Based on analysts’ target prices, Repsol is expected to underperform the 18-member Bloomberg Intelligence Global Integrated Oil Index. That’s despite it being only one of five companies where profits are predicted to rise next year.
Today’s efficiency gains, especially those driven by 20 to 30 percent discounts off the cost of oil field tools and services, could be short lived if drilling rigs ride high again after the end of the downturn, which will come sooner or later.
The move comes after Willbros last week agreed to annual elections for everyone on its board of directors instead of the current system of staggered, three-year terms. Investor groups contended that more accountability is needed to move past allegations of mismanagement and entrenched cronyism.
Furmanite set its annual meeting for June 30 in Houston after resolving an invective-filled proxy battle in May that ended with major concessions made to activist investors. The meeting was originally delayed from April, when investors complained it was being held in Delaware to avoid a confrontation. Then, it was delayed again from May 7 when a settlement agreement was reached.
The Laborers’ International Union of North America, or LIUNA, that led the push said that about 60 percent of voting shares approved the non-binding proposal to eliminate Willbros’ current system of staggered three-year terms for its board of directors. Investor groups contended that more accountability was needed to move past allegations of mismanagement and entrenched cronyism.
The Houston-based energy engineering and construction company opposes the proposal to eliminate its current system of staggered three-year terms for its board of directors. But some investor groups contend wholesale changes are needed in an environment of mismanagement and entrenched cronyism.
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