Shell’s profit drops on weaker refining margins Energy Shell’s earnings fell slightly last quarter after profit margins declined at its refining business amid weaker global demand for oil. The oil and gas giant said adjusted earnings were $6.03bn (£4.65bn), down from $6.2bn during the same period last year. However, the figure comfortably beat a company-provided analyst consensus of $5.4bn (£4.1bn) and Shell confirmed [...]
BP beats estimates despite lower oil prices Energy FTSE 100 oil giant BP has reported strong-than-expected earnings for the third quarter. On Tuesday, it posted an underlying replacement cost profit, used as a proxy for net profit, of $2.3bn (£1.8bn) for the three months to 30 September. The figure beat analyst expectations of $2.1bn (£1.6bn), according to an LSEG-compiled consensus. However, the figure [...]
Neo Energy slows down £900m North Sea project due to windfall tax Energy One of the North Sea’s largest oil and gas project has been plunged into uncertainty after its operator announced it was slowing down investment in light of “fiscal and regulatory uncertainty”. Neo Energy had planned to start work on the £900m Buchan project – expected to produce a peak of 35,000 barrels of oil a [...]
Future of Rosebank in doubt as UK drops challenge to judicial review August 29, 2024 The future of Britain’s largest untapped oil field, Rosebank, has been thrown in to doubt after the new government said it would not challenge a judicial review. The decision affects the field which is just off the Shetland Islands, as well as Jackdaw, another untapped site 150 miles east of Aberdeen. Legal challenges against the [...]
Hunting: Oil and gas services firm’s profit more than doubles August 29, 2024 Oil and gas equipment provider Hunting has reported a more than doubling in profit for the first half of 2024 as its order book hit a record level.
Ithaca Energy: Profit tumbles at North Sea oil and gas firm as windfall tax bites August 22, 2024 North sea oil and gas firm Ithaca Energy saw its revenue and profit tumble after being hit by impairment charges, lower production and a dip in the oil and gas prices. The FTSE 250 constituent, which in the Spring announced plans to buy all of Italian competitor Eni’s North Sea assets for £754m, lowered its [...]
Riverstone Energy share buyback programme marches on after £158m spending spree August 21, 2024 Riverstone Energy’s underlying assets per share ticked up seven per cent over the last six months, as the company continued an aggressive share repurchase programme. Riverstone’s monster share buyback programme has helped the energy-focused investment trust outperform its peer group over the past one and three years. The trust’s share price has returned 42.2 per [...]
Revenue slides at Wood Group after Sidara snub but guidance kept August 20, 2024 Engineer Wood Group maintained its full year guidance despite sliding into the red after a dip revenue in its first set of results since Emerati competitor Sidara pulled out of a deal for the firm at the eleventh hour. The Aberdonian firm, which generates much of its revenue providing engineering services to the oil and [...]
Gran Tierra Energy pounces on i3 Energy in £175m deal August 20, 2024 Oil producer Gran Tierra Energy has announced a £175m deal to acquire its London-listed peer i3 Energy. Under the terms of the deal, which was announced in the early hours of this morning, Gran Tierra said it would offer one new Gran Tierra share for every 207 i3 Energy shares held as well as 10.43p [...]
Bowleven to delist from London Stock Exchange’s AIM amid stalled oil project August 9, 2024 Listed oil and gas company Bowleven is set to de-list from the London Stock Exchange to be re-registered as a private limited company