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Market info

SBM Offshore taps private placement

04/11/2014

SBM Offshore has completed $450million of non-recourse senior debt secured through a US Private Placement (USPP) for the Deep Panuke Production Field Centre (PFC). The company said the 3.5% fixed coupon bond is rated BBB -/ BBB (low) by Fitch and DBRS, and carries a seven year maturity. In a statement the company said offering was oversubscribed, with 14 institutional investors participating.

Market info

Oil tumbles on Saudi price cut as bonds rise

04/11/2014

Oil tumbled as Saudi Arabia cut the cost of its crude to the U.S., deepening a selloff that sent prices to a three-year low. Bonds advanced, while U.S.-equity index futures declined. West Texas Intermediate crude slid 2.6 percent to $76.75 a barrel at 6 a.m. in New York, after reaching $75.84. The yield on 10-year German bunds fell four basis points to 0.81 percent and Italy’s rate dropped four basis points to 2.38 percent. Standard & Poor’s 500 Index futures both slid 0.2 percent and the Stoxx Europe 600 Index lost 0.1 percent. Japan’s Topix index jumped 2.6 percent to a six-year high. Oil prices fell into a bear market last month as global demand growth slowed and supplies swelled from producers outside OPEC, with the U.S. pumping at the fastest pace in more than three decades. Declining commodities prices are contributing to slower inflation around the world, helping preserve the value of fixed payments on bonds. Alibaba Group Holding Ltd. will report earnings before U.S. markets open.

Market info

Encana extends share deadline

04/11/2014

Encana Corp has extended a deadline to buy outstanding shares of common stock of Athlon Energy at $58.50 a share until next week. The deadline, set to US east coast time, will see the chance to purchase shares stop at 12am, Wednesday, November 12. The offer had previously been scheduled to expire at midnight at the end of this week but the company said based on information provided by the depository for the offer 35,302,143 shares of common stock of Athlon had been validly tendered, but not validly withdrawn from the offer.

Market info

Talisman sees cash flow and North Sea production dip

04/11/2014

Talisman Energy has seen its cash flow drop by 11% from the last quarter. The firm dipped oil prices and lower liquid volumes fro the fall. Talisman said its North Sea production averaged at 12,000BOED, which was down 37% from the previous quarter and 43% year-over-year. The dip in production was a result of planned turnarounds at Claymore, Piper, Buchan and the Bleoholm FPSO.

Market info

FTSE 100 lifts despite poor performance from oil companies

04/11/2014

A positive session for corporate earnings ensured the FTSE 100 Index made progress despite a poor performance from heavyweight oil companies. Shares in Imperial Tobacco, Primark owner Associated British Foods and Legal & General were all higher after posting well-received figures. The FTSE 100 Index, which closed sharply lower on Monday due to disappointing manufacturing data in a number of countries, was 16.9 points higher at 6505.2.

Market info

Saudi Arabia signals It will let oil slide further

03/11/2014

Saudi Arabia, the world’s biggest oil exporter, is telling the market it won’t cut output to lift crude back to $100 a barrel and that prices must fall further before it does so, according to consultant FACTS Global Energy. Swelling supplies from non-OPEC producers drove Brent crude into a bear market on Oct. 8 amid waning demand from China, the world’s second-largest importer. The Organization of Petroleum Exporting Countries meets Nov. 27 to consider changing its production target in the face of the highest U.S. crude output in almost 30 years. “Production of shale oil in the U.S. will not be hit as hard as the Saudis think” by the price decline, FGE Chairman Fereidun Fesharaki said at a conference today in Doha, Qatar. Producers in the U.S. “can withstand a lot of pressure” by reining in their operating costs before they curb investment in new wells and production, he said.

Market info

Foster Wheeler profits drop in Q3

03/11/2014

Foster Wheeler's profits have slumped with the company’s income down by half in its third quarter results. The company announced its income from operations was $25.4million, compared with $48.9million the same time last year. Shares are currently sitting at an individual price of $0.25, compared to a cost of $0.50 during the third quarter of 2013.

Market info

First rise in Q3 profits at Chevron for three years

31/10/2014

Chevron's profits have risen for the third quarter income for the first time in three years. The oil major credited refining costs as one of the key factors in boosting their revenue. However the company did see a slight drop in its sales and operating revenues for the third quarter, pulling in $52billion, compared with $57billion last year.

