Oil driller Ovintiv faces proxy battle threat from Kimmeridge
Scott Deveau, Bloomberg
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Ovintiv used cube development at its RAB Davidson lease in the Permian Basin.Courtesy Ovintiv
Kimmeridge Energy Management Co. said it’s prepared to nominate directors to the board of Ovintiv Inc. if the oil and gas producer fails to take the necessary steps to improve its performance and restore investor confidence.
The private equity firm, which said it owns a 2.4% stake in Ovintiv, argues in a new 18-page presentation that the company is falling behind its peers as a result of its misguided spending, expensive acquisitions, poor governance and inadequate environmental stewardship. Kimmeridge also outlines a strategy to address investor concerns by better aligning executive compensation with performance, selling non-core assets and shifting spending to the Permian Basin, among other measures.
Oil extends gains on expectations for shrinking U.S. supplies
Andres Guerra Luz, Bloomberg
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In this Thursday evening, April 2, 2020 photo, traffic passes over the Midland-Odessa county line in front of an oil rig storage yard. (Odessa American/Eli Hartman)Eli Hartman/Associated Press
Oil advanced after settling at a fresh 10-month high, with an industry report showing U.S. crude inventories fell by more than expected.
Futures rose further above $53 a barrel after the American Petroleum Institute was said to report that domestic crude stockpiles fell by 5.82 million barrels last week. Inventories are expected to decline by 3 million barrels, according to the median estimate of a Bloomberg survey for Wednesday’s U.S. government storage report.
RRC commissioner vents at France, fake news and the woke [Opinion]
Liam Denning, Bloomberg
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GARDEN CITY, TX - FEBRUARY 05: Flared natural gas is burned off at Apache Corporations operations at the Deadwood natural gas plant in the Permian Basin on February 5, 2015 in Garden City, Texas.Spencer Platt, Staff / Getty Images
Wayne Christian, one of three Texas Railroad Commissioners, seems to have just about had it with the French. And the Russians. And the Iranians. The “sensationalist, fake news media” and “environmental extremists” are off his Christmas list, too. He also has precious little time for the whole Environmental, Social and Governance, or ESG, investing thing or, as he puts it, “the new ‘woke’ way to save money.”
Oil has best week in 4 months
Andres Guerra Luz, Bloomberg
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Offshore drilling rigs Ocean Vanguard, operated by Diamond Offshore Drilling Inc., left, J. W. McLean, operated by Transocean Ltd., center, and Prospector 1, operated by Prospector Offshore Drilling SA, right, stand anchored in the Cromarty Firth in Cromarty, U.K., on Tuesday, Aug. 5, 2014.Simon Dawson/Bloomberg
Oil posted the biggest weekly gain since late September as Saudi Arabia’s plan to slice output spurred a surge in physical crude buying.
Futures in New York advanced $3.72 this week and Brent oil topped $55 a barrel for the first time since February. Saudi Arabia’s pledge earlier this week to cut production by 1 million barrels a day in February and March has made for a tighter supply outlook sooner than anticipated. Meanwhile, prospects for additional stimulus under a Biden administration spurred broader market gains.