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Stock Market & Financial Investment News

News Breaks
March 4, 2014
07:47 EDTBP, JECJacobs awarded contract by BP
Jacobs Engineering (JEC) announced that it was awarded a contract by BP (BP) for process and infrastructure work on the greenfield Khazzan project in the Sultanate of Oman. Under the terms of the contract, Jacobs is providing engineering, procurement and construction management services in relation to approximately $2B of gas gathering and water pipelines, wellhead production facilities and export pipelines for the development of the southern sector of Block 61. Jacobsí scope of work also includes the detailed design and program management for the associated project infrastructure. The work utilizes resources from multiple Jacobs offices located in the Middle East, U.K., India and the U.S., and Jacobs is also committed to supporting the In Country Value goals of the Sultanate of Oman to build local content by developing the local workforce and engaging local suppliers. The project is expected to mobilize immediately.
News For JEC;BP From The Last 14 Days
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February 2, 2016
07:55 EDTBPBP has reached 'great entry point,' says Bernstein
After BP reported weaker than expected results, Bernstein says the miss is a "one-off" event caused by hedges. The firm thinks the company has several positive attributes, including a strong balance sheet, declining capex, stable volumes, and declining opex. Bernstien is upbeat on the company's longer term outlook and keeps an Outperform rating.
07:49 EDTJECJacobs awarded Pre-FID study contract for Baltic Gas project
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07:48 EDTJECJacobs awarded $436M Aberdeen Test Center support services contract
Jacobs Engineering announced it received a contract from the U.S. Army to provide test support services to the Aberdeen Test Center at Aberdeen Proving Ground, Maryland. Jacobs has supported ATC since 2001 through two predecessor contracts and one bridge contract. The total maximum cost of the five-year indefinite delivery/indefinite quantity contract is $436M. Jacobs' role is to provide mission test support services to ATC, one of the Department of Defense's premier test and training ranges supporting both military and commercial materiel developers, by testing a broad spectrum of equipment throughout the life cycle, from concept through deployment.
07:17 EDTBPIran still struggling to finalize oil drilling contract terms, WSJ says
Iran is still having difficulty finalizing terms under which foreign energy companies can drill for oil there, the Wall Street Journal reports. Iranian oil officials canceled a conference scheduled for this month in London where new contracts for Western companies were supposed to be presented, with official blaming the cancellations on the inability to secure enough U.K. visas for the event, the report says. Another reason for the cancellation are conservative factions thinking that the contracts drawn up by president Hassan Rouhani's oil ministry are too generous to foreign entities, the report says, citing people familiar with the matter. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link
06:24 EDTBPOptions expected to be active
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06:10 EDTBPBP says plans to cut 7,000 jobs by 2017
BP has taken around $1.5 billion in restructuring charges over the past five quarters; this total is expected to approach $2.5 billion by the end of 2016. BP expects to reduce the number of staff and contractor roles in the Upstream segment by around 4,000 during 2016 and by up to 3,000 from the Downstream by the end of 2017.
05:59 EDTBPBP reports Q4 production up 8.3% to 2,369 mboe/d
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05:57 EDTBPBP sees further $1B of restructuring charges incurred in 2016
05:56 EDTBPBP sees Q1 refining margins lower than Q4
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05:56 EDTBPBP sees FY16 underlying production 'broadly flat' with 2015
Sees Q1 reported production "broadly flat" with 4Q15. Says oil prices continue to be challenging in the near term.
05:54 EDTBPBP reports Q4 adjusted profit $196M
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February 1, 2016
13:59 EDTBPBP volatility elevated into Q4 and outlook
BP February weekly call option implied volatility is at 45, February is at 36, March is at 34; compared to its 52-week range of 16 to 46, suggesting large near term price movement into the expected release of Q4 results on February 2.
13:49 EDTBPS&P cuts rating on Shell, puts several other EU oil majors on watch
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11:45 EDTBPKinder Morgan closes acquisition of 15 BP terminals
Kinder Morgan, Inc. (KMI) closed the previously announced plan to acquire 15 refined products terminals from BP Products North America (BP) in a transaction valued at approximately $350M. Kinder Morgan and BP Products North America have also formed a joint venture limited liability company terminal business to own 14 of the acquired assets, which Kinder Morgan will operate and market on the JV's behalf. The fifteenth terminal will be owned and operated solely by KMI. In connection with the transaction, BP has entered into commercial agreements securing long-term storage and throughput capacity from the JV, which will market additional capacity to third-party customers. Kinder Morgan owns a 75% interest in the JV, with BP owning the balance. This investment is included in Kinder Morgan's 2016 capital plan as discussed in its Jan. 27 investor conference, the company noted.
10:19 EDTBPBP appoints Lamar McKay to deputy group chief executive
BP announced the appointment of Lamar McKay to the new position of Deputy Group Chief Executive. McKay, currently chief executive of BP's Upstream segment and a 35-year veteran of BP, will be based in London and take up the role following a suitable handover period. McKay will be succeeded as Upstream chief executive by Bernard Looney, currently chief operating officer, production, in the Upstream segment. In addition to assuming some duties currently borne by BP's Group Chief Executive, McKay's responsibilities will include strategy and long-term planning, safety and operational risk, technology, and corporate governance - including ethics and compliance. BP America will continue to report to him. These appointments headline a reorganisation of BP's executive team that includes other adjustments which will follow the retirement of Katrina Landis, executive vice president of corporate business activities, who leaves the company on May 1 following a career of 24 years with BP. Landis will not be replaced on the executive team and her current role's responsibilities will be assigned to other members of the team. Reference Link
January 29, 2016
07:46 EDTJECJacobs confirmed in framework for decommissioning work with Sellafield
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07:36 EDTBPAnalysts still predicting mergers as oil slump drags on, WSJ reports
Bankers and analysts have been predicting a wave of merger activity will come almost since crude prices began to fall from over $100 a barrel, but the only big acquisition by an oil major so far has been Shell's (RDS.A) purchase of BG Group (BRGYY), said The Wall Street Journal, which added that analysts still believe deal-making is likely to return this year if prices continue to languish. With Chevron (CVX) set to report today and its big peers soon to follow, analysts are expecting the four biggest publicly traded Western oil companies to have their weakest combined profits since 1998, the Journal noted. The report noted that U.S. shale oil producers, such as Apache (APA) and Whiting Petroleum (WLL), were previously targeted though potential sellers were reluctant to accept offers as they hoped for a rebound in oil prices and potential buyers wondered if any deal struck would look expensive if crude prices fell further, but "both impediments are gone now," the Journal contends. Reference Link
January 28, 2016
10:55 EDTBPOPEC delegates say no plan for meeting Russia about production, Bloomberg says
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January 27, 2016
12:35 EDTBPBP management to meet with Evercore ISI
Meeting to be held in New York on February 3 hosted by Evercore ISI.
January 26, 2016
07:46 EDTJECJacobs awarded contract by Welsh Government for road improvement
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