|Bid||610.00 x 93700|
|Ask||660.00 x 159300|
|Day's Range||637.00 - 648.01|
|52 Week Range||395.95 - 679.00|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.28 (4.61%)|
|1y Target Est||8.95|
Petrofac (POFCY) will work on the Tinhert Field Development Project, following the signing of an EPC contract with Sonatrach.
1232 GMT - Petrofac’s expanding order book puts it in a good position to keep shareholder returns coming, says Accendo Markets. Accendo’s Artjom Hatsaturjants notes that rising orders have been particularly positive for Petrofac this year, with $3.3 billion of deals secured to add to a backlog of $9.7 billion. “As usual, what markets care the most about is outlook and a healthy order book, with more competitive bids in progress, favorable market conditionswith energy markets holding strong this year, as well as expected reductions in capital expenditure to $150m by year-end, make Petrofac well-positioned to achieve healthy returns for shareholders,” he says.
The results bode well for a refocusing on core business after a difficult period marred by investments in production that fell afoul of the 2014 collapse in oil prices. The company's main measure of profit rose to $190 million (147.39 million pounds) compared to $158 million a year earlier, excluding a $207 million charge for losses on oil asset sales and helped by some of its remaining upstream businesses swinging into the black. Chief Financial Officer Alastair Cochran told Reuters that Petrofac would continue on a course that has seen it agree sales of $800 million in mostly oil-producing assets this year.
If you want to know who really controls Petrofac Limited (LON:PFC), then you’ll have to look at the makeup of its share registry. Large companies usually have institutions as shareholders,Read More...
Petrofac (POFCY) is curtailing oil production and is gradually moving back to its less capital-intensive oilfield services business.
By Helen Reid LONDON (Reuters) - Britain's major stock index faltered on Friday, propped up by Shire and oil stocks, while investors awaited a speech by the U.S. Fed Chair and digested U.S.-China trade ...
Petrofac, which designs, builds, operates and maintains oil and gas facilities, expanded into oil and gas production during the oil price boom earlier this decade. It announced the sale of its oil fields in Mexico last month after a warning last year that its integrated energy services (IES) division would have lower than expected profits. The proceeds from the sale of the North Sea assets, which also include a 24.8 percent interest in the FPF1 floating production facility, will be used to cut debt.
Iraq signed a $369 million contract with Petrofac on Monday to build a new crude-processing facility in the giant Majnoon oilfield, a senior oil executive told Reuters. Under the deal terms, work to build ...
Iraq signs a $369 million contract with Petrofac to build a new crude-processing facility in the giant Majnoon oilfield.
Petrofac, which designs, builds, operates and maintains oil and gas facilities, expanded into oil and gas production during the oil price boom earlier this decade. The strategy didn't last and last year the company warned that its integrated energy services (IES) division would have lower than expected profits, hit by weaker oil prices, lower capital investment by clients in Mexico, and a delayed entry into the Greater Stella Area in the North Sea.
Petrofac marks its 20-year partnership with Kincorth Academy this week by welcoming pupils for a week of activities.
The changed landscape comes as a relief for service providers after a slump in crude prices that forced producers to cut spending and defer or cancel contracts. "We do feel like we are coming out of that (oil and gas) down cycle," Wood Chief Financial Officer David Kemp said. Aberdeen-based Wood Plc's market comments echo those of smaller rivals Petrofac Ltd (PFC.L) and Hunting Plc (HTG.L).
British prosecutors said on Tuesday they had begun criminal proceedings against two Unaoil companies, part of a Monaco-based oil and gas consultancy, in an investigation into alleged bribery, corruption and money laundering. The Serious Fraud Office (SFO), which has charged six individuals in a two-year investigation, said representatives from Unaoil Monaco SAM and Unaoil Ltd had been asked to attend a London court hearing on July 18 to be formally charged with conspiracy to give corrupt payments to secure contracts in Iraq. The SFO's case against Unaoil Ltd relates to a $733 million (£554.4 million) contract to build two oil pipelines in southern Iraq for Leighton Contractors Singapore PTE Ltd, while the case against Unaoil Monaco SAM focuses on Iraqi contracts for SBM Offshore.
There has been a recovery in the demand for oilfield services after a period of softness caused by a drop in oil prices, which forced explorers and producers to cut capital expenses and defer or cancel contracts. The UK's Serious Fraud Office (SFO) questioned Petrofac's top executives last year in connection with a probe into Monaco-based Unaoil on suspected bribery, corruption and money laundering. The company suspended its chief operating officer, Marwan Chedid, in response to the investigation.
Dividends play a key role in compounding returns over time and can form a large part of our portfolio return. In the past 10 years Petrofac Limited (LON:PFC) has returnedRead More...
The cyclicality of the energy industry makes it hard for income investors to find high yielding stocks. However, as oil rebounded from its multi-year lows, certain energy companies are inRead More...
Britain's top stock index dipped on Monday as trade tensions between the United States and China kept the pressure on equity markets across Europe, weighing on multinational companies. The FTSE 100 fell 0.03 percent to its lowest since May 30 but substantially outperformed other European stock markets. Strong energy stocks underpinned the FTSE 100, while a weaker pound also boosted the index's mainly exporting companies.
Oilfield service companies have been seeing a recovery in orders after subdued oil prices since mid-2014 forced explorers and producers to cut capital expenditure and defer or cancel contracts. Petrofac said in late June last year that order intake had reached $1.7 billion. The SFO began an investigation in May 2017 into the activities of Petrofac and its units in connection with a probe into Monaco-based Unaoil on suspected bribery, corruption and money laundering.