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Woodmac: New kids on North Sea blocks spark new momentum

first_imgA new wave of privately backed oil firms has taken over the North Sea basin by storm spurring record M&A activity over the past few years.Illustration: North Sea oil platform Image by Stan Sheb / Wikimedia; Shared under CC BY-SA 2.5 licenseWood Mackenzie has this week said that equity commitments of $10 billion have helped fuel $12 billion in M&A in the North Sea since 2014. Another $13 billion could be invested in the North Sea, based on disclosed funding.As part of his presentation at this year’s ONS event in Stavanger, Woodmac’s Neivan Boroujerdi, senior research analyst, North Sea upstream, and Greig Aitken, director, M&A research, took a close look at eight of the North Sea’s PE-backed entrants, identifying the strategies, challenges and potential exit routes they could employ.Between the new players, the eight companies examined – Azinor Catalyst, Chrysaor, Neptune Energy, Siccar Point, Vår Energy, Verus Petroleum, Wellesley Petroleum and Zennor Petroleum – will contribute 550,000 barrels of oil equivalent to North Sea production this year.North Sea M&A / Source: Wood MackenzieTwo approachesWood Mackenzie’s research found that, while company strategies vary, North Sea PE-backed companies generally adopt one of two approaches. An “acquire and exploit” approach sees them take on under-capitalized assets and exploit upside, by optimizing production and lowering costs. The “lease and drill” strategy, on the other hand, is largely exploration-focused, targeting appraisal upside and development in a low-cost environment.Boroujerdi said: “Regardless of the chosen strategy, private equity companies eventually need to achieve a successful exit. There are a number of options. Some may choose a secondary private equity or trade sale.”“For larger companies, an IPO is most likely, given the corporate landscape and lack of major buyers. For a successful IPO, companies need have a strong growth story – both volume and value – that will underpin future returns, as well as a clear and differentiated investment thesis, and a proven track record.Upstream industry winning“While private equity-backed companies will invest more than US$10 billion in development capital over the next five years, this needs to increase to meet ambitious growth plans. However, PE-backed firms face the same growth challenges as other companies active in the North Sea: development risk, declining portfolios, and a competitive M&A market.”He added: “Other than relying on increases in oil prices, not every company can win in such an environment. But the upstream industry is certainly winning. The influx of private equity investment has sparked a new momentum in the North Sea, revitalizing assets, extending the life of fields and igniting animal spirits.”last_img read more

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NASCAR standings 2019: Updated points for Cup series playoffs after the Consumers Energy 400

first_imgThe battle for the lead is on! @KevinHarvick is there trying to get by @joeylogano! pic.twitter.com/OipFETbGoV— NASCAR (@NASCAR) August 11, 2019Harvick had the fastest car over the last run of the final stage. “(It) takes a lot of people to make these cars go around, and winning races is what it’s all about,” Harvick said, via Yahoo Sports. “(I) just can’t do it without all you guys. I mean, to come here to Michigan and win for Ford, and I know how much Mobil 1 likes to beat that Shell car [driven by Joey Logano], so that was cool.”NASCAR points standings 2019Below are the updated standings following the Consumers Energy 400. Winners are in bold and are guaranteed a playoff spot.RankDriverWinsPointsNo. 1Kyle Busch4892No. 2 Kevin Harvick 2822No. 4Denny Hamlin 3815No. 5Martin Truex Jr.4805No. 6Brad Keselowski3764No. 7Chase Elliott2711No. 8Kurt Busch1701No. 9Ryan Blaney0654No. 10Alex Bowman1653No. 11Aric Almirola0645No. 12William Byron0642No. 13Kyle Larson0624No. 14Erik Jones0623No. 15Ryan Newman0569No. 16Clint Bowyer0559No. 17Daniel Suarez0553No. 18Jimmie Johnson0547No. 19Paul Menard0506No. 20Chris Buescher0486No. 21Ricky Stenhouse Jr.0475No. 22Austin Dillon0434No. 23Matt DiBenedetto0380No. 24Ty Dillon0397No. 25Daniel Hemric0352No. 26Michael McDowell0302No. 27Ryan Preece0299No. 28Bubba Wallace0281No. 29Corey Lajoie0266No. 30David Ragan0256No. 31Matt Tifft0243No. 32Reed Sorenson067No. 33Quin Houff064No. 34J.J. Yeley029No. 35Jamie McMurray019No. 36Austin Theriault010No. 37Andy Seuss09No. 38Stanton Barrett02No. 39Casey Mears01Who’s on the Cup Series playoff bubble? Daniel Suarez and Jimmie Johnson are just below the cut line.Three winless drivers, Erik Jones, who finished 18th, and Ryan Newman (12th) and Clint Bowyer (37th), all padded their distance between the cutoff position. Paul Menard ranks 19th in the standings, only 40-plus points behind Suarez and Johnson. Ricky Stenhouse Jr. is also close in 20th place, but still probably too far behind at this point.There are three races remaining before the playoffs begin at Las Vegas on Sept. 15. Bristol is next weekend, followed by Darlington and Indianapolis.How are NASCAR driver points awarded per race?Each finishing spot in the field earns driver points with the maximum being 40 for a win. These points accrue over the season as do owner points.Drivers can also earn points based off of their finishes in the first two stages of the race. The driver who finishes first earns 10 points, the man who finishes in second earns nine and so on and so forth, points earned in those stages are then added to the points earned at the finish of a race.The points are added up over all of the races and there is a reset after the regular-season finale in the 26th race. Drivers who have earned wins or finish in the top 16 of the Cup Series standings then move on to the playoffs. Kevin Harvick came away with the checkered flag Sunday at the Consumers Energy 400 after he chased down Joey Logano in the final laps.It was Harvick’s second win of 2019 while Denny Hamlin and Kyle Larson placed second and third, respectively. Jimmie Johnson changes crew chief as clock ticks on Cup Series playoffs Logano ultimately finished in 17th place after dealing with fuel issues, which forced him to make a late pit stop.Harvick might have edged out Logano on the Michigan track, but Logano maintains the advantage in the updated rankings. Related Newscenter_img Drivers accumulate playoff points earning five bonus points for a win and one for a stage win. Those points are added to a driver’s total at the start of the playoffs.For a more in-depth look at how scoring works, click here. Jimmie Johnson still wants apology from Ryan Blaney, who says ‘I have nothing to apologize about’ Joey Logano2872No. 3last_img read more

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