Mark Greenwood News
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Escalating costs to build liquefied natural gas plants on land in Australia, where energy workers earn the highest salaries in the world, are driving developers out to sea in search of billions of dollars in savings.
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Woodside Petroleum Ltd., Australia’s second-largest oil producer, said first-quarter sales increased 21 percent, boosted by its A$15 billion ($15.5 billion) Pluto liquefied natural gas project.
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AWE Ltd. investors who drove the shares down more than 40 percent this year in Sydney trading have overreacted to the oil and gas explorer’s disappointing drilling campaign off New Zealand, Citigroup Inc. said.
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Senex Energy Ltd., Asia’s worst gas exploration stock in the past year, is rebounding after Chevron Corp.’s investment in an Australian shale competitor stoked optimism that it may be the next target.
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Santos Ltd. is expected to win Australian government approval for an A$18 billion ($17.6 billion) natural gas project in Queensland state with conditions that shouldn’t be “overly onerous,” Citigroup Inc. said.
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The U.S. hog-breeding herd on Dec. 1 rose unexpectedly on speculation that producers locked in costs for feed, avoiding eroding margins.
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Smithfield Foods Inc., owner of the world’s biggest hog slaughterhouse, is looking for deals in smoked ham, bacon and frozen meatballs. That may put Sara Lee Corp. and People’s Food Holdings Ltd. on its shopping list.
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The biggest slump in corn in three years may mean the end of record pork prices as cheaper feed spurs farmers to expand hog herds for the first time since 2007.
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Korea Gas Corp. , the world’s biggest importer of liquefied natural gas, may need more Australian LNG after signing an initial accord to buy supplies from Chevron Corp.’s proposed Wheatstone project, Citigroup Inc. said.
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Hog producers in the U.S. may be preparing an increase in pork supplies that will send prices lower, after three straight years of profit and lower feed costs encourage bigger herds.
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