|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||49.31 - 49.65|
|52-week range||42.65 - 52.27|
|Beta (3Y monthly)||0.75|
|PE ratio (TTM)||13.86|
|Earnings date||5 Feb 2020 - 10 Feb 2020|
|Forward dividend & yield||2.64 (5.34%)|
|1y target est||68.27|
U.S. sanctions on Moscow have forced out foreign oil majors that were developing oil and gas reserves in tricky areas such as the Russian Arctic and Siberia
The trade war appears to be the only variable that will impact the price of oil in today’s market, which means all eyes will be on Trump’s upcoming speech in New York
A United Arab Emirates plan to launch its own global oil benchmark was thrown into confusion on Tuesday after comments made by its own national oil company. ADNOC first said it sees Murban as a contract to replace the global Brent benchmark, only to retract the comment.
U.S. solar company SunPower said on Monday it will split into two publicly traded companies, separating most of its solar panel manufacturing operations from storage and energy services, sending its shares up as much as 15%. The move was intended to boost value in SunPower shares, which are trading at the same level they were at two years ago. The new solar panel company, named Maxeon Solar Technologies, will be headquartered in Singapore, with manufacturing operations in France, Malaysia, Mexico and the Philippines.
Lower prices and increasing competition for investment are driving many African states to make it easier and cheaper for overseas companies to keep their oil and gas output flowing. From Ghana to Gabon, governments are adjusting terms to lure picky investors who are also increasingly concerned about long-term demand for fossil fuels as renewable energy gains ground. The shift follows declining oil production in Angola and Cameroon and disappointing bid rounds in Ghana.
Intercontinental Exchange Inc said on Monday that oil majors including BP, Total and Shell would be partners in a new exchange it is launching in the United Arab Emirates next year to list Abu Dhabi National Oil Co's (ADNOC) flagship Murban crude grade. The Murban futures contract, to be hosted on the new ICE Futures Abu Dhabi (IFAD), would replace retroactive pricing, allowing buyers to hedge risks and capture more value from ADNOC's oil output, CEO Sultan al-Jaber told an energy forum in the United Arab Emirates capital Abu Dhabi.
South Africa's Central Energy Fund (CEF), partnering with Saudi Aramco, expects a proposed new 300,000 barrel per day crude oil refinery along South Africa's east coast to come onstream by 2028, making it the region's largest refinery, CEF's acting group chief executive said on Thursday. Work on the project is still at an early stage, but indications are that it would cost in the region of $10 billion, said Kholly Zono, adding this cost excluded the development of a related petrochemical complex at Richards Bay. Former Saudi Energy Minister Khalid al-Falih announced the project in January, ahead of plans by Saudi Aramco, the world's biggest oil firm, to list its shares.
Angola expects to announce the winners of its 2019 oil and gas licence auction round in April as part of a multi-year plan to boost declining output, a senior executive at the National Agency of Petroleum, Gas and Biofuels (ANPG) said on Thursday. "By April 2020 we expect to award the contracts for the current licensing rounds in the Benguela and Namibe basins," ANPG board member Belarmino Chitangueleca said. "Next year we do all onshore (blocks) and by December 2020 we will be signing contracts," Chitangueleca told Reuters on the sidelines of an African oil and gas conference in Cape Town.
Brazil's biggest-ever oil auction frustrated expectations on Wednesday, as high prices and the dominant role of state-run oil company Petrobras scared off global oil majors. Petroleo Brasileiro SA, as the Brazilian firm is also known, and Chinese state firms CNOOC and CNODC made the only bids out of over a dozen major oil firms who had registered. The setback was a harsh reminder that, even as promising offshore fields make Brazil a rare bright spot in Latin America's petroleum industry, steep signing bonuses and tricky production-sharing deals can keep foreign players at bay.
It is still too early to give a new timeline on a final green light for investment in Uganda's first oilfields, Tullow Oil Chief Executive Paul McDade said on Wednesday, reiterating Tullow's plan to sell down its stake. "We will not (make an) FID (final investment decision on) the project at the current equity," McDade told Reuters. Tullow's plan to sell another stake in its 230,000 barrel per day project in Uganda to France's Total and China's CNOOC, already partners in the fields, was called off in August due to a tax dispute with the Ugandan authorities.
