Auchincloss ‘most logical successor’ as analysts review ‘undervalued’ BP stock
Analysts see interim CEO Murray Auchincloss as the logical candidate to steady the BP ship, while the company’s shares remain undervalued in relation to its peers.
RBC Capital Markets
GlobalData lists top ten oil and gas M&A advisors for Q1 2023
A listicle has been published of the top 10 mergers and acquisitions (M&A) financial advisers in the oil and gas sector for Q1 2023.
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.
BP boss Looney praises outgoing Shell CEO for helping to ‘shape the future’ of energy
Energy bosses have been paying tribute to “class act” Ben van Beurden after news broke that he would be stepping down as chief executive of Shell (LON: SHEL).
Cenovus to create Canada oil giant with $2.9bn Husky deal
Cenovus Energy Inc. agreed to buy Husky Energy Inc. in a C$3.8 billion ($2.9 billion) all-stock deal that will combine two of the largest players in Canada’s beleaguered oil-sands industry, which is struggling after the slump in crude prices.
ADNOC sees rebalancing signs
There are “signs that the market has tightened in recent weeks and the OPEC++ agreement … is working to start to rebalance the market,” ADNOC’s CEO Sultan Ahmed al-Jaber said in comments at the company’s ‘Virtual Majlis’.
On the up in Tanzania for Wentworth and Orca
Tanzania has struggled to pay its debts to local gas producers but there are signs this is changing, with Wentworth Resources and Orca Exploration posting strong quarterly results on improved collections and higher gas demand.
Demand overshadows risks
Oil price predictions always end in disaster but complacency in the market poses a number of risks, given global uncertainty.
OPEC political crises threaten to double its million-barrel cut
The deal OPEC struck in 2016 to clear a global glut by halting a significant chunk of oil production took almost a year of bargaining and brinkmanship. By year-end, the group may have lost the same amount of crude unintentionally.
Centrica, Bayerngas link-up paves way for more M&A activity, analyst says
The joint venture created by Centrica E&P’s link-up with Bayerngas Norge could open the door to further M&A activity, an industry analyst has said.
Saudi’s crown prince: What does it mean for oil?
Mohammed bin Salman’s appointment as Saudi Arabia’s crown prince will not derail plans for listing the Kingdom’s oil and gas producer, an analyst has said.