|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||30.97 - 30.97|
|52-week range||30.97 - 30.97|
|Beta (5Y monthly)||0.91|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
* U.S. weekly jobless claims surge to record 3.28m Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters. You can share your thoughts with Thyagaraju Adinarayan (email@example.com), Joice Alves (firstname.lastname@example.org) and Julien Ponthus (email@example.com) in London. Initial claims for unemployment benefits rose to 3.28 million last week, that's close to 5 times more than in 1982, and over 3 times more than the Reuters consensus.
You can share your thoughts with Thyagaraju Adinarayan (firstname.lastname@example.org), Joice Alves (email@example.com) and Julien Ponthus (firstname.lastname@example.org) in London. You know you're in a heavy news cycle when a 2 trillion U.S. stimulus package is yesterday's news. Yep, all eyes now are on the U.S. job data to be released at 12h30 GMT.
Italy is close to approving measures to bolster the special powers it has over key industries to ward off unwanted foreign interest, officials said on Sunday. Since Feb. 23, when Rome imposed the first set of measures to contain the coronavirus outbreak, Milan's all-share stock index has fallen more than 35%. On Saturday, Italy recorded a jump in deaths from COVID-19 of almost 800, taking the overall toll in the world's hardest-hit country to almost 5,000.
Italian energy group Eni followed rivals on Wednesday by cancelling a share buyback and sharply cutting investments as a result of the coronavirus outbreak and falling oil prices. "Eni's priorities at the moment are safeguarding the health of our people and the communities we operate in, as well as our robust balance sheet and the dividend," Eni CEO Claudio Descalzi said in a statement. Oil prices plunged on Wednesday after Goldman Sachs said lockdowns to counter the coronavirus pandemic raised the prospect of the steepest ever annual fall in oil demand.
Oil supermajor Eni surprised the world with an ambitious plan to reduce carbon emissions, but there’s a harsh truth that environmentalists need to realize
Royal Dutch Shell's onshore Nigeria subsidiary saw a 41% rise in the number of crude oil spills due to theft or pipeline sabotage in 2019, the group said in its annual report. Shell Petroleum Development Company of Nigeria (SPDC) also recorded a rise in the volume of oil spilt in the Niger Delta as a result of illegal activity to 2,000 tonnes in 2019 from 1,600 tonnes a year earlier. Of a total 164 SPDC spills of more than 100 kilograms in the delta, 157 were due to theft and sabotage, Shell said.
(Bloomberg Opinion) -- The collapse in crude prices has brought into relief the correlation between oil majors’ financial leverage and the valuation of their shares. It’s a relationship that looks like particularly bad news for the bigger European firms.Investors’ knee-jerk reaction to the downward lurch in the oil price was, naturally, more severe toward the companies that were more indebted. So shares in BP Plc, Royal Dutch Shell Plc, Equinor ASA and Eni SpA suffered more than Total SA and the two big U.S. majors, Exxon Mobil Corp. and Chevron Corp., when European markets closed on Monday.Investors’ worries about leverage are longstanding. The top five European oil majors have a ratio of net debt to total capital — a leverage measure known as gearing — averaging 28% based on their 2019 annual results. Meanwhile, Exxon and Chevron were at 20% and 15%, respectively, at the full year, according to Bloomberg data. Valuations based on forward earnings have historically been lower in Europe than in the U.S., and analysts have suggested that leverage may help explain why investors rate the European sector less favorably. As research from UBS Group AG noted ahead of Monday’s sell-off, balance-sheet strength would define which oil majors got “less badly hurt” in a market where there would be no winners.Despite these dynamics, the most levered of the European groups have been making relatively slow progress at debt reduction, and the latest crisis is only going to hamper this further. BP and Shell’s gearing is already above their own near-term targets of 20%- 30% and 25% respectively. These targets assumed a different environment, and preventing gearing going back up would require some painful compromises around uses of cash.Shell’s free cash flow in 2019 was only just enough to cover its dividends and debt interest, adjusting for working capital and excluding what it made selling assets. That was with oil prices in the $55-$70 per barrel range, against around $37 now. Capex was also already below the company’s stated floor, and the group has just gone through a colossal efficiency program following the 2016 acquisition of BG Group. As for debt reduction, this is a terrible market in which to be selling assets. True, Shell could scrap its share buyback program, but that would halt progress on reducing the share count and in turn the absolute cost of the dividend.BP, on the other hand, provocatively raised its dividend last month, anticipating cash from recently agreed-on disposals and from the sale of a putative $5 billion worth of assets yet to find buyers. But the number put on that fresh divestment program must now be in doubt.The oil crisis should force a fresh appraisal of gearing targets and dividend levels. But investors crave the income, and the pressure to maintain payouts will be immense. The firms with lower leverage may feel they have earned the right to let borrowings tick up as a way of maintaining investment and cash to shareholders. For others, Shell in particular, the room for maneuver is more limited. Defending the dividend is likely to mean finding more costs and capital expenditure to cut, just when investing in the energy transition is the top strategic priority.To contact the author of this story: Chris Hughes at email@example.comTo contact the editor responsible for this story: Nicole Torres at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
An oil price plunge means the world's top energy companies will have to review promises to return billions to investors, either by slowing down share buybacks or reintroducing non-cash dividends, analysts said on Monday. Brent crude was trading at around $36 a barrel, down around 20% by 1645 GMT on Monday, when analysts lowered share price forecasts for top oil and gas producers. The slide is expected to force a rethink of spending plans by boards that had cut costs in response to a 2014 oil downturn when OPEC opened wide the oil taps to try to protect market share following the U.S. shale oil revolution.
