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Oil Driller Ovintiv Faces Proxy Fight Threat From Kimmeridge
Bloomberg 1/14/2021 © Photographer: Norm Betts/Bloomberg Ovintiv formerly Encana Corp. natural gas well near Alix, Alberta, Canada.
(Bloomberg) Kimmeridge Energy Management Co. said it’s prepared to nominate directors to the board of Ovintiv Inc. if the oil and gas producer fails to take the necessary steps to improve its performance and restore investor confidence.
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The private equity firm, which said it owns a 2.4% stake in Ovintiv, argues in a new 18-page presentation that the company is falling behind its peers as a result of its misguided spending, expensive acquisitions, poor governance and inadequate environmental stewardship. Kimmeridge also outlines a strategy to address investor concerns by better aligning executive compensation with performance, selling non-core assets and shifting spending to the Permian Basin, among other measures.
Oil driller Ovintiv faces proxy battle threat from Kimmeridge
Scott Deveau, Bloomberg
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Ovintiv used cube development at its RAB Davidson lease in the Permian Basin.Courtesy Ovintiv
Kimmeridge Energy Management Co. said it’s prepared to nominate directors to the board of Ovintiv Inc. if the oil and gas producer fails to take the necessary steps to improve its performance and restore investor confidence.
The private equity firm, which said it owns a 2.4% stake in Ovintiv, argues in a new 18-page presentation that the company is falling behind its peers as a result of its misguided spending, expensive acquisitions, poor governance and inadequate environmental stewardship. Kimmeridge also outlines a strategy to address investor concerns by better aligning executive compensation with performance, selling non-core assets and shifting spending to the Permian Basin, among other measures.
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Born and raised in the Deep South of Georgia, Jason now calls Southern California home. A Fool since 2006, he began contributing to Fool.com in 2012. Trying to invest better? Like learning about companies with great (or really bad) stories? Jason can usually be found there, cutting through the noise and trying to get to the heart of the story.
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Earlier this month, oil giant
ExxonMobil (NYSE:XOM) announced that it was going to take a massive $20 billion writedown. A substantial portion of that writedown is tied to a big investment the company made in natural gas a number of years ago that worked out terribly. At the same time, the company s management has decided to prioritize its capital investments going forward, focusing on oil assets it thinks will deliver the best returns.
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