|Bid||104.05 x 0|
|Ask||104.30 x 0|
|Day's range||103.56 - 107.35|
|52-week range||64.48 - 120.70|
|Beta (5Y monthly)||2.38|
|PE ratio (TTM)||5.91|
|Earnings date||05 Mar 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||16 Apr 2014|
|1y target est||1.84|
Mexican national oil company Pemex has begun signing contracts with oilfield service firms specifically invited to submit bids for a new batch of priority exploration and production projects, the state-owned company's chief executive said. CEO Octavio Romero said on the sidelines of an energy event in Ciudad del Carmen, home to numerous Pemex installations in the southern Gulf Coast state of Campeche, that the closed bidding process offers Pemex cost savings. Romero, a close confidant of President Andres Manuel Lopez Obrador, has previously said Pemex aims to discover and develop 20 new oil and gas fields each year, targets viewed as extremely optimistic by industry analysts.
The dispute over who will run operations for a major offshore oil discovery in Mexico could eventually come down to the technical opinion of the country's independent oil regulator, according to one of the body's commissioners. Closed-door talks between national oil company Pemex and a private consortium led by U.S.-based Talos Energy over who will control operations of the so-called Zama project in the southern Gulf of Mexico have recently slowed, according to the Talos chief executive. If they deadlock, the National Hydrocarbons Commission or CNH would be called upon to provide the country's energy ministry with a legally binding technical assessment that would determine the project's operator, Commissioner Sergio Pimentel said in an interview.
The vote supporting Premier's management is a blow to hedge fund ARCM, which holds 15% of Premier's debt and has had a growing short position in its shares since 2017, currently around 17% of its stock, some four times higher than the average for London-listed firms. ARCM has fought a heavily publicised battle against Premier's plans, saying they were based on too-high commodity price assumptions, too-low decommissioning liability estimates and would make Premier too dependent on a weak gas market. Shares in Premier Oil spiked higher following the announcement, and by 1317 GMT they were up 3.1% at session highs.
Creditors of Premier Oil gave the indebted oil and gas producer their approval for $800 million of North Sea acquisitions under a scheme that would allow it to delay debt repayments and issue new shares. The vote supporting Premier's management is a blow to hedge fund ARCM, which holds 15% of Premier's debt and has had a growing short position in its shares since 2017, currently around 17% of its stock, some four times higher than the average for London-listed firms. ARCM has fought a heavily publicised battle against Premier's plans, saying they were based on too-high commodity price assumptions, too-low decommissioning liability estimates and would make Premier too dependent on a weak gas market.
The company is set to buy North Sea assets from BP and increase its stake in the Tolmount gas project, funded by a $500 million (380.40 million pounds) rights issue, but faces opposition from hedge fund Asia Research and Capital Management (ARCM), which has vowed to fight the plans. The indebted company won permission from a court last week to have its creditors vote on the planned acquisitions of North Sea assets for around $800 million. Premier Oil plans to hold a creditor meeting to vote on the scheme on Feb. 12, with a hearing to sanction the action decided by the vote expected to take place in March.
Roland Head looks at the latest news from the North Sea and asks if the Premier Oil plc (LON: PMO) share price can keep rising.The post The Premier Oil share price is up 75%. Here's what I'd do now appeared first on The Motley Fool UK.
Indebted Premier Oil won permission from a court on Thursday to have its creditors vote on planned acquisitions of North Sea assets for around $800 million under a scheme that would allow it to delay debt repayments and issue new shares. Premier Oil said in a statement that it will hold a creditor meeting to vote on the scheme on Feb. 12, with a hearing to sanction the action decided on in the vote expected to take place in March. Hedge fund ARCM, which holds around 15% of Premier's debt and has had a growing short position in its shares since 2017 - currently around 17% of its stock, some four times higher than the average for London-listed firms - rejected the plans.
BP's plan for $625m deal with Premier Oil faces challenge. Aim to offload stakes in older North Sea assets shaken by row over Premier’s $2bn debt pile
Premier Oil (LON: PMO) announces strong cash flow and exciting new acquisitions, but does it make sense with all that debt?
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Premier Oil is set to buy stakes in North Sea oilfields Andrew and Shearwater from BP for $625 million and increase its stake in the Tolmount gas project in a deal with Dana worth $191 million, Premier said on Tuesday. Premier said the acquisitions would generate over $1 billion in free cash flow by the end of 2023 and add 23,000 barrels of oil equivalent per day cash-generative production and 82 million barrels of reserves and resources to its portfolio.
Premier Oil's largest creditor, hedge fund Asia Research and Capital Management (ARCM), said it would oppose the plan announced by the company on Tuesday to extend its debt maturity and pursue a number of acquisitions. ARCM, which holds more than 15% of Premier's debt instruments, said the proposed acquisitions will only serve to increase risk for stakeholders. Instead, ARCM said the company's management should focus on deals that help significantly cut the company’s debt burden, adding it had suggested an alternative proposal to the company.
Collapsing airlines, an exodus of FTSE 100 CEOs, and plenty of geopolitical uncertainty — 2019 has been another busy year for UK PLC.
London's exporter-heavy FTSE 100 inched lower on Monday as oil majors and Asia-exposed financials fell on China growth worries and as the pound strengthened, while a 72% slump in Tullow Oil single-handedly dragged down midcaps. The blue-chip index was gave up 0.1%, with its dollar earners including spirits company Diageo and pharmaceutical giant AstraZeneca taking a hit from gains in sterling ahead of UK general election later this week. The FTSE 250 midcap index was also down by the same level, with Tullow Oil recording its steepest one-day fall since early 2004 after the oil and gas explorer scrapped dividend and announced the exit of its CEO.
Finding stocks that have both positive share price momentum and improving financial health trends is a great way of finding pockets of quality and momentum in8230;
Today we'll look at Premier Oil plc (LON:PMO) and reflect on its potential as an investment. Specifically, we'll...
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. It wasn't expected to be a particularly busy day in terms of corporate news but there should nevertheless be a bit of market price action at the open with notably Ted Baker, which just announced that the value of its inventory has been overstated. Deutsche Bank will also be closely watched with a Reuters exclusive indicating the lender’s role in the Danske money laundering scandal is being thoroughly investigated in the U.S.