The principals aren’t talking, but rumors have been swirling in recent weeks about potential buy-out offers for portions of the increasingly valuable energy trading portion of the New York Mercantile Exchange. The latest was a report circulating Thursday that J.P. Morgan Chase & Co. was presenting a proposal to the Nymex board to set up an initial public offering for the Exchange.
Rumors
Articles from Rumors
Chevron, CNOOC Jockeying for Position in Unocal Takeover
When they meet on Thursday, the Unocal Corp. board of directors may put an end to rumors about whether they will continue to support the $16.8 billion cash-and-stock merger offer from Chevron Corp. or throw their support behind an $18.5 billion all-cash offer from the China National Offshore Oil Corp. (CNOOC). A shareholder vote on Chevron’s offer is less than a month away, and Chevron and CNOOC were said to be sweetening their bids to seal a deal.
April Futures Soar 26 Cents in Prompt Month Debut
Rumors that the winter heating season was over appear to be unfounded as the East has once again dipped below freezing, sparking natural gas futures to search for higher ground. April natural gas impressively climbed 26.1 cents in trading on Friday to close at $6.715, half of a cent off its high for the session. March expired on Thursday at $6.304.
Pemex CEO Resigns, E&P Head Takes Over
The chief executive of Petroleos Mexicanos (Pemex) resigned last Monday following rumors of a possible scandal involving payouts for personal healthcare and housing loans without seeking approval from the state-controlled oil monopoly. Raul Munoz Leos, 65, will be replaced by Luis Ramirez Corzo, director general of exploration and production (E&P) since 2001.
Pemex CEO Resigns, E&P Head Takes Over
The chief executive of Petroleos Mexicanos (Pemex) resigned on Monday following rumors of a possible scandal involving payouts for personal healthcare and housing loans without seeking approval from the state-controlled oil monopoly. Raul Munoz Leos, 65, will be replaced by Luis Ramirez Corzo, director general of exploration and production (E&P) since 2001.
Pemex CEO Resigns, E&P Head Takes Over
The chief executive of Petroleos Mexicanos (Pemex) resigned on Monday following rumors of a possible scandal involving payouts for personal healthcare and housing loans without seeking approval from the state-controlled oil monopoly. Raul Munoz Leos, 65, will be replaced by Luis Ramirez Corzo, director general of exploration and production (E&P) since 2001.
Marathon Spends $500M to Acquire Pennaco
Fueling rumors that USX-Marathon Group may separate its steeland energy businesses and then sell a beefed up oil and gasbusiness, Houston subsidiary Marathon Oil put together a $500million deal to acquire two-year-old Pennaco Energy Inc., a companywhose key assets are tied to coalbed methane (CBM) gas productionin the Powder River Basin of northern Wyoming and southern Montana.
El Paso Takes Beating Following Reserve Revisions, $1B Write-Down
Rumors of a possible Securities and Exchange Commission (SEC) inquiry, credit ratings downgrades and dire analyst forecasts pummeled El Paso Corp.’s share price on Wednesday, the day after the Houston-based company revised its proved oil and gas reserves downward by 41%. By market’s close, El Paso shares had fallen more than 17%, down $1.55 to stand at $7.26.
SEC Investigation Rumored After El Paso Cuts Reserves 41%
Rumors of a possible Securities and Exchange Commission (SEC) inquiry, credit ratings downgrades and dire analyst forecasts pummeled El Paso Corp.’s share price last week, after the Houston-based company revised its proved oil and gas reserves downward by 41%. After beginning the week at $8.81, El Paso shares were hovering just above $7 a share on Friday.
SEC, U.S. Attorney Charge Former Nicor Energy Execs With Fraud
The waiting for the other shoe to drop regarding Nicor Energy LLC is over as rumors of fraudulent accounting, which have been swirling since last year, have turned into suits filed by the Securities and Exchange Commission (SEC) and the U.S. Attorney for the Northern District of Illinois.