Norway-based Petroleum Geo-Services (PGS) has reported an almost $6 million decrease in segment revenues in 2021 compared to 2020 due to, as the company says, the overall seismic market being “weaker”. Segment revenues and other income reached $590 million in 2021, compared to $595.9 million in 2020, which included $38.8 million of Covid-19 related government grants.... Continue Reading →
(Reuters) - Chevron Corp (CVX.N) on Friday reported a fourth quarter profit that missed Wall Street estimates despite sharply higher oil and gas prices. The first of the major oil companies to report quarterly results posted adjusted earnings of $5.1 billion, or $2.65 a share, on profits from pumping oil that soared about five times the pandemic-depressed... Continue Reading →
(Reuters) - Argentina is facing deadlines for nearly $1.1 billion in debt repayments to the International Monetary Fund (IMF) by Tuesday amid uncertainty over whether the South American country will pay and tense talks to revamp around $40 billion in loans. The grains-producing country, which has been battling currency and debt crises for years, is... Continue Reading →
(Reuters) - Finland's Wartsila (WRT1V.HE) posted on Friday a surge in orders and solid sales and profits, but its operating margin and proposed dividend disappointed, sending shares in the marine and energy equipment maker down more than 8%. Comparable operating margin rose to 9.9% from 8.4%, but missed the 10.5% estimate in a poll of analysts provided... Continue Reading →
U.S. oil and gas company Hess Corporation returned to profit during the fourth quarter of 2021, bolstered by higher oil and gas prices. Hess reported on Wednesday a net income of $265 million in the fourth quarter of 2021, compared with a net loss of $97 million in the fourth quarter of 2020. The company also reported... Continue Reading →
West Africa-focused Tullow Oil expects its 2021 free cash flow to come in higher than previously forecast at $250 million and expects this year's cash flow to come in at $100 million at an oil price of $75 a barrel, it said on Wednesday. Tullow, with a market capitalization of around $1 billion as of... Continue Reading →
(Reuters) - Halliburton Co's (HAL.N) fourth-quarter adjusted profit doubled from a year earlier, it said on Monday, beating analysts' forecasts and prompting the oilfield services company to lift its dividend following a rebound in crude and natural gas prices. U.S. oil prices rose more than 50% last year and have made a strong start to 2022, hovering... Continue Reading →
Schlumberger beat expectations with a rise in fourth-quarter profit on Friday as higher crude and natural gas prices drove demand for the world's largest oilfield services company. Oil prices surged about 50% last year and are trading at seven-year highs on a COVID-19 vaccine-fueled demand recovery and tight supplies. The global rig count was 1,563... Continue Reading →
Global upstream merger and acquisition (M&A) deals rebounded to pre-Covid-19 levels in 2021, reaching a total of $181 billion, which is a 70 per cent increase over 2020, Rystad Energy’s research shows. Additionally, the M&A market is likely to stay active for the foreseeable future. According to Rystad Energy’s report on Friday, the total deal value for... Continue Reading →
Offshore drilling firm Seadrill Limited's unit Seadrill New Finance (the Issuer) has emerged from chapter 11 after successfully completing its pre-packaged restructuring pursuant to its chapter 11 plan of reorganization. The Plan was confirmed by the United States Bankruptcy Court for the Southern District of Texas on January 12, 2022. All conditions precedent to the... Continue Reading →
