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..., which said on Thursday that it expected oil demand to rise by 2.2mn b/d this year and 1.8mn b/d in 2025....
...As a result, equity markets are already more jittery — not a positive for oil. Since 2000 oil prices have rarely continued rising when the S&P 500 has a sustained decline....
...The revision comes after the company pledged to devote a higher proportion of spending to oil and gas last year, and other oil groups such as BP have slowed their retreat from oil....
...Traditionally, oil prices go up a lot and stock markets go down a lot. Back in the 1973-74 Middle East crisis, in association with an Opec embargo, oil rose 300 per cent. The S&P 500 index halved....
...Over the past 10 years the size of its buyback scheme dwarfs both its R&D spend and the buyback schemes from peers, adding up to a total of $658bn, according to data from S&P Global....
...Worse, banks have cut specialised loans to oil and gas companies as a direct result of the tax....
...Much of his firepower derives from a humble source: a small oil refining and nitrogen fertiliser company in the US heartland....
...Oil markets are set to become “extremely tight” in the second half of this year, according to hedge fund giant Citadel, as Opec+’s control of the market allows it to keep prices high....
...Mindful of the risk that fresh sanctions on Venezuela might push up oil prices in a US election year, Washington will allow US major Chevron to continue a joint venture with Venezuela’s national oil company...
...And yes, they’d be right. A PIK note tends to give the issuer options....
...“We figured at some point over the next few years, we’d start to see a downturn [in gas use]....
...The company produced an average of 10.7mn b/d of crude oil and other liquids last year, down from 11.5mn b/d in 2022....
...The deal would make Ithaca one of the biggest independent oil producers in the North Sea and could spur further consolidation, as companies seek scale to fund investment and the cost of decommissioning legacy...
...The outlook for oil demand this year remains unclear. The IEA predicts oil demand will grow by 1.2mn b/d, about half the pace of 2023, while Opec believes demand growth will be higher at 2.2mn b/d....
...An oil price range of $80 to $100 per barrel “feels like a sensible range”, the chief executive of Dutch oil trading company Vitol told the FT’s Commodities Summit on Tuesday, as global oil prices traded...
...company....
...Financial data company S&P Global is nearing a deal to buy research platform Visible Alpha that could value it at more than $500mn from a consortium of investment banks including Goldman Sachs, Jefferies...
...Sadly, mainFT’s Ian Johnston has delivered, with this unlisted offering from Oil Brokerage, a London-based, uh, oil brokerage....
...Looking at it another way, here are some stats (courtesy of Wood Mackenzie): Ten companies will now control more than 6.4mn barrels of oil equivalent a day of the Permian’s 12.1mn boe/d of overall output...
...That means the company has 3mn b/d of spare capacity that it could bring online to meet any sudden rise in demand, reducing the immediate need to increase its maximum output further, said the person familiar...
...One reason for the modest outlook, Buffett writes, is that his company is so big now — 6 per cent of the S&P 500’s total shareholders’ equity — that there are no companies in the US or abroad that are (a...
...US production rose by roughly 1.5mn b/d to a record 13.5mn b/d in 2023 while that of Iran increased to an average of roughly 3.9mn b/d from about 3mn b/d a year earlier, said Claudio Galimberti, North America...
...In an ideal world, active sustainable funds would be genuinely active: the managers would use their voting rights, they’d engage with all their companies and they’d have strict policies about shunning companies...
...The second, on oil and gas producers, unsurprisingly finds that companies in the sector are “severely misaligned”, with an average implied temperature rise of 4.2 degrees....
...Saudi Arabia’s energy ministry on Tuesday asked the state oil company Saudi Aramco to halt a planned 1mn barrels per day expansion in oil production to 13mn b/d. This had been due by 2027....
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