Energy Roundup: Services Whacked, Nippon to Become 8th Largest, Solar Begs Bailout, and More
Oil services firms hit by low oil and gas prices -- The world's biggest oil fields services company, Schlumberger, has announced that its 2008 earnings would likely fall below original predictions. Those who watch such things have noted that oil field services firms would most likely be the first to feel the downturn's pinch, and this seems to confirm that hypothesis. [Source: Houston Chronicle]
Nexen trying to raise cash to ward off hostile bids -- Oil and gas producer, Nexen, is attempting to sell off assets in order to raise capital and its stock price to fend off hostile take-over bids. Royal Dutch Shell, BP and Total are all considered contenders. Nexen's current market cap is about $11.5 billion. [Source: The Globe and Mail]
Japan's Nippon Oil to become world's 8th largest oil co. -- Nippon Oil, Japan's biggest oil distributor, is merging with its smaller rival, Nippon Mining Holdings, to form the world's 8th largest oil company, with a combined annual revenue of $140 billion. The combined company should be able to better deal with slowing demand and rapid sector changes and help save some $645 million, the companies said. [Source: BusinessWeek]
France not skimping on the nukes -- Between now and 2020, France's Electricité de France is to invest up to $63 billion in new nuclear power plants all over the word. The company said that total investment should be between $50 billion and $63 billion, with projects in France, China, the U.S.A. and possibly the U.K. [Source: World Nuclear News]
Solar begs for a bailout of its own -- Move over, banks and car makers, now the solar industry's looking for a bailout. Members of the Solar Energy Industries Association have urged Congress and President-elect Barack Obama to help "tide over solar" companies until January, when a 30 percent solar investment tax credit passed in the economic stimulus bill will take effect. [Source: Earth2Tech]
SA Solar slapped with class action suit -- Attorneys have filed a class action suit in the Southern District of New York against JA Solar that alleges that the China-based photovoltaic producer violated U.S. federal securities laws. The suit alleges that JA provided misleading financial information by failing to report its $100 million Lehman Brothers note. The company said in a statement that it believes the claims groundless and will "vigorously defend" against the class action. [Source: Energy Current]