BHP Billiton’s shares surge on raised iron ore output guidance October 22, 2013 FTSE 100-listed BHP Billiton’s share price surged over four per cent yesterday, after the mining giant posted a strong quarterly operational update and lifted its full-year iron ore production guidance. Four major projects started production during the quarter, including the expansion of the Jimblebar iron ore mine, which commenced six months ahead of schedule. The [...]
Research says oil giants got best possible outcome on Brazil sale October 22, 2013 BRAZIL’S sale of production rights to develop the offshore Libra oil field to a consortium including Royal Dutch Shell “is a more positive outcome for both the participating majors and for [Brazilian state oil company] Petrobas than we had feared”, Deutsche Bank analysts said yesterday. In Monday’s auction, Petrobas took a 40 per cent stake [...]
Russia cheers China deals October 22, 2013 RUSSIAN energy companies signed a slew of deals with China yesterday, seeking to lock in sales to fund costly production and pipeline projects that will direct exports away from Europe to Asia. The agreements, announced during a visit by Prime Minister Dmitry Medvedev to Beijing, brought Igor Sechin, chief executive of state oil major Rosneft, [...]
EnQuest buys Centrica’s oil assets October 22, 2013 FTSE 250-listed oil and gas explorer EnQuest yesterday said it has bought assets currently owned by Centrica North Sea Oil for $75m (£46.5m). The UK North Sea-focused producer is buying Centrica’s 50 per cent stake in the Greater Kittiwake Area assets and its entire interest in the Kittiwake to Forties oil export pipeline. The deal [...]
Floods hit Petropavlovsk output October 22, 2013 Gold miner Petropavlovsk yesterday said it produced 204,400oz of gold in the third quarter within full-year cost guidance, despite severe rain and widespread flooding in the Amur region of Russia where many of its assets lie. “We continued to produce high volumes of gold despite atrocious weather conditions and unprecedented flooding at our mines,” said [...]
US oil case to be heard in New York October 22, 2013 A US judicial panel has decided that the consolidated lawsuits by US trading firms against oil majors BP, Shell and Statoil will be heard in the Southern District of New York. Around 10 plaintiffs sued the firms earlier in the year for alleged manipulation of oil prices. “The New York Mercantile Exchange, one of the [...]
Plane and car growth boost profits at GKN October 22, 2013 CAR AND plane parts maker GKN posted a 34 per cent rise in third quarter profit as strong growth at its automotive and commercial aerospace units made up for sluggish demand in military and industrial markets. The FTSE 100 firm yesterday reported a pre-tax profit of £131m in the three months to the end of [...]
More Chunnel passengers send Eurotunnel’s revenues racing October 22, 2013 EUROTUNNEL, the company behind the cross-Channel railway, posted a 16 per cent rise in quarterly revenues to €309.8m (£263m) yesterday as more passengers and freight trains passed through the tunnel. The firm said revenues were also boosted by its new ferry service MyFerryLink, launched out of the ashes of SeaFrance last summer. Eurotunnel is appealing a [...]
Lockheed Martin raises outlook despite cuts to defence spending October 22, 2013 LOCKHEED Martin, the biggest supplier to the Pentagon, reported higher third-quarter profit yesterday despite a four per cent drop in sales, and lifted its forecast for full-year earnings, even as US military spending is reduced. Lockheed said mandatory budget cuts that took effect in the 2013 financial year would knock about $400m (£246m) to $450m [...]
United Tech lifts the low end of 2013 forecast after cost savings October 22, 2013 UNITED Technologies, the world’s largest maker of lifts and air conditioners, raised the low end of its 2013 profit forecast yesterday, as cost savings from job cuts and improving sales trends offset weakness in its defence business. The diversified manufacturer, which also produces Pratt & Whitney jet engines and Black Hawk helicopters, cut its projection [...]
