Friday, July 9, 2010

Energy ; U.S. court refuses stay in deepwater drilling case;La Nina to form by August, might mean more hurricanes


· BP – Fox Business says that while BP has said it isn’t for sale, bankers on Wall St indicate that the co is being “bombarded” w/offers of interest from rivals looking to buy the firm – Fox Business

· BP – Buffett says Hayward shouldn’t continue as CEO – Warren Buffett said if Tony Hayward leaves his CEO position at BP then American’s can feel better about the company’s response to the oil spill in the Gulf. Buffett also says that while Obama hasn’t handled the spill “perfectly,” raging and stomping his feet would not have reduced the amount of oil flowing into the gulf. CNBC

· BP to send new bills to well partners for clean-up costs – BP is planning to invoice Anadarko 355M pounds and Mitsui 132M pounds for their share of costs since the end of May. APC has refused to pay its 178M pound bill for costs through the end of May and it is uncertain if Mitsui will pay its 66M pounds for the previous costs. Daily Mail

· U.S. court refuses stay in deepwater drilling case – A U.S. appeals court rejected Obama’s request to stay a lower court decision to lift a six month moratorium on deepwater drilling. The decision is likely to prompt the Interior Dept to issue a revised moratorium order on deepwater drilling. Reuters

· Oil set for 5 pct weekly gain on U.S. demand – Oil is heading for its largest weekly gain since May thanks to data showing solid demand growth and falling inventories in the U.S. Reuters

· La Nina to form by August, might mean more hurricanes – A cooling of the central Pacific Ocean could form by August, which could raise the risk of hurricanes in the Atlantic Ocean. La Ninas enhance hurricanes in the Atlantic by reducing high-altitude winds that can tear storms apart as they are forming. Reuters

· Gloucester in talks with Noble to buy assets – Gloucestor Coal is looking to raise equity so it can buy stakes in local coal mines from its majority shareholder, Noble Group. Reuters

· Australia's Centennial says backs Banpu offer – Centennial Coal told shareholders its board is recommending the $2B takeover offer from Banpu Public. Reuters

· E.ON could invest in EDF nuclear reactors – The German utility company could take a stake in some of EDF’s nuclear reactors in an effort to extend the life of the plants. Reuters

· Extract jumps after Japan's Itochu takes stake – Extract Resources rose over 5% on Friday after Itochu Corp acquired 10.3% of the shares through a wholly owned subsidiary. Itochu bought the stake from Polo Resources to strengthen its uranium business. Reuters

· KKR prospects for natural gas after LBOs dry up – KKR is making a new bet on rising energy prices by building an exploration business for unconventional energy. KKR joins ExxonMobil and BP in betting that energy prices will rise. Bloomberg

· Maersk CEO slows acquisitions on high asset prices – Maersk’s CEO said the company will slow its pace of acquisitions as a lower than estimated number of company failures keeps asset prices above their desirable range. Bloomberg

· Santos rises after reports Shell may take

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