As Brazil approaches the biggest oil auction in its history — and one of the world's most expensive ever — the field of deep-pocketed bidders has narrowed to less than a dozen oil majors. In Wednesday's auction, known as the transfer-of-rights (TOR) bidding round, firms are expected to pay up to 106.5 billion reais ($26.5 billion) in signing bonuses for fields that Brazil says may hold up to 15 billion barrels of untapped crude. In September, oil regulator ANP said 14 firms signed up to participate in the auction of four TOR blocks, which could cement Brazil's reputation as one of the world's hottest offshore plays.
South Africa is investigating criminal syndicates operating in the scrap metal, fuel and gold industries and responsible for value-added tax (VAT) and customs fraud estimated at "tens of billions of rand" a year, the tax commissioner said on Thursday. Slowly rebuilding from years of turmoil that gutted its capacity, the South African Revenue Service (SARS) is keen to recoup lost taxes as it struggles to collect revenues that the treasury expects to fall short of estimates. Weak economic growth and household consumption, coupled with high unemployment, have had a knock-on effect on revenue collection, crimping VAT and company income tax receipts which together account for almost half of all tax revenue collected.
Both BP and Royal Dutch Shell, which account for nearly 15% of the FTSE's total dividends, signalled this week that billions of dollars in shareholder returns could be delayed as oil prices failed to make their expected recovery. The stark warnings led to sharp drops in the shares of both companies, weakening investors' appetite for the oil and gas sector which has underperformed most other industries in recent years. To be sure, the bearish outlook overshadowed a steady and significant improvement in Shell and BP's performance since 2014 as deep cost cuts and thrifty spending sharply boosted revenues despite a modest and volatile recovery in oil prices.
A look at the shareholders of TOTAL S.A. (EPA:FP) can tell us which group is most powerful. Insiders often own a large...
European shares fell on Thursday, hurt by losses for miners and automakers as doubts grew over the prospect of a trade deal between the United States and China, with weak earnings from oil major Royal Dutch Shell adding to the gloom. A Bloomberg report said that China is doubtful of a long-term trade deal with U.S. President Donald Trump, raising fresh uncertainty about progress between the two countries after an interim trade deal was almost finalised. The pan-European STOXX 600 index ended 0.5% lower but logged its second straight monthly gain after an October packed with corporate earnings reports along with some Brexit and trade twists.
The Nigerian government has fast-tracked a law that would render billions in planned offshore oil investments unprofitable and cut nearly 30% from potential offshore output, an industry group said. The measure, which aims to add some $1.5 billion to government coffers in just two years, is the latest to target additional cash from offshore oil and comes as the government pursues a record $34 billion 2020 budget. The measure passed through the legislature in a matter of weeks, an unusually quick pace for a country that has had a petroleum industry bill pending for more than a decade.
