Woodside eyes better-priced M&A as energy giants sell
Woodside Petroleum, Australia’s second-biggest oil and gas company, sees increasing opportunities to hunt down acquisitions as the world’s major energy producers focus on selling assets.
Markets
Vestas upgrades margin forecast on third quarterly profit
Vestas Wind Systems upgraded its margin forecast and reported a third consecutive quarterly profit, reinforcing a turnaround at the world’s largest wind turbine maker.
Oil Search celebrates LNG project on half year results
Papua New Guinea (PNG)’s largest explorer Oil Search has seen its profits grow by 34% in the first half of the year thanks to its “transformational” liquefied natural gas (LNG) project.
Robust North Sea operations boost Wood Group results
Robust North Sea operations and a booming US shale market were credited for Wood Group’s revenue uplift.
Maersk raises profit forecast as container volumes grow
Danish group Maersk has raised its full-year profit forecast due to higher freight volumes and lower costs.
Norwegians acquire Derrick Offshore
Aberdeen-based Derrick Offshore is being acquired by Pareto JGO Shipbrokers.
Brent oil tumbles to 13-month low on Europe economy
Brent oil slumped to a 13-month low and West Texas Intermediate settled at the lowest level since February as the euro bloc’s economic recovery stalled amid signs of ample global supply.
Taqa’s North Sea assets contribute to rebound year
Taqa confirmed record oil and gas production levels as it announced a return to profit today.
Libya disruptions hit OMV’s profits
OMV AG, an Austrian oil and gas explorer and refiner, reported a 37% decline in second- quarter profit because of production disruptions in Libya.
Weakest oil demand growth since 2012
Global oil demand growth eased to its weakest since 2012 last quarter, calming world markets amid threats to supplies in the Middle East and North Africa, according to the International Energy Agency.
Brent trades near nine month low after US Iraq strike
Brent crude traded near its lowest level in nine months amid speculation that US air strikes in Iraq diminished the threat to oil supplies posed by insurgents. West Texas Intermediate was little changed.
Houston billionaire consolidates his pipeline empire
Houston billionaire Richard Kinder is consolidating his pipeline empire to strengthen it for growth as the US shale drilling boom opens up $1.5trillion in potential purchases and expansion projects.
Amec posts lower profit on currency fluctuations
Amec's first-half profit fell 4.4% following currency fluctuations and a slowdown in the US business.
BW Offshore secures Catcher credit facility
Floating production ship contractor BW Offshore has completed facility documentation for a new $800million credit facility for the firm's share in the Catcher development.
AGR fuels Max’s development plans with $62.5million investment
Kazakhstan-focused explorer Max Petroleum has raised net cash of around $62.5million by selling 51% of its share capital to AGR Energy.
Fosun to buy Roc Oil for $441million
Billionaire Guo Guangchang’s Fosun International agreed to acquire Roc Oil for $441million in cash, giving the Chinese group assets stretching from Australia to Malaysia.
Higher Brent price drives Chevron profit
Chevron, the world’s third-largest oil producer by market value, said second-quarter profit rose after it sold assets and crude prices climbed.
Areva shares plunge after forecast rethink
Areva fell the most in 22 years after reducing its 2014 forecasts and announcing a new cost-cut target as the French maker of nuclear reactors and fuel posted a first-half loss on weakening demand.
Savannah raises $50million with market debut
West Africa-focused Savannah Petroleum has today begun trading on the junior London Stock Exchange under the ticker AIM:SAVP.
Norway oil fund buys $570million Paris complex from Blackrock
Norges Bank Investment Management bought an office and retail complex opposite Paris’s Le Madeleine church for $570million from a fund managed by Blackrock.
Woodside shares buyback falls through
Woodside Petroleum shareholders have blocked the firm's planned $2.7billion buyback of stock from Shell.
Boom times for Weir Group’s shale business in the US
A big jump in profits and revenue in its oil and gas division failed to prevent an overall weaker first half performance at Scottish engineer Weir Group.
Are conditions ripe for a merger of BP and Shell?
Falling fortunes at BP and Shell could force the two oil and gas giants into a “mega-merger” within a couple of years, some City analysts believe.
Subsea 7 plans further share buyback as profits rise
Engineering giant Subsea 7 has reported better than expected second-quarter results as the firm is looking to buy back more of its own shares.
Shell beats estimates amid $1.9billion US writedown
Royal Dutch Shell, Europe’s biggest oil company, beat analyst second-quarter earnings estimates while pushing ahead with a restructuring program that saw it write off about $1.9billion in US gas assets.