…the Chinese government is providing cheap capital to companies. The development came after the biggest solar cell producer Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP) went for bankruptcy.
Exxon Mobil Corp. gives $2M to Texas A&M Foundation (Dallas Business Journal)
Exxon Mobil Corporation (NYSE:XOM) and its employees donated more than $2 million to the Texas A&M Foundation this year. Each donor got to choose which college, department or program the money went to at the College Station campus. Irving-based ExxonMobil took each donation and triple matched it so for every dollar donated by an individual, the company would give $3. The match is capped at $7,500 per individual donation. In total, the Exxon Mobil Foundation contributed $2.08 million to the university’s foundation. Ed Davis, president of the Texas A&M foundation, said the three-to-one match makes Exxon Mobil Corporation (NYSE:XOM)’s contribution one of the most generous in corporate America.
BP Beats Chesapeake In Court Fight Over A Land Deal Gone Bad (Forbes)
Last November I took a look at a land dispute between BP plc (ADR) (NYSE:BP) and Chesapeake Energy Corporation (NYSE:CHK) that was set to go to trial. Now the judgement is in. Judge Vicki Miles-LaGrange in the U.S. Court for the Western District of Oklahoma ruled that Chesapeake and its former CEO Aubrey McClendon owes BP $22 million. In a nutshell: BP in 2008 paid Chesapeake $1.75 billion for 90,000 acres in the Arkoma Basin Woodford shale of Oklahoma. Turned out Chesapeake had problems with the titles on about 7% of that land — or about $116 million worth. After adjustments, BP in 2009 asked Chesapeake (in tandem with Chesapeake Investments, a limited partnership owned by former CEO Aubrey McClendon) to fork over $81 million to even up the accounts. Chesapeake Energy Corporation (NYSE:CHK) only paid $59 million, then claimed that BP CFO Tim Harrington agreed to forego payment on the remaining $22 million.
First Solar, Trading Below Book Value, Begins To Shine Again (Seeking Alpha)
A darling of Wall Street during its hyper growth phase last decade, First Solar, Inc. (NASDAQ:FSLR) has produced catalysts under new management that may cause this fallen high-flier to rise again. FSLR has a strong value aspect to it. It sells for about 10X this year’s projected earnings and below tangible book value while maintaining a strong balance sheet. Five years ago, FSLR was a $317 stock with a book value in the mid-teens and sales per share of $15. It now is a $37 stock with a scrubbed book value of $41 and net working capital that comprises almost 40% of its market cap. Sales per share this year are going to be north of $40.
SunPower to Announce First-Quarter Results on May 2, 2013 (Sacramento Bee)
SunPower Corporation (NASDAQ:SPWR) will announce its first-quarter financial results on a conference call Thursday, May 2 at 1:30 p.m. Pacific Time. The call-in number is 517-623-4618, passcode SunPower. The call will be webcast and can be accessed from SunPower’s website at http://investors.sunpowercorp.com/events.cfm.
Chesapeake Energy Corporation Announces the Expiration and Final Results of Its Cash Tender Offers (Business Wire)
Chesapeake Energy Corporation (NYSE:CHK) today announced the expiration and final results of its previously announced cash tender offers (collectively the “Tender Offers” and each a “Tender Offer”) for any and all of its 7.625% Senior Notes due 2013 (the “2013 Notes”) and its 6.875% Senior Notes due 2018 (the “2018 Notes” and, together with the 2013 Notes, the “Notes”). The tender offers expired at 11:59 p.m., New York City time, on April 12, 2013 (the “Expiration Date”). The full terms and conditions of the Tender Offers are set forth in the Offer to Purchase and the related Letter of Transmittal, each dated March 18, 2013.
Former Wyden aide to lobby for ExxonMobil (The Hill)
The former long-time chief of staff for Sen. Ron Wyden (D-Ore.) is now lobbying for Exxon Mobil Corporation (NYSE:XOM) on energy, environment and tax issues, according to documents made public in mid-April. ExxonMobil retained Josh Kardon, who served on Wyden’s staff from 1992 until 2011, through lobby shop Capitol Hill Consulting Group. Kardon is senior vice president with the firm.
