GAZPROM IVESTMENT: RUB 853.01 BLN
The Gazprom Board of Directors approved the adjusted Investment Program, budget (financial plan), and cost optimization (reduction) program for 2016.
Pursuant to the adjusted Investment Program for 2016, the overall amount of investments will stand at RUB 853.01 billion, up RUB 11.011 billion versus the Investment Program approved in December 2015. Accordingly, the amount of long-term financial investments will equal RUB 173.159 billion, with RUB 10.399 billion intended for the acquisition of non-current assets.
In line with Gazprom's adjusted budget for 2016, the external financial borrowings will total RUB 187.8 billion. The approved financial plan will provide for a full coverage of Gazprom's liabilities without a deficit.
The adjusted cost optimization (reduction) program for 2016 includes cost optimization (reduction) measures with an expected cumulative effect of RUB 16 billion.
The adjustments to the Investment Program for 2016 can be primarily attributed to an increase in long-term financial investments.
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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.