Double boost for Premier Oil shares
Premier Oil saw tens of millions of pounds piled onto its market value yesterday.
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Petroceltic to suspend shares amid uncertainty
Petroceltic today confirmed it would suspend its shares from trading on AIM, London’s junior stock exchange, effective immediately amid financial uncertainty.
Rosneft boss calls for output cut by major oil producing countries
The head of Russian state-run oil company Rosneft on Wednesday floated the idea of a coordinated output cut by major oil-producing countries to prop up sagging prices but fell short of saying whether Moscow would contribute to such a plan. Rosneft Chief Executive Igor Sechin, in a speech at the IP Week conference in London, attributed oversupply in the market to overproduction by members of the Organization of the Petroleum Exporting Countries.
Suncor acquires 72.9% of Canadian Oil Sands shares
Suncor said it has acquired 72.9% of Canadian Oil Sands shares.
Premier shares soar on resumption of trading
Premier Oil's shares more than doubled in value after trading resumed this morning following a suspension caused by the acquisition of E.ON's North Sea assets.
Petroceltic in possible takeover bid from Worldview
Petroceltic could be bought over by Worldview Capital, after recently putting itself up for sale. The move comes after Worldview released a statement in which it said it was in the process of "evaluating and preparing for a possible all cash offer" for the shares in Petroceltic.
Premier Oil’s shares suspended for second day
Premier Oil’s shares today entered day two of being suspended on the London Stock Exchange.
Updated: Premier Oil’s shares suspended
Premier Oil this morning confirmed its shares had been suspended from the London Stock Exchange ahead of a potential takeover.
Shares in BP boosted by third quarter results
Shares in the oil giant edged up 1.7% in early trading on the back of the better-than-expected results. Hargreaves Lansdown equities head Richard Hunter said, although the firm clearly faced many challenges, the long-term outlook remained positive. “There are some signs that BP is successfully negotiating spinning the many plates required in the current environment,” he said.
TGS shares up on better than expected results
Share in TGS have been boosted by better than expected third quarter results. The seismic company has had to reduce costs as oil and gas companies have stripped back spending on exploration in a bid to deal with lower prices.
Banks have our back, says Tullow Oil
Shares in Tullow Oil closed 9.6% higher last night after the London-listed firm said that its credit facilities remain unchanged following an asset assessment. The company said that it demonstrates the continued support of its lending banks during this period of low oil prices.
FTSE 100 heads for worst session in four years
London’s FTSE dipped below the 6,000-mark, down 260.2 points at 5927.4, adding to the gloom seen last Friday when it fell nearly 3%.
ENOC clears final hurdle for Dragon Oil
A takeover bid by the Emirates National Oil Company (ENOC) for Dragon Oil has almost been completed. The company said its shares will be delisted from both the Dublin and London traded exchanges next month.
Energy company SSE loses 90,000 customers in three months as shares fall
Energy giant SSE lost 90,000 customer accounts in the last three months but gave no indication that it would follow rival British Gas in cutting prices. Shares fell 4% as the group also said that annual profits from its energy supply arm were likely to fall. The trading update comes weeks after a probe by the Competition and Markets Authority (CMA) found suppliers have been overcharging customers by around £1.2 billion a year - and said that it was considering proposals that could see bills slashed.
Halliburton facing antitrust hurdles over Baker Hughes
Halliburton Co.’s takeover of Baker Hughes Inc. is facing resistance from US enforcement officials who are concerned the tie-up could hurt competition, according to a person familiar with the matter. Justice Department lawyers reviewing the proposed $34.6 billion transaction are worried about consolidation in the industry from combining the No. 2 and No. 3 firms, said the person, who asked not to be identified because the review is confidential. Though Halliburton has proposed selling some assets to other companies, government officials aren’t convinced its plan would restore sufficient competition, the person said.
Afren suspends shares amidst financial uncertainty
Afren has suspended its shares amidst continued uncertainty over its financial position. The company said its shares were suspended by the Financial Conduct Authority at its request. It comes after an ongoing business review showed near-term production was set to be “materially lower” than previous estimates given alongside its proposed restructuring in March.
