ENERGY INDUSTRIES – AUSTRALIA

AGL, Origin face climate change scrutiny from shareholders

roymorgansocial Leave a comment

Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 & 20 : 30-Sep-15

The policies of AGL Energy and Origin Energy aimed at reducing greenhouse gas emissions are likely to be a key focus for shareholders at their 2015 AGMs. The Australasian Centre for Corporate Responsibility (ACCR) will present resolutions to the AGMs of both groups regarding climate change measures. However, ACCR executive director Caroline LeCouteur has welcomed AGL’s revised position on climate change, which was announced in the lead-up to its AGM.

CORPORATES
AGL ENERGY LIMITED – ASX AGL, ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALASIAN CENTRE FOR CORPORATE RESPONSIBILITY, MACQUARIE GENERATION, LOY YANG A, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, UBS HOLDINGS PTY LTD, GETUP LIMITED

Santos says interest in assets reflects strength

roymorgansocial Leave a comment

Original article by Perry Williams
The Australian Financial Review – Page: 15 & 20 : 22-Sep-15

The share price and market capitalisation of oil and gas group Santos has fallen sharply in the last year. However, Santos executive James Baulderstone says the group has quality assets that are not being valued appropriately by the market. He adds that Santos has been pleased with the indicative proposals it has received from potential buyers of its assets, and he forecasts that the crude oil price will eventually rebound.

CORPORATES
SANTOS LIMITED – ASX STO, WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, TOTAL SA, INPEX CORPORATION, ALLIANCEBERNSTEIN HOLDING LP, GLADSTONE LNG PTY LTD, CITIGROUP PTY LTD, ROYAL DUTCH SHELL PLC, BG GROUP PLC, WOOD MACKENZIE

Woodside takes takeover offer directly to Oil Search investors

roymorgansocial Leave a comment

Original article by Perry Williams, Sarah Thompson
The Australian Financial Review – Page: 21 : 16-Sep-15

Woodside Petroleum’s rejected takeover bid for Oil Search was pitched at a premium of 14 per cent, but it will most likely need to increase this to at least 20 per cent before Oil Search will consider the bid. Meanwhile, Bank of America Merrill Lynch and Gresham – which are advising Woodside on the bid – have directly approached Oil Search shareholders regarding the offer.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, GRESHAM PARTNERS LIMITED, EXXONMOBIL CORPORATION, PAPUA NEW GUINEA. OFFICE OF THE PRIME MINISTER, NATIONAL PETROLEUM COMPANY OF PNG LIMITED, CITIGROUP PTY LTD

Rejected Woodside turns to PNG

roymorgansocial Leave a comment

Original article by Perry Williams
The Australian Financial Review – Page: 13 & 18 : 15-Sep-15

Woodside Petroleum CEO Peter Coleman is expected to discuss the company’s takeover bid for Oil Search with the Papua New Guinean Government, which controls 10 per cent of the takeover target. Woodside offered one Woodside share for four Oil Search shares, but Oil Search rejected the offer as inadequate. Oil Search chairman Rick Lee said the company would consider any rival offer that offers fair value to shareholders.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, BERNSTEIN INVESTMENT RESEARCH AND MANAGEMENT, DEUTSCHE BANK AG, EXXONMOBIL CORPORATION

Oil Search to reject $11.6b deal after Woodside talks canned

roymorgansocial Leave a comment

Original article by Perry Williams
The Australian Financial Review – Page: 15 : 14-Sep-15

Woodside Petroleum’s takeover offer for Oil Search represents a 14 per cent premium to the target’s current share price, but Oil Search is likely to seek a premium of 25-30 per cent. The top executives of both groups had arranged a meeting to discuss the bid on 13 September, but Oil Search subsequently postponed it. The company is expected to formally reject the four-for-one share offer, which has an implied value of $A7.65 per share.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, GRESHAM PARTNERS LIMITED, MORGAN STANLEY AUSTRALIA LIMITED

Woodside’s Oil Search bid criticised

roymorgansocial Leave a comment

Original article by Perry Williams
The Australian Financial Review – Page: 13 & 18 : 11-Sep-15

