Oil & Gas Sector News

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  • Norwegian energy firm DNO ASA expanded its foothold in Iraqi Kurdistan on Friday by offering to purchase rival Gulf Keystone Petroleum Ltd for $300 million, following the latter's junk bond deal this month. ...

  • Britain casts doubt on EDF's Hinkley Point nuclear plan Reuters - UK Focus - 2 hours 12 minutes ago

    Britain's new government has cast doubt over a project with French energy company EDF (Hanover: E2F.HA - news) to build the UK's first new nuclear plant in decades, delaying a decision on the plan just a day after the company's board voted to proceed. In a surprise move, the government said it wanted to give the Hinkley …

  • Oil faces big monthly loss as oversupply bites Reuters - UK Focus - 2 hours 30 minutes ago

    Oil prices fell to their lowest levels since April on Friday, with on Brent track for its biggest monthly loss since December 2015, pressured by slowing economic growth that threatened to increase a supply overhang of crude and refined products. Brent crude oil futures were trading at $41.89 by 0908 GMT, down 81 cents, …

  • French state-controlled utility EDF (Paris: FR0010242511 - news) said on Friday it is confident about the new British government's commitment to build nuclear reactors in Hinkley Point. Late on Thursday, shortly after EDF announced that its board had given the go-ahead for the controversial project, the government of …

  • OSLO/MILAN, July 28 (Reuters) - European suppliers to the oil industry, hit by their customers' spending cutbacks over the past two years, have produced stronger than expected second-quarter earnings and are cautiously pointing to signs of recovery in demand. The tide may be turning now the oil price has stabilised but …

  • European stocks fall on weak earnings

    US stocks were down despite strong Facebook earnings, failing to bring a closing flourish to European stock markets which were all in the red, led by Paris CAC 40

  • Expectations of further stimulus in Japan have dominated currency trading in recent weeks and overshadowed the U.S. central bank's policy-setting statement on Wednesday, when the Fed indicated it was in no rush to raise interest rates. On Wall Street, stocks initially were dragged lower by Ford Motor, which posted poor …

  • Oil prices settled down nearly 2 percent on Thursday, hitting April lows and with U.S. crude headed for its biggest monthly loss in a year, on growing worries that the world was pumping more crude than ...

  • Northwest European gasoline margins were largely flat on Thursday as crude futures fell further but inventories continued to weigh on gasoline prices. * Shell missed quarterly profit expectations by more ...

  • European stocks fall on weak earnings

    US stocks were down despite strong Facebook earnings, failing to bring a closing flourish to European stock markets which were all in the red, led by Paris CAC 40

  • European shares fell on Thursday with Lloyds leading a weaker financial sector lower and disappointing earning updates from firms including oil major Royal Dutch Shell also weighing. The pan-European STOXX ...

  • Global stock markets fell on Thursday in the wake of disappointing U.S. and European corporate results while the dollar took its biggest tumble in almost two months after the U.S. Federal Reserve left ...

  • Ian King Live: What's On Tonight's Show

    This week has, in theory, provided a very helpful snapshot of the health of a big chunk of corporate Britain. We have already seen half-year results from FTSE-100 stalwarts such as Hammerson, BP, GKN and ...

  • Richard Buxton’s old investment trust trades at a 12pc discount

  • Royal Dutch Shell (Xetra: A0ET6Q - news) missed quarterly profit expectations by more than $1 billion on Thursday after reporting a 72 percent plunge in earnings due to weak oil prices and high costs following its $54 billion takeover of BG Group (EUREX: 1007667.EX - news) . Shell's second-quarter current cost of supplies …

  • Spanish oil refiner Repsol (Amsterdam: RP6.AS - news) reported a forecast-beating rise in net profit in the second quarter on Thursday, helped by a higher crude price, and said Britain leaving the European Union was not a cause for concern. Repsol, which operates worldwide, including in the British North Sea, said net …

  • The dollar took its biggest tumble in almost two months on Thursday and stocks fell from nine-month highs as cautious sounds from the Fed left focus firmly on Japan's next round of money-printing measures. The greenback was down 0.5 percent against six other major currencies and Wall Street was heading for weaker start …

  • Shell Profit Tumbles 72% On Low Oil Prices

    Shares at Royal Dutch Shell fell 3.5% in early trading after the oil giant announced second-quarter profits fell more than 70% to $1.05bn (£800m). Chief executive Ben van Beurden said: "Lower oil ...

  • European equities slip in line with dollar AFP - Thu, Jul 28, 2016 12:44 BST
    Global shares slip after earnings deluge, Fed meeting

    The dollar fell after the Federal Reserve indicated it would take a slow, measured approach to any interest rate hikes

  • South Africa's largest refinery operating normally -spokeswoman Reuters - UK Focus - Thu, Jul 28, 2016 11:39 BST

    South Africa's largest refinery, jointly operated by Shell and BP, has not shut down due to a worker's strike over wages, a spokeswoman said on Thursday, contradicting an earlier union claim. "The ...

