Norwegian $1 trillion wealth fund to drop oil and gas investments March 8, 2019 Norway’s sovereign wealth fund will drop oil and gas exploration companies from its benchmark index, the country’s finance minister announced today. The move aims to reduce risk to the $1 trillion fund, which is the largest in the world, from a “permanent oil price decline”. Read more: Norwegian wealth fund buys up old Amazon HQ [...]
Blockchain oil firm taps former JP Morgan director as new chief February 13, 2019 A firm that wants to reinvent commodities trading by using blockchain technology has hired a former energy trader from JP Morgan and Mercuria as its next chief executive. Vakt, which aims to eliminate paper-based trading and secure audit processes by putting it on the blockchain, has been backed by major oil firms such as Shell, Chevron [...]
BP shares rise as oil giant more than doubles profit in bumper 2018 February 5, 2019 Oil major BP’s profit more than doubled in 2018, its fourth-quarter financial results showed today, sending shares up five per cent to 545.7p in early trading. The figures BP grew profit to $9.383bn (£7.19bn) in profit attributable to shareholders for the full year, up from $3.389bn in 2017. Return on average capital was 11.2 per [...]
BP supports shareholder effort for more transparency on climate change February 1, 2019 Energy giant BP will get behind a shareholder effort which would require it to work towards the goals of the Paris climate change agreement. The oil major will describe how its strategy is consistent with the climate change targets, set out in 2015, it said. Read more: Oil giant Shell reveals plans to link executives’ pay [...]
UK dividends hit record-breaking high in 2018 January 21, 2019 UK dividend payments rose to a record £99.8bn last year driven by rising profits and better than expected special dividends. British American Tobacco accounted for almost one fifth of the increase in UK dividends as it paid out an additional £900m over the course of 2018, entering the UK top five for the first time, according [...]
Employers to boost graduate jobs by record nine per cent in 2019 despite Brexit concerns January 21, 2019 The UK’s top employers are set to boost graduate jobs by a record nine per cent this year despite growing uncertainty over Brexit. The country’s leading 100 graduate employers have indicated a surge in recruitment could be on the horizon in 2019, according to a report conducted by research firm High Fliers. It comes after [...]
Chevron and Total join new Blockchain venture for oil trading January 16, 2019 Chevron, Total and Indian refiner Reliance Industries have joined their rivals in a new venture to bring blockchain into energy trading. The oil majors will become users of Vakt, a London-based platform for trading Brent crude oil using the technology behind bitcoin. Read more: Blockchain is changing finance forever – it will do the same to [...]
BP to offload US oil assets in effort to fund BHP acquisition December 19, 2018 BP is planning to raise over $3bn (£2.4bn) by offloading assets in the US as it looks to pay for a deal to buy oil fields from BHP. The sales will help the company fund its $10.5bn acquisition of onshore assets in Texas and Louisiana from BHP, sources told Reuters. BP has in the past said [...]
FTSE round up: Index drops on oil and mining share sell-off following fears of oversupply November 23, 2018 The FTSE 100 closed 0.14 per cent down this week after falling to 6,950.82, driven by a sell off in oil and mining shares. The biggest faller was silver and gold miner Fresnillo which saw a 6.98 per cent decrease to 746.4p as the company continued to feel the effects of being downgraded by Morgan Stanley [...]
BP prepares to pump millions into South Africa amid new regulations on cleaner diesel November 22, 2018 BP will pour $1bn (£776m) into South Africa over the next five years as it tries to meet new rules on cleaner diesel, the company said earlier today. The money will include around $250m to refit the country’s largest refinery, Sapref, in Durban on the country's eastern coast. The oil business will pump between 3.5bn and [...]