Brent crude oil prices plummet nearly five per cent after US inventories surge May 23, 2019 Brent crude prices dropped below $68 per barrel for the first time in almost two months today, putting pressure on FTSE-listed explorers, after US inventories surged to their highest point in nearly two years. The international standard lost more than $3 over the day, a 4.75 per cent drop, trading at $67.77 in the mid afternoon. [...]
Greenpeace activists blockade BP’s London offices in climate change protest May 20, 2019 Environmental protesters have blockaded BP’s central London headquarters this morning as they claim “this is a climate emergency”. Read more: Extinction Rebellion founder wants to upend the UK's financial sector Greenpeace activists have set up five steel containers outside all entrances to BP’s offices in St James's Square, W1. On Twitter, the group said: “Volunteers have [...]
BP: Discipline and efficiency underpin ‘buy’ case May 13, 2019 | City Talk Profits are down in the first quarter, but BP remains on track, writes our head of markets. BP (LSE:BP.) may not have repeated its immense performance from the full-year numbers in February, but nonetheless remains on track to deliver on its strategic promises. The company's prodigious cash flow continues to enable its share buyback programme, [...]
Oil companies need to disclose more information on climate-proofing – think tank May 3, 2019 Investors fly blind when trying to figure out what impact growing climate concerns may have on future production at oil and gas firms, an influential think tank has said. Companies, including those listed in London, are not disclosing “anywhere near enough information” for investors to take informed decisions on their long-term viability, Carbon Tracker said. [...]
BP profits drop but beat expectations as weaker oil prices squeeze margins April 30, 2019 BP saw profits sink in the first quarter of 2019, blaming weaker oil prices and squeezed margins, but the oil giant still managed to beat expectations. Read more: Equinor joins Shell and BP on climate change after investor pressure The figures Underlying replacement cost (RC) profit for the three months to the end of March [...]
Fund managers say oil companies need to go green to remain attractive investments April 29, 2019 Fund managers overwhelmingly say oil companies will not remain attractive investments unless they make their businesses more green. A survey of fund managers responsible for $10 trillion (£7.7 trillion) of assets by the UK Sustainable Investment and Finance Association (UKSIF) found 86 per cent wanted oil companies to align their businesses with the Paris Agreement's [...]
Shell in talks with BP over $250m stake in North Sea oil and gas field Shearwater April 24, 2019 Shell has entered talks to buy BP’s stake in a North Sea oil and gas field, according to reports, as oil majors continue to offload assets in the basin. The deal is valued at around $250m (£193m), sources told Reuters, and will almost double Shell’s share in the Shearwater venture. Read more: North Sea explorers get [...]
North Sea explorers get boost as US clamps down on Iran oil exports April 23, 2019 Toughened sanctions against Iran helped push up oil prices over the weekend, lighting a fire under London-listed exploration companies today. The cost of international standard Brent crude has risen 2.9 per cent over since Friday, hitting $74.68 per barrel – its highest point since October. Read more: FTSE 100 climbs to fresh six-month high as [...]
BP sanctions next stage of $6bn Caspian Sea oil field development April 19, 2019 A joint venture involving BP has sanctioned the next stage of a $6bn oil field development in the Caspian Sea. The development includes a new offshore platform and facilitates designed to process up to 100,000 barrels of oil a day and is expected to achieve first production in 2023, producing up to 300m barrels over [...]
UK dividends jump to first quarter record due to huge one-off payouts April 15, 2019 UK dividends hit record highs in the first three months of the year thanks to huge one-off special payouts from some companies, new analysis has shown. Read more: Ranked: The best-performing assets of 2019 so far Yet underlying growth was weaker than expected from larger and smaller companies alike as a slowing global economy acted [...]