IPO

Markets

Dong to keep oil unit in IPO, takes $2.32bln writedown

Danish state-owned utility Dong Energy IPO-DONG.CO said on Tuesday it would keep its oil and gas unit as part of its anticipated initial public offering (IPO), but that it would write down about 16 billion Danish crowns ($2.32 billion) of the business. The world's biggest offshore power developer announced in September plans to pursue an IPO of its shares within 18 months.

Opinion

Opinion: An Aramco IPO won’t be oil market’s powerball jackpot

Saudi Arabia may not have the grip over oil prices that it once did, but it still knows how the prime the market. Earlier this month, Saudi’s deputy crown prince, Muhammad bin Salman, floated the idea to The Economist of a stock offering for Saudi Aramco, the state company that controls Saudi Arabia’s massive oil reserves.

Middle East

In Saudi Aramco IPO talk, some see age of oil coming to end

For all the talk of Saudi Arabia’s oil company becoming the first trillion-dollar business if it goes public, some see the chatter as a sign of oil’s weakness. The Saudis, they say, know it’s time to start hedging their bet on fossil fuels. While the Saudi Arabian Oil Co. sits on a preposterously large reserve of 260 billion barrels of oil, the kingdom’s discussion of a share sale amid a global collapse in crude prices suggests another motive to those who preach about the financial risks of climate change: The Saudis may want to capitalize on an asset that’s only going to lose value if the world gets serious about global warming.

Markets

Saudi Aramco confirms it’s studying a potential share sale

Saudi Arabian Oil Co., the world’s biggest crude oil producer, confirmed it is considering a potential initial public offering. The company, known as Aramco, is studying whether to list “an appropriate percentage” of shares of the parent or a bundle of “downstream” units, according to an e-mailed statement Friday. Once the review of these various options is complete, the findings will be presented to the company’s board of directors, which will make recommendations to Aramco’s Supreme Council.

Other News

Noble Energy launches IPO

Noble Midstream Partners has commenced a public offering of 12.5million units representing limited partner interest in Noble Midstream. The units have been put on a public offering of between $19 and $21.