Premier Oil raises guidance on rising oil price and strong production May 16, 2019 Premier Oil rallied today as it upgraded its production guidance and paid down debt, causing one analyst to call its shares “massively mispriced.” Production so far this year has reached just over 85,000 barrels of oil equivalent per day, a 14 per cent rise year-on-year, and considerably higher than 2019 guidance at 75,000. Read more: [...]
Oil surplus set to crash into deficit, energy agency warns as US sanctions take countries offline May 15, 2019 Opec suppliers could have to step in to meet a “highly likely” deficit in global oil markets, the International Energy Agency (IEA) has warned months after the oil producing cartel slashed production. The deficit could reach around 700,000 barrels of oil per day, the IEA said, the same size as the surplus in the first [...]
Oil prices jump as Houthis launch drone attack on Saudi oil pumps May 14, 2019 Oil prices shot up today after Houthi fighters attacked two pumping stations near Riyadh with drones, the second sabotage against Saudi oil production in days. Explosive-laden drones hit the sites earlier today, Saudi energy minister Khalid al-Falih said this morning. Read more: Attack on Saudi tankers pushes up oil prices Despite assurances that the attacks [...]
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, [...]
UK business confidence lowest since 2012 as output drops for first time in 2019, says BDO May 13, 2019 Business optimism in the UK fell to its lowest rate since 2012 in April, according to a report released today, in a sign that the Brexit extension has done little to cheer up the country’s gloomy businesses. Read more: UK economy bounces back, but is growth just a ‘flash in the pan’? UK business output [...]
Fuel and currency costs hit profit at British Airways owner IAG May 10, 2019 Profits shrank at British Airways’ owner in the first three months of the year as fuel costs and other headwinds hit the airline, it revealed today. But shares rose as International Airlines Group (IAG) said full-year profits would replicate 2018’s success, when income rose almost 10 per cent to €3.2bn (£2.76bn). Read more: British Airways [...]
Emirates profit sinks to a 10-year low as jet fuel bill takes off May 9, 2019 Gulf carrier Emirates has reported its lowest profit in 10 years, blaming a stronger US dollar and sky-high fuel costs. The full-service airline said its net profit fell 69 per cent fell to 871m dirhams (£182m) in the year to 31 March. Read more: Thomas Cook shares leap following Lufthansa bid for airline business The number [...]
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 [...]
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 [...]
FTSE 100 climbs to fresh six-month high as oil giants surge on tighter US sanctions on Iran April 23, 2019 The FTSE 100 climbed to a new six-month high for the year this morning as oil giants saw shares rise as oil prices rocketed. The blue chip index rose 0.4 per cent in early trading to 7,490 points – its highest since 3 October. Read more: Oil prices reach fresh 2019 high as US tightens sanctions [...]