WLTW

Willis Towers Watson Public Limited Company

231.56
USD
-1.19%
231.56
USD
-1.19%
197.63 271.87
52 weeks
52 weeks

Mkt Cap 28.85B

Shares Out 124.61M

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Crude Slips but on Track for Weekly Gains

The energy sector is poised for a mixed to lower start, pressured by weakness in the underlying commodities and despite strength in the major market indices. U.S. stock index futures edged higher ahead of data which will likely offer clues on U.S. consumer spending strength against the backdrop of red-hot inflation, while shares of Gap slumped after the retailer slashed its annual forecast. WTI and Brent crude oil futures are down in early trading but were on track for weekly gains, supported by the prospect of a tight market due to rising gasoline consumption in the United States in summer, and also the possibility of an EU ban on Russian oil. European Union countries are negotiating a deal on Russian oil sanctions that would embargo shipment deliveries but exempt oil delivered by pipeline to win over Hungary and unblock a sixth package of measures against Moscow. An agreement could be reached by ambassadors of EU member states in Brussels on Sunday, on time for their leaders to agree at a May 30-31 summit. Iran summoned the envoy of Switzerland, which represents U.S. interests in Tehran, to protest against the U.S. seizure of Iranian oil from a Russian-operated ship near Greece. The ministry called for the immediate release of the ship and its cargo. The United States on Wednesday imposed sanctions on what it described as a Russian-backed oil smuggling and money laundering network for Iran's Revolutionary Guards' Quds Force. Natural gas futures fell this morning continuing the downside momentum from yesterday afternoon. G-7 countries have reached concrete agreements on phasing out coal power generation and expanding renewable energy production, German Environment Minister Steffi Lemke said. While US natural gas prices this week hit new highs not seen since 2008, Europe's benchmark TTF is lower for a third straight week. TTF this morning was trading at 84.51 Euros per MWh as Europe loads up on LNG while Russian supplies remain stable. BY SECTOR: US INTEGRATEDS Chevron announced that the independent directors of the Chevron Board have selected Dr. Wanda M. Austin as lead independent director, effective May 25, 2022. Dr. Austin succeeds Dr. Ronald D. Sugar in that role, who will remain on the Chevron Board. Austin has served on the Chevron Board since December 2016. Reuters reported that the U.S. Treasury Department is expected to renew as soon as Friday Chevron's license to operate in Venezuela under similarly, restricted terms of its existing authorization. The United Steelworkers union (USW) on Thursday afternoon signed a tentative agreement to end a nine-week-old strike at Chevron's Richmond, California, refinery, the company said. INTERNATIONAL INTEGRATEDS Equinor plans to make a final investment decision on what would be its first offshore wind farm in South Korea as early as 2024, and is now considering a third, larger project in the country, the head of its local unit said. In collaboration with East Coast College's Energy Skills Centre for the pilot programme, Equinor is advancing a novel approach to skills development in the Norfolk region through the transfer of its UK Apprenticeship Levy to continuing preparing the next generation of offshore wind talent. Norway's Hammerfest liquefied natural gas plant has resumed operation as planned and is preparing to restart LNG production, a spokesperson for operator Equinor told Reuters. The Chairman of Petronor, Emiliano López Atxurra, announced the upcoming construction work for the new Bilbao decarbonization hub that will be composed of a synthetic fuels plant and an urban waste processing project. At the event, he was accompanied by the President of the regional Basque Government, Iñigo Urkullu; the CEO of Repsol, Josu Jon Imaz; the Chairman of Kutxabank, Gregorio Villalabeitia; the Deputy General of the province of Bizkaia, Unai Rementeria; and the Minister for Economic Development, Sustainability and Environment of the regional government of the Basque Country, Arantxa Tapia. Josu Jon Imaz, CEO of Repsol said that “the project will allow us to test the technologies that will be used together for the first time in the world here in Bilbao.” CANADIAN INTEGRATEDS No significant news. U.S. E&PS The Board of Directors