Perennial Investment Partners’ Lee Mickelburough and Simon Mawhinney of Allan Gray Australia are among the fund managers who have doubts about Woodside Petroleum’s $A11.6bn takeover bid for Oil Search. Mickelburough says there would be more merit in Woodside seeking to acquire "distressed" assets whose value has been impacted by the downturn in the crude oil price. Oil Search is likely to seek an improved offer from Woodside.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, PERENNIAL INVESTMENT PARTNERS LIMITED, ALLAN GRAY AUSTRALIA PTY LTD, WOOD MACKENZIE, SANTOS LIMITED – ASX STO

Woodside terms rejected by Oil Search

roymorgansocial Leave a comment

Original article by Perry Williams
The Australian Financial Review – Page: 17 & 23 : 10-Sep-15

Shares in Woodside Petroleum rose by 0.81 per cent to $A29.90 on 9 September 2015. Takeover target Oil Search was down 0.63 per cent at $A7.85, which is the implied bid price based on the offer of one Woodside share for every four Oil Search shares. Oil Search directors are likely to meet shortly to discuss the bid, but they are unlikely to grant Woodside’s request for exclusivity in merger talks. Neil Beveridge of Bernstein says ExxonMobil could also be a potential bidder for Oil Search.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, EXXONMOBIL CORPORATION, BERNSTEIN AND ASSOCIATES, PAPUA NEW GUINEA. OFFICE OF THE PRIME MINISTER, MACQUARIE GROUP LIMITED – ASX MQG, DEUTSCHE BANK AG

Woodside’s cheap trick

roymorgansocial Leave a comment

Original article by Perry Williams, Sarah Thompson
The Australian Financial Review – Page: 1 & 6 : 9-Sep-15

Shares in Oil Search closed 17.4 per cent higher at $A7.90 on 8 September 2015, in response to an $A11.6bn takeover bid from Woodside Petroleum. The offer comprises one Woodside share for every four shares in Oil Search, which values the bid at $A7.65 per share based on current share prices. However, Credit Suisse believes that Woodside would need to lift its offer to around $A10 per share to gain Oil Search’s support for the bid. Woodside shares were $A0.92 lower at $A29.66.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, WOODSIDE PETROLEUM LIMITED – ASX WPL, CREDIT SUISSE (AUSTRALIA) LIMITED, UBS HOLDINGS PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, PAPUA NEW GUINEA. OFFICE OF THE PRIME MINISTER, SANTOS LIMITED – ASX STO, ORIGIN ENERGY LIMITED – ASX ORG, ROYAL DUTCH SHELL PLC, BG GROUP PLC, MERRILL LYNCH (AUSTRALIA) PTY LTD, GRESHAM PARTNERS LIMITED, HERBERT SMITH FREEHILLS PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, ALLENS

Strike threat poses new risk to $73b Gorgon gas project

roymorgansocial Leave a comment

Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 11 : 20-Jul-15

The Fair Work Commission has given the green light for unions to hold a ballot of Gorgon LNG workers, prompting concerns that strike action will lead to further delays in completing the $US54bn ($A73bn) project. The protected ballot of CB&I employees follows the failure of negotiations over a new enterprise agreement. Chevron anticipates that exports from the Gorgon venture will commence by the end of 2015.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, CB&I INCORPORATED, CHEVRON CORPORATION, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN MANUFACTURING WORKERS’ UNION, EXXONMOBIL CORPORATION, ROYAL DUTCH SHELL PLC

LNG price pain to be laid bare

roymorgansocial Leave a comment

Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 14 : 14-Jul-15

Nik Burns of UBS expects Woodside Petroleum’s revenue for the June 2015 quarter to be 36 per cent lower than the March quarter. Meanwhile, revenue at Oil Search is tipped to be 35 per cent lower, as the downturn in the crude oil price begins to impact on LNG producers. Meanwhile, Adrian Prendergast of Morgans Financial expects Woodside’s dividend yield to fall from seven per cent to 3.2 per cent.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, SANTOS LIMITED – ASX STO, UBS HOLDINGS PTY LTD, MORGANS FINANCIAL LIMITED, APACHE CORPORATION, GLADSTONE LNG PTY LTD, INTERNATIONAL ENERGY AGENCY, PLATTS