Wednesday, December 13, 2017

Thomson Reuters News

UK Energy Prices Spike on North Sea Pipeline Casualty

British power and natural gas prices spiked on Monday afternoon, after a shutdown of the Forties oil and gas pipeline in the North Sea exacerbated ongoing supply outages and already high demand due to colder-than-normal weather. Wholesale gas for immediate delivery jumped as much as 28 percent to 74.00 pence per therm, its highest since the second quarter of 2013. Day-ahead prices were nearly 11 percent higher at 63.90 p/therm.

India's U.S. Coal Imports Soar

File Image (CREDIT: AdobeStock) / (c) n neeleman)

Coal imports seen rising further amid fears ban may expand. India's coal imports from North America quadrupled to 2.1 million tonnes in October from a year ago, the highest since at least January 2015, Thomson Reuters data showed, and buyers are looking to boost purchases amid a domestic shortage of the fuel. A ban on the use of petroleum coke, a dirtier but better-burning alternative to coal, is spurring expectations India will buy even more coal from the United States in coming months.

Total CEO Not Worried over Possible Norway Fund Capital Exit

Patrick Pouyanne (File photo: Total)

The possible exit of Norway's sovereign wealth fund from the capital of French oil and gas major Total will take place over time and is thus unlikely to hurt Total's stock price, Chief Executive Officer Patrick Pouyanne said on Friday. "I can tell you that, obviously, the managers of the fund who we know very well...are not going to sell in a manner that would lead to a stock-price collapse," Pouyanne told shareholders during an annual gathering in Paris.

OPEC Oil Output Falls in November to Lowest since May

© SLDigi / Adobe Stock

OPEC oil output fell in November by 300,000 barrels per day (bpd) to its lowest since May, a Reuters survey found, pressured by a drop in Angolan and Iraqi exports, strong compliance with a supply cut deal and involunary declines. OPEC's adherence to pledged supply curbs rose to 112 percent from October's 92 percent, the survey found. Top exporter Saudi Arabia pumped below its OPEC target, as did all other members except Ecuador, Gabon and the United Arab Emirates.

Greenhouse Gas Emissions Rise, Despite Call for Cuts

Greenhouse gas emissions by the world's top 500 companies rose 3.1 percent from 2010 to 2013, far off the cuts urged by the United Nations to limit global warming, a study showed on Monday. The top 500 firms by capitalisation accounted for 13.8 percent of world greenhouse gas emissions and 28 percent of gross domestic product in 2013, according to the report, drawn up by the information provider Thomson Reuters and BSD Consulting, a global sustainability consultancy.

Oil, Commodities Worst 2015 Performers

Oil and commodities were the world's worst-performing asset class for the second year running in 2015, pressured by China's economic slowdown and excess supply. Brent crude looked set for a loss of around 36 percent for the year as sustained selling pushed prices near 11-year lows, and the outlook for oil prices looks bleak for 2016. The Thomson Reuters CRB commodities index fell 24 percent to six-year lows. Among currencies, the U.S.

Coal Rally at Risk as China Imports sag

A typical oceangoing bulk carrier (file image: BSM)

If you believe that thermal coal's rally this year has been largely on the back of rising Chinese imports, it follows that any sign of moderation in demand in the world's biggest buyer would raise a red flag of caution. That banner may be in the process of being hoisted, with shipping data suggesting August imports of the fuel used mainly for power generation may be the lowest for six months. Ship-tracking…

Forties Pipeline Outage Benefits U.S. Exporters

File Image (CREDIT: AdobeStock / (c) Jose Gill)

The shutdown of Britain's largest crude oil pipeline is an early Christmas gift to U.S. exporters shipping to Asia, and a complication for Middle Eastern and African producers seeking to maintain market share in the world's top importing region. The Forties Pipeline System, which carries about 450,000 barrels per day (bpd) from the North Sea to Scotland, may be closed for several weeks for unscheduled repair work, operator Ineos said on Monday.

Oil Drop a Mixed Blessing for US Corporate Results

The sharp decline in oil prices has taken a toll on earnings estimates for the U.S. energy sector, but investors expecting a benefit to other sectors of the market may be disappointed, Thomson Reuters research shows. Certain retailers have shown improvement in results as fuel costs have declined, while industrials and materials companies tend to show their results decline even as energy prices fall. Airlines…

SunPower Forecasts Lower-than-Estimated 2015 Profit

SunPower Corp, the second-largest maker of solar panels in the United States, forecast a much lower-than-estimated 2015 profit, sending its shares down 11 percent. The company expects to earn between $1.10 and $1.50 per share, excluding items, for the next year. Analysts on average were expecting an adjusted profit of $1.69 per share, according to Thomson Reuters I/B/E/S. The company's shares were down 8 percent at $26.83 in early trading on the Nasdaq.

