companies that focus exclusively on fossil-fuel exploration …

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Kimmeridge Calls SilverBow ‘Worst-in-Class’ as Proxy Fight Heats

Energy Topics & Technology, Exploration & Production, Finance, Latest, US News / By

Kimmeridge Energy Management Co. said shale driller SilverBow Resources Inc.’s board prioritizes itself over investors as the proxy battle comes to a head. “The Board’s worst-in-class corporate governance that prioritizes itself and management over shareholder returns appears to have permeated throughout the entire organization in a cyclical, self-serving manner,” Kimmeridge wrote in a presentation Tuesday. This is …

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Big Oil Needs to Figure Out Its Strategy, and Fast

Conventional Energy, Energy Topics & Technology, Exploration & Production, Finance, Latest, Oil, US News / By

Faced with a mixed bag of earnings, shareholders are looking for direction. Bloomberg The world’s oil supermajors wrapped up earnings season leaving investors with more questions than answers. BP Plc was last to report, missing estimates and suggesting it’ll do more deals in low-carbon energy — despite pledging to dial back renewables investments and focus on the core fossil-fuel …

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