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Highlights
- The weather has left around 300 oil workers trapped in the North Sea.
- While there were no cancellations in November and December due to triggered lightning last year, 52 flights got cancelled in the same period this year.
- Additionally, more North Sea oil and gas businesses are planning to exit next year as they are looking to restructure their portfolios and streamline their operations.
The weather conditions have left around 300 oil workers trapped in the North Sea. Offshore workers may spend Christmas in the North Sea following the cancellation of over 50 helicopter flights. The cause for this disruption was a phenomenon known as "triggered lightning", according to the French energy firm TotalEnergies.
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A spokeswoman has reportedly said that frosty conditions, fog, wind speeds, etc., always create obstacles for helicopter transport across the North Sea during the wintertime. While no cancellations in November and December triggered lightning last year, 52 flights got cancelled in the same period this year due to the phenomenon.
On a separate note, more North Sea oil and gas businesses are planning to exit next year as they are looking to restructure their portfolios and streamline their operations. According to a recent report by Wood Mackenzie, more exits by an international oil company (IOC) and national oil company (NOC) are in the offing.
Amid these developments, Kalkine Media® explores the performance of a few North Sea oil and gas companies trading on the London Stock Exchange.
Shell plc (LON: SHEL)
The returns given by the oil and gas giant, Shell plc, on annual and YTD (year to date) basis as of 22 December stood at 47.69% and 47.40%, respectively. Witnessing a hike of 1.55%, SHEL shares were trading at GBX 2,391.00 at around 11:20 AM (GMT) on Thursday. The EPS (earning per share) of the FTSE100-listed firm stood at 2.59 at the time of writing. Meanwhile, it had a market capitalisation of £165,092.14 million.
BP plc (LON: BP.)
The returns given by the oil and gas supermajor, BP plc, on annual and YTD basis as of 22 December stood at 46.16% and 46.71%, respectively. Witnessing a hike of 0.99%, BP. shares were trading at GBX 484.75 at around 11:20 AM (GMT) on Thursday. The EPS of the FTSE100-listed firm stood at 0.38 at the time of writing. Meanwhile, it had a market capitalisation of £86,599.55 million.
Harbour Energy plc (LON: HBR)
The returns given by the greatest North Sea operator, Harbour Energy plc, on annual and YTD basis as of 22 December stood at -12.11% and -9.97%, respectively. Witnessing a hike of 0.35%, HBR shares were trading at GBX 318.40 at around 11:20 AM (GMT) on Thursday. The EPS of the FTSE250-listed firm stood at 0.12 at the time of writing. Meanwhile, it had a market capitalisation of £2,691.24 million.
