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Nov 3, 2015
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Cheap oil no deterrent to Shell-BG deal

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

Cheap oil is no barrier to Shell’s takeover of smaller rival BG Group. The Anglo-Dutch major has boosted its synergy estimates for the deal by 40 percent to $3.5 billion by 2018. The savings help to make the takeover bankable but more may be required if the downturn in oil persists.

Oct 29, 2015
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Shell throws kitchen sink at low oil

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

Shell is kitchen-sinking its business in the face of low oil. The Anglo-Dutch major’s third-quarter earnings were scarred by a net charge of $7.9 billion. The hits are painful, but reflect healthy realism at Shell ahead of the expected completion of its deal with BG early next year.

Oct 29, 2015
via Breakingviews

Shell throws kitchen sink at low oil

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

Shell is kitchen-sinking its business in the face of low oil. The Anglo-Dutch major’s third-quarter earnings were scarred by a net charge of $7.9 billion. The hits are painful, but reflect healthy realism at Shell ahead of the expected completion of its deal with BG early next year.

Oct 27, 2015
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Self-help underpins BP’s $108 billion value

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

Oil majors are bending over backwards to show they can cope with low oil prices. Following updates from Total of France and Spain’s Repsol, BP said on Oct. 27 that it reckons its dividend will be self-financed by 2017 at $60 oil. It’s a big ask, but BP’s forecast-busting third-quarter results provide comfort that it can pull it off.

Oct 27, 2015
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Self-help underpins BP’s $108 billion value

Photo

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

Oil majors are bending over backwards to show they can cope with low oil prices. Following updates from Total of France and Spain’s Repsol, BP said on Oct. 27 that it reckons its dividend will be self-financed by 2017 at $60 oil. It’s a big ask, but BP’s forecast-busting third-quarter results provide comfort that it can pull it off.

Oct 23, 2015
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Scrip dividends are a fool’s gold

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

Scrip dividends, or dividends paid in shares, are a fool’s gold. European majors last year paid over $30 billion in dividends, according to Thomson Reuters data. Some like Total and Shell are offering a scrip option this year to ease the cash crunch prompted by low oil prices. Some investors might like extra shares. But it is hard to see these as anything other than an illusion.

Oct 23, 2015
via Breakingviews

Scrip dividends are a fool’s gold

Photo

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

Scrip dividends, or dividends paid in shares, are a fool’s gold. European majors last year paid over $30 billion in dividends, according to Thomson Reuters data. Some like Total and Shell are offering a scrip option this year to ease the cash crunch prompted by low oil prices. Some investors might like extra shares. But it is hard to see these as anything other than an illusion.

Sep 17, 2015
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Altice keeps powder dry in $18 bln Cablevision bid

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

French cable king Patrick Drahi appears to be keeping his powder dry after snapping up U.S. cable firm Cablevision for $17.7 billion, including debt. It is the second foray into the United States for his telecom company Altice after its recent $9.1 billion swoop for Suddenlink, and will create the market’s fourth-largest player. The valuation, at just under 10 times the AOCF (a variant of EBITDA) to June, looks high but savings will help. Importantly, Altice isn’t contributing much cash.

Jul 28, 2015
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BP is making the best of a bad situation

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

BP is making the best of a bad situation. There is clear progress on bringing down costs and capital expenditure. But with the oil price at nearly a six-month low of $53 a barrel for Brent crude, it’s only going to get harder for the UK oil major.

Jul 28, 2015
via Breakingviews

BP is making the best of a bad situation

Photo

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

BP is making the best of a bad situation. There is clear progress on bringing down costs and capital expenditure. But with the oil price at nearly a six-month low of $53 a barrel for Brent crude, it’s only going to get harder for the UK oil major.

    • About Fiona

      "Fiona Maharg-Bravo is breakingviews´ Madrid correspondent. Fiona joined breakingviews in 2003 in London, covering media, transport, energy and Spain. Previously she spent a few months at the Financial Times as winner of the 2002 Nico Colchester Fellowship. Before becoming a journalist, Fiona worked nearly five years in banking, first at JP Morgan in equity capital markets and leveraged finance groups and then at the European Bank for Reconstruction and Development. She gained a BA/MA (Phi Beta Kappa) from the University of Chicago in Political Science and International Relations and a Diploma in Economics from Cambridge University."
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