Natural resources has become the largest single sector on the main equity index in Canada, having overtaken financials on the back of soaring oil and metals prices and a global banking slump. Energy and materials companies now constitute about 31.07% of the S&P/TSX Composite Index, while...
BP has decided to abandon its stake in Russia’s state-owned oil giant Rosneft in response to Moscow’s invasion of Ukraine, in a move that will have huge financial consequences for the UK firm. Rosneft accounts for around half of BP's oil and gas reserves and a...
Saudi Arabia has transferred 4% of stock in Saudi Aramco - worth US$80 billion - to the Kingdom’s sovereign wealth fund, as part of its substantial plans to diversify the oil-dominated economy. Crown Prince and de facto ruler Mohammed bin Salman said the Aramco shares will...
BP today revealed an annual profit return of almost US$13 billion for 2021, but faces continuing calls from UK politicians for a windfall tax on fossil fuel producers as consumer energy bills are set to rise by an average 54% in April. The oil giant said...
The benchmark for US crude broke through US$90 a barrel yesterday for the first time since 2014 as a cold weather snap across the US exacerbates ongoing supply concerns, amid broader geopolitical tensions. West Texas Intermediate crude surged by 2.3% to close trading at $90.27 a...
Oil prices have risen for a fourth consecutive day after touching seven year highs earlier in the week, based on supply concerns and geopolitical troubles in the Middle East and Russia. After both benchmarks climbed to highs not seen since October 2014 yesterday, reports of a...
Oil and gas and mining companies raised £1.1 billion in new equity in the 12 months up to the end of September 2021, according to figures in a new study published by accountancy group UHY Hacker Young. The £1.1 billion in new equity raised by natural...
Saudi Arabia’s crown prince has announced a target to reach net zero emissions of greenhouse gases by 2060, albeit while stressing the continued importance of hydrocarbons to the global economy. Crown Prince Mohammed bin Salman and his energy minister revealed the plans for Saudi Arabia to...
Chevron has committed to spend US$10 billion - more than three times the amount previously committed – on renewable energy operations over the next seven years, in a bid to cut its carbon emissions. The latest pledge, which amounts to less than a 10th of Chevron’s...
BHP is engaging in talks with Australia’s Woodside Petroleum over a potential merger of its US$13 billion-valued petroleum business. The potential transaction between BHP and Woodside would mark the world’s biggest mining group’s exit from the oil and gas industry, as it faces growing shareholder pressure...