of Hess declared a regular quarterly dividend of 37.5 cents per share payable on the Common Stock of the Corporation on June 30, 2022 to holders of record at the close of business on June 15, 2022. PDC Energy provided its updated 2022 guidance after closing the Great Western Petroleum acquisition earlier this month along with its updated multi-year outlook. The Company’s 2022 projected free cash flow yield is estimated at 25% based on recent market capitalization. Its expected $1+ billion in total shareholder returns includes increased base quarterly dividend of $0.35 per share, share buyback program and expected year-end special dividend, all of which reflects a shareholder return yield of approximately 15% based on the Company’s recent market capitalization. PDC anticipates 2022 capital investments of $950 to $1,000 million to generate between 235,000 and 250,000 Boe per day and 78,000 to 83,000 Bbls per day, after incorporating the Great Western capital and volumes beginning in May. The Company’s updated guidance has been raised on the high side based on year to date performance and timing of the Great Western closing. The Company expects to produce on average 255,000 to 265,000 Boe per day for May through December 2022. CANADIAN E&PS No significant news. OILFIELD SERVICES TETRA Technologies announced the completion of a previously planned transition of the leadership of its board of directors. As disclosed in the Company's Proxy Statement for the 2022 annual meeting of stockholders, William D. Sullivan retired from TETRA's board of directors and as its chairman at the conclusion of the May 24, 2022 annual meeting. The board unanimously appointed John "Jay" F. Glick to succeed Sullivan as board chair, effective May 24, 2022. DRILLERS Valaris announced the appointment of three new members of the Valaris Executive Management Committee. The following appointments have been made after a rigorous internal and external search process and strongly position the Company for continued success moving forward: Chris Weber will join Valaris as Senior Vice President and Chief Financial Officer. Mr. Weber is expected to start in the third quarter of 2022. Matt Lyne will join Valaris as Senior Vice President and Chief Commercial Officer. Mr. Lyne is expected to start in the third quarter of 2022. Davor Vukadin, the Company’s Associate General Counsel has been promoted to Senior Vice President and General Counsel. Darin Gibbins, who is serving as interim CFO, will continue in his role as Vice President – Investor Relations and Treasurer after Mr. Weber joins the Company. Elizabeth Darby, who served as interim General Counsel, is continuing in her role as Chief Compliance Officer. Christophe Raimbault will continue to serve as Vice President and interim Head of Marketing and remain with the Company after Mr. Lyne joins. REFINERS Raymond James added Valero Energy to its Analyst Current Favorites list. MLPS & PIPELINES Brazilian energy company Eneva SA is close to acquiring local utility Celse, which is based in the northeastern state of Sergipe, newspaper O Globo reported. Celse, formally known as Centrais Eletricas de Sergipe SA, is jointly owned by DC Energia and U.S.-listed New Fortress Energy and operates a gas-powered thermoelectric plant in Sergipe. MARKET COMMENTARY U.S. stock index futures were in the green, following upbeat overnight retail earnings outlooks. European shares were up, as easing bets about aggressive interest rate hikes by central banks lifted sentiment. Japan's Nikkei ended higher, tracking an overnight Wall Street rally. Gold prices gained, and the dollar edged up. Oil prices dipped. Nasdaq Advisory Services Energy Team is part of Nasdaq's Advisory Services – the most experienced team in the industry. The team delivers unmatched shareholder analysis, a comprehensive view of trading and investor activity, and insights into how best to manage investor relations outreach efforts. For questions, please contact Tamar Essner. This communication and the content found by following any link herein are being provided to you by Corporate Solutions, a business of Nasdaq, Inc. and certain of its subsidiaries (collectively, “Nasdaq”), for informational purposes only. Nasdaq makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Sources include Reuters, TR IBES, WSJ, The Financial Times and proprietary Nasdaq research. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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