Fortum to split off oil business in dividend distribution, IPO

Article Abstract:

Finnish electric utility Fortum Oyj, the second-largest power company in the Nordic region, is divesting its controlling interest in Fortum Oil. Pending approval from its board, Fortum will distribute 85% of Fortum Oil shares to its shareholders and will offer the remaining 15% of Fortum Oil shares to investors through an intitial public offering.

Finland, Parent-to-subsidiary activities, Subsidiary-to-parent activities, Fortum, Subsidiaries, divisions and units, Fortum Oil and Gas Oy

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Eni reports 13% profit drop, hurt by Venezuelan takeover

Article Abstract:

First-quarter net profit for Italian energy company Eni S.p.A. fell by 13% to hit $3.49 bil, due primarily to lower oil prices, a weaker American dollar, and the nationalization of oilfields in Venezuela, affecting Eni's Dacion field. Eni recently purchased rights in the Gulf of Mexico from Dominion Resources Inc. for $4.8 bil.

Sales, profits & dividends, Venezuela, Gulf of Mexico, United States, Company sales and earnings, Company earnings/profit, Dominion Resources Inc., D, Financial report

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Eni ends quest to buy Burren, whose stock falls

Article Abstract:

Italian oil and gas firm Eni S.p.A. has withdrawn its offer for UK company Burren Energy PLC after Burren officials asked for more than 1,200 pence per share. The withdrawal of the deal, valued at 1.5 bil to 1.69 bil pounds sterling, caused Burren's shares to drop 15%.

United Kingdom, Burren Energy

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