Saudi Aramco has vowed to transform itself into a “top three” oil trader, setting its sights on challenging established players such as BP, Royal Dutch Shell and Vitol.
Amin Nasser, chief executive of the Saudi state giant, said that it planned to be among the biggest traders by 2022 as part of a broader strategy to build a more robust energy company that can withstand market downturns.
Petrofac has warned investors that a “difficult period” involving troubled North Sea projects and lower oil prices is likely to reduce its net profit to $500m next year, 25 per cent lower than analysts’ consensus expectations of $675m.
Shares in the FTSE 100 oilfield services company plunged 26 per cent on Monday to 882p after it outlined a series of development difficulties.
Much of the $175m reduction in 2015 profit guidance relates to Petrofac’s integrated energy services division, which takes on riskier projects, and was previously seen as a key driver of earnings growth under the leadership of Andy Inglis, a former BP executive who left Petrofac to head-up of Dallas-based oil explorer Kosmos Energy.
Read more at ft.com
Halliburton has agreed a $38bn takeover of Baker Hughes, bringing the two companies together in one of the largest deals in the energy industry in recent years.
The agreement follows a month of fractious talks between the two companies’ leaders, in which Baker Hughes complained it was being put under pressure to agree a deal too quickly, and Halliburton moved to prepare the way for a hostile bid.
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