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Cairn Energy

  • North Sea explorers get boost as US clamps down on Iran oil exports

    April 23, 2019

    Toughened sanctions against Iran helped push up oil prices over the weekend, lighting a fire under London-listed exploration companies today. The cost of international standard Brent crude has risen 2.9 per cent over since Friday, hitting $74.68 per barrel – its highest point since October. Read more: FTSE 100 climbs to fresh six-month high as [...]

  • Enquest firefights after Cairn revises figures for Kraken joint venture in North Sea

    March 12, 2019

    Enquest tried to reassure investors today as it was forced to counter the narrative from its North Sea partner Cairn, which reduced its forecasts for the companies’ joint venture. Shares in Enquest fell by nearly 13 per cent to 16.08p, despite the company’s denials that it would take an impairment charge from the Kraken oil [...]

  • Light at the end of the North Sea oil pipeline: Oil firms have all taken a hit by the decline in global crude prices. But has it hit rock bottom?

    August 19, 2015

    The affect of fraught conditions in oil markets on North Sea companies was revealed yesterday as John Wood Group and Cairn Energy announced their half-year results. Wood Group revealed it has axed around 5,000 jobs in response to the decline in crude oil prices, with 1,000 of them coming from North Sea operations. The company’s [...]

  • 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 [...]

  • Cairn Energy cuts spending forecast as it closes $182m deal with Dyas

    January 21, 2015

    Oil and gas firm Cairn Energy has reduced its capital expenditure budget to $380m (£252m) for the period ended 31 January 2017. The company’s decision follows the completion of a farm out agreement with Dyas UK, part of the Netherlands-based exploration and production group. Cairn will sell Dyas a 10 per cent interest in its [...]

  • Cairn is looking to cut jobs after icy Arctic wind

    August 19, 2014

    OIL AND gas explorer Cairn Energy yesterday announced first-half, post-tax losses of $62m (£37m), compared to a loss of $219m in the same period a year ago. The Edinburgh-based company said it would now need to re-assess staf­fing levels and cut costs. Cairn is still trying to resolve a tax issue in India and said [...]

  • Cairn Energy plummets 14 per cent after it halts share buyback due to Indian tax investigation

    March 18, 2014

    CAIRN Energy’s share price plunged over 14 per cent yesterday, after the Scottish oil and gas explorer reported a higher-than-expected loss after tax of $556m (£335.2m) and suspended its share buyback programme due to an Indian tax dispute. The Indian regulator had contacted the FTSE 250 firm at the start of the year to discuss [...]

  • Cairn Energy losses mount in face of high drilling costs

    March 18, 2014

    Oil explorer Cairn Energy has reported a loss before tax of $1bn (£600m) significantly higher than last year's $194m. The board also agreed to suspend its share buy-back programme until the position with regard to the shareholding in Cairn India is resolved. The company expanded on why a well located off Morocco had been plugged [...]

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