Ithaca Energy posts huge $2bn profits in first results since IPO
North Sea producer Ithaca Energy (LON: ITH) has posted pre-tax profits of more than $2bn in its first set of results since its London debut.
Markets
Shell launches sale of stakes in a group of UK North Sea oilfields
Shell (LON: SHEL) has launched the sale of its stakes in a group of oilfields in the UK North Sea, according to marketing materials.
CNOOC seeks $2bn sale of US assets – report
China’s CNOOC is reportedly seeking a $2 billion sale of its assets in the US as sanction concerns ramp up.
Windfall Tax: Ithaca to benefit, EnQuest and Neptune to feel the pinch
Ithaca Energy (LON: ITH) will benefit from recent changes to the windfall tax, but rivals Neptune Energy and EnQuest (LON: ENQ) will be harder hit, according to new research.
North Sea independents see shares drop on windfall tax announcement
Several independent North Sea producers saw their share prices drop after the chancellor’s windfall tax announcement - lending credence to claims they are harder hit than oil majors by the policy.
Prolific North Sea buyer Waldorf Production seeks $2bn for more deals
Waldorf Production, a prolific buyer of oil and gas exploration assets in the North Sea, is seeking to raise as much as $2 billion to help bankroll more deals, people with knowledge of the matter said.
Ithaca Energy hopes IPO will be North Sea investment ‘turning point’
A top boss at Ithaca Energy (LON: ITH) hopes the company's initial public offering (IPO) in London will mark a “turning point” for investment in the North Sea.
Ithaca going public: Who else in the North Sea has launched stocks?
As Ithaca Energy looks to make an Initial Public Offering (IPO) in London, we take a look at some of the other North Sea operators that have launched stocks recently.
UK to ban services allowing shipments of oil from Russia
The UK is pressing ahead with legislation to prevent its services being used to allow shipments of oil from Russia internationally.
Scotland’s Flotation Energy taken over by Japanese utility giant TEPCO
Edinburgh-headquartered Flotation Energy has been acquired by Japanese utilities giant Tokyo Electric Power Company (TEPCO).
Ithaca Energy eyes valuation of up to £3.1 billion
Ithaca Energy, one of the North Sea's largest producers, could command a market valuation of up to £3.1 billion when it trades publicly next week.
CNOOC comments on potential sale of North Sea assets
One of the top bosses at China’s CNOOC has refused to rule out a sale of its North Sea assets amid mounting speculation on its UK portfolio.
Kwasi Kwarteng sacked as Chancellor after just six weeks
Chancellor Kwasi Kwarteng has been sacked after just six weeks in the role.
Arabian Drilling draws $43 billion in orders for Riyadh IPO
Arabian Drilling Co., a Saudi oilfield-services firm partly held by Schlumberger NV, drew $43 billion in orders for its initial public offering, underscoring the strong investor appetite for Middle Eastern share sales.
Oil price may sink to low $60s if deep recession hits, RBC forecasts
In a deep-recession scenario, the price of Brent crude oil may sink into the low $60s/bbl by mid-2023, according to RBC Capital Markets, outlining a trio of outlooks while noting that forecasting is challenging at present.
ESG driving M&A activity
AAB Corporate Finance is delighted to share with you our Deals Update for Q2 2022 in conjunction with Energy Voice, highlighting selected energy merger and acquisition (M&A) and fundraising transactions across the UK.
Equinor deploys huge profits to mount $6 billion share buyback scheme
Equinor (OSE, NYSE: EQNR) the majority state-owned Norwegian oil firm, has unveiled a whopping set of profits and upped its share buyback plan to $6 billion for 2022.
Serica Energy rejects updated £1.15bn bid from North Sea rival Kistos
Serica Energy (LON: SQZ) has knocked back a new cash and share-for-share bid from rival Kistos (LON: KIST) worth £1.15 billion, which may replace Mitch Flegg as CEO.
Baker Hughes sees ‘unusual circumstances’ for oil market through 2023
Baker Hughes (NASDAQ: BKR) expects an “unusual set of circumstances and challenges” for the oil market through 2023.
Johnson Matthey closing in on £60m UK hydrogen factory
FTSE 100 engineering firm Johnson Matthey (LON: JMAT) is nearing a deal to build a £60m hydrogen fuel cell factory in the UK, according to the Telegraph.
Oil set to end volatile week below $100 on slowdown concerns
Oil is poised to end the week below $100 a barrel for the first time since early April after another volatile period of trading marked by escalating concerns over an economic slowdown.
Neptune Energy wins ‘gold medal’ in ESG rankings
Neptune Energy has been named in the top 5% of 95,000 companies globally for its ESG performance.
Who is Andrew Austin? North Sea dealmaker targeting Serica Energy
Andrew Austin has a track record of dealmaking in the North Sea and has now set his sights on independent Serica Energy (LON: SQZ).
Serica Energy denounces ‘unattractive’ bid from Kistos
Serica Energy (LON: SQZ) has issued a lengthy statement denouncing the bid from smaller rival Kistos (LON: KIST) as “significantly undervaluing” the company.
Taqa sticks, Serica twists: What’s the landscape for North Sea M&A deals?
With Serica Energy looking outside of the UK North Sea for M&A deals and Taqa deciding to hold onto its UK assets, what are the implications for the market?