Sadif Investment Analytics on Monday lowered Norwegian oil and gas company Aker BP (AKRBP.OL) to hold from strong buy and decreased its price target to 231.66 Norwegian kroner from 395.37 kroner.
(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Andy Burnham became the UK's seventh prime minister in a decade on Monday, after King Charles III formally asked him to form a government, CNBC reported Monday.Burnham confirmed he accepted the role, the report said.In his first speech as premier, Burnham said he would pursue a "new economic model," including bringing essentials under stronger public control and using public procurement to back British industry, according to the report.President Donald Trump welcomed Burnham's plan to fast-track oil and gas exploration in already-licensed North Sea fields, CNBC reported, adding that Trump said on social media that North Sea oil could help transform the UK's economic fortunes.
Magnolia Oil & Gas (MGY) said late Monday it has started an underwritten public offering of $1 billion of its Class A shares.Underwriters will have a 30-day option to buy up to an additional $150 million of its shares, the company said.Magnolia said it plans to use the net proceeds to help fund its acquisition of WildFire Intermediate Holdings.Shares were down over 5% in after-hours trading.
The European Commission recommended that European Union countries delay penalties for three years on fossil fuel importers that fail to meet the bloc's regulation on reducing methane emissions.In a Monday release, the commission said fines for noncompliance should be suspended from 2027 through 2029 to prevent supply disruptions. It also recommended simpler ways for importers to demonstrate their compliance with the regulation.The emissions monitoring requirements for oil, gas and coal importers and suppliers are set to be implemented from Jan. 1, 2027.