ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

CAM Camellia Plc

4,350.00
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Camellia Plc LSE:CAM London Ordinary Share GB0001667087 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 4,350.00 4,300.00 4,400.00 0.00 12:44:10
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Offices-holdng Companies,nec 272.3M -3.7M -1.3396 -32.47 120.15M

Royal Dutch Shell, Oil Prices Weigh On Energy Stocks

17/03/2009 2:47pm

Dow Jones News


Camellia (LSE:CAM)
Historical Stock Chart


From Jun 2019 to Jun 2024

Click Here for more Camellia Charts.

By Steve Gelsi

Royal Dutch Shell weighed on energy stocks on Tuesday after the oil major said it fell short of replacing its reserves as it moved to prepare for a steep slide in oil prices.

Energy stocks fell across the board, pulled down by weakness in the broad market and slack oil prices.

The Amex Oil Index (XOI) dropped 1.4% to 825. Component Royal Dutch Shell (RDSA) dropped 3% to $44.32 despite a move to distribute $10 billion in dividends this year.

Sunoco (SUN) fell more than 4% to $26.94.

The Amex Natural Gas Index (XNG) dropped 0.2% to 334. Component Southwestern (SWN) subtracted 2% to trade at $28.14.

The Philadelphia Oil Service Index (OSXX) dipped 1% to 122. Component Cameron International (CAM) fell 2.4% to $20.62.

Crude oil prices dipped 7 cents to $47.28. The Dow Jones Industrial Average dropped about 20 points to 7,197.

Shell (RDSA), in a strategy update, said it replaced 95% of its reserves in 2008 by its own methodology.

Even when including oil sands and year-end price effects, Shell's reserve replacement was 97%, falling below the 100% mark needed to maintain future production and a figure below that of rivals like Exxon Mobil (XOM) and BP (BP).

Still, Shell reiterated that it's aiming for 2% to 3% annual production growth through 2012. BP (BP), by contrast, has a 1% to 2% annual production growth target.

Royal Dutch Shell isn't looking to spend much on new investments for wind and solar energy because of the poor investment returns, according to Linda Cook, executive director for gas and power, Shell Trading, global solutions and technology. During a conference call with the media, she said Shell's alternative energy focus will be on biofuel.

Among energy stocks in the spotlight, Basic Energy Services Inc. (BAS) fell 2.6% to $6.10. The company said February rig count remained unchanged at 414, but rig utilization rates dropped to 46%, down from 75% in the year-ago period. January's rig utilization rate was 49%. "Given current commodity prices and uncertainty in the financial markets, we don't expect our customers' spending on services to support an increase in utilization rates in any of our segments in the near term," the Midland, Texas, company said.

Canadian Solar (CSIQ) swung to a fourth-quarter loss of $50.6 million, or $1.42 a share, from net income of $5.99 million, or 21 cents a share, in the year-ago period. Operating income dipped to $5.5 million from $5.99 million. Revenue at the Toronto-based firm fell to $73 million from $127.5 million. Shares fell 12% to $3.41.

Cellulosic ethanol start-up Verenium Corp. (VRNM) said its Form 10-K filed with the Securities and Exchange Commission included an audit opinion that contained a going concern qualification. Shares dropped 5 cents to 34 cents.

-Steve Gelsi; 415-439-6400; AskNewswires@dowjones.com

Order free Annual Report for Royal Dutch Shell

Visit http://djnweurope.ar.wilink.com/?ticker=GB00B03MLX29 or call +44 (0)208 391 6028

Order free Annual Report for Exxon Mobil Corporation

Visit http://djnweurope.ar.wilink.com/?ticker=US30231G1022 or call +44 (0)208 391 6028

 
 

1 Year Camellia Chart

1 Year Camellia Chart

1 Month Camellia Chart

1 Month Camellia Chart

Your Recent History

Delayed Upgrade Clock