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Luke MacGregor/Reuters
BP PLC delivered an upbeat outlook this week ahead of its first-quarter financial results later this month. Is there an upbeat takeaway for Canada’s energy sector, too?
Although it didn’t disclose its quarterly earnings, the British-based energy giant said higher energy prices, strong trading revenue and the successful sale of assets helped the company reduce its net debt to about US$35-billion during the quarter – putting it about a year ahead of schedule for debt reduction and setting up the prospect of share buybacks this year.
Cairn shares soar on $1.2bn Indian tax ruling
Investors cheer result in case that has dragged on since 2014 despite uncertainty on whether the Indian government will abide by ruling
23 December 2020 • 12:02pm
India has been ordered to pay $1.2bn (£895m) to oil and gas producer Cairn Energy following arbitration proceedings over a tax dispute.
Shares in Cairn leapt by a quarter to 205p as it triumphed in the long-running case, raising the prospect that the windfall would be passed on to shareholders. The company is now worth £1.2bn, returning to the level at which it started the year.
Cairn took India to tribunal demanding restitution after it was hit with retrospective tax demands and had part of its business seized by India’s tax authorities in 2014.