Latest news with #Slifka
Yahoo
a day ago
- Business
- Yahoo
Chevron Invites Bids to Divest 50% Stake in Singapore Refinery
Chevron Corporation CVX has reportedly begun the sale process for its 50% stake in Singapore Refining Company ('SRC'), inviting non-binding bids from potential buyers. Among those approached is PetroChina, which already owns the remaining 50% through its Singapore Petroleum Co Ltd unit and holds the first right of refusal. The move is part of the U.S. oil giant's broader efforts of global restructuring and streamlining operations. Chevron has been optimizing its global portfolio by prioritizing core growth assets, aiming to cut costs and enhance profitability. Earlier this year, Chevron announced plans to lay off 15-20% of its employees to restructure operations. Last month, Chevron divested its interest in Chevron Phillips Singapore Chemicals to Aster Chemicals and Energy, a joint venture between Chandra Asri and Glencore. The potential sale of the refinery would mark the second recent departure by a global energy major from Singapore's refining sector, which faces higher operating costs due to a carbon tax that has impacted its competitiveness compared with other regions. The company's restructuring is not limited to Singapore. Chevron is also assessing the market for other assets in Asia, including terminal and fuel storage facilities in Australia and the Philippines. Morgan Stanley has been appointed to oversee the sale process for these assets, including the SRC refinery. Singapore Refining Company is a 50/50 joint venture between Chevron and China's state-owned oil and gas major, PetroChina. With a crude processing capacity of 290,000 barrels per day, it is the smallest refinery in Singapore. The facility features seven shipping berths capable of accommodating very large crude carriers. Its fuel products are traded regionally and internationally, supported by a well-established distribution network across Singapore and Jurong Island. Global trading house Glencore is among the entities reportedly invited to assess the refinery stake. Estimates suggest Chevron's share in SRC could be valued between $300 million and $500 million. The sale process, with offers expected in July, comes at a time when energy majors are sharpening their focus on profitability and efficiency in a volatile market. Houston, TX-based Chevron is one of the largest publicly traded oil and gas companies that participates in every aspect related to energy, from oil production to refining and marketing. Currently, CVX has a Zacks Rank #3 (Hold). Investors interested in the energy sector might look at some better-ranked stocks like Global Partners LP GLP, Subsea 7 S.A. SUBCY and Gibson Energy Inc. GBNXF. While Global Partners and Subsea 7 currently sport a Zacks Rank #1 (Strong Buy) each, Gibson Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. GLP owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for Global Partners' 2025 earnings indicates 17.84% year-over-year growth. Subsea 7 operates as an engineering, construction and services contractor to the offshore energy industry worldwide. The Zacks Consensus Estimate for Subsea 7's 2025 earnings indicates 95.52% year-over-year growth. Calgary, Alberta-based Gibson Energy is an oil infrastructure company with its principal businesses consisting of the storage, optimization, processing and gathering of crude oil and refined products. The Zacks Consensus Estimate for GBNXF's 2025 earnings indicates 36.76% year-over-year growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX) : Free Stock Analysis Report Global Partners LP (GLP) : Free Stock Analysis Report Subsea 7 SA (SUBCY) : Free Stock Analysis Report Gibson Energy Inc. (GBNXF) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Boston Globe
3 days ago
- Business
- Boston Globe
MassDOT board approves Applegreen to redo service plazas, over local bidder's objections
Advertisement Global's employees and other supporters flooded the board with emails in support in recent days, underscoring its community involvement and its management across four generations of the Slifka family. On Wednesday, Global also packed the boardroom at MassDOT's Park Plaza headquarters, with some supporters holding signs with messages such as 'Keep It Local' and 'Something Is Fishy at MassDOT.' 'Global isn't just the highest bidder, we are the stronger, safer, proven operator,' Mark Romaine, chief operating officer at Global, told the board before the vote. 'The people of Massachusetts should be outraged and, quite frankly, the administration should be ashamed.' In a statement after the vote, Romaine said the 'fight for Massachusetts is not over,' and that Global executives hope MassDOT weighs the risks and reconsiders before signing the Applegreen lease. Advertisement Applegreen, backed by private equity giant Blackstone, pledged to invest $750 million in capital improvements, including the complete replacement of buildings at nine plazas and major renovations of the others, over the life of the 35-year lease. MassDOT staff also expects average rent payments to the state of up to $28.4 million a year, based on a percentage of revenue — or nearly $1 billion over the life of the lease, although bid documents show the cumulative rent could be as low as $623 million. In contrast, Global says it guaranteed $1.5 billion in rent over the 35-year term, along with $650 million in capital improvements. Scott Bosworth, chief development officer at MassDOT, told the board that revenue represented only 25 percent of the selection committee's scoring criteria. The quality of the redevelopment plan represented another 25 percent, for example, and the transition plan from the current operator represented 15 percent. Boston-based Suffolk Construction is Applegreen's general contractor for the project. All construction is expected to be done by sometime in 2028, with no two consecutive plazas on the Pike shut down at the same time. 