PETROLEUM INDUSTRY AND TRADE – AUSTRALIA

Petrol chains gouge country motorists

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Original article by Patrick Durkin
The Australian Financial Review – Page: 3 : 15-Jan-15

The Australian Competition & Consumer Commission will investigate allegations that the cost of petrol remains much higher in regional and rural areas than in metropolitan regions. The average price of unleaded petrol is currently around $A1.197 per litre in the five main capital cities. However, motorists in regional cities and towns are paying between $A0.18 and $A0.44 per litre more. This includes Canberra and Hobart

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, COMMONWEALTH SECURITIES LIMITED, AUSTRALIAN INSTITUTE OF PETROLEUM LIMITED, QUEENSLAND. TREASURY, WOOLWORTHS LIMITED – ASX WOW, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, BP AUSTRALIA LIMITED, CALTEX AUSTRALIA LIMITED – ASX CTX, 7-ELEVEN STORES PTY LTD, INFORMED SOURCES PTY LTD

Oil plunge will stir M&A when price settles

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 11 & 16 : 12-Jan-15

Santos, Senex Energy and Horizon Energy are among the Australian companies whose share prices have fallen sharply in response to the downturn in the crude oil price. Experts say lower valuations in the oil and gas sector is likely to prompt mergers and acquisitions activity, although some suggest that potential suitors will bide their time as the oil price and shares may fall further. The price of Brent oil closed at $US50.11 per barrel on 9 January 2015

CORPORATES
SANTOS LIMITED – ASX STO, SENEX ENERGY LIMITED – ASX SXY, HORIZON OIL LIMITED – ASX HZN, BEACH ENERGY LIMITED – ASX BPT, HERBERT SMITH FREEHILLS PTY LTD, TOTAL SA, INPEX CORPORATION, ROC OIL COMPANY LIMITED – ASX ROC, FOSUN INTERNATIONAL LIMITED, DRILLSEARCH ENERGY LIMITED – ASX DLS, AMBASSADOR OIL AND GAS LIMITED – ASX AQO, MAGNUM HUNTER RESOURCES CORPORATION, NIDO PETROLEUM LIMITED – ASX NDO, BANGCHAK PETROLEUM PCL, METGASCO LIMITED – ASX MEL, ELK PETROLEUM LIMITED – ASX ELK, BP PLC, BP AMOCO PLC, EXXONMOBIL CORPORATION, CHEVRON CORPORATION, TEXACO INCORPORATED, BERNSTEIN AND ASSOCIATES, BRIGHTOIL PETROLEUM, HARBOUR ENERGY LIMITED, TEMASEK HOLDINGS (PTE) LTD, PAVILION ENERGY PTE LTD

Wholesalers defend fuel pricing strategies

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Original article by Peter Ker
The Australian Financial Review – Page: 21 : 8-Jan-15

The Australian Government has ordered a review of Australia’s fuel pricing system. The Australian Competition & Consumer Commission will monitor oil companies for three years. Viva Energy CEO Scott Wyatt said on 7 January 2015 that the pricing system works well. It is transparent and fast enough to ensure that savings resulting from lower oil prices are promptly passed on to retailers and motorists, he argued

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, VIVA ENERGY AUSTRALIA LIMITED, AUSTRALIAN INSTITUTE OF PETROLEUM LIMITED, EXXONMOBIL AUSTRALIA PTY LTD, 7-ELEVEN STORES PTY LTD, WOOLWORTHS LIMITED – ASX WOW, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, ROYAL AUTOMOBILE CLUB OF VICTORIA (RACV) LIMITED, AUSTRALIA. DEPT OF INDUSTRY

Santos slumps after rating downgrade

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 17 : 10-Dec-14

Investors have responded bearishly to a move by Standard & Poor’s to reduce the credit rating of Australian-listed Santos from "BBB+" to "BBB". Santos shares closed $A0.60 lower at $A7.70 on 9 December 2014, after reaching an intra-day low of $A7.46. The oil and gas producer has indicated that the ratings downgrade will have no impact on its finances, and notes that it has a healthy balance sheet

CORPORATES
SANTOS LIMITED – ASX STO, STANDARD AND POOR’S (AUSTRALIA) PTY LTD, JP MORGAN AUSTRALIA LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Caltex to axe 350 jobs ‘to become stronger’

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Original article by Sarah-Jane Tasker
The Australian – Page: 19 : 26-Aug-14

Caltex Australia has announced a 2014 interim net profit increase of 1% to $A173m, on revenue that also rose 11% to reach $A12.771bn. The six-month distribution is $A0.20, fully franked. CEO Julian Segal said the Australian-listed petroleum refining and service stations group would make another 350 workers redundant after 400 jobs were lost in the shutdown of the Kurnell refinery. Overall a tenth of the employees of Caltex will be laid off

CORPORATES
CALTEX AUSTRALIA LIMITED – ASX CTX

Woodside buyback in doubt

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 21 & 23 : 31-Jul-14

Woodside Petroleum shareholders will vote on a proposed share buyback at an extraordinary general meeting on 1 August 2014. The deal to buy $US2.68bn ($A2.85bn) worth of shares from Royal Dutch Shell must be supported by 75 per cent of votes, but a number of superannuation funds are expected to oppose it. There is concern that the selective buyback treats Shell more favourably than other Woodside shareholders

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, ROYAL DUTCH SHELL PLC, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, PLATO INVESTMENT MANAGEMENT LIMITED, ALPHINITY INVESTMENT MANAGEMENT PTY LTD, ISS PROXY AUSTRALIA, OWNERSHIP MATTERS PTY LTD, CGI GLASS LEWIS PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, WESTFIELD CORPORATION – ASX WFD, STANDARD AND POOR’S ASX 300 INDEX

Oil Search takes a healthy interest in PNG

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Original article by Rowan Callick
The Australian – Page: 21 : 9-Jul-14

Oil Search is involved in the provision of health services in Papua New Guinea. Under the leadership of MD Peter Botten, the Australian group began providing community health programs for its own staff and contractors. This expanded to meet a range of health needs, leading to the establishment of a health foundation. The entity now manages donor funds and co-ordinates delivery of health services. Botten says the program is supported by shareholders and is vital for the company’s social licence to operate

CORPORATES
OIL SEARCH LIMITED – ASX OSH, WOODSIDE PETROLEUM LIMITED – ASX WPL, BILL AND MELINDA GATES FOUNDATION