It also raises its price target on the stock to 300 pence from 160 pence. The tie-up between Vodafone UK and Three UK would create Britain's largest telecommunications operator with 27 million customers, knocking BT-owned EE off the top spot, Interactive Investor says. The lower capital expenditure guidance range for 2024-25 and the additional cost-saving target highlights the focus on efficiency and discipline under the new CEO Wael Sawan, the analysts say. The energy major lowered its capital expenditure guidance for 2024-25 to $22 billion-$25 billion, with the company noting that the range doesn't includes inorganic activity. "We believe the market did not expect this, with some fears actually around upside risk to the capital expenditure range alongside the message around upstream volumes," Borkhataria says.

Source: Wall Street Journal June 14, 2023 13:10 UTC