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Share Name | Share Symbol | Market | Type |
---|---|---|---|
JP Morgan Chase and Co | NYSE:JPM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.86 | -0.45% | 190.80 | 192.529 | 188.46 | 192.00 | 8,922,779 | 01:00:00 |
By Ben Dummett
JPMorgan & Chase Co. has poached a senior energy investment banker from rival Bank of America Merrill Lynch to oversee oil and gas producers in Europe, the Middle East and Africa, as strengthening crude prices signal the prospect of greater deal activity in the sector.
Based in London, Paul Wheeler will focus on the major oil firms, such as Royal Dutch Shell PLC, as well as the region's independent upstream energy companies. He is set to take up his new role this spring following his so-called gardening leave, according to an internal memo announcing his appointment. At BAML, Mr. Wheeler was most recently co-head of EMEA energy investment banking.
The hiring of Mr. Wheeler comes as big oil regains confidence in its prospects on the back of improving energy prices and growing profits. In February, Shell reported a more than tripling of its profit for 2017 from the prior year, while France's Total SA recorded a 39% jump in full-year earnings from the year-before period.
That renewed confidence has materialized in part through deal making in areas such as North Sea oil. In decline for more than a decade, the region has recently attracted billions of dollars in investment including Total's $5 billion purchase last year of A.P. Moeller-Maersk's North Sea-focused oil-and-gas business.
Mr. Wheeler has played a role in that resurgence. At BAML, he worked on Shell's sale of a chunk of its North Sea assets last year to Chrysaor Holdings Ltd., an oil company backed by private-equity firm EIG Global Energy Partners, for up to $3.8 billion.
Among other deals last year, Mr. Wheeler also worked on Shell's $1.1 billion sale of its Corrib gas field in Ireland to Canadian Pension Plan Investment Board, Canada's biggest pension fund.
Write to Ben Dummett at ben.dummett@wsj.com
(END) Dow Jones Newswires
March 09, 2018 09:35 ET (14:35 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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