Oil up, other oilers generally up, ENQ down a bit but you'd expect that post rights. I don't get the PMO movement though, it's a baffling share sometimes
With the hedging, earlier this year I calculated each $1 was worth an additional €10m in fcf based on the oil/gas split. Although back then I calculated gas at 42p not 78p!
I never act on a bbbm post, it would be ridiculous and those people shouldn't be investing. Its good to get info (catcher offloaded, people's sentiment) but that's all
If trump really wanted to lower the oil price in the US, just re-instate the export ban, WTI would drop and Gas prices would follow. They'd still need to import some but 11M barrels is a lot on their doorstep. Refiners would need to do some work to reconfigure their plants but in the great scheme of things it'd be America First :-)
They always drop ex-rights, it happened with Tullow, usually they will drop by the amount of the dilution, it's not exactly logical as the company has the extra cash to match the dilution but whenever is the market logical
Yes read that, it's a little disappointing that pmo isn't back in the £1.30s but at these prices they will be dropping debt quicker than planned. I'm expecting the share price to rise sharply once there is visible debt reduction.