Category: News & Announcement

There could be a further $5 a barrel downside for oil prices as a result of the coronavirus, an energy analyst said this week. Both Brent and West Texas Intermediate crudes have suffered losses amid the coronavirus outbreak, but things could still get worse, according to Andy Lipow, president of Lipow Oil Associates. “I think it could slide even further,” he told CNBC’s “Squawk Box Asia” on Tuesday. “There could be another $5 a barrel downside in this because we simply don’t know the extent of the virus and how long it’s going to last.” WTI was trading at $49.81…

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ISLAMABAD: The Power Division has informed the government that running the 1,263-megawatt LNG-based power project near Trimmu Barrage on expensive imported gas, while ignoring other cheaper fuel options, would result in cumulative loss of Rs202 billion up to 2025. Pakistan has a long-term supply contract of 500mmcfd LNG with Qatar and the first review is due in 2025. At present, Pakistan has LNG-based power plants which have remained closed for most of the time due to expensive LNG imports. The deal was materialised during the tenure of the previous government of…

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WTI crude dipped below $50 per barrel on Monday, the first time oil dipped below that level in more than a year. Oil prices are now in bear market territory compared to their previous 52-week highs, and WTI crude has dropped 20% over the past month. Even with an early bump in oil on Tuesday crude settled lower for the day, and don’t expect the bearish trend in the commodity to reverse itself soon, according to trading history over the past decade. According to hedge fund analytics tool Kensho, a…

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UK supermajor BP (NYSE: BP) snapped on Tuesday a streak of gloomy earnings for Big Oil, reporting profit-beating expectations, raising its dividend, and more than doubling its U.S. shale production after buying BHP assets in America. PauseUnmuteLoaded: 48.02%Remaining Time -2:54Picture-in-PictureFullscreen BP’s underlying replacement cost profit—the group’s proxy for net profit—in the fourth quarter fell to $2.6 billion from $3.5 billion, mostly reflecting lower oil prices in the period, which also dragged down the earnings of the other supermajors that reported Q4 and 2019 financials last week. BP’s full-year profit fell to $10.0 billion from $12.7 billion,…

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ConocoPhillips (NYSE: COP) reported on Tuesday lower-than-forecast Q4 earnings on the back of lower oil and gas prices, but the Houston-based energy producer also announced a $10-billion increase in its share buyback program.  close [x]Video Player is loading.PauseUnmuteLoaded: 3.18%Remaining Time -4:07Picture-in-PictureFullscreen ConocoPhillips’ Q4 adjusted earnings came in at $831 million, or $0.76 per share, down from adjusted earnings of $1.3 billion, or $1.13 per share, for the fourth quarter of 2018.   The Q4 2019 earnings per share fell short of the analyst consensus of $0.80 per share of the Wall Street Journal.   ConocoPhillips…

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