'They are ready to go, ready to hit the ground running,' Bosworth said. Executives from Applegreen, Blackstone, and Suffolk attended the board meeting to make their case, in part by saying they'll hire locally and purchase from local vendors. Over the past decade, Applegreen has been rapidly growing its service plaza business in the US, an expansion that gained steam after Advertisement 'We are ready to commence construction in January 2026 to deliver state-of-the-art, sustainable, world-class buildings for the commonwealth,' said Ronan Ryan, Applegreen's chief investments officer. The lease will involve redoing the 11 service plazas on the Mass. Turnpike, along with seven others. McDonald's is the lead food vendor and Gulf is the lead fuel vendor along the turnpike, though Global is a subtenant of McDonald's to operate the convenience stores on the Pike and an agent of Gulf running the gas stations on its behalf. Global also is the state's direct concessionaire for four highway rest areas: two in Bridgewater, one in Barnstable, and one in Beverly. Applegreen is slated to take over those leases in mid-2027, while the rest come up for renewal in six months. MassDOT board member Lisa Iezzoni expressed reservations about picking Applegreen during the board's public comments, and she abstained from the actual vote. 'When I got the outpouring of emails about the comments from the Global Partners advocates, I was overwhelmed by that,' Iezzoni said. 'I had not realized some of the concerns that they raised.' Global's supporters pointed to The Global crowd put an even greater emphasis on the responsiveness and economic impact that would come with picking an operator with strong local ties. 'This is not just about the brand of coffee that gets served on the Pike,' said Global's Catie Kerns. 'We are the best ambassadors for this state.' Advertisement Jon Chesto can be reached at
Yahoo
30-05-2025
- Business
- Yahoo
Global Partners' chairman dies at 85
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Global Partners' longtime board chairman Richard Slifka passed away last week at the age of 85, according to a company announcement. Slifka was the son of Global Partners' founder Abraham Slifka, who started the business in the 1930s, and the uncle of Global Partners' President and CEO Eric Slifka. He is survived by his wife, three children and six grandchildren. 'Richard helped lay the foundation for what Global is today, working alongside my father with quiet strength and enduring values,' Eric Slifka said in the announcement. 'He brought diligence, consistency, and a sense of purpose to everything he did, always putting people and community at the center of his work. He will be deeply missed.' Upon joining his father's company in 1963, Slifka and his late brother Fred transformed the business from a heating oil company to a notable wholesale fuel distributor and convenience retailer. Today, Global Partners' portfolio includes nearly 1,700 owned, leased or supplied gasoline stations, including 300 directly operated convenience stores, primarily in the Northeast Slifka held numerous leadership positions during his six decades with Global Partners, formerly known as Global Companies, including treasurer; director; president of Global Petroleum, a privately held affiliated company; and vice chairman. He had been chairman since 2014. Slifka was also president of the Independent Fuel Terminal Operators Association and a past director of the New England Fuel Institute. He was involved with Global Partners' charitable work, having sat on the board of directors of Boston-based homeless shelter St. Francis House and Boston Medical Center in addition to being a director of the National Multiple Sclerosis Society. A spokesperson from Global Partners said they had no information on who Slifka's replacement will be atop the company's board of directors. Recommended Reading How Global Partners is embracing change in 2024
Yahoo
28-05-2025
- Business
- Yahoo
Shell Reshapes Operations in Indonesia With Fuel Business Divestment
Shell plc's SHEL Indonesian affiliate has taken a bold step in reshaping its business strategy by divesting fuel retail operations to a joint venture between Citadel Pacific Limited and Sefas Group. This transaction includes the transfer of around 200 gas stations and a fuel storage terminal located in Gresik, with completion expected by next year. Despite this move, Shell remains firmly rooted in Indonesia. The company emphasized that it will continue to operate under brand licensing agreements, maintaining visibility and legacy in the region. The acquiring joint venture brings together the strengths of two long-standing Shell partners. Citadel Pacific, a private holding company based in the Philippines, has its presence across various industries like aviation-related services, telecommunication, gas distribution and fuel marketing. The company licenses the Shell brand across multiple territories, including Guam, Hong Kong and Macau. Sefas Group, on the other hand, is Indonesia's largest Shell lubricants distributor. Their collaboration