BG Group share price falls 1 per cent after £6bn impairment charge on falling oil prices February 3, 2015 BG Group has written-down the value of its business due to crumbling commodity prices – nonetheless the group believes it is well-placed to weather the oil price rout. The figures The oil and natural gas company was hit by an £5.9bn pre-tax impairment charge mainly due to the fall in global commodity prices. "The substantial [...]
BP share price rises, despite profit slumping as oil price slide takes its toll February 3, 2015 BP's share price opened up this morning after the oil and gas giant reported better than expected results for the year. The numbers The oil price fall has been taking its toll. Underlying profits in the final three months of 2014 were down 20 per cent on a year earlier at $2.2bn (£1.5bn). Including [...]
Plunging oil price halts Red Sea deepwater exploration February 1, 2015 The UK’s North Sea oilfields are not the only area where companies are facing a squeeze following the plunging price of crude. Oil giant Saudi Aramco said last night that it has put on hold its activities in the Red Sea. The state-owned company is understood to have halted its oil and gas exploration and [...]
Shell share price falls as it sets out plan to fight falling oil prices as earnings rise 94pc January 29, 2015 The figures Shell's shares fell 3.8 per cent in early trading, despite the fact it announced fourth-quarter earnings had soared to $4.2bn (£2.8bn), 93 per cent up from $2.2bn (£1.5bn) for the same quarter a year ago. Full-year earnings also recorded a healthy 14 per cent jump to $19.04bn (£12.6bn), up from $16bn (£10.6bn) a year [...]
Afren share price closed down 71 per cent on funding crisis after oil drop January 27, 2015 Afren's share price closed down 71 per cent at just over 5p today, an all-time low, after the company said a funding crisis may force it to restructure its debt. The FTSE 250 oil company revealed it was in talks with a committee of its largest bondholders regarding the company's financial position and funding needs. [...]
Opec’s Abdalla El-Badri warns oil prices could hit $200 amid lack of investment January 27, 2015 The secretary-general of the Organisation of Petroleum Exporting Countries (Opec) has warned under-investment could one day push oil prices as high as $200 per barrel, as crumbling demand risks discouraging producers from pumping money into the infrastructure needed to actually get oil out of the ground. "If [oil producers] do not invest there will [...]
Investors positive about 2015 IPOs despite oil price and election uncertainties January 26, 2015 The oil price drop, the upcoming election and the woes of 2014 floats have not dampened institutional investors, with more than three quarters expecting stable or increased listings in 2015. A survey from accountancy firm BDO found institutional investors, investing in UK equities with a combined $10 trillion (£6.6 trillion) under management, found that 76 [...]
BP announces pay freeze for 84,000 workers thanks to oil price slump January 26, 2015 Oil giant BP has frozen the pay of its 84,000 staff as the collapsing price of oil takes its toll on the FTSE 100. Brent crude has collapsed by more than 57 per cent since the summer, from in $110 to under $50. The company's chief executive Bob Dudley sent a memo to employees notifying [...]
Falling oil prices set back Aveva who warn of results hit January 26, 2015 Engineering software firm Aveva has warned investors sales have been stuttering due to falling oil prices. The company is reliant on the oil and gas market for 45 per cent of its revenues, but says it is now “experiencing increased uncertainty and reduced visibility” in the sector which has been “exaggerated recently by the [...]
Oil will never reach $100 a barrel again, and it’s not Opec’s fault, Saudi Prince claims January 23, 2015 Oil will never reach the heights of $100 a barrel again, Saudi Prince Alwaleed has claimed. Alwaleed – chairman of Kingdom Holdings and the nephew of King Abdullah bin Abdulaziz al-Saud who died last night – has claimed the falling price of oil was caused by a “confluence of events” rather than a Saudi [...]