North Sea operators including Shell, BP, EnQuest and Premier Oil have all seen their shares jump in light of the oil price rally.
Investors are going “bargain hunting” for shares in Shell and BP after their stock values each hit 25-year lows.
The FTSE 100 Index eked out a gain of 8.21 points, or 0.13%, to 6,269.73 today, as traders continued to show caution despite recent progress towards a vaccine for Covid-19.
Oil majors BP and Shell were among the fallers as the FTSE 100 Index slid by 171.80 points, or nearly 3%, to 5,641.03 yesterday.
Sasol’s share price has declined by more than 80% since the beginning of the year, with the company saying it would accelerate efforts to cut costs and sell assets.
Transocean has revealed new details of its contract with Hurricane Energy for work in the west of Shetland.
A “knee-jerk” reaction from investors to a combination of factors including recent results, Brexit and the coronavirus have been blamed for a 20% slide in Hurricane Energy’s share price.
Hurricane Energy has insisted it is “not aware of any subsurface, operational or commercial reasons” for a steep decline in its share price in the last week.
Shares in Royal Dutch Shell shot to the top of the FTSE 100 after the oil giant announced it was restoring its cash dividends after more than two years in the latest sign that the industry is emerging from an extended slump.
Marathon Oil saw its shares jump more than 3% following the announcement it had acquired PayRock Energy Holdings LLC for $888 million. Shares of Marathon Oil gained 3.2% to $13.58 premarket.
Centrica's shares held steady today despite a deal with Engie fell through just weeks before its fundraising bid according to reports.
Having seen the price of oil collapse by 75% in an 18-month period and BP suffer a $5.2bn loss, the reaction of the major oil company’s shareholders to certain events over the past few months suggests they have developed a somewhat battle-hardened mentality.
BP raced ahead as investors cheered better-than-expected results despite the energy giant booking hefty losses caused by stubbornly low oil prices.
Intelligent Energy shares plunged today after the company admitted a new funding deal has failed to materialise.
Shell's shares dropped 4% after the update amid wider falls on the London market as the oil price slump continues to hit stocks.
Energy commodities giant Noble Group extended its biggest monthly drop in 16 years after the Singapore bourse issued a warning on the company’s shares amid a slump in commodity prices.