  • Shell Net Profit Dives 71% On Low Oil Prices AFP - Thu, Jul 28, 2016 10:57 BST
    Shell net profit dives 71% on low oil prices

    Shell's net profits sank to £8.897 billion ($1.175 billion) in the three months to June, compared with $3.986 billion in the same part of 2015, it announced in a results statement

  • European shares fall as Shell and Dialog results weigh Reuters - UK Focus - Thu, Jul 28, 2016 10:13 BST

    European stocks slipped on Thursday, weighed down by weak updates from companies including Dialog Semiconductor and oil major Royal Dutch Shell . The pan-European STOXX 600 index dipped 0.1 percent, while ...

  • FTSE edges down from 1-year high, earnings weigh Reuters - UK Focus - Thu, Jul 28, 2016 10:06 BST

    Britain's top share index dipped on Thursday after hitting a one-year high in the previous session, with Smith & Nephew and Royal Dutch Shell (Xetra: A0ET6Q - news) falling after poorly received trading updates. The blue-chip FTSE 100 index fell 0.1 percent to 6,742.22 points. The FTSE 100, whose international companies …

  • Is Royal Dutch Shell plc still a buy after today’s results? Fool.co.uk - Thu, Jul 28, 2016 09:58 BST

    Is Royal Dutch Shell plc (LON: RDSB) a great post-Brexit investment, despite falling oil prices?

  • Sibanye Gold says South African union wage demands 'ridiculous' Reuters - UK Focus - Thu, Jul 28, 2016 08:21 BST

    Wage demands by South African mining unions of up to 50 percent are "ridiculous" and pay cuts should be on the table, the chief executive of Sibanye Gold said on Thursday. Neal Froneman also ...

  • Shell's quarterly profits sink 70 percent, below expectations Reuters - UK Focus - Thu, Jul 28, 2016 07:22 BST

    Royal Dutch Shell reported a more than 70 percent fall in quarterly profits on Thursday, well below analyst estimates, as weak oil and gas prices further ate into revenue. Shell's current cost of supplies ...

  • Mexico's Pemex must take minimum 45 pct stake in deep water venture Reuters - UK Focus - Wed, Jul 27, 2016 18:17 BST

    Mexico's oil regulator on Wednesday said state-owned oil company Pemex must take a minimum 45 percent stake in its first-ever proposed joint venture with would-be private partners to develop oil reserves in the Gulf of Mexico's deep waters. Global oil majors are widely expected to bid in the December auction to help develop …

  • Statoil second quarter lags forecasts, cuts 2016 capex outlook Reuters - UK Focus - Wed, Jul 27, 2016 15:29 BST

    Norway's Statoil (LSE: 0M2Z.L - news) cut its 2016 capital spending guidance as it missed quarterly earnings forecasts on Wednesday, hit by persistently low crude prices and higher-than-expected costs. Statoil's adjusted operating profit fell almost 70 percent to $913 million in the second quarter from $2.9 billion a …

  • Saudi cleaner fuels project harvests foreign bids to build Reuters - UK Focus - Wed, Jul 27, 2016 13:07 BST

    Foreign engineering companies have bid to build Saudi Aramco's clean fuels project at the state oil giant's Ras Tanura refinery, industry sources told Reuters. The bid deadline was July 17 for the $2 billion-plus scheme which will remove sulphur from refined oil products and is part of a drive by the kingdom to meet stricter …

  • Cyprus says Statoil, Exxon, ENI, Total interested in offshore gas Reuters - UK Focus - Wed, Jul 27, 2016 11:59 BST

    Cyprus received expressions of interest from ENI, Total, Statoil, Exxon Mobil, Qatar Petroleum, and Cairn in a licensing round for offshore hydrocarbon blocks which lapsed last week, its energy ministry ...

  • South Africa oil workers' strike could hit refineries Reuters - UK Focus - Wed, Jul 27, 2016 11:45 BST

    South African energy workers plan to strike indefinitely from Thursday over pay, the union representing them said, a stoppage that will potentially hit oil refineries of companies including Shell, BP Chevron and Sasol. The National Petroleum Employer's Association (NPEA) said a weak economy at home and weak global oil …

  • Three great bargains after today’s news? Fool.co.uk - Wed, Jul 27, 2016 11:06 BST

    Are these three stocks top investment opportunities?

  • Operators of South African refineries have taken contingency measures to secure supplies ahead of an industry strike due to start on Thursday, the National Petroleum Employer's Association said on Wednesday. ...

  • Tullow returns to profit as cost cuts, hedging pay off Reuters - UK Focus - Wed, Jul 27, 2016 09:15 BST

    Africa-focused Tullow Oil (LSE: TLW.L - news) returned to profit in the first half of the year despite weaker oil prices and lower production, as its stringent cost cuts and forward hedging strategy started to pay off. Tullow shares opened more than 4 percent higher after the oil and gas producer swung to a pretax profit …

  • Tullow returns to profit as cost cuts pay off Reuters - UK Focus - Wed, Jul 27, 2016 07:19 BST

    Africa-focused Tullow Oil (LSE: TLW.L - news) returned to profit in the first half of the year despite weaker oil prices and lower production, as its stringent cost-cutting regime started to pay off. Tullow has effectively stopped spending money on exploration, typically used by oil companies to ensure growth, with capital …

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