BP PLC (LSE:BP.) can afford to maintain its US$1.5 billion buyback in the current quarter, according to analysts at Barclays, who say suggestions to the contrary are incorrect.
According to the bank, BP’s policy is to pay out 60% of surplus cashflow for 2023 in the form of share buybacks.
Southern Energy Corp (TSX-V:SOU, AIM:SOUC, OTC:MAXMD) has announced its intention to raise gross proceeds of at least US$5 million, or about C$6.9 million, in an equity financing at a price of C$0.26 per share.
The natural gas focused producer/explorer said the funds will be used to accelerate the completion of its four drilled and uncompleted (DUC) wells, drilled as part of the 1Q 2023 drilling campaign on its Gwinville acreage in Mississippi.
Zenith Energy Ltd (LSE:ZEN, TSX-V:ZEE) said on Wednesday that it is taking Tunisia’s state-owned petroleum enterprise to the International Chamber of Commerce in an arbitration case.
The London Stock Exchange-listed company’s share price got a short-lived boost this morning, climbing to a high of 3.45p, up from 3p shortly after the markets opened, before settling just above that benchmark by the afternoon.
BP PLC's (LSE:BP.) earnings miss has wiped £5.5 billion from the FTSE 100 company's valuation in little over a day, and has also given one of the world's most influential investment banks pause for thought.
On Wednesday, JPMorgan weighed in with a downgrade, sending ripples through the market and exacerbating the oil giant's capital markets woes.
The share price of United Oil & Gas PLC (AIM:UOG) plunged by more than a quarter in early trading on Wednesday morning after it said it had terminated an agreement to sell a licence for oil exploration in the North Sea.
Its share price fell to a nadir of 0.75p per share this morning, after closing at 1.02p per share yesterday, before rising back up to 0.90p by the time of writing.
The Weir Group PLC (LSE:WEIR) has appointed Brian Puffer, the current chief financial and risk officer at BP PLC (LSE:BP.)’s supply and trading unit, as its chief financial officer.
The BP executive is expected to join Weir Group’s board by April 2024 and will become an executive director in the company.
Zephyr Energy PLC said six wells operated by Slawson Exploration at Williston Basin, North Dakota will come on stream today, 1 November.
Eleven months ago, Zephyr acquired working interests of between 11% to 32% in these wells, which it estimates contain net 2P reserves of 550,000 barrels of oil equivalent.
BP PLC (LSE:BP.) third-quarter results were expected to show monster profits but turned out to be a Halloween fright instead.
Was this a ‘kitchen sinking’ exercise before the appointment of a new permanent chief executive – dump all the bad stuff at once to absorb the hit now so a new boss doesn’t have to – or something else?
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) today issued its mandatory quarterly activities report to Australian investors, highlighting the previously reported progress in Alaska where the explorer is gearing up for its first 2024 exploration programme.
Planning, permitting, and stimulation activities are advancing smoothly, the company noted, and with the recent mapping of the Upper Slope Fan System (Upper SFS) being a highlight, it revealed a reservoir zone more expansive than initially projected.
Shares of Caspian Sunrise PLC (AIM:CASP) tumbled 10% to 2.76p in early trading as it warned of operational challenges due to ongoing Russian sanctions affecting the oil it produces in Kazakhstan and disruption to sourcing drilling consumables from China.
Due to this, the company said that it is unlikely to resume dividend payments in the near term, having suspended payment in June following the failure to receive a US$22.5 million payment from the sale of 50% of the Caspian Explorer.
BP PLC (LSE:BP.) reported a substantial decline in profits for the third quarter, falling short of analysts' expectations and wiping more than £4 billion off the company's market value.
Shares of BP plunged by 4% in early trading following the announcement. The company recorded an underlying replacement cost profit — a measure akin to net profit — of US$3.293 billion, down from US$8.15 billion year-on-year. Analysts had anticipated a profit figure of US$4.059 billion for the quarter.
The World Bank has cautioned that escalating conflict in the Middle East could propel oil prices to over $150 per barrel, triggering significant increases in energy and food costs worldwide.
This comes amid a vulnerable global economy still reeling from last year's price surges following Russia's invasion of Ukraine. Currently, oil prices are relatively stable at approximately $90 per barrel and are expected to decline.
BP PLC (LSE:BP.)’s profit more than halved in the third quarter, falling short of City forecasts, as weak results in gas marketing offset a strong performance in oil trading.
Murray Auchincloss, who became interim chief executive officer of after the resignation of Bernard Looney, said it had been a “solid quarter” and that “momentum continues to build across our businesses”.
Chariot Ltd (AIM:CHAR, OTC:OIGLF)'s Pierre Raillard described as a "major milestone" the approval for its Environmental Impact Assessment (EIA) from the Moroccan Ministry of Energy Transition and Sustainable Development for the Anchois offshore gas development project.
The country director said it was the "culmination of extensive time and teamwork that has gone into this critical process".
It's Halloween, but investors are unlikely to fear scary headlines from BP PLC (LSE:BP.) though they might need a few more calculator noughts.
The oil supermajor and its larger FTSE 100 rival Shell both report this week, and while they may be the bane of environmental protestors, in the City they can do no wrong it seems, with some upgrades from heavyweight brokers in the run-up to their next quarterly updates …read the preview.
Shares in Upland Resources (LSE:UPL) Ltd took plunged on Monday morning, as the oil and gas investment firm announced that a potential takeover bid had fallen flat.
Though Upland had announced the receipt of a takeover offer last week, the firm said on Monday that the bidder was not “bona fide”.
Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) has told investors that the Tai-3 well has successfully encountered helium shows whilst drilling in the Lake Bed Formation and the Karoo Group.
The well programme continues, meanwhile, the exploration company also noted that the Basement reservoir target has come in deep to prognosis and is yet to be reached.
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors it has engaged independent consultant NSAI to review Project Phoenix in Alaska, following what the company described as a “significant” new contingent resource being declared by Pantheon Resources in neighbouring acreage.
The company, in a statement, said it expects the industry consultant to be able to complete the maiden contingent resource estimate in November, and that it may result in Hickory-1 being confirmed as a discovery.