(Bloomberg) -- The rout in oil prices may well put a smile on the faces of liquefied natural gas buyers.Most of the world’s LNG is still sold under long-term contracts indexed to oil, which has remained a widespread practice since its inception in the 1960s. That means that some of the biggest importers -- including Japan, China and South Korea -- largely missed out from record low spot prices triggered by a milder winter and the startup of new supply.Oil’s collapse in the wake of an all-out price war between Saudi Arabia and Russia has changed the picture. An LNG contract with a 12% slope to Brent crude is currently at a premium of about $1.17 per million British thermal units to Asian spot prices, down from more than $4 just three weeks ago.To be sure, the premium is based on the Friday close of Japan/Korea Marker futures. The Asian spot price, which hasn’t been assessed yet on Monday, is expected to fall -- albeit at a smaller rate than oil -- as a knock-on effect.The wide price discrepancy had triggered some importers to rethink long-term contracts. State-owned Pakistan LNG Ltd. is weighing the possibility of exercising termination clauses in contracts signed with Eni SpA and Gunvor Group Ltd. in 2017, while Japan’s Osaka Gas Co. entered into arbitration last year with the marketing unit of Exxon Mobil Corp.’s PNG LNG project after a dispute during a price review.(Updates premium in third paragraph)To contact the reporter on this story: Stephen Stapczynski in Singapore at email@example.comTo contact the editors responsible for this story: Ramsey Al-Rikabi at firstname.lastname@example.org, Rob Verdonck, Aaron ClarkFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
NEW YORK/LONDON, March 5 (Reuters) - Exxon and Chevron boasted to investors this week about booming U.S. oil production, illustrating how the gap has widened - at least in words - between top American oil and gas companies and their European rivals over efforts to transition to clean energy and fight climate change. U.S.-based Exxon Mobil and Chevron this week focused their investor outlooks on sharp growth in oil and gas output, a stark contrast from their European rivals including BP and Italy's Eni which last month unveiled plans to trim their traditional business and reduce greenhouse gas emissions.
Venezuela's oil exports rose 9% in February from the previous month, as some buyers rushed to take cargoes ahead of the expiration of a wind-down period as part of new U.S. sanctions on PDVSA and its trade partners, data from the state-run firm and Refinitiv Eikon showed. Washington imposed tough sanctions on PDVSA in 2019 and launched a strategy of "maximum pressure" this year to oust Venezuela's President, Nicolas Maduro, extending sanctions to PDVSA's main trade partner, Rosneft Trading, while making threats on other customers. Prior to sanctions, the United States was the biggest buyer of Venezuela's oil.
A Nigerian oil reform two decades in the making is urgently needed to get money into its energy sector, industry executives say, as tax increases and regulatory uncertainty scupper investments. Africa's largest oil exporting nation has not carried out a full revamp of the law underpinning its oil and gas sector since the 1960s. Government officials say a sweeping overhaul is imminent and will be presented to the National Assembly next week, which for industry leaders is not a moment too soon.
Italian energy group Edison has begun drilling an exploratory well in deepwater acreage in Egypt, not far from other giant east Mediterranean gas fields, the CEO of Israel-focused gas driller Energean said on Wednesday. Energean is in the process of taking over Edison's Egyptian assets in a deal reached last year. "We're drilling right now in North Thekah, a deep water exploration ... it started a couple weeks ago," Energean CEO Mathios Rigas told reporters on the sidelines of an energy conference in Cairo.
A Milan court has rejected a prosecution request to hear testimony from a former legal adviser of Eni who has accused the company of spying on judges, offering a boost to the Italian oil firm as it fights bribery allegations over a Nigerian oil field. The ruling removes the prospect of months of testimony voicing allegations of wrongdoing by Eni and sets a timetable for finally reaching a verdict in the long-running case. The decision is the second piece of bad news in a few days for Milan prosecutors after a witness last week refused to confirm a key statement.
Russian oil pipeline monopoly Transneft faces claims of up to $1 billion related to contaminated oil, more than double its own estimates, industry sources said, setting the stage for protracted haggling with oil suppliers. Up to 5 million tonnes of tainted Russian oil was contaminated en route to central Europe via the Druzhba pipeline. State-owned Transneft, the supplier of Urals crude to Russia's Baltic port of Ust-Luga, as well as the operator of the Druzhba pipeline, has set aside 23 billion roubles ($371 million) for compensation related to tainted oil.
A witness in a graft case involving oil contracts in Nigeria refused to confirm a key statement during a court hearing on Wednesday, offering a possible boost to Italian oil major Eni, which is fighting allegations of bribery. In one of the oil industry's biggest scandals, Italian prosecutors allege Eni and Shell bought a Nigeria oilfield in 2011, knowing that most of the $1.3 billion purchase price would be siphoned off to agents and middlemen.