Commodity trader Trafigura will pay out $1.71 billion in dividends to its employee shareholders, the company said today, reporting record profits for the 2022 financial year.
Iraq’s SOMO has endorsed Saudi Arabia’s take on the oil market’s situation, expressing concerns around “false signals” for the market.
Floods in KwaZulu-Natal have disrupted some of Sasol’s chemical exports, the company has said, while reaffirming its hedging plans.
Serica Energy profits tumbled 90% in the first half of the year as its gas hedging position and planned outages took a toll.
Many of the world’s airlines already stung by the pandemic grounding flights are now finding out what a risky place the oil market can be.
Sasol has set out plans to reduce throughput at some of its plants, as South Africa goes into lockdown, while ratings agencies have become more cautious on the company’s outlook.
Abu Dhabi is taking steps to cement its position as a reliable supplier through the launch of the Murban Futures contract.
Oil and gas hedging protections for North American exploration and production companies is expected to plunge next year to just 11% of total production volumes, according to new research. IHS Energy has warned many exploration and production companies could be left at risk of financial stress as a result. The analysis assessed the amount of oil and gas hedging protections in place for 48 small, midsized and large North American companies for the second-half of 2015 and full-year 2016. IHS found while overall hedging for second-half 2015 was largely unchanged from previous analysis one year earlier, North American exploration and production companies have a 28% of total production hedged for the remainder of this year.
Europe's small and medium-sized oil companies have forward-sold more crude than in previous years, ramping up their defences against a scenario in which prices stay weak for longer than expected. Hedging future oil output against market volatility is a well-rehearsed practice among smaller producers but as prices remain historically low, they have shielded themselves more heavily than usual from a further downturn. Second-quarter results figures showed that oil companies, including North Sea operators Ithaca and Premier Oil, have increased their hedging positions compared with the previous year.