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Markets

Oil price drops on global supply glut concern

London’s top flight index swung into the red after investors soured to Lloyds Banking Group’s plans to hive off another £1 billion for the mis-selling of payment protection insurance (PPI).

Oil & Gas

Transocean’s revenues fall by 29%

Transocean’s revenues have fallen 29% in the third quarter of the year as the company continues to be challenged by the decline in oil price. The oil driller said fleet utilisation was down to 70% compared with 75% in the previous quarter and the year-ago period. The company has already reduced its number of rigs taking a number out of service as well as scrapping others.

Markets

Chesapeake reduces capital budget, but boosts production

Chesapeake Energy has reduced its 2015 capital budget for the second time this year as looks to cope with the decline in oil and gas prices. The company, which raised its production forecast, has also been hit by weak natural gas prices. Around 15% of its workforce has been cut so far.

Asia

Tethys receives second investment offer

Tethys Petroleum said it had acknowledged an offer by Olisol Investment Group earlier this month. The bid comes as the company continues ongoing negotiations with Nostrum Oil & Gas on the terms of a proposed offer. Earlier this month, Olisol had come forward to offer the company $8million by way of share subscriptions at $0.16 per common share.

Markets

Aggreko profits drop as it chief exec unveils new strategy

Aggreko has seen its pre-tax profits drop from £130million to £102million, affected by a number of factors including the slowdown in the North American oil and gas sector and civil war in Yemen. The power provider has created two separate business units which came into effect this month as it looks to adapt to market conditions. It said the move will include the “streamlining” of back-office processes and closing some depots.

Oil & Gas

British Gas sees profits soar

British Gas said operating profits have risen by 44% as more energy was used by consumers due to colder weather conditions. The company, owned by Centrica, said consumption was up by 11% compared to a “warm first half” of 2014. The first six months of the year have seen profits surge to £528million up from £265million a year earlier.

Markets

President Energy grants share options to senior team

President Energy has granted the option to acquire ordinary shares as it looks to select directors and senior management as part of its Global Incentive Plan (GIP). The company said the option will be subject to standard conditions under the GIP, including share price performance targets, three year vesting periods and have an exercise price of 11.5p.

Markets

Savannah Petroleum raises $36million from share placing

Savannah Petroleum has raised $36million after placing more than 61million shares at a value of 38 pence each. The Niger focused oil and gas firm said an estimated 17,136,000 of these placing shares will be subscribed directly within the company. The placing shares represent 47% of the company’s existing ordinary share capital and will be issued in two tranches.

Markets

Oil price eases slightly after concern about outlook for global fuel demand

Oil prices eased slightly on Thursday as weak data from the world's top economies raised concern about the outlook for global fuel demand. Uncertainty over the strength of any decline in US oil output also weighed. The larger economic picture offset data that showed a large drawdown in US crude stockpiles last week. June Brent crude was trading 10 cents down at $66.71 a barrel as of 0917 GMT. US crude for June delivery, at $60.20, was 30 cents lower.

Markets

Saipem posts strong performance in first quarter

Saipem has posted a better than expected profits boost in its first quarter results. The Italian oil services group, which is 43% owned by oil major Eni, said its earnings before interest and taxes came in at €159million.

Markets

Lundin takes $204million hit on non-cash foreign exchange

Swedish producer Lundin Petroleum has said it will be hit with a $204million non-cash foreign exchange loss in its first quarter results. The company has also booked a $45million pre-tax exploration cost. Lundin said whilst neither booking would have an impact on its operating cost or its core earnings, they would have an affect on the company's profitability.

Markets

US crude oil futures erase gains, Brent falls 1.2%

US crude oil futures erased gains in New York trading, while Brent extended losses in London. West Texas Intermediate for May delivery fell 8 cents, or 0.2 percent, to $47.37 a barrel at 9:50 a.m. on the New York Mercantile Exchange. Total volume was about 17 percent above the 100-day average for the time of day.

Markets

Nigeria suffers ‘substantial’ revenue loss as oil prices fall

Nigeria’s government revenue fell 15% in January as falling oil prices eroded the income of Africa’s biggest crude producer. Revenue fell to 416.1 billion naira ($2.1 billion) in January compared with 490 billion naira a month earlier, Accountant-General Jonah Otunla said. The volume of oil exports declined 33 percent in November and December, resulting in $159.88 million of lost revenue, Otunla said.

Markets

Oil stocks lead FTSE 100 recovery

A better session for energy stocks today helped the FTSE 100 Index steady after its worst week of trading since August 2011. Investors found some value in a number of heavyweight oil companies as the price of Brent crude stabilised at around $63 a barrel.

Markets

FTSE 100 steadies after oil slump

Energy stocks have received some respite after their battering yesterday in the wake of the latest slide in the price of oil. Brent crude held firm at just over 64 US dollars a barrel, having fallen sharply on Wednesday when a monthly report by industry cartel Opec said demand next year was expected to fall to its lowest level in a decade. The FTSE 100 Index, which opened the week at 6742, dipped below 6500 at one stage before recovering by 10.8 points to 6510.7 amid lacklustre trading.

Markets

Decline in oil price triggers poor start for European markets

Fears over Chinese demand combined with another decline in oil prices to trigger a poor start to the week for European markets. A slump in export growth in the world’s second largest economy spooked investors, particularly as imports also contracted rather than expanded.