European Commission raises Eurozone growth forecast to 1.3 per cent on crumbling oil prices and weak euro February 5, 2015 The European Commission nudged up its official growth forecast for the single currency bloc today, citing crumbling oil prices, a weaker euro and the European Central Bank's (ECB) generous stimulus package unveiled earlier this year. The Eurozone will grow at a rate of 1.3 per cent this year and 1.9 per cent in 2016, the [...]
Afren share price falls 16 per cent after S&P downgrade on possible default February 5, 2015 Embattled oil producer Afren's share price closed down 13 per cent today, after major credit ratings agency Standard & Poor's (S&P) warned of a possible default. Afren's share price had fallen as much as 15.8 per cent to 9.35 per pence share in mid-morning trade. However, it was still above this year's low of 4.2 pence [...]
Cairn Energy and Genel sheltered from oil prices due to cash balances February 4, 2015 London-listed Cairn Energy and Genel Energy are among the oil firms which are least exposed to oil price changes, due to a mixture of their gas price exposure and large cash balances. According to research from Morgan Stanley, if the brent crude oil price moves up or down by $10 per barrel in the long [...]
Rocky market could prompt oil mega-mergers as price fall forces drastic decisions February 3, 2015 After six months of falling oil prices, analysts have pointed to a possible mega-merger between the majors. Chances of a shock deal have been heightened by firms slashing their spending in the face of oil prices that are expected to remain low for at least the next six months and possibly the next three years. [...]
BG Group share price falls 1 per cent after £6bn impairment charge on falling oil prices February 3, 2015 BG Group has written-down the value of its business due to crumbling commodity prices – nonetheless the group believes it is well-placed to weather the oil price rout. The figures The oil and natural gas company was hit by an £5.9bn pre-tax impairment charge mainly due to the fall in global commodity prices. "The substantial [...]
BP share price rises, despite profit slumping as oil price slide takes its toll February 3, 2015 BP's share price opened up this morning after the oil and gas giant reported better than expected results for the year. The numbers The oil price fall has been taking its toll. Underlying profits in the final three months of 2014 were down 20 per cent on a year earlier at $2.2bn (£1.5bn). Including [...]
Plunging oil price halts Red Sea deepwater exploration February 1, 2015 The UK’s North Sea oilfields are not the only area where companies are facing a squeeze following the plunging price of crude. Oil giant Saudi Aramco said last night that it has put on hold its activities in the Red Sea. The state-owned company is understood to have halted its oil and gas exploration and [...]
Shell share price falls as it sets out plan to fight falling oil prices as earnings rise 94pc January 29, 2015 The figures Shell's shares fell 3.8 per cent in early trading, despite the fact it announced fourth-quarter earnings had soared to $4.2bn (£2.8bn), 93 per cent up from $2.2bn (£1.5bn) for the same quarter a year ago. Full-year earnings also recorded a healthy 14 per cent jump to $19.04bn (£12.6bn), up from $16bn (£10.6bn) a year [...]
Afren share price closed down 71 per cent on funding crisis after oil drop January 27, 2015 Afren's share price closed down 71 per cent at just over 5p today, an all-time low, after the company said a funding crisis may force it to restructure its debt. The FTSE 250 oil company revealed it was in talks with a committee of its largest bondholders regarding the company's financial position and funding needs. [...]
Opec’s Abdalla El-Badri warns oil prices could hit $200 amid lack of investment January 27, 2015 The secretary-general of the Organisation of Petroleum Exporting Countries (Opec) has warned under-investment could one day push oil prices as high as $200 per barrel, as crumbling demand risks discouraging producers from pumping money into the infrastructure needed to actually get oil out of the ground. "If [oil producers] do not invest there will [...]