What a chart, further to go, or not
Comments please

RBC comment today:
"Chevron is reported to be selling its UK North Sea portfolio, including a 19.4% stake in the Clair field, plus stakes in Alba, Captain, Elgin/Franklin, Erskine and Jade as well as the Britannia platform and its satellites. It is unclear if and how the package might be broken up, as potential buyers including private (Chrysaor, INEOS, etc.) and public companies focus on their core areas and strengths.
Premier is an established UK operator with a sizeable operation in Aberdeen, and the acquisition of a package of producing assets would enable it to unlock value tied up in its $4.1bn of UK tax losses and capital allowances. Given these synergies any acquisitions at fair prices should be value accretive. However, we would not expect management to put its balance sheet at risk and/or issue shares at a material discount to the current share price.
With oil prices having gyrated since Chevron commenced its rationalisation process last year, the outlook for the seller and the attitudes of the potential (competing) bidders may have hardened. We understand that the sale process is still in its early stages, and with all attention currently fixed on Chevron it would be worth considering what other, lower profile, opportunities might exist."

14 Jan
RBC Capital...
140.00
Top pick