Proactive Investors News

BP may sell stake in North Sea field to Shell

BP PLC (LON:BP.) could sell its stake in a key North Sea oil and gas field to its long-time rival Royal Dutch Shell PLC (LON:RDSB), according media reports. Shell, which own a 28% stake in the Shearwater field joint venture, is in talks about buying its FTSE 100 peer’s 27.5% share, Reuters reported on Wednesday. BP is looking to sell off $10bn of non-core assets over this and next year, following its purchase of BHP’s petroleum business for $10.5bn last summer. >>>

Armadale Capital in advanced offtake talks as it progresses flagship graphite project

Matt Bull, technical director at Armadale Capital (LON:ACP), updates Proactive London's Andrew Scott on developments at the Mahenge Liandu graphite project in Tanzania. Bull says they're on track to complete a definitive feasibility study (DFS) on the project by Q4 this year. A scoping study released in 2018 revealed an NPV for the project of US$349 mln and development CAPEX of US$35 mln.

Anadarko Petroleum jumps on bid battle as $59bn offer from Occidental trumps Chevron

Anadarko Petroleum Corp (NYSE:APC) shares jumped higher in early New York trade on Wednesday on the prospect of the first hostile battle for an oil major in years after Occidental Petroleum Corp (NYSE:OXY) lodged a $57bn takeover bid,  trumping Chevron Corp’s (NYSE:CVX) $50bn deal. The surprise $76-per-share offer propelled Andarko shares nearly 12% higher to $71.58, well above the $65 per share offered by Chevron. >>>

Boeing scraps guidance for 2019 as 737 MAX crisis sends costs soaring

Boeing Co (NYSE:BA) has scrapped its outlook for 2019 after the grounding of its 737 MAX range of aircraft in March sent costs soaring. The aircraft maker reported a 21% drop in earnings in its results for the first quarter, while the grounding of its bestselling aircraft and a stoppage of deliveries racked up US$1bn in extra costs. Revenues dipped 2% to US$22.92bn, lower than analysts had predicted. The company has also cut production of the 737 MAX to 42 aircraft each month from 52 previously and halted its share buybacks, adding that it would issue new earnings forecasts when it had more clarity around the issues facing the aircraft model and the potential costs of fixing them. >>>

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