Nabors Industries Ltd’s (NYSE:NBR) Eugene Isenberg got ousted from his CEO position and received a hefty severance-style payday for his 24-year tenure as chairman and CEO. He will receive $100 million in cash, representing a sum greater than Nabors’ third quarter net income. Isenberg, 81, will remain at the company as its chairman.
Valero Energy Corporation’s (NYSE:VLO) stock dove after India’s Reliance Industries said it wasn’t interested in buying the company. It wasn’t the only company rumored to consider a Valero bid, Royal Dutch Shell (RDS.A) in among interested oil companies. This news comes one day before Valero reports its third quarter earnings.
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It was a bad day for solar stocks. The U.K. government announced proposed reductions, as high as 55 percent, in solar power prices. Suntech Power (NYSE:STP) said it may cut some manufacturing output in early 2012 due to seasonal demand declines and First Solar (NASDAQ:FSLR) saw another downgrade to underperform from a buy, joining last week’s numerous cuts.
Sterne Agee set the tone for upcoming oil company earnings reports. The firm issued cautious warnings for five names, citing concerns about possible missed hurdle rates in production or costs, resulting in volatile prices. Companies on the hit list include Pioneer Natural Resources Co. (NYSE:PXD), EOG Resources, Inc. (NYSE:EOG), Whiting Petroleum Corporation (NYSE:WLL), Denbury Resources Inc. (NYSE:DNR) and Approach Resources (NASDAQ:AREX).
Anadarko Petroleum (NYSE:APC) third quarter earnings report included lots of misses. One positive gleaned in the quarter was improved margins from increased cash flow. Liquids sales volumes rose greater than 30 percent with a solid “netback pricing off Brent-equivalent indices.” This brought a $10 per-barrel premium from WTI pricing.
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