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(Bloomberg) — U.S. shale giants stung by billions of dollars in hedging losses are spending big bucks to ditch their positions in a risky bet that prices stay high. Companies including Pioneer Natural Resources Co. and EOG Resources Inc. are poised to post historic profits when they report earnings this week. But those windfall earnings would be... Continue Reading →
(Reuters) - Equinor (EQNR.OL) reported record earnings on Wednesday, as the war in Ukraine triggered an energy supply crunch that sent gas prices soaring to all-time highs. The state-controlled Norwegian company has emerged as a big winner in Europe's energy crisis, generating $18 billion in adjusted pretax earnings in the first quarter as it sold gas at... Continue Reading →
(GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today reported a net loss attributable to controlling interest of $175 million, $0.26 per diluted share, for the three months ended March 31, 2022. First quarter 2022 results included net favorable non-cash item of $8 million, or $0.02 per diluted share, related to discrete tax items. After consideration... Continue Reading →
(Reuters) BP boosted its share buyback program after net profit soared to its highest in more than a decade on strong oil and gas trading results, as the energy company took a $24 billion charge after exiting its operations in Russia. Soaring oil and gas prices in the wake of the Russian invasion of Ukraine... Continue Reading →
(Reuters) - Mexican national oil company Pemex (PEMX.UL) on Monday reported a $6.17 billion first-quarter net profit, reversing a nearly $2 billion loss in the year-ago period, driven by foreign exchange gains, growing output and higher crude prices. Total financial debt at Pemex, one of the world's most indebted oil companies, edged down slightly to... Continue Reading →
(Reuters) - Wind turbine maker Vestas (VWS.CO) posted a deep first-quarter loss and slashed its 2022 margin forecast due to the war in Ukraine and writedowns in its offshore business, reflecting an industry wide struggle to turn a profit despite record demand. Focus on renewables has intensified as the West steps up efforts to wean itself off... Continue Reading →
(Reuters) - A major Pemex oil refinery under construction in Mexico is running over budget and unlikely to come online this year as promised, according to documents seen by Reuters and sources close to the project, despite being a presidential priority. The Olmeca refinery has an official $8.9 billion price tag approved by the board... Continue Reading →
Exxon Mobil Corp doubled its first-quarter per-share profit, it said on Friday, but the results fell short of Wall Street estimates, even excluding a $3.4 billion writedown from its withdrawal from Russia. The top U.S. oil producer tripled its buyback program, saying it will repurchase upto $30 billion in shares by the end of next... Continue Reading →
(Reuters) - Eni (ENI.MI) will press ahead with plans to find alternative gas supplies following Russia's invasion of Ukraine after first-quarter profits soared above expectations on booming prices. The Italian energy group is looking to use its presence in Africa to provide 14 trillion cubic feet of extra gas and more liquefied natural gas (LNG) to help... Continue Reading →
(Reuters) - PetroChina (601857.SS) reported on Friday a 41% rise in first-quarter net income to 39.1 billion yuan ($5.9 billion), its best quarterly outturn since September 2020, helped by stronger oil and gas prices amid slower growth in refining. Asia's biggest oil and gas producer said in a filing to the Hong Kong Stock Exchange that its... Continue Reading →
Brazil Energy Insight 