BP Posts Huge Natural Gas Trading Profit, to Increase US Oil and Gas Production

British oil major BP PLC reported better than expected third quarter earnings Tuesday. $BP net income was $8.2bn, up from $3.3bn a year earlier and higher than $6.1 billion average forecasts and $3.3 billion in the year-ago period. BP described “exceptional” profits from its gas trading and low-carbon energy division bringing in $6.2bn, up from $3bn in the second quarter. BP shares have risen more than 45 per cent this year. BP will buy back a further $2.5bn in shares … Continue reading “BP Posts Huge Natural Gas Trading Profit, to Increase US Oil and Gas Production”

Moody’s Cut UK Credit Rating Outlook to Negative on Political Chaos

Britain has had weeks of turmoil which was reflected in extreme volatility in the British pound and Gilts eventually leading to the resignation of Liz Truss as Prime Minister. Rating service Moody’s has responded by cutting its rating outlook on UK sovereign debt to negative from stable. Moody’s, said the political chaos was at the core of its rerating. Moody’s also said it affirmed the Aa3 rating it has on UK sovereign debt which it said “reflects the UK’s economic … Continue reading “Moody’s Cut UK Credit Rating Outlook to Negative on Political Chaos”

Highest BP Profit in 14 Years on Higher Refinery Margins and Oil Trading

British oil major BP PLC reported better than expected second quarter earnings Tuesday. $BP net income was $8.45bn (£6.9bn), higher than $6.8 billion average forecasts and $2.8 billion in the year-ago period. BP’s profits were the second highest for the second quarter in the firm’s history. Shares in BP rose 3.7% in morning trading in London. The report follows other energy giants reporting massive profits this quarter, Energy giant ExxonMobil, the largest U.S. oil company, reported its second-quarter profit rose … Continue reading “Highest BP Profit in 14 Years on Higher Refinery Margins and Oil Trading”

FTSE 100 Recovers in 2021 To Be up 14.3% After 2020 Annus Horribilis

UK’s Blue-Chip FTSE 100 recovered in 2021, its best year since 2016, after suffering its worst year since the 2008 financial crisis in 2020. On the last day of the year, it closed 0.3% lower at 7384, up 14.3% for the year. Stocks recovered from some of the Covid-19 pandemic lockdowns and Brexit uncertainty. Other than in Spain, Britain’s top stocks were the poorest performer among the largest European stock indices. FTSE 100 closed at 7384 points on Friday, having … Continue reading “FTSE 100 Recovers in 2021 To Be up 14.3% After 2020 Annus Horribilis”

BP Raises Dividend and Buybacks After Higher Commodity Prices Boost Profits

British oil major BP PLC reported better than expected second quarter earnings Tuesday. $BP approved a dividend hike of 4% & plans to buy back $1.4 billion worth of shares. Higher profit margins at convenience stores in BP’s petrol stations boosted results.

Brexit and Lockdowns See FTSE 100 Have Worse Year Since 2008 in 2020

The UK’s Blue-Chip FTSE 100 suffered its worst year since the 2008 financial crisis in 2020. On the last day of the year, it closed 1.5% lower at 6,460, down 14.3% for the year. Stocks were hit by the Covid-19 pandemic lockdowns and Brexit uncertainty. Other than in Spain, Britain’s top stocks were the poorest performer among the largest global stock indices. The FTSE 100, known as the Footsie, started the year at 7,542 points and closed on New Year’s … Continue reading “Brexit and Lockdowns See FTSE 100 Have Worse Year Since 2008 in 2020”

German DAX and French CAC Lead World Indices Lower on Covid Lockdown Fears

Stock markets tumbled Wednesday as Coronavirus cases surged throughout Europe sending the European stock indices sharply lower. The German DAX – 4.4%, French CAC40 -3.69% and Italian FTSE MIB -3.6% leading the UK, Europe and US indices all into deep red territory.