Finance News


UK Considering Big Increase in Energy Windfall Tax, Sources Say

Nov 14, 2022

British finance minister Jeremy Hunt is considering a big increase in a windfall tax on oil and gas firms and extending it to power generation firms as he tries to find ways to repair the country's public finances, sources said on Saturday.The idea is 'under consideration' ahead of Hunt's announcement of a new budget plan on Thursday, a government source said, speaking on condition of anonymity.Under the plan…

Malaysia's Petronas Posts Q3 Profit, Warns of Continuing Market Volatility

Nov 30, 2022

Malaysia's state energy firm Petroliam Nasional Berhad, or Petronas, on Wednesday posted a near doubling of its third quarter profit and warned of continuing volatility in oil and gas prices. The company reported a profit of 30.8 billion ringgit in the July-September period…

Shell to 'Evaluate' 25B Pound UK Investments after Windfall Tax

Nov 22, 2022

Shell said on Monday it will evaluate plans to spend up to 25 billion pounds in Britain over the next decade following the government's decision to increase a windfall tax on oil and gas producers.'We're going to have to evaluate each project on a case by case basis…

Seadrill Starts Trading on Oslo Stock Exchange

Nov 17, 2022

Offshore drilling company Seadrill on Thursday started trading on the main list of the Oslo Stock Exchange, having uplisted from Euronext Expand. Also, back in October, Seadrill Limited also received approval to relist its common shares on the New York Stock Exchange (“NYSE”)…

Norway's Oil & Gas Firms Raise Investment Forecasts

Nov 17, 2022

Norway's oil and gas firms have raised their investment forecasts for 2022 and 2023 as more development plans are being made, a national statistics office (SSB) survey showed on Thursday. The country's biggest business sector now expects to invest 175…

BP Says It Is Paying More Tax as it Profit Increases

Nov 16, 2022

BP is paying more tax as it is making more profit, its UK head Louise Kingham told the Reuters Energy Transition Europe 2022 event on Wednesday.'It's right that (the government) should think about how they protect the most vulnerable and taxation is not for companies to determine…

Siemens Energy Gets Boost from Record Orders

Nov 16, 2022

Siemens Energy on Wednesday reported a record order backlog of nearly 100 billion euros ($104 billion), boosting its shares and overshadowing a widening net loss blamed on its struggling wind turbine division, Siemens Gamesa. Siemens Energy…

Colombia's Ecopetrol Q3 Net Profit Doubles as Oil Demand, Prices Rise

Nov 09, 2022

Colombian state oil company Ecopetrol on Tuesday reported its third-quarter net profit more than doubled to 9.51 trillion pesos ($1.90 billion), rising 150% from a year earlier, as production returned to levels not seen since before the coronavirus pandemic…

Ithaca Energy Shares Dip after UK's Largest IPO This Year

Nov 09, 2022

Ithaca Energy shares dipped on their London debut on Wednesday after the North Sea oil and gas producer defied volatile markets to deliver Britain's largest initial public offering (IPO) this year, and Europe's fifth biggest. The shares opened…

Japan's Inpex Lifts Profit Forecast on Higher Energy Prices

Nov 08, 2022

Japan's biggest oil and gas explorer, Inpex Corp, lifted its full-year profit forecast by 14% to a record 400 billion yen ($2.7 billion) thanks to higher-than-expected oil and gas prices and the yen's plunge against the U.S. dollar. The company…

Arabian Drilling Co Shares Up 18% on Market Debut

Nov 07, 2022

Shares of Arabian Drilling Company , a Saudi oilfield services firm, were up 18% above its listing price on its market debut in Riyadh on Monday, in a sign that investors still have appetite for local flotations despite a gloomy outlook for the world economy…

Ithaca Energy IPO Set to Price at Lower End of Range - Bookrunner

Nov 07, 2022

A planned initial public offering of North Sea oil and gas producer Ithaca Energy IPO is set to price at the lower end of the previously guided range, bookrunners on the deal said on Monday.The revised price guidance is for between 250 and 270 pence per share…

Harbour Energy Expects $400M in UK Windfall Tax This Year

Nov 03, 2022

Harbour Energy on Thursday forecast liabilities from the UK's windfall tax on energy companies to be about $400 million this year, and urged the government to 'carefully consider' the consequences of any increase or extension to the scheme. The…

BP Joins Rivals With Bumper $8.2B Profit

Nov 01, 2022

LONDON, Nov 1 (Reuters) - BP more than doubled its third-quarter profit from a year earlier to $8.15 billion, lifted by strong natural gas trading, as it expanded its share buybacks by $2.5 billion amid rising calls to increase taxes on the energy sector…

Global Oil Giants Rake in Massive Profits in Third Quarter

Oct 28, 2022

Global oil-and-gas giants including Exxon Mobil, Chevron, and Equinor, posted huge profits in the third quarter, benefiting from surging energy costs that have boosted inflation around the world and hit consumers hard. Oil companies booked billions of dollars in profits as prices for crude…

Current News

TotalEnergies to Cut UK North Sea Spending by 25% after Windfall Tax

TotalEnergies to Cut UK North Sea Spending by 25% after Windfall Tax

EnCap Backs Houston-based Firm to Build Jones Act WTIVs

EnCap Backs Houston-based Firm to Build Jones Act WTIVs

Siemens Gamesa Loses UK Patent Dispute over GE Offshore Wind Turbines

Siemens Gamesa Loses UK Patent Dispute over GE Offshore Wind Turbines

Construction of Shell's Penguins FPSO Completed in China

Construction of Shell's Penguins FPSO Completed in China

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