Embattled commodity trader Noble Group Ltd. agreed to sell most of its oil-liquids business to Vitol Group to help pare down debt, while warning that it’s set to post a net loss of more than $1 billion for the third quarter as its access to financing remains constrained.
As Noble Group Ltd. investors head for the door, the embattled commodity trader has turned to a man whose resume is a roll-call of Asia’s highest-profile corporate collapses.
Noble Group Ltd. surged the most in over a year after it said it’s in discussions with a strategic investor, which sources identified as China’s Sinochem Group.
The partners in the Leviathan gas field in the Mediterranean have approved the development plan and are targeting start-up by the end of 2019.
Shell has exercised its right to idle two Noble ultra-deepwater drillships.
An $80million exploration drilling campaign started today on two blocks operated by Shell off the coast of Tanzania.
Noble Energy and Consol Energy have entered into an agreement to separate their Marcellus Shale Joint Venture.
Noble Group Ltd., the embattled commodity trader backed by China’s sovereign-wealth fund, has agreed to sell its U.S. energy unit to Calpine Corp. for $800 million plus working capital, saying the deal largely completes a drive to raise $2 billion. The shares jumped in Singapore.
Noble Energy Inc. and Marathon Oil Corp. are weighing bids for Silver Hill Energy Partners, a Permian Basin explorer that could fetch more than $2 billion in a sale, according to people familiar with the matter.
Noble Group Ltd., the embattled commodities trader raising about $500 million in a rights issue, received a query from the Singapore exchange over trading of its shares as the stock plunged to the lowest level since 2003.
Noble Group Ltd.’s credit rating was cut by S&P Global Ratings for the second time in six months, with the agency citing its weakened liquidity position and higher funding costs despite recent efforts to raise cash.
Israel has approved the development of the $5billion Leviathan natural gas field which is set to give Israel a second source of gas supply and turn it into a gas exporter.
Noble Group Ltd. plunged the most in more than four years after Fitch Ratings Ltd. placed the company’s debt ratings on negative watch as Asia’s largest commodity trader was seen facing less financial flexibility amid a challenging market.
Noble said its chief financial officer has resigned from the company.
Noble Energy said it has reported a quarterly loss compared with a year earlier after being hit with $2.2billion in charges including asset write downs.
Noble said it expects to reduce its headcount for staff working on the Noble Danny Adkins drilling rig in the Gulf of Mexico.
Partners in the Leviathan natural gas site in Israel are said to be in talks to supply gas to a number of companies in the region. A statement to the Tel Aviv Stock Exchange showed a message from units of Delek Group which said the firms were private electricity producers and industrial companies.
Noble Energy has reduced its 2015 capital budget by $100million. The company reported a larger-than-expected quarterly loss and said it now plans to spend less than $3billion this year.
The resignation of Israel’s economy Minister Aryeh Deri has paved the way for the country to develop its natural gas fields.
Noble Midstream Partners LP has filed with US regulators for an initial public offering of common units today. The company, a wholly-owned subsidiary of Noble Energy, will own assets in Colarado’s DJ Basin crude oil, natural gas and water-related midstream services.
Noble Energy posted a $109million loss in the second quarter of the year despite increased sales of oil and natural gas. The company said it expects it will be increasing production throughout the rest of the year but it is likely to be at an increasingly cheaper cost. Noble has posted second quarter profits of $101million down 68% from the $323million the company had earned the same time last year.
Asia’s largest commodity trader Noble Group Ltd. took on its critics today with an open letter defending its accounting methods and valuations of a coal asset. Noble has seen its shares drop more than 40 percent since a group that calls itself Iceberg Research published a report in February claiming Noble uses inventory repurchase agreements to cut its debt levels at key financial reporting periods. Ex- Morgan Stanley banker Michael Dee is another critic of the company and has called on its Chairman Richard Elman to resign. Both Iceberg and Dee rejected Noble’s letter, saying they stand by their claims.
Noble Energy Inc. will acquire Rosetta Resources Inc. for $2.1 billion in stock, giving the Houston-based oil company a position in two of the largest areas of shale production in Texas. Noble will also assume Rosetta’s net debt of $1.8 billion, the company said in a statement on Monday. The valuation is about a 38 percent premium to the target’s closing price on Friday. Rosetta produced 66,000 barrels a day of oil and gas in the first quarter from the Eagle Ford and Permian areas, of which more than 60 percent was liquids.
London listed, but still North American at its core, drilling contractor Noble Corporation is disposing of three of its older rigs . . . the semi-submersibles Noble Paul Wolff, Noble Driller and Noble Jim Thompson. What has not been stated is whether they will be scrapped. In the case of the last named, the company will be substituting another semi-, the Noble Paul Romano to execute a previously announced contract covering four wells, or a primary term of up to one year in the US Gulf of Mexico. The Paul Romano is in the Canary Islands and is expected to start operations on or around September 1. The deteriorating drilling market is behind the decision with DavidWilliams, chairman, president and CEO of the company, reporting last month: “Rapidly declining crude oil prices during the fourth quarter further aggravated the offshore supply imbalance and contributed to an increasingly difficult environment for securing new contract commitments from our customers.
Noble Group Ltd., under attack from an anonymous group alleging accounting malpractice, said it swung to a loss in the fourth quarter due to a tumble in commodity prices and asset write-downs. Asia’s biggest commodity and energy trader reported a loss of $240 million in the three months ended December 31, compared with a net income of $117 million a year earlier, according data. Sales fell 14% to $21 billion. The loss was the first since the third quarter of 2011, the data show. The results come as Hong Kong-based Noble’s accounting practices are questioned by a group calling itself Iceberg Research.