Late Friday, BP reported that it had completed the estimated $2.4 billion divestiture of its 475,000 barrel-per-day Texas City refinery along with other downstream assets to Marathon Petroleum Corporation. The sale is part of a $38 billion corporate downsize subsequent to the Macondo disaster. The transaction is comprised of $600 million cash, $1.1 billion for oil and gas inventory and the rest from future payouts.
Petrobras – Petroleo Brasileiro (NYSE:PBR): Current price $18.12
According to Petrobras, two oil and gas production platforms under construction at the Honorio Bicalho shipyard at the port of Rio Grande in southern Brazil were loosened from their moorings by a high wind, and then collided on Saturday. Petrobras said that it will conduct an inspection of the two vessels to evaluate the damages. However, it is not known if the event will delay the deployment of the P-58, which is scheduled to go into production in the first quarter of 2014 at the Baleia Azul field where the company is already producing subsalt oil.
Royal Dutch Shell (NYSE:RDSA): Current Price $69.21
Shell’s Indian division said it is in discussions with local authorities concerning alleged tax evasion, according to Mint newspaper, which cited an inside source. Tax authorities have accused the business of underpricing a transfer of shares to a related overseas firm by approximately $2.8 billion and thus evading taxes. Reuters has quoted a Shell spokesperson in an email response, saying that, ”Shell India tax experts have indeed been in discussions with the Indian tax authorities on this issue over the past week and do not agree with their views.”
TransCanada Corporation (NYSE:TRP): Current price $48.15
It will be at least June before TransCanada gets a decision from the United States as to whether the Keystone XL oil pipeline will be allowed to cross its border, according to an unnamed source, who said that, ”We’re talking the beginning of summer at the earliest. It’s not weeks until the final decision. It’s months.” A number of steps still need taking by the State Department, where the decision will be made, since the 830,000 barrels-per-day crude oil pipeline crosses the national border when it connects Alberta’s oil sands and North Dakota’s Bakken shale fields and then to refineries and ports in Texas.