signals continuity for customers and partners, backed by a solid history of representing the Shell brand across various markets. While Shell is stepping away from fuel retailing, it is optimizing the portfolio by doubling down on the lubricants business in Indonesia, a market described as key for growth. Shell operates a major lubricant blending plant in the country with a capacity of up to 300 million litres annually and a new grease manufacturing plant is currently under construction. With this repositioning, Shell reinforces its strengths in high-growth, high-margin segments that can alleviate its profitability in the future. London-based Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations that span almost every corner of the globe. Currently, SHEL has a Zacks Rank #5 (Strong Sell). Investors interested in the energy sector might look at some better-ranked stocks like Flotek Industries, Inc. FTK, Global Partners LP GLP and RPC, Inc. RES. While Flotek Industries and Global Partners currently sport a Zacks Rank #1 (Strong Buy) each, RPC carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Flotek Industries develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. The Zacks Consensus Estimate for FTK's 2025 earnings indicates 55.88% year-over-year growth. Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. The company owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for Global Partners' 2025 earnings indicates 17.84% year-over-year growth. Atlanta, GA-based RPC is an oilfield service provider in almost all of the prospective plays, like the Rocky Mountain regions, Appalachian area, Gulf of Mexico and other resources in the United States. The Zacks Consensus Estimate for RES' next quarter earnings indicates 33.33% growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Global Partners LP (GLP) : Free Stock Analysis Report RPC, Inc. (RES) : Free Stock Analysis Report Flotek Industries, Inc. (FTK) : Free Stock Analysis Report Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
22-05-2025
- Business
- Yahoo
GeoPark Exits Vaca Muerta Deal, Focuses on Strategic Growth Plans
GeoPark Limited GPRK recently announced the termination of its previously disclosed agreement with Phoenix Global Resources, which involved acquiring a non-operated working interest in four unconventional blocks in Argentina's Vaca Muerta. The deal, governed by a FarmOut Agreement, included an 'Outside Date' clause that allowed either party to withdraw by May 13, 2025. Phoenix exercised this option, leading to the transaction's cancellation. Despite the withdrawal, GeoPark remains undeterred and focused on its long-term strategy built around sustainable, profitable growth in Latin America's energy sector. In April 2024, GeoPark made a strategic move by offering to buy a non-operated working interest in Argentina's Neuquen Basin's Vaca Muerta Formation. The acquisition was expected to close in the third quarter of 2024, pending regulatory approval and would add over 5,000 barrels of oil equivalent per day to GeoPark's production. The $200 million deal, with an additional $110-$120 million earmarked for exploration over two years, was decided to be funded through cash, credit facilities and new financing while maintaining a net debt-to-adjusted EBITDA ratio below 1.1x. GeoPark reaffirmed its commitment to its "North Star" strategic pillars — developing big assets in prolific basins with a disciplined and dependable approach. With $330 million in cash, a net leverage ratio under 1.0x and a hedging program covering 87% of its 2025 volumes, the company is well-positioned to pursue other strategic avenues. GeoPark continues to strengthen its core by maximizing returns from high-value projects in its current portfolio, pursuing inorganic growth through carefully evaluated opportunities within its core geographies and maintaining strategic flexibility, considering options such as share buybacks, debt reduction or dividends based on prevailing market conditions. Hamilton, Bermuda-based GeoPark is an explorer, operator and consolidator of oil and gas. The company operates primarily in Chile, Colombia, Brazil and Argentina. Currently, GPRK has a Zacks Rank #5 (Strong Sell). Investors interested in the energy sector might look at some top-ranked stocks like Prairie Operating Co. PROP, Global Partners LP GLP and Expand Energy Corporation EXE. While Prairie Operating and Global Partners currently sport a Zacks Rank #1 (Strong Buy) each, Expand Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Houston-based Prairie Operating is an independent energy company engaged in the development and acquisition of proven, producing oil and natural gas resources principally in the United States. The Zacks Consensus Estimate for PROP's 2025 earnings indicates 389.05% year-over-year growth. Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. Global Partners owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for GLP's 2025 earnings indicates 17.84% year-over-year growth. Expand Energy is a leading U.S.-based natural gas producer formed through the merger of Chesapeake Energy Corporation and Southwestern Energy Company. The Zacks Consensus Estimate for EXE's 2025 earnings indicates 444.68% year-over-year growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Global Partners LP (GLP) : Free Stock Analysis Report Geopark Ltd (GPRK) : Free Stock Analysis Report Prairie Operating Co. (PROP) : Free Stock Analysis Report Expand Energy Corporation (EXE) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