Nostrum eyes Tethys Petroleum in further shares battle
Nostrum Oil & Gas has made a further approach to the board of Tethys in a takeover offer for the company’s entire share capital. The move comes after Tethys made a recent announcement regarding a strategic collaboration with and financing by AGR Energy. Nostrum said it was prepared to provide interim funding to Tethys in connection with the potential offer.
Kea Petroleum suspends shares
New Zealand-focused Kea Petroleum has suspended its shares after a fundraising exercise failed. The company, which has operations in the Taranaki basin, said it had requested the suspension after failing to secure £3m of funding to develop its Shannon prospect.
Rose Petroleum strikes lucky with Mancos shale
Rose Petroleum has struck lucky with its State 1-34 well, in the Mancos shale. An analysis of the venture yielded positive findings which ‘correlate strongly or exceed’ the parameters of the large independent resource estimates.
Petrofac market value drops as Shetland operations costs rise
A fresh profits warning on the troubled Laggan-Tormore gas terminal development hit the share price of service giant Petrofac yesterday. Almost £350million was wiped off Petrofac’s market value as shares slid 10% to 912.5p. The firm admitted it would lose a further £130million on the Total-operated project, in addition to the £154million in losses it took on the scheme in 2014. This on a project value of £800million. Ayman Asfari, Petrofac’s Chief Executive listed a number of difficulties facing the development of the loss-making gas terminal that included industrial action and the high cost of doing business in the North Sea.
Oil price rises lead FTSE lower
The FTSE 100 Index fell today as a military flare-up in the Middle East triggered a sharp rise the price of oil. London’s top-flight was 40.6 points lower at 6950.4, after air strikes by Saudi Arabia on rebel targets in Yemen. The price of Brent crude rose 5% to just under 60 US dollars. The increase saw heavyweight stock BP add 3.2p to 451.5p, though Royal Dutch Shell was flat at 2200.5p. Meanwhile, exploration firm BG Group rose 13.3p to 909p.
Sinopec profit falls to lowest since Lehman collapse in 2008
China Petroleum & Chemical Corp. shares slumped the most in over three months after Asia’s biggest refiner posted its lowest annual profit since the 2008 collapse of Lehman Brothers Inc. sparked the global financial crisis. Net income in 2014 for the company known as Sinopec dropped to 46.5 billion yuan ($7.5 billion), or 0.397 yuan a share, from 66.1 billion yuan, or 0.53 yuan, a year earlier, according to a statement to the Shanghai stock exchange. That compares with a mean of 53.5 billion yuan from 23 analyst estimates compiled by Bloomberg. Sales were 2.83 trillion yuan, down 1.9%.
Lukoil profits fall by 39%
Lukoil said profit fell 39% last year as crude prices slumped and Russia’s second-largest oil producer reported asset impairments from Kazakhstan to West Africa. Net income dropped to $4.75 billion from $7.83 billion in 2013, the Moscow-based company said in an e-mailed statement on Tuesday. Impairments of $2.34 billion were partly countered by a $1.89 billion hedging gain from oil trading. The results come after OAO Gazprom Neft posted a 31% decline in profit on Monday as oil prices plunged and a weaker ruble led to foreign-exchange losses, while OAO Novatek last week said earnings dropped 66 percent. Lukoil has cut total spending, while maintaining development deadlines for Caspian and Siberian projects.
Dividend hits Centrica shares
Centrica shares have taken a battering after the British Gas owner reported a slide in annual profits and slashed its dividend to shareholders. The decline in its share price came during a poor session for the wider market, with the FTSE 100 Index 22.1 points lower at 6875.2 amid uncertainty over a last-minute deal between Greece and its European creditors.
Noreco agrees transfer ownership of Norwegian asset
Norwegian Energy Company ASA (Noreco) has agreed to transfer its 30% ownership in PL484 to North Energy ASA (North). The transfer of the asset in the Norwegian sea is subject to government approval. A spokesman for the company said an agreement had been created under the condition for Noreco to re-enter the licence with a reduced share of the equity in the future.