Market info

Oil set for biggest monthly drop since 2012 on global oversupply

31/10/2014

West Texas Intermediate crude headed for the biggest monthly decline in more than two years amid signs that OPEC boosted production to a 14-month high. Brent slid in London. Futures fell as much as 0.6 percent in New York, bringing October’s drop to about 11 percent. Output from the 12-member Organization of Petroleum Exporting Countries increased by 53,000 barrels a day to 30.974 million, a third monthly gain, a Bloomberg survey shows. Traders are split on whether Saudi Arabia will deepen the crude price cuts that propelled oil into a bear market this month. WTI and Brent are down more than 20 percent from their June peaks, meeting a common definition of a bear market, as leading OPEC members resisted calls to reduce supply. Global supplies are rising, with the U.S. pumping at the fastest pace in more than three decades while Russia’s output climbed to near a post- Soviet record. “OPEC members are keeping prices low by raising their production as a way to remain competitive against the expanding output in the U.S.,” Will Yun, a commodities analyst at Hyundai Futures Inc. in Seoul, said by phone today. “Positive economic data we saw from the U.S. failed to provide an upward push to oil as supply concerns are too deeply rooted.”

Market info

Carbon companies ordered into liquidation

30/10/2014

Carbon copy investment companies found by a court to have misled clients have been ordered into liquidation. Both Carbon Green Capital and Agora Capital were found by the High Court in London to have made false claims about investment returns. A petition against the companies was presented to the High Court by the Secretary for Business, Innovation and Skills, Vince Cable. The companies were accused of selling carbon credit investments which were misleading, raking in almost £1million in profit. Chris Mayhew, Company Investigations Supervisor, said: “This formally brings to an end the activities of two heartless companies that claimed to pride themselves on the investment returns for clients but who in truth were peddling near worthless carbon credits, which in some instances they even failed to supply, raising approaching £1million from the public”. “Far from the claimed world class investment services dedicated to helping clients, these companies were dedicated only to helping themselves. “I would once more urge investors not to respond to cold calling investment sharks as you stand to gain nothing and risk losing everything. Simply end the call, not your savings. “The Insolvency Service will not allow rogue companies to rip-off vulnerable and honest people and will investigate abuses and close down companies if they are found to be operating or about to operate, against the public interest."

Market info

How oil’s 29% drop surprised investors on OPEC price war

30/10/2014

The reasons oil prices started sliding in June were hiding in plain sight: growth in U.S. production, sputtering demand from Europe and China, Mideast violence that threatened to disrupt supplies and never did. After three-and-a-half months of slow decline, the tipping point for a steeper drop came on Oct. 1, said Ray Carbone, president of broker Paramount Options Inc. That’s when Saudi Arabia cut prices for its biggest customers. The move signaled that the world’s largest exporter would rather defend its market share than prop up prices. “That, for me, was the giveaway,” Carbone said in an Oct. 28 phone interview from his New York office. “Once it started going, it was relentless.”

Market info

Aibel to cut 300 jobs

29/10/2014

Norwegian oil, gas and renewables engineering and construction firm Aibel is set to cut 300 jobs. The company said the employees in Stavanger, Oslo, Haugesund and Stjordal would be affected by the move.

Market info

ROC production dips by 6%

29/10/2014

Roc Oil Company (ROC) has announced its third quarter results with production dropping by 6% following platform shutdowns. The company recently announced it would be taken over by Fosun International in a $441million deal.

Market info

UKOG submits bid in 14th licensing round

29/10/2014

UK Oil and Gas (UKOG) has submitted a bid for a 200km area covering the Southern part of the Isle of Wight as part of the UK 14th landward licence round. The company said its board had drawn the first $1million of a new $10million unsecured debt facility to submit its application.

Europe

Total sells Norwegian assets

28/10/2014

Total has agreed to sell off its interests in a number of Norwegian assets for $317million. An agreement has been signed by Total E&P Norge AS to sell off 8% of its shares in the Gina Krog field, together with its interests in the mature fields of Vilje and Vale at 24.23% and 6% share in Morvin to PGNiG Upstream International.

Market info

Salamander in takeover talks

27/10/2014

Salamander Energy could become involved in a bidding war after being approached by Ophir Energy and a consortium led by Compania Espanola de Petroleos (CEPSA) and Jynwel Capital. The company said it was currently in talked with both Ophir and the CEPSA Consortium regarding their respective proposals.

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