Member Info for MarkBellUK

Looking at todays IG decent results with solid positively going forward PLUS at this price is a bargain

Yes mate..I was hoping we would hit ex div circa 450 then at least we have a drop until strong support circa 420

IG results tomorrow....

Attacks on Saudi oil facilities knock out half the kingdom's supply
14 Sep
Yemen group says attacks Aramco plants in Abqaiq and Khurais
Saudi oilmin says attacks partially halted Aramco production
U.S. blames Iran for Saudi attacks, 'pretend' diplomacy
Attacks threaten spare oil capacity, price hikes
Saudi-led coalition strikes Houthi stronghold in Yemen
(Recasts throughout; adds comments from Saudi, U.S. officials, quotes)

By Stephen Kalin, Rania El Gamal and Dmitry Zhdannikov

RIYADH/DUBAI/LONDON, Sept 14 (Reuters) – Yemen's Iran-aligned Houthi group said it attacked two plants at the heart of Saudi Arabia's oil industry on Saturday, knocking out more than half the Kingdom's output, in a move expected to send oil prices soaring and increase tensions in the Middle East.

The attacks will cut the kingdom's output by 5.7 million barrels per day (bpd), according to a statement from state-run oil company Saudi Aramco, or more than 5% of global oil supply. ...

The pre-dawn strikes follow earlier cross-border attacks on Saudi oil installations and on oil tankers in Gulf waters, but these were the most brazen yet, temporarily crippling much of the nation's production capacity. Saudi Arabia is the world's biggest exporter, shipping more than 7 million barrels of oil to global destinations every day, and for years has served as the supplier of last resort to markets.

While the Houthis claimed responsibility for the attack, U.S. Secretary of State Mike Pompeo put the blame squarely on Iran, writing on Twitter that there was "no evidence the attacks came from Yemen." "Amid all the calls for de-escalation, Iran has now launched an unprecedented attack on the world's energy supply," Pompeo said.

Saudi de facto ruler Crown Prince Mohammed bin Salman told U.S. President Donald Trump by telephone that Riyadh had the will and capability "to confront and deal with this terrorist aggression," according to Saudi state news agency SPA.

The United States condemned the attacks and Trump told the crown prince that Washington was ready to work with the kingdom to guarantee its security, according to the White House. The U.S. Department of Energy also said it was ready to release oil from its strategic petroleum reserve if necessary. Energy Secretary Rick Perry also said his department would work with the International Energy Agency, which coordinates energy policies of industrialised nations, if global action is needed. ...

Saudi Arabia, leading a Sunni Muslim coalition that intervened in Yemen in 2015 against the Houthis, has blamed regional rival Shi'ite Iran for previous attacks, which Tehran denies. Riyadh accuses Iran of arming the Houthis, a charge denied by the group and Tehran.

Coalition spokesman Colonel Turki al-Malki said an investigation had been launched into who planned and executed the strikes. He said the Western-backed alliance would counter threats to global energy security and economic stability. ...

Aramco Chief Exe

SSSH!

;)

Definitely DT, probably more than one fund/intuition trying to derail the upward momentum> its just been a relentless barrage of small sells since this morning now....

Volume is very low..its looking like a case that the number of people willing to sell at these low levels has dried up somewhat

Hi BN mate

There will never be logic with the stock market, but some times there is a bit of reason!

I think the sentiment had hit rock bottom and with a luke warm update, dividend held and future looking ok (not without many issues but there again not disastrous) sentiment is improving

The interesting thing is we now have momentum, or at least are starting to gain momentum. The dividend dip could scupper this or if strong enough we could just ride through who. Who knows? This is PFC after all

PS Come on SFO call it a day and move on!

Surely they mean debt not net debt?

We hit -7.66% at today's low...will this finish blue ?

Could well be short/s increasing

PFC Professional News
Petrofac Swings To Profit After Exceptional Items Charges Year Before
Wed, 28th Aug 2019 09:22
(Alliance News) - Petrofac Ltd on Wednesday said it swung to a pretax profit in the first half of the year after a sizeable exceptional items charges the year before and slightly higher revenue.