(Bloomberg) -- Total SA’s third-quarter profit beat analyst estimates and cash flow held firm, as the French giant offset lower oil and gas prices by boosting production and cutting costs.The positive result mirrors that of British rival BP Plc, which also used a strong refining performance to offset weaker crude prices caused by the U.S.-China trade war and a flood of American shale output.“The group continues to achieve solid results” despite weaker prices, Total Chief Executive Officer Patrick Pouyanne said in a statement on Wednesday. The company is accelerating dividend growth and is on track to buy back $1.75 billion of its shares this year, he said.Reaping RewardsAdjusted net income fell 24% from a year earlier to $3.02 billion, said the company based near Paris. Analysts polled by Bloomberg had forecast $2.77 billion on average.Total is reaping the rewards of growth from new projects and acquisitions, while also shedding barrels with higher production costs through asset sales. The company said it has reduced the price at which it can cover spending, excluding dividends, from cash flow to less than $25 a barrel, well below current international prices of about $60. Cost cuts will exceed $500 million in 2019.Operating cash flow before working capital changes, a measure of oil majors’ ability to keep paying generous dividends and investing in growth, held steady despite falling energy prices. It fell just 3% in the third quarter to $6.85 billion.It’s “a resilient set of numbers on earnings and cash flow” and “a genuine beat to market expectations,” RBC analyst Biraj Borkhataria wrote in a report. “In the midst of the sector seeing material earnings downgrades, Total stands out as having a relatively resilient portfolio, visibility on earnings and a shareholder-friendly remuneration plan.”Like its peers, Total is under pressure from investors to boost returns. BP shares fell 3.8% on Tuesday despite earnings that beat estimates, as investors’ hopes of a dividend increase this year were dashed. As announced in September, Total’s interim dividend for the third quarter will rise by 6% year on year to 68 euro cents. It plans to boost its payout by 5% to 6% annually in the coming years, up from a previous plan for 3% growth.Total shares rose rose 1.1% as of 9:11 a.m. in Paris to 48.18 euros, beating gains in France’s benchmark index.New ProjectsOil and gas production climbed 8.4% from a year earlier to 3.04 million barrels equivalent a day. Thanks to project startups in the U.K. North Sea, Norway and Brazil, output is on track to grow by 9% for the full year, the company said.Sales of liquefied natural gas grew 20% in the quarter to 7.4 million tons, helped by the ramp-up of projects in Australia and Russia, and the start of the first liquefaction plant at Cameron LNG in the U.S. Cash flow from Total’s integrated gas, renewables and power segment jumped by 53% to $848 million.The downstream division benefited from better petrochemicals margins in Europe and rising sales of gasoline and other petroleum products. The unit generated almost $2 billion of cash flow in the third quarter, up 14% from a year earlier, and is “well positioned” to generate close to $7 billion of cash flow this year, the company said.(Updates with analyst comment in seventh paragraph.)To contact the reporter on this story: Francois de Beaupuy in Paris at firstname.lastname@example.orgTo contact the editors responsible for this story: James Herron at email@example.com, Helen RobertsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
* Federal Reserve seen cutting rates, focus on policy outlook Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Julien Ponthus. What's clear however is that there is such a huge flow of corporate news that it will be difficult to be sure not to have missed anything before the open and the market, which tends to be quite unforgiving these days, gives its verdict.
Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Julien Ponthus. Christmas will come early to the UK this year, precisely on December 12 in the form of a UK general election. It's far from certain however that the polls will deliver anything on Boris Johnson or Jeremy Corbyn's wish list but less than 48 hours ahead of Halloween, investors aren't spooked by the prospect of the process going all wrong.
NUR-SULTAN, Oct 21 (Reuters) - Royal Dutch Shell has pulled out of the Khazar offshore project next to the giant Kashagan field in Kazakhstan and a multinational consortium including Shell is also dropping plans for the adjoining Kalamkas block, officials said on Monday. "The (Khazar) project was not competitive enough versus other opportunities in Shell’s global portfolio," the company said. Shell had invested about $900 million in Khazar, a unit of Kazakh state energy firm KazMunayGaz said in a statement.
NEW YORK/LONDON, Oct 17 (Reuters) - A gap is emerging in the U.S. liquefied natural gas (LNG) industry as big players such as Exxon Mobil Corp and Cheniere Energy Inc race ahead to build export terminals with fewer long-term contracts, while smaller developers struggle to find financing for their first plants. LNG trade has traditionally been underpinned by long-term purchasing deals which finance multi-billion dollar terminals that liquefy natural gas by chilling it to -260 degrees Fahrenheit (-160 Celsius), load it onto ships, and regasify it when delivered. The growing prowess of oil majors such as Exxon and recent entrants such as Cheniere and trading houses means there are aggregators that can supply buyers more flexibly, making it harder for smaller players.
Nov.11 -- Patrick Pouyanne, Total SA chief executive officer, discusses the outlook for global oil markets in 2020 with Bloomberg's Manus Cranny on "Bloomberg Markets."