|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||43.78 - 44.56|
|52-week range||42.65 - 56.82|
|Beta (3Y monthly)||1.04|
|PE ratio (TTM)||11.10|
|Earnings date||30 Oct 2019|
|Forward dividend & yield||2.64 (6.11%)|
|1y target est||68.27|
LONDON/DUBAI, Aug 20 (Reuters) - Saudi Aramco's biggest asset could also be a liability. In the three years since Saudi Crown Prince Mohammed Bin Salman first proposed a stock market listing, climate change and new green technologies are putting some investors, particularly in Europe and the United States, off the oil and gas sector. Aramco, for its part, argues oil and gas will remain at the heart of the energy mix for decades, saying renewables and nuclear cannot meet rising global demand, and that its crude production has lower greenhouse gas emissions than its rivals.
Kenya is set to export its first crude oil after its government and a group led by explorer Tullow Oil picked trading company ChemChina UK Ltd to buy its first shipments, the Petroleum and Mining Ministry said. "ChemChina UK Ltd has been selected as the buyer for Kenya's first crude oil exports," Petroleum Principal Secretary Andrew Kamau said in a statement on Thursday. Tullow and its partner Africa Oil discovered commercial oil reserves in the Lokichar basin in Kenya's far northern county of Turkana in 2012.
LONDON/GEORGETOWN Aug 12 (Reuters) - Tullow Oil PLC said on Monday it has made a large oil discovery in Guyana, sending its share price soaring on expectations that it will develop a productive field in the South American country's nascent oil industry. Shares London-based Tullow jumped 20% by 1430 GMT and were the top gainer in the FTSE 250 mid-cap index .
India is set to relax rules for setting up fuel stations after almost two decades, in a move expected to allow companies like Saudi Aramco, Total and Trafigura to gain a foothold in a sector dominated by state-run entities. The new rules - suggested by an expert panel - mirror those in developed nations like the United States and Britain, and would allow convenience stores, shopping malls and hypermarkets to sell fuels if they are eligible, said an oil ministry source. The government panel has recommended allowing marketing rights for sale of gasoil, gasoline and aviation fuel to companies with a net worth of 2.5 billion rupees.
NEW DELHI/LONDON, Aug 6 (Reuters) - Global oil major BP is deepening its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalise on rising demand in Asia's third-biggest economy. BP will own a 49% stake in its new Indian joint venture, with the rest held by Reliance, operator of the world's biggest refining complex. In 2011 BP acquired a 30% stake from Reliance in some of its exploration blocks and formed a gas sourcing and marketing tie-up.
Weaker second-quarter refining and chemicals profits offset surging U.S. shale production at U.S. oil majors Exxon Mobil Corp and Chevron Corp , the two reported on Friday. Exxon's topped analysts' reduced estimates for the quarter but net fell 21% from a year earlier, its third quarter in a row of weaker year-over-year profit, despite a near doubling in Permian shale oil output. Chevron earnings rose 26%, in line with forecasts, as it benefited from a one-time, $1-billion breakup fee from Anadarko Petroleum, which accepted a higher bid from Occidental Petroleum after agreeing to sell itself to Chevron.
Exxon Mobil Corp on Friday reported a 21% drop in quarterly profit, its third period in a row of weaker year-over-year results, as sharply higher oil production was offset by weaker refining and chemicals business. Shares slipped 1.6 percent to $71.34 in early trading even though its 73 cents a share profit topped analysts' recently-lowered estimates. Analysts had reduced estimates to 66 cents per share after Exxon last month guided to lower year-over-year profit.
The results missed analyst forecasts by a wide margin and triggered the biggest one-day retreat in Shell shares in over three years. Shell's performance fell short of expectations across the board but was most pronounced at its flagship liquefied natural gas unit. A rise in cash generation - a sign of improving operations - was the one bright spot in the company's results.
Chevron (CVX) stock has risen 14% year-to-date to the current price of $124.2. Chevron stock is trading very close to its 52-week high price of $127.8.
By 0953 GMT, BP shares were up 3.1% to 543.5 pence, the top gainers in the FTSE 100 index. Although BP's dividend remained unchanged at 10.25 cents per share, its Chief Financial Officer Brian Gilvary said the company would consider raising it towards the end of the year as proceeds from asset sales come through and debt is reduced. Underlying replacement cost profit, the company's definition of net income, reached $2.8 billion in the second quarter, exceeding a company-provided forecast of $2.46 billion.
