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Petrofac profits from oil price rise – but should it sell its oil and gas production assets?

Often oil services firms see a lag between an increase in the oil price and their customer base gaining sufficient confidence to open their cheque books again. Today’s first half results from Petrofac (PFC) reflect that trend as group revenue is down 10.9% despite the advances oil has made in the last 12 months. But, with the company seeing increased returns from its own oil and gas assets ...
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