Sharply divergent profit paths for Taqa and the Austrian petroleum group OMV show that oil and gas producers face political risks in developed countries that can be at least as high as in emerging economies.
OMV, which is 20 per cent owned by Abu Dhabi's International Petroleum Investment Company, yesterday posted a 5 per cent increase in first-quarter profit to €365 million (Dh1.93 billion), despite the loss of most of its Libyan oil output.
Taqa, which said its operations in the Middle East and North Africa were virtually unaffected by unrest, suffered a net fall in profit of 47 per cent because of an unexpected increase in UK taxes on oil and gas production.
"The first quarter of 2011 proved to be a very difficult one, where a strong operating performance was overshadowed by political turmoil in North Africa and the Middle East," said Gerhard Roiss, the OMV chief executive.
The markets will judge which company performed better last quarter and which had the greater risk exposure.
tcarlisle@thenational.ae
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin
THE SPECS
Engine: 4.0L twin-turbo V8
Gearbox: eight-speed automatic
Power: 571hp at 6,000rpm
Torque: 800Nm from 2,000-4,500rpm
Fuel economy, combined: 11.4L/100km
Price, base: from Dh571,000
On sale: this week
Killing of Qassem Suleimani
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.
The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.