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Oil driller Ovintiv faces proxy battle threat from Kimmeridge Scott Deveau, Bloomberg FacebookTwitterEmail 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. ....
Oil has best week in 4 months Andres Guerra Luz, Bloomberg FacebookTwitterEmail Offshore drilling rigs Ocean Vanguard, operated by Diamond Offshore Drilling Inc., left, J. W. McLean, operated by Transocean Ltd., center, and Prospector 1, operated by Prospector Offshore Drilling SA, right, stand anchored in the Cromarty Firth in Cromarty, U.K., on Tuesday, Aug. 5, 2014.Simon Dawson/Bloomberg Oil posted the biggest weekly gain since late September as Saudi Arabia’s plan to slice output spurred a surge in physical crude buying. Futures in New York advanced $3.72 this week and Brent oil topped $55 a barrel for the first time since February. Saudi Arabia’s pledge earlier this week to cut production by 1 million barrels a day in February and March has made for a tighter supply outlook sooner than anticipated. Meanwhile, prospects for additional stimulus under a Biden administration spurred broader market gains. ....