|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||68.02 - 68.64|
|52 Week Range||45.12 - 108.87|
|Beta (5Y Monthly)||0.27|
|PE Ratio (TTM)||2.61|
|Forward Dividend & Yield||9.73 (14.21%)|
|Ex-Dividend Date||Jul 09, 2020|
|1y Target Est||N/A|
Cairn Energy said it's selling its entire 40% stake in a field offshore Senegal to Lukoil for up to $400 million. Deal terms call for Lukoil to pay $300 million in cash plus reimbursement of capital expenditure since Jan. 1, and up to $100 million more, dependent on the timing of first oil and the average Brent oil price during the first six months of production. Cairn said it will pay a special dividend of at least $250 million upon the deal's completion. Lukoil said the deal will boost its presence in West Africa, the recoverable hydrocarbon reserves of the Sangomar field total approximately 500 million barrels of oil equivalent, and is planned to be launched in 2023.
Iraq has agreed with major oil companies operating its giant southern oilfields to cut crude production further in June, Iraqi officials working at the fields told Reuters on Sunday. Baghdad aims to improve its compliance with its output cut targets under a global deal with OPEC and its allies to reduce oil supply. Iraq has agreed with Russia’s Lukoil to start an additional cut of 50,000 barrels per day (bpd) as of June 13 to lower production from the West Qurna 2 field to around 275,000 bpd.
Russia's second-largest oil producer Lukoil on Wednesday reported a first-quarter net loss of 46 billion roubles ($669 million) hurt by lower oil prices, a weaker rouble currency and asset impairment losses. A year ago, Lukoil reported a net profit of 149.2 billion roubles. The coronavirus pandemic has hurt demand, weighing on already weak oil prices which hit two-decade lows during the quarter.