US oil and gas M&A falls to 12-year low as oil prices fall June 11, 2015 Mergers and acquisitions in the US oil and gas sector were at their lowest since 2003 in the first half of this year, new data has suggested. A survey by Dealogic showed M&A volume fell to $29.5bn (£19bn) over 202 deals in the six months to the end of June, down 50 per cent from [...]
North Sea firms forced to slash projects in face of low oil price June 10, 2015 Over two-thirds of North Sea oil firms have been forced to scrap projects due to plummeting oil prices over the past year, a new report reveals today. Although the price of benchmark Brent crude has rallied in the last few days, trading yesterday at around $66 a barrel, it has yet to approach the level [...]
Afren share price falls as it puts off another interest payment to bondholders June 10, 2015 Afren, the troubled oil producer whose share price plummeted 98 per cent last year, admitted this morning that it will use another 30-day grace period to put off an $11.9m (£7.7m) interest payment due yesterday. The Aim-listed company added that it was unlikely to make the payment, due on its 2020 bonds, at the end [...]
Oil prices jump again as US forecasts fall in shale oil production June 9, 2015 The price of Brent crude rose more than 3.6 per cent to close to $65 per barrel this afternoon, after a forecast from the US Energy Information Authority suggested supply from the US' shale gas sector is likely to dip over summer. Meanwhile, West Texas Intermediate rose three per cent to $59.90, suggesting US oil [...]
Oil prices fall as Opec keeps production levels on hold June 5, 2015 Oil prices fell after Organisation of Petroleum Exporting Countries' (Opec) held production at 30m barrels per day at its meeting in Vienna today. Brent crude, the global benchmark, jumped 80 cents to $62.83 a barrel before paring gains slightly. U.S. crude rose 30 cents to $58.30 a barrel. Comments from ministers made at the so-called press [...]
Wincanton hit by oil price and retailers’ plans June 4, 2015 LOGISTICS firm Wincanton blamed lower fuel prices and retailers’ restructuring plans for its poor revenue performance in the year to 31 March. Group revenues were up by just 0.9 per cent to £1.1bn, and the company said: “A strong performance on new business wins and renewals was partly offset by the impact of certain site [...]
Opec expected to keep output high as Russian fears heighten June 3, 2015 BRENT crude oil fell slightly yesterday as the Organisation of Petroleum Exporting Countries (Opec) looked set to maintain production at current levels, with commentators citing concerns around Russia as a major reason behind the decision. The benchmark price had rallied on Tuesday, helped by comments from Ali al-Naimi, Saudi Arabia’s petroleum minister, which pointed to [...]
Everything you need to know ahead of the Opec meeting on Friday June 2, 2015 All eyes will be on the organization of petroleum exporting countries (Opec) when it meets in Vienna on Friday to decide whether to increase, decrease or hold its output target from its current level. Why is it interesting? A glut in the global supply of oil pushes prices as low as $45 per barrel in mid-January, [...]
Energy stocks drag FTSE as oil price stays low – London Report June 1, 2015 OIL AND gas led the FTSE down yesterday, while disappointing domestic economic data pointed to a weak manufacturing outlook. Energy stocks shaved more than 10 points off the blue-chip FTSE 100 index, with crude oil prices weak on expectations that the Organisation of Petroleum Exporting Countries’ (Opec) production would remain high, pointing to the potential for [...]
Majors’ capex cuts good for Opec May 19, 2015 THE DECISIONS recently made by many oil majors to slash spending on new projects could be good for the oil price, according to analysts. According to research from Rystad Energy, there has been a $100bn (£65bn) drop in oil and gas capital expenditure since the oil price began to fall from around $115 a barrel [...]