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Occidental Petroleum (OXY) came out with a quarterly loss of $0.15 per share versus the Zacks Consensus Estimate of a loss of $0.33. This compares to loss of $0.52 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 54.55%. A quarter ago, it was... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on December 11, 2020, informs that it signed with Petrom Produção de Petróleo & Gás Ltda. (Petrom) a contract for the sale of its entire 50% stake in the onshore field of Rabo Branco, located in the Sergipe-Alagoas Basin, in the State of Sergipe.... Continue Reading →
Tullow Oil's $1.8 billion bond, which was launched to help it manage a $2.4 billion debt pile, drew more interest from investors than expected after the Africa-focused producer's financial overhaul, the chief executive said on Friday. Rahul Dhir also told Reuters the firm did not plan to sell more oil and gas fields after disposing... Continue Reading →
Offshore drilling contractor Vantage Drilling believes that the shallow water activity is stabilizing and that the recovery in the deepwater market could begin later this year. The rig owner has also sold one of its stacked drillships for recycling. In its quarterly report on Thursday, Vantage revealed it had sold its 2012-built Titanium Explorer drillship and booked... Continue Reading →
Seadrill Ltd on Wednesday reached a tentative deal that will allow it to continue using lender cash to fund operations while it works with creditors on a path out of bankruptcy. During a virtual hearing, U.S. Bankruptcy Judge David Jones, sitting in his Laredo, Texas courtroom, said he would extend Seadrill’s access to cash until... Continue Reading →
Subsea 7 has reported an adjusted EBITDA increase of 50 per cent in the first quarter of 2021, to $102 million, compared to $68 million from the same period in 2020. According to Subsea 7, the mentioned boost is driven by progress on Subsea and Conventional projects, high utilization of the PLSVs, and activities on... Continue Reading →
South Korean shipbuilder Hyundai Heavy Industries Co Ltd applied for preliminary approval for an initial public offering, Korea Exchange said on Thursday. The company, currently wholly owned by Korea Shipbuilding & Offshore Engineering, was separated from Korea Shipbuilding in 2019. Hyundai Heavy reported a 2020 operating profit of 32.5 billion won on revenue of 8.3 trillion, Korea... Continue Reading →
French oil major Total has started oil production from the Zinia Phase 2 project offshore Angola, connected to the existing Pazflor FPSO. The Zinia Phase 2 project includes the drilling of nine wells and is expected to reach a production of 40,000 barrels of oil per day by mid-2022. Located in water depths from 600... Continue Reading →
(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina reports its consolidated financial results for the three-month period (“First Quarter” or “1Q2021”). A conference call to discuss 1Q2021 financial results will... Continue Reading →
( OE) Offshore drilling contractor Noble Corp. has reportedly submitted a bid to acquire some assets of rival Seadrill. This is according to Reorg, a website providing credit intelligence, data, and analytics for hedge funds, asset managers, investment banks, law firms, and financial advisors. In a brief article (paywall) published Wednesday, Reorg, citing unnamed sources, said that... Continue Reading →
Brazil Energy Insight 