5 hot FTSE oil and gas stocks in focus as oil prices dip

Summary

  • Oil prices on Friday dipped after the ministers of the OPEC+ countries delayed a crucial output policy meeting.
  • UAE rejected plans of increasing the quota of 2 million barrels of oil per day in the second half of 2021.
  • Crude futures on US West Texas Intermediate (WTI) dropped 15 cents to $75.08 on Friday.

Oil prices on Friday dipped after the ministers of the OPEC+ countries delayed a crucial output policy meeting. It was reported that the United Arab Emirates rejected plans of increasing the quota of 2 million barrels of oil per day in the second half of 2021.

Prices of Brent crude futures fell 20 cents on Friday, to $75.64/ barrel by 07:20 GMT. Prices had improved  1.6 per cent on Thursday.

Crude futures on US West Texas Intermediate (WTI) dropped 15 cents to $75.08/ barrel on Friday after seeing a rise of 2.4 per cent at the close on Thursday, the highest level since 2018.

Here’s how 5 FTSE listed oil and gas stocks reacted to the news:

BP Plc (LON: BP)

The shares of the company, with a market capitalisation of £65,687.96 million, were trading at GBX 322.30, down 0.68 per cent on 2 July at 11:09 GMT+1. The shares have a yield-to-date return of 26.55 per cent and a one-year return of 4.23 per cent.

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For the first quarter of 2021, the company’s profit rose to $4.7 billion, from a $1.4 billion profit in the same period a year ago. It reduced its net debt by $5.6 billion, and at the end of the quarter, it stood at $33.3 billion.

Royal Dutch Shell Plc (LON:RDSA)

The shares of the company, with a market capitalisation of £61,051.05 million, were down 0.30 per cent at GBX 1,434.5 on 2 July at 11:09 GMT+1. The shares have a one-year return of 13.32 per cent and a year-to-date return of 13.92 per cent.

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For the first quarter of 2021, the company’s income stood at $5.7 billion from a loss of $4 billion in the preceding quarter. Its adjusted earnings for the quarter stood at $3.2 billion. Cash flow from operating activities was $8.3 billion compared to $6.3 billion in the previous quarter.

Harbour Energy Plc (LON: HBR)

The shares of the company with a market capitalisation of £3,682.69 million, were up 0.61 per cent and were trading at GBX 400.33 on 2 July at 11:09 GMT+1. The shares have a year-to-date return of 2.71 per cent.

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The company reported an EBITDA of $619.8 million in 2020, a sharp decline from $1,230 million a year ago. It reported a loss after tax of $1,302 million compared to a profit after tax of $164 million a year ago.

Energean Plc (LON: ENOG)

The shares with a market capitalisation of £1,310.84 million were down 0.41 per cent and were trading at GBX 737 on 2 July at 11:09 GMT+1. The stock has given a return of 26.72 per cent in one-year.

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The company’s sales revenue for 2020 fell to $28 million from $75.7 million a year ago. Its operating loss increased to $124.5 million from a loss of $93.9 million a year ago.

Diversified Energy Company Plc (LON: DEC)

The shares of the company with a market capitalisation of £919 million were up 0.73 per cent, trading at GBX 109 on 2 July at 11:09 GMT+1. The stock has given a return of 11.49 per cent in one-year.

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For the year ended 31 December 2020, the company’s adjusted total revenue was up 8.1 per cent to $553 million compared to $512 million a year ago. Adjusted EBITDA was up 10 per cent to $301 million compared to $273 million a year ago.

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