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Glimmers of economic hope may come too late for Dilma Rousseff by: Joe Leahy in São Paulo Brazil’s President Dilma Rousseff is battling impeachment proceedings in the senate for manipulating public accounts. Most analysts however believe that her real crime, in the eyes of markets, industry and voters, was the murder of one of the world’s most promising... Continue Reading →
Rio de Janeiro, April 29, 2016 - Petróleo Brasileiro S.A. – Petrobras informs that the Ordinary General Meeting of its subsidiary Petrobras Distribuidora S.A. – BR approved the election of the following members of its Board of Directors: Augusto Marques da Cruz Filho – Chairman of the Board of Directors Aldemir Bendine Clemir Carlos Magro... Continue Reading →
At a rally of labor unions and Workers’ Party faithful in Sao Paulo on Sunday, Rousseff announced tax cuts, more public housing units and an average 9 percent increase in the cash transfer program known as Bolsa Familia, even as Brazil faces a recordbudget deficit. The May 1 rally, traditionally a celebration of worker rights... Continue Reading →
Baker Hughes Inc. said it will buy back shares and debt and simplify its organization to save $500 million annually after the collapse of a planned merger with Halliburton Co. The third-largest oil services provider is taking steps to cut costs related to the merger agreement, Baker Hughes said in a statement Monday. On Sunday, the... Continue Reading →
Halliburton Co.’s “unfixable” plan to merge with Baker Hughes Inc. finally collapsed under the weight of worldwide antitrust opposition. The duo called off their $28 billion deal on Sunday after more than a year trying to get approval from regulators in the U.S., European Union, Brazil and Australia. The companies ultimately failed to overcome concerns... Continue Reading →
Halliburton Co. and Baker Hughes Inc. have until the end of Saturday to obtain antitrust approval from regulators or either side can walk away from a deal matching the world’s No. 2 and No. 3 oil service firms. If the $28 billion deal fails, Halliburton must pay Baker Hughes a $3.5 billion termination fee. Halliburton... Continue Reading →
Petroleo Brasileiro SA could change its new board of directors under a new government, adding to uncertainty about leadership at the state-controlled producer as President Dilma Rousseff fights an uphill impeachment battle. The government, which controls Petrobras through a majority of voting shares, can call a shareholders meeting to replace its seven representatives at any... Continue Reading →
Chevron Corp. reported a loss that was double analysts’ estimates amid an oil-market collapse that’s sparked currency crises, corporate bankruptcies, credit downgrades and hundreds of thousands of layoffs across the industry. Chevron swung to a loss of $725 million, or 39 cents a share, from a profit of $2.6 billion, or $1.37 a year earlier,... Continue Reading →
Exxon Mobil Corp. beat analyst estimates as a jump in earnings from its chemicals segment cushioned the blow from tumbling prices for oil and natural gas. First-quarter net income fell to $1.81 billion, or 43 cents a share, from $4.94 billion, or $1.17, a year earlier, Exxon said in a statement on Friday. The quarterly... Continue Reading →
Seadrill Ltd., the offshore driller with the biggest debt load, reached a deal with its banks to extend its three nearest credit lines and amend covenants as it seeks to ease its burden amid a drop in the demand for offshore rigs. In the “first phase of a broader plan to refinance and recapitalize the... Continue Reading →
Brazil Energy Insight 