BP plunges into losses but maintains fourth quarter dividend
2nd Feb 2016 07:04
(ShareCast News) - BP held its quarterly dividend at 10 cents a share as $2.6bn of write-downs and restructuring charges sent it crashing into losses for the fourth quarter and full year. A $3.31bn loss was reported for the fourth quarter, with underlying profits crashing 91% to $196m, well shy of f
Read moreExane BNP cuts targets on BG Group, BP and Royal Dutch
1st Feb 2016 16:23
(ShareCast News) - Deflation in the oil sector as a result of the decline in the price of crude oil means that operating costs for the European oil majors will be 30% less over the next two years than previously expected by analysts at Exane BNP Paribas. Hence, the companies in the sector would be a
Read moreBP's upstream chief exec McKay promoted to deputy CEO role
1st Feb 2016 15:31
(ShareCast News) - Oil major BP announced the appointment of Lamar McKay - currently chief executive of the company's upstream segment - to the new position of deputy group chief executive. In a statement ahead of its fourth quarter results on Tuesday, BP said McKay will be succeeded as upstream chi
Read moreFTSE 100 movers: Another Prudential management change leads market down
1st Feb 2016 14:24
(ShareCast News) - The FTSE 100 has started the month on a sour note, with the blue-chip market down 66.82 points (1.10%) to 6,016.97 by mid-afternoon on Monday. Prudential was one of the biggest fallers after the company announced another high-profile departure. Michael McLintock has decided to ret
Read moreTuesday preview: Analysts point to weak fourth quarter at BP
1st Feb 2016 13:00
(ShareCast News) - BP is expected to report a weak set of fourth quarter results on Tuesday amid lower oil prices. The oil giant is forecast to announce earnings in the final three months of 2015 fell to $730m (£514m) from $2.2bn a year earlier. For the full-year Deutsche Bank estimates the company
Read moreSunday newspaper round-up: Sainsbury-Home Retail, RBS, IHG, Ladbrokes
31st Jan 2016 16:24
(ShareCast News) - As Tuesday's takeover deadline approaches, Sainsbury's has made a bid of 150p per share for Argos owner Home Retail Group, which is shy of the 170p apparently being demanded. The Sunday Telegraph cited sources that suggested a middle-ground 160p bid would be enough to announce the
Read moreOil prices to challenge EMEA majors' ratings, Fitch says
25th Jan 2016 15:04
(ShareCast News) - Weak oil prices in 2016 will leave five of seven large European oil companies with financial leverage above the level Fitch Ratings normally considers appropriate for their current ratings, by a median of 0.6x, according to the ratings agency's latest financial forecasts. In a not
Read moreHSBC cuts targets on global integrated oil majors
25th Jan 2016 13:48
(ShareCast News) - Oil markets continued to be strongly oversupplied and the macroeconomic backdrop dire, but 'big oil' was adapting aggressively, which would see it through the storm in the short-term, analysts at HSBC said. Be that as it may, the broker lowered its target prices for all the stocks
Read moreBP gushes higher on SocGen upgrade
18th Jan 2016 12:27
(ShareCast News) - BP rose to the top of the FTSE 100 as investors reacted to an upgrade of the stock by Societe Generale late on Friday. "We upgrade from 'hold' to 'buy', despite lower estimates, on our expectation that having started earlier than the industry on the cost-reset, and on our key assu
Read moreBP and Rosneft dissolve German JV
15th Jan 2016 10:05
(ShareCast News) - BP and Rosneft have agreed to dissolve their refining joint venture Ruhr Oel GmbH as they move towards completion of the previously announced restructuring of their German refining and petrochemical venture. Following completion of the restructuring, which is due to take place lat
Read moreFTSE 100 movers: China confidence boosts miners
13th Jan 2016 14:05
(ShareCast News) - The FTSE 100 was in the black again on Wednesday, up 73.00 points (1.23%) by mid-afternoon to 6,002.24. Miners led the way as confidence was restored somewhat in China, the world's largest commodities importer after data showed China's trade surplus rose more than expected. It wi
Read moreBP to cut 20% of North Sea staff as oil price bites
12th Jan 2016 11:30
(ShareCast News) - Oil giant BP said it plans to cut around 6,000 jobs in its global production division, 600 of which will be at its North Sea operations, as it looks to combat sliding oil prices. The company said the move will reduce the upstream headcount to below 20,000 by the end of the year.
Read moreFTSE 100 movers: Miners and oil stocks drag down market over China woes
7th Jan 2016 13:56
(ShareCast News) - The FTSE 100 continued to fall on Thursday, down 156.34 points (2.57%) to 5,917.04 by mid-afternoon. Miners again dragged the market down amid growing concerns about China, one of the world's largest commodities consumers, after the country had its shortest trading day in history.
Read moreBP orders evacuation of North Sea Valhall oilfield
31st Dec 2015 09:57
(ShareCast News) - Oil giant BP has ordered the evacuation of the Valhall oilfield in the North Sea due to an unmanned barge drifting towards a drilling platform. Earlier on Thursday, the company had evacuated 150 workers but has now ordered a complete evacuation after it failed to regain control of
Read moreLondon close: Stocks end lower on slump in commodities
30th Dec 2015 16:19
(ShareCast News) - UK stocks slumped on Wednesday as shares in mining and oil producers declined. Oil prices reversed the previous day's gains on concerns about a supply glut after a report showed an unexpected rise in US crude inventories. The Energy Information Administration said US crude invent
Read more