Investors battered the shares of America’s two biggest oil explorers after Exxon Mobil Corp. and Chevron Corp. posted disappointing earnings, failing to fully capitalize on rising oil prices. For Chevron, weaker-than-forecast financial results didn’t dissuade the company from resurrecting share buybacks to the tune of $3 billion annually after a three-year hiatus. Exxon not only […]
Business
Shell launches $25 billion buyback plan, second-quarter profits miss
Royal Dutch Shell (RDSa.AS) launched a long-anticipated $25 billion (19 billion pounds) share buyback programme on Thursday as its debt eased while second quarter profits came in far below forecasts. The share repurchase programme, promised following the $54 acquisition of BG Group in 2016, is the clearest signal yet that the world’s second-largest oil company […]
Oil prices climb as Iran-backed Houthi rebels attack Saudi Arabian tankers
Oil prices climbed on Thursday after Saudi Arabia closed a strategic shipping lane. The world’s largest oil producer closed the Bab al-Mandeb Strait after two large oil tankers were attacked by Iranian backed Houthi fighters with one sustaining minimal damage. Brent crude oil futures rose 0.6% to $74.35 per barrel on Thursday at 6 48 […]
Oil major Total raises 2018 output and savings target as Q2 profits rise
French oil and gas major Total raised its 2018 savings and oil production targets after a new record quarterly output, costs savings, and high oil prices lifted its net profit in the second quarter. The group said adjusted net profit for the second quarter soared 44 percent to $3.6 billion, beating analysts’ estimates of $3.4 […]
Nigeria’s 9mobile extends its takeover timeline
Nigeria’s 9mobile has extended the timeline to complete its takeover by new investors to finalise documentation, the country’s fourth largest telecoms firm said on Thursday. It said its board expects the takeover to be completed “as soon as possible” and that the extension was necessary for a smooth transition. In February, Teleology Holdings Limited was […]
Nigeria Govt moves to import crude from Niger Republic
President Muhammadu Buhari yesterday hailed the move by Nigeria to import crude oil from Niger Republic. He also welcomed the setting up of a refinery in Katsina State that will make use of “stranded crude” from Niger Republic, The Nation reports. The two countries signed a Memorandum of Understanding (MoU) at the Presidential Villa, Abuja. […]
Nigeria Govt. FG not willing to save for rainy day – CBN
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday, warned the Federal Government to learn to save heavily from current improved crude oil sales for the rainy in the interest of the country. CBN Governor, Mr Godwin Emefiele, who read the communiqué of July MPC meeting in Abuja, said the […]
ISPS Compliance: NIMASA Seals Erring Facilities
By Foster Obi In continuation of its quest to ensure total compliance with the provisions of the International Ships and Ports Facility Security (ISPS) code, the Nigerian Maritime Administration and Safety Agency (NIMASA) has taken stern measures against three erring facilities namely; Heyden Petroleum Jetty, Index Petroleum Oil Jetty, Waziri Jetty operated by Hemsmor Nigeria […]
Why Excess Crude Account won’t work without Constitution Amendment – Group
Shehu Musa Yar’Adua Foundation has advocated the amendment of Section 162 of the 1999 Constitution to include the establishment of the Excess Crude Account (ECA) and also make it automatic for the fund to be domiciled in the Nigeria Sovereign Investment Authority (NSIA). This is even as they advocated that the law should also stipulate […]
Nigeria’s central bank holds benchmark lending rate at 14 percent
Nigeria’s central bank kept its main interest rate at 14 percent on Tuesday, its governor said, marking two years at the record high level. Godwin Emefiele cited the risk of increasing inflationary pressure in the decision by the bank’s monetary policy committee to hold the rate at its current level. The rate has been held […]