Major Oil Companies' Cash Flows to Double from 2020 on Strong Prices

10/18/2021 | 02:55am

Major Oil Companies' 3Q Cash Flows to Double from 2020 on Strong Prices

0838 GMT - Major oil companies are set to reach combined third quarter operating cash flow of around $60 billion in the third quarter, which would be up 14% from the second quarter and more than double that of the same period in 2020, HSBC forecasts. The latest spike in crude prices won't have really affected third quarter results, as it only started in the latter part of September, HSBC says. However, gas markets showed signs of real tightness for much of the quarter, the bank adds. "We can expect this to translate into another solid quarter for debt reduction, as well as plenty of confident messaging on cash distributions." (jaime.llinares@wsj.com)

 
Companies News: 

Playtech Agrees to GBP2.1 Bln Aristocrat Leisure Takeover

Playtech PLC said late Sunday that it has agreed to a 2.1 billion-pound ($2.89 billion) takeover from Australian-listed gaming content and technology company Aristocrat Leisure Ltd. through its subsidiary Aristocrat (UK) Holdings Ltd.

---

Schroders 3Q Assets Under Management Rose

Schroders PLC said Monday that its assets under management for the third quarter of the year rose when compared with the previous quarter.

---

AstraZeneca Recommends Shareholders Reject TRC Capital Mini-Tender Bid

AstraZeneca PLC said Monday that it has recommended shareholders reject a mini-tender offer from TRC Capital Investment Corporation for up to two million American Depositary Shares, due to its low bidding price of up to $115.8 million.

---

Global Ports Investments 3Q Container Throughput Grew 8.4% On-Year

Global Ports Investments PLC said Monday that its container throughput increased in the third quarter, as growth across the wider Russian market remained strong.

---

UK Takeover Panel Extends Stagecoach, National Express Bid Deadline

Stagecoach Group PLC said Monday that the U.K. Takeover Panel has agreed to extend the deadline for peer National Express Group PLC to either make an offer for it or walk away until Nov. 16.

---

Supreme PLC 1H Performance Was Strong, Expects to Meet Full-Year Views

Supreme PLC said Monday that its performance in the first half of fiscal 2022, which ended Sept. 30, was robust and that it is confident in achieving full-year expectations.

---

Thungela Cuts Guidance Blaming South Africa Rail Infrastructure

Thungela Resources Ltd. cut its guidance for 2021 on Monday, saying that the condition of the rail infrastructure in South Africa is impairing its ability to export the coal it produces in the country.

---

Cloudcoco Group Expects to Beat FY 2020 Revenue, Trading Ebitda

Cloudcoco Group PLC said Monday that it expects fiscal 2021 revenue and trading Ebitda to beat the previous year's figures, with a further strong progress in fiscal 2022.

---

Ixico Says FY 2021 Revenue, Ebitda Beat Market Views; FY 2022 Profitability to Fall

Ixico PLC said Monday that revenue and earnings before interest, taxes, depreciation and amortization for its fiscal 2021 are expected to be ahead of market expectations, but that it also expects to have lower profitability in 2022 due to high levels of investment.

---

Distil Swung to 1H Loss on Lower Revenue, Supply-Chain Issues Continue

Distil PLC on Monday reported a swing to a pretax loss in the first half of the year as revenue fell, and said that its production costs are likely to continue to increase due to global supply-chain strains.

---

Benchmark Holdings' FY Earnings Seen Significantly Ahead of Market Views

Benchmark Holdings PLC said Monday that its full-year results are expected to be significantly ahead of market expectations thanks to continued growth across its businesses.

---

Gusbourne to Raise up to GBP4.5 Mln in Placing, Subscription and Open Offer

Gusbourne PLC said Monday it plans to raise up to 4.5 million pounds ($6.2 million) before expenses through a placing and subscription, and an open offer.

---

Bioventix FY 2021 Pretax Profit Fell Slightly

Bioventix PLC on Monday reported a fall in pretax profit for fiscal 2021 on currency woes, but said the business should revert to an established trajectory once the Covid-19 pandemic ebbs.

---

Softline Holding Prices IPO at $7.50-$10.50 Per GDR

Softline Holding Ltd. on Monday priced its initial public offering at between $7.50 and $10.50 per global depositary receipt, giving it a potential market capitalization of up to $1.93 billion, it said.

---

Tristel FY 2021 Pretax Profit Fell on Lower Revenue

Tristel PLC on Monday reported a fall in pretax profit for the fiscal 2021 as the Covid-19 pandemic hit sales growth, but said it expects a better performance in the year ahead.

---

Metals Exploration Says 3Q Mining Came in Below Forecasts

Metals Exploration PLC said Monday that its ore and waste mined were below forecasts in the third quarter.

 
Market Talk: 

UK 10Y Gilt Yield Rises After BOE's Bailey Signals Rate Rise

0815 GMT - U.K. borrowing costs rise Monday after Bank of England governor Andrew Bailey said over the weekend that the central bank will "have to act" to curb price pressures despite the uptick in inflation likely being temporary. The yield on the 10-year benchmark gilt rises almost four basis points to 1.140% relative to Friday's close, according to FactSet. Bailey warned that higher energy prices means inflationary pressures will last longer. Brent oil, the global crude benchmark, rises almost 0.8% to $85.53 a barrel and is up about 65% since the beginning of the year. (lorena.ruibal@wsj.com)

---

Schroders' 3Q Update Seen to Leave Sentiment Unchanged

0814 GMT - The trading update on the third-quarter performance of Schroders PLC's assets under management is not expected to drive material changes to consensus estimates, Citi says. The FTSE 100 asset manager's assets under management division performance missed consensus by 1%, but the performance of its wealth management division was 2% higher than anticipated, the U.S. bank notes. The company's wealth management division performance should encourage investors of the positive momentum on flows in wealth, Citi adds. Citi has a target price of 37.50 pence a share and a neutral rating on SDR shares. (sabela.ojea@wsj.com; @sabelaojeaguix)

Contact: London NewsPlus, paul.larkins@wsj.com

(END) Dow Jones Newswires

10-18-21 0455ET

Copier lien
Latest news about "Economy & Forex"
11m ago
24m ago
45m ago
51m ago
51m ago