It’s been roughly a year since GE completed its buyout of Baker Hughes, and this week GE said it plans to divest its 62.5% interest in “an orderly manner over the next two to three years.” GE said it plans to concentrate on its power, aviation and renewable energy business. That has many asking where that leaves Baker Hughes? Analysts with Cowen and Co.’s equity research group wrote in a note “assuming GE’s majority stake is not transferred to a single entity, removal of a controlling shareholder should benefit Baker Hughes’ valuation.”
In Washington, global energy giants, senior U.S. officials, and energy ministers from around the globe gathered this week at the World Gas Conference. U.S. Energy Secretary Rick Perry used his time on the podium to tout innovation and soaring U.S. oil and gas output. Hart Energy Senior Editor Joe Markman was at the conference and reports that Secretary Perry also mentioned a need for an energy approach that encompasses fossil fuels and renewable energy. Meanwhile, Russia’s Energy Minister Alexander Novak said he met with Perry and U.S. Treasury secretary Steve Mnuchin while in Washington to discuss U.S. sanctions on Russia and the Nord Stream 2 gas pipeline to Germany. The U.S. has stated it opposes the pipeline mainly because it might give Russia too much power in the region.
Also, during the conference, Chevron CEO Mike Wirth and Exxon Mobil CEO Darren Woods both expressed concern that trade conflicts could risk relations with some of the oil majors’ largest customers around the world, mainly China and the European Union.
Finally, following last week’s OPEC meetings, Saudi Arabia is reportedly planning to pump up to 11 million barrels of oil per day in July, that’s the highest in its history.
Recommended Reading
Arbitration Looms for Venture Global Dispute, With Billions at Stake
2024-12-04 - Claims against Venture Global LNG’s Calcasieu Pass could cost up to $5.4 billion over 6 mtpa of disputed LNG sales, according to Jefferies Group analysts.
NextEra Energy, GE Vernova Partner to Bolster US Grid
2025-01-27 - The CEO of NextEra Energy, which has entered a partnership with GE Vernova, said natural gas, renewables and nuclear energy will be needed to meet rising power demand.
Targa Pipeline Helps Spark US NGL Production High in 2024
2025-01-23 - Analysts said Targa Resources’ Daytona line released a Permian Basin bottleneck as NGLs continued to grow.
Dallas Fed: Trump Can Cut Red Tape, but Raising Prices Trickier
2025-01-02 - U.S. oil and gas executives expect fewer regulatory headaches under Trump but some see oil prices sliding, according to the fourth-quarter Dallas Fed Energy Survey.
Woodside Pushes Louisiana LNG Project Forward with Bechtel Contract
2024-12-05 - Woodside Energy signed a revised engineering, procurement and construction contract with Bechtel, which had already performed work on the project when it was still owned by Tellurian.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.