BP slumps to a loss as Russian arm struggles October 28, 2014 UK OIL company BP yesterday reported a loss of $335m (£207m) during the third quarter of 2014, down from a $1bn profit in the same period of last year. The firm’s Rosneft business in Russia took a major hit, with profit plunging to $107m, compared with $792m. BP said that this result was “principally affected [...]
Synthomer warns profit may fall October 28, 2014 CHEMICAL maker Synthomer saw its share price tumble by almost six per cent yesterday, after issuing a £6.5m profit warning. The company stated that, at current run rates and “given the current demand environment in Europe”, the board “now expects full-year profit-before-tax to be slightly below current consensus”, at £87.8m. According to the firm, profit [...]
BG Group hails arrival of new boss Helge Lund as profits plummet October 28, 2014 Oil firm BG Group has reported a 26 per cent decline in operating profit for the third quarter of 2014, going from $1.8bn (£1.1bn) to $1.3bn. The company attributed this decrease to significant profit reductions in Kazakhstan as a result of revenue falls, and in the UK as a result of the higher cost of [...]
Analyst Views: How do you think the company has performed over the last quarter? October 28, 2014 MARC ANIS-HANNA | VSA CAPITAL These weak results will not improve the current negative investor sentiment surrounding BG. However, we are in the view that the appointment of a very experienced CEO such as Helge Lund, coming from Statoil and who will join BG in March 2015, is excellent news for BG. TONY SHEPARD | [...]
Capital worries force Teg Group to suspend trading on Aim October 28, 2014 Green technology firm Teg Group yesterday requested suspension of its shares from trading on Aim as the company sought to clarify its financial position. The group made the decision to halt trading after failing to reach an agreement with engineering group Costain over the release of £2.8m owed in respect of its Greater Manchester Waste [...]
Utilitywise share price up as sales rise 93 per cent October 28, 2014 Independent cost management firm Utilitywise almost doubled its revenue in the 2014 financial year, with a 93 per cent jump from £25.3m to £48.6m. The consultancy also saw profit before tax climb to £13.1m, up by 76 per cent on the £7.4m posted in 2013, although this excluded acquisition costs of £100,000. The company purchased [...]
Bidding begins as Salamander courts rival duo October 27, 2014 LONDON-LISTED Salamander Energy yesterday confirmed that it has received a conditional proposal from Ophir Energy with respect to a potential offer for the company. Salamander has also been approached by a consortium led by Spanish firm Compania Espanola de Petroleos (Cepsa) and Jynwel Capital. Asia-focused exploration firm Salamander said that it is seeking to clarify [...]
Cepsa’s rich history in the Spanish energy market October 27, 2014 ENERGY company Cepsa was Spain’s first private oil firm when it was founded in 1929, with its first refinery in Tenerife. It is involved with petroleum and natural gas exploration and production; refining; transporting and selling crude oil derivatives; petrochemicals, gas and electricity. It currently employs more than 11,000 people worldwide, and has business interests [...]
Deal would help balance Ophir October 27, 2014 LONDON-LISTED Ophir, which is also headquartered in the city, was founded in 2004 and floated on the stock exchange in 2011. The FTSE 250 firm is focused mainly in Africa, and its principal activities are exploration for oil and gas, predominantly in deepwater acreage at its eight jurisdictions in east and west Africa. Ophir has [...]
Goldman: Weak Opec will mean lower oil prices October 27, 2014 OIL PRICES will continue to decline in 2015, according to analysts form Goldman Sachs, who have also stated that the Organisation of the Petroleum Exporting Countries (Opec) has lost its pricing power. The investment bank has lowered its price forecasts for brent crude oil from $100 a barrel to $85 a barrel for the first quarter and [...]