The oil and gas services company reported a pretax profit for the six months ended June 30 of USD193 million, reversing a USD52 million loss a year before.

Revenue climbed 1.1% to USD2.82 billion from USD2.79 billion and this, combined with a reduction in exceptional items and re-measurements to USD15 million from USD280 million, resulted in a profit swing.

The higher exceptional items and re-measurements in 2018 included a USD79 million Greater Stella Area impairment charge and USD157 million impairment associated with assets in Mexico. These did not repeat in 2019.

The revenue rise was due to an underlying increase in all of Petrofac's operating segments, though these were slightly offset by asset sales in Integrated Energy Services back in 2018.

Petrofac Chief Executive Ayman Asfari said: "Petrofac has delivered good results that reflect solid operational performance across the business.

15 min candlestick now looks incrediblely strong ...we gapped down opening -7% moving up to -2% in under 15..never a dull moment and this could go anywhere although the large green candle is good

I think what I'm saying is that everyone expected a slight decline and that's what the results show...I agree on operating margin but this has been my main pfc concern since it hit just 3.5% (from 12) in 2014

You can't short your own shares...in fact even as a provider you can't...i.e IG clients can't short IG via IG..this is because most providers hedge the short..i.e buy shares and sell to match the client short position and for a company to buy its own shares I believe you need shareholder approval (classed as buybacks) but I'm not 100% sure on the process & legislation

It's very tough to call as the price is already low but the market is not rational...Reuters slightly negative ....Petrofac first half profit falls on drop in Saudi, Iraqi orders
28 August 2019 07:10
Aug 28 (Reuters) – Oilfield services provider Petrofac Ltd reported an 8.7% fall in first-half profit on Wednesday as fewer new orders poured in because of an ongoing probe into its contract dealings in Saudi Arabia and Iraq.

The company said in June it had lost out on $10 billion worth of contracts globally due to the investigation by Britain's Serious Fraud Office (SFO), which led to the conviction of its former head of sales on 11 counts of bribery related to Iraqi and Saudi contracts.

Petrofac's core profit fell to $305 million for the six months ended June 30 from $334 million a year earlier, with new orders of $2 billion, down from $3.3 billion at the end of June 2018. ...

Everything in line with expectations, full year guidance estimate is $289m so a decent 2rd half needed.. dividend held... definitely better than a 400p share price for suggests

a massive 0.43% due to the ASIC news. They need to close at some point, or cover dividend, that is even more heavy buying pressure!

Shorting at 730 is very risky the greedy cows!

(Sharecast News) - Analysts at Berenberg raised their target price on shares of financial services firm Plus500 from 770.0p to 800.0p on Friday following what it called "a half of two quarters".
While Plus500 generated net revenues of $148.0m and underlying earnings of $65.6m, Berenberg noted that within the results, the two quarters "differed wildly".

Berenberg, which reiterated its 'hold' rating on the group's shares, said the first quarter was "difficult", with net revenues down by 65.0% quarter-on-quarter to only $54.0m, while earnings before interest, taxes, depreciation and amortisation was just $12.0m.

"This was caused by global financial markets grinding up with relatively low volatility, which meant despite spread/fee income of $82.0m, this was offset by $28.0m in market losses," said Berenberg.

However, the German bank said the second quarter, particularly May and June, was "a different story" and much more profitable for Plus500.

"Global markets were more volatile, so not only did spread and fee income increase by 14% quarter-on-quarter to $93m, but $1m of market gains increased net revenue to $94m. Likewise, EBITDA improved to $54m."

Berenberg revised its estimates on Plus500, projecting revenues of $107.0m and EBITDA of $61.0m per quarter in the second half, but warned: "as always this is dependent on market conditions".

Following the recent rally in its shares, Berenberg pointed out that Plus500 shares were trading at roughly 7.0 times' EBITDA which left the firm fairly valued, in its view.

Agreed!