Louisiana Light • 2 days | 93.63 | +3.02 | +3.33% | |||
Bonny Light • 1 day | 98.41 | +3.23 | +3.39% | |||
Opec Basket • 3 days | 95.31 | -0.42 | -0.44% | |||
Mars US • 15 hours | 91.78 | +2.49 | +2.79% | |||
Gasoline • 11 mins | 2.575 | -0.023 | -0.90% |
Bonny Light • 1 day | 98.41 | +3.23 | +3.39% | |||
Girassol • 1 day | 99.20 | +2.62 | +2.71% | |||
Opec Basket • 3 days | 95.31 | -0.42 | -0.44% |
Peace Sour • 7 hours | 88.18 | +3.29 | +3.88% | |||
Light Sour Blend • 7 hours | 88.68 | +3.29 | +3.85% | |||
Syncrude Sweet Premium • 7 hours | 97.28 | +3.29 | +3.50% | |||
Central Alberta • 7 hours | 86.48 | +3.29 | +3.95% |
Eagle Ford • 2 days | 86.87 | +0.71 | +0.82% | |||
Oklahoma Sweet • 2 days | 87.00 | +0.75 | +0.87% | |||
Kansas Common • 1 day | 84.00 | +3.25 | +4.02% | |||
Buena Vista • 3 days | 95.63 | -0.10 | -0.10% |
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City A.M
CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…
Mining and commodities giant Glencore announced it would put $4.5bn back in shareholders pockets today after it reported record half-yearly profits of $18.9bn on the back of soaring metal prices and market volatility.
The group’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $18.92bn in the six months to June, compared with $8.7bn a year earlier.
Part of the return to shareholders will be made up of a bumper buyback programme of $3bn as bosses put excess cash to use.
It comes as prices for much of Glencore’s metals including thermal coal used in electricity production have reached record highs due to wild swings in the markets which have been exacerbated by war in Ukraine.
Bosses said today the volatility was likely to continue in the period ahead.
“Global macroeconomic and geopolitical events during the half created extraordinary energy market dislocation, volatility, risk, and supply disruption, resulting in record pricing for many coal and gas benchmarks and physical premia, underpinning a $10.3bnincrease in Group Adjusted EBITDA to $18.9bn,” chief executive Gary Nagle said today.
He added that with few short-term solutions to rebalance global energy markets, coal and LNG prices look “set to remain elevated” during the period ahead.
By CityAM
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