(Bloomberg) -- Papua New Guinea’s petroleum minister said he’s completed his review of a recent natural gas agreement with Total SA and will recommend changes, creating a potential hurdle for the delayed $13 billion effort to double the nation’s exports of the fuel.The potential changes cover both regulatory and commercial terms of the so-called Papua LNG agreement and must be approved by the National Executive Council before submitting them to venture partners, which include Exxon Mobil Corp. and Oil Search Ltd., Kerenga Kua said in an interview Thursday.Kua said he’ll send his findings as soon as Monday to the council, a top policy making body, and expects a revised agreement with the companies completed within six weeks. In response, Total’s Chief Executive Officer Patrick Pouyanne pushed back against any potential overhaul.“All issues are capable of discussion and compromise,” Kua said. “Even though we may have our wish list and they may have their wish list, finding the middle ground where all of us can benefit is an important principle.”Oil Search shares added 0.6% to A$7.09 as of 10:43 a.m. in Sydney and are headed for a 6.3% rise this week. The Australia-based producer declined to comment. Exxon didn’t respond to requests for comment.“We are confident that it’s in the best interest of PNG to respect the agreement that has been signed in order to move forward with the project,” Pouyanne said on a conference call Thursday. “We expect the new government to respect” the deal signed by its predecessor, and Total has “many” LNG projects in its portfolio.Political Flash-PointSeparately, Newcrest Mining Ltd., Australia’s top gold producer, and Harmony Gold Mining Co. said they are facing a hurdle with the development of the $5.4 billion Wafi-Golpu gold-copper project in PNG amid heightened political uncertainty. The delay in permitting is associated in part with legal proceedings between national and provincial authorities and the PNG government continues to signal support for the project, Newcrest said in a statement Thursday.Liquefied natural gas exports have developed into a political flash-point for the country as its existing venture, the Exxon-led PNG LNG project, has been criticized as not benefiting the domestic economy as much as expected. The nation’s new prime minister, James Marape, swept to power in May amid a wave of criticism of the Papua LNG deal signed by his predecessor. He tasked Kua with reviewing the agreement after appointing him petroleum minister in June.“For too long we have allowed external forces to dictate the direction we take,” Marape said Thursday at the Lowy Institute in Sydney. The government must work with its partners “to ensure a fair and equitable distribution of our resources.”In the interview, Kua described the suggested changes as a “short list,” but declined to provide specifics. He said he’s been in communication with the partner companies.“We haven’t rejected the signed agreement,” he said.The review has delayed plans to double gas exports from Papua New Guinea, which involves a $13 billion expansion across separate but interlinked projects. Talks on the second gas agreement, for the Exxon-led P’nyang venture, won’t begin until the Papua LNG deal is revised, Kua said.Oil Search said last week that it expects front-end engineering and design work on new LNG production units to be pushed back pending those agreements. That may move a final investment decision until as late as 2021, which puts the expansion projects at risk of greater competition for building resources and customers, according to analysts at Sanford C. Bernstein.Marape said his government assembled a group of advisers to assess the country’s resource laws to find the right balance between encouraging foreign investment and boosting local involvement in the sector.(Updates with share price in 5th paragraph.)\--With assistance from James Thornhill, Francois de Beaupuy and Ranjeetha Pakiam.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, James Herron, Rakteem KatakeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Total SA Chief Executive Patrick Pouyanne on Thursday urged Papua New Guinea's government to respect a gas agreement signed in May after the country's petroleum minister suggested the deal could be modified. Papua New Guinea's petroleum minister said earlier that the a deal for the Papua LNG project could be re-drawn if a government review finds its terms unfavourable. The deal was agreed in April but the former prime minister who signed it was ousted in a parliamentary vote a month later, following a crisis caused by discontent over the distribution of resource riches.
State-owned freight logistics firm Transnet plans to launch a tender next year for South Africa's first terminal to import liquefied natural gas (LNG) at Richards Bay port, with first gas expected to land in 2024, a senior official said on Thursday. South Africa is pushing to diversify its energy sources away from coal, which supplies more than 90% of its electricity, and to expand capacity to reduce power cuts that have hit growth. Transnet, which operates gas pipelines, railway lines and ports in South Africa, will lead the project after the World Bank's International Finance Corp pledged $2 million to help finalise the design, finance, construction and operation plans.
Total's earnings missed analysts’ estimate of $1.1 by about 10%. The company's revenues fell 2% YoY to $51.2 billion in the second quarter.
* European stocks rise after ECB signals potential rate cuts * EZ banks rally * German business morale deteriorates * Cars go into reverse after Nissan news * CAC 40 outperforms on solid updates from LVMH, Schneider Electric * Nokia rises 7% after surprise Q2 profit jump * Cobham +35% after Advent agrees to buy for $5 billion Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Reach him on Messenger to share your thoughts on market moves: rm://email@example.com BIG CHANGES IN ECB STATEMENT (1205 GMT) The markets are rallying on the ECB statement which kept rates unchanges, signalled a readiness to cut rates in future and offered some respite for banks with a possible tiered deposit rate.
After his cull of Theresa May's cabinet, Boris Johnson's new team reads like a Vote Leave roster: his chief adviser, Dominic Cummings, was the architect of the whole campaign, and such new arrivals as Home Secretary Priti Patel and House of Commons leader Jacob Rees-Mogg were prominent Leave faces. While the European Central Bank is expected to signal some form of easing today, it like the Bank of Japan will probably wait to see what the Federal Reserve does before it heads resolutely in the same direction.