Oilfield services group Halliburton optimistic on US drilling prospects as it posts surprise third quarter profit October 19, 2016 Halliburton, the world's second largest oilfield services provider, posted a surprise third quarter profit today, boosted by cost cutting and increased utilisation in its North American business. The figures Net profit at the Houston-based group came in at $6m (£4.9m), or one cent per share, in the quarter to 30 September. This was up from a loss of [...]
Aim-listed Gulfsands Petroleum’s share price pops by more than a third on Colombia farmout deal with Samarium October 19, 2016 Shares in Aim-listed oil and gas group Gulfsands Petroleum popped by more than a third at one point this morning after the group announced it has signed a farmout agreement in Colombia. Gulfsands has signed both a farmout arrangement and a joint operating agreement with Samarium Energy & Resources Corporation for its PUT-14 contract. Under the deal, which was [...]
Construction demand stays strong for small to medium-sized firms in quarter following Brexit vote October 19, 2016 Consumer demand for building work stayed strong in the three months following the EU referendum, according to the Federation of Master Builders (FMB). The continuing skills shortage and growing cost of doing business are the greatest challenges to construction firms, rather than demand, the FMB’s survey of small and medium-sized companies found. The positive growth [...]
Brent crude and US West Texas Intermediate prices hold steady around $50 ahead of US crude stocks release October 18, 2016 Oil prices steadied around $50 this evening as the dollar shed early gains and expectatons of an Opec output agreement next month lifted crude from session lows. US benchmark West Texas Intermediate crude settled at $50.08, down 45 cents from a day high of $50.53, while Brent crude held firm at $51.48, fluctuating from a [...]
Weak pound and oil price surge pushes average price of unleaded petrol above 115p for first time over a year October 18, 2016 The average price of unleaded petrol across the country rose above 115p yesterday, reaching 115.15p, according to data from Experian Catalist. Although many pumps will already have been selling fuel at that level or higher for several days, this is the first time in over a year the overall average has nudged above the threshold. The [...]
Price of Asian benchmark Australian thermal coal heats up to $100 for first time since 2012 October 18, 2016 The price of Australian thermal coal, which is mostly used in power generation, reached $100 today for the first time in four years. A cargo was ordered on trading platform GlobalCoal for $100 per tonne from Australia's Newcastle port in November. Shares in Glencore, one of Australia's largest coal producers, were up 2.7 per cent in [...]
Surprise, surprise: Oil majors face a “resoundingly negative” threat from the rise of electric cars October 18, 2016 A leap forward in battery technology could pose a "resoundingly credit negative" threat to the oil sector and disrupt global credit markets, according to a report from Fitch Ratings. Falling demand for fuel could scupper oil majors' prospects in particular as transport accounts for 55 per cent of total oil consumption. "Widespread adoption of battery-powered vehicles is [...]
Aim-listed Premier African Minerals’ stock dives nine per cent as it announces significant gold investment in Democratic Republic of Congo October 18, 2016 Shares in Aim-listed miner Premier African Minerals closed down more than six per cent today after announcing it has bought into a "significant" gold asset in the Democratic Republic of Congo (DRC). The group has acquired a 4.5 per cent stake in private company Casa Mining Limited, based in Mauritius, that holds prospective gold mining and exploration licences [...]
Utilitywise share price buzzes on double-digit turnover and 97 per cent cut to net debt October 18, 2016 Shares in utility cost management consultancy Utilitywise rose this morning after the company posted double-digit revenue growth and announced the appointment of a new chief financial officer. The figures Revenue at the group rose 22 per cent to £84.4m in the year to 31 July, up from £69.1m in 2015. Profit before tax grew by seven per [...]
Boom in deals pushes industrials M&A to all-time high over the year-to-date, according to Thomson Reuters October 17, 2016 The value of announced mergers and acquisitions (M&A) in the industrials sector has totaled almost $300bn (£246bn) so far this year, according to figures from Thomson Reuters. This is the highest level deals in the sector have ever reached by this time of year, Thomson Reuters said, while global deals have also risen 11 per [...]