National Oilwell Beats Profit Estimates

National Oilwell Varco Inc's first-quarter profit beat analyst estimates, helped by strong demand for its services that prepare oil and gas wells for production. Net income attributable to the company rose to $589 million, or $1.37 per share, in the quarter ended March 31, from $502 million, or $1.17 per share, a year earlier. Excluding $19 million in pretax transaction charges, the largest U.S. oilfield equipment provider earned $1.40 per share…

Chevron Expects Second-quarter Profit to Rise

Chevron Corp, the second-largest oil company in the United States, said on Thursday it expects its second-quarter profit to rise, helped in part by asset sales and fewer one-time charges. The company said its quarterly profit should "be higher" in the second quarter compared to the first quarter, when it posted net income of $4.51 billion, or $2.36 per share. Analysts expect, on average, Chevron to post second-quarter earnings of $2.76 per share, according to Thomson Reuters I/B/E/S.

Enbridge's Profit Beats Expectations

Enbridge Inc, Canada's largest pipeline company, reported a better-than-expected profit in the second quarter, driven mainly by higher shipment volumes on the Canadian Mainline system. The company's adjusted earnings rose to C$328 million ($299.95 million), or 40 Canadian cents per share, in the quarter ended June 30 from C$306 million, or 38 Canadian cents, a year earlier. Analysts on average were expecting a profit of 39 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Schlumberger:Russia Sanctions Hurt Earnings

Schlumberger Ltd, the world's largest oilfield services company, said it expected U.S. and EU sanctions on Russia to hurt earnings by 3 cents per share in the third quarter. Analysts on average expect the company to earn $1.51 per share in the quarter ending September, according to Thomson Reuters I/B/E/S. The company, which drills with Rosneft on the Russian island of Sakhalin, said sanctions were restricting the engagement of people and equipment.   Reporting by Ashutosh Pandey

Upstream O&G Companies Face Interest Payments Friday

At least 10 upstream oil and gas companies, cramped for cash in the oil downturn, must make coupon payments Friday, April 15, according to Thomson Reuters data.   Among them are oil and gas giant Chesapeake Energy Corp , which completed a debt swap last year, and Linn Energy LLC. Linn skipped interest payments due last month.   (Reporting by Jessica DiNapoli; Editing by Phil Berlowitz)

Sunoco Logistics to Buy Energy Transfer Partners

Sunoco Logistics Partners LP said on Monday it would buy Energy Transfer Partners LP in a deal valued at $19.93 billion. Sunoco Logistics said ETP shareholders would get 1.5 Sunoco units for each ETP share they own, which works out to about $39.30 per share, a slight discount to the stock's Friday close of $39.37. ETP owns about 21 pct of Sunoco Logistics, according to Thomson Reuters data. Sunoco Logistics' general partner is a unit of ETP. (Reporting by Vishaka George in Bengaluru)  

Netherlands to Receive LNG from Sabine Pass Plant

File Image: A typical LNG Carrier at Sea (CREDIT: MISC)

The Netherlands will receive its second-ever liquefied natural gas (LNG) shipment from Cheniere Energy's Sabine Pass export facility in the United States on Oct. 6, according to shipping data.   The vessel, with a capacity of 166,031 cubic metres, is currently berthed at Sabine Pass, live ship-tracking data shows.   The first delivery from Sabine Pass to the Gate terminal in Rotterdam arrived on June 8 aboard the Arctic Discoverer, a Thomson Reuters analyst said.   Reporting by Oleg Vukmanovic 

Saipem Sticks to Guidance as Q1 Beats Forecasts

Italian oil services group Saipem stuck to its guidance for the year on Wednesday as first-quarter operating profits beat forecasts thanks to growth in its construction business. Saipem, controlled by oil major Eni and state lender fund FSI, said its earnings before interest and taxes (EBIT) came in at 179 million euros ($203 million) compared to a Thomson Reuters SmartEstimate of 154 million euros. Saipem…

Shell's Philippines Unit Preparing for Stock Market Listing

Oil major Royal Dutch Shell said on Wednesday its subsidiary in the Philippines, Pilipinas Shell Petroleum Corporation (PSPC), is in the process of preparing an initial public offering (IPO) of its shares.   PSPC has hired BPI Capital Corp and JP Morgan for the process, IFR, a Thomson Reuters publication, reported earlier this month. (Reporting by Ron Bousso; Editing by Elaine Hardcastle)

ADM Profit Disappoints on Weak Ethanol Margins

U.S. agribusiness Archer Daniels Midland on Tuesday reported a lower quarterly profit on weak ethanol margins and as a strong dollar and ample South American crop supplies limited grain exports from the United States. Chicago-based ADM reported a net third-quarter profit of $252 million, or 41 cents per share, down from $747 million, or $1.14 per share, a year earlier. Excluding one-time items, earnings fell to 60 cents per share from 86 cents a year ago…