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Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
 The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which had cushioned some of the blow from low oil prices, have fallen steeply, Fitch Ratings says.
According to Fitch, with little prospect of a near-term oil-price recovery and refining margins likely to remain thin, companies' ability to stabilize or even grow profits in 2016 will depend on how quickly cost-cutting measures and cost deflation in the supply chain feed through to the bottom line.
Royal Dutch Shell, Total, BP, Eni and BG all reported 3Q15 results last week. On average, their 3Q15 EBITDA fell by 26% compared with 2Q15, and cash flow from operations by 30%. The main reason was lower oil prices as Brent slid 19% from an average USD63/bbl in 2Q15 to USD51/bbl in 3Q15. The majors' 9M15 EBITDA dropped 39%, and cash from operations fell 38%, as Brent plummeted by 48%, from an average of USD107/bbl in 9M14 to USD56 in 9M15.
4Q15 may be even more painful for integrated companies as refining margins have fallen since the middle of the third quarter, which is likely to drag on profits in their downstream operations. In October, Brent Crack Rotterdam Refinery Margin, as calculated by Thomson Reuters, averaged USD4.0/bbl, compared with USD7.9 in 3Q15 and USD8.1 in 2Q15.
Part of this decline is likely to be a seasonal effect from the end of the main driving season in the northern hemisphere. But we also expect an underlying correction in margins due to overcapacity in European refining and strong competition from Middle Eastern, Russian and US refineries, which generally have access to cheaper feedstock and lower energy costs, says Fitch. BG may be the only exception. We expect its earnings to rise in 4Q15 vs 3Q15 provided oil prices do not fall. This is because BG has no exposure to refining and its production is rising due to operations ramping up in Australia and Brazil.
Apart from oil prices, majors' upstream profits will be increasingly affected by the scale of cost deflation. Oil majors are reducing costs and in some parts of the value chain, the fall has already been substantial. For example, in the offshore drilling industry the cost of hiring a rig has fallen by 30%-40% yoy, according to various sources. According to Total, rates for many other services, including marine logistics and well services, are down up to 20%. Overall, however, industry deflation is still insufficient to materially affect profits, as negotiating new contracts may take some time. We expect the impact to be more pronounced in 2016 as oil majors are now re-negotiating prices with their contractors and are aiming to reduce staff costs and streamline operations.
To balance their cash flows, oil majors are reducing capex and continuing divestments. Majors' ability to keep these commitments without jeopardizing the level and quality of reserves and production will drive their ratings in the next one or two years. For example, BP said its 2015-2017 capex will be USD17bn-19bn a year, compared with the original 2015 guidance of USD24bn-26bn announced a year ago. Total's guidance for 2015 is unchanged at USD23bn-24bn, but the company said capex will go down to USD20bn-21bn in 2016 and USD17bn-19bn a year in 2017-2019. Shell said it will prioritize debt reduction over dividends and capex.
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Tuesday, 08 September 15
FOB RICHARDS BAY COAL SWAPS CONTINUE TO SHOW DECLINING TREND
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Tuesday, 08 September 15
GANGAVARAM PORT IN INDIA DISCHARGES RECORD 112,599 MT OF STEAM COAL IN 24 HOURS
COALspot.com: Gangavaram Port, an all weather, multipurpose port with water depth up-to 21 meters, capable of handling fully laden Super Cap ...
Monday, 07 September 15
THE MINE OF THE FUTURE WILL HAVE ONLY TWO EMPLOYEES, A MAN AND A DOG - SCOTT MCGOWAN
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Scott Mcgowan, Director, Global ...
Monday, 07 September 15
FOB NEWCASTLE COAL SWAP FOR Q2' 16 DELIVERY CLOSED US CENTS 25 LOWER COMPARED TO Q4' 15
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.73 per MT (-1.68%) month over month to US$ 42.65 per mt. The sw ...
Monday, 07 September 15
CFR SOUTH CHINA COAL SWAPS ROSE 1.1 PER CENT WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.52 (3 %) per MT month over month.
A commodity sw ...
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Showing 2826 to 2830 news of total 6871 |
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- Planning Commission, India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Australian Coal Association
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
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