BP added more than a billion dollars to its share buyback program on Tuesday as it likened itself to a "cash machine" benefiting from higher oil and gas prices and a strong trading performance in the third quarter. Natural gas and power prices around the world surged this autumn as tight gas supplies collided with... Continue Reading →
Oil majors won’t ride to the rescue as world faces energy shortages
(Bloomberg) --The world’s biggest energy companies are producing the most cash in years, but don’t expect them to spend it on bringing on fresh supplies of oil and natural gas to combat shortages in Europe and China this winter. Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron Corp. confirmed this week that, for the... Continue Reading →
Exxon Posts Strongest Results Since 2017
Exxon Mobil on Friday pledged to revive a share repurchase program next year as its earnings outlook improved on quarterly results that topped analysts' estimates. The largest U.S. oil producer posted an adjusted profit of $1.58 a share, beating the Refinitiv estimate by two cents, with results lifted by oil and gas prices that have... Continue Reading →
Eni Q3 profit jumps back to pre-COVID levels boosted by gas
(Reuters) - Italian energy group Eni (ENI.MI) on Friday beat expectations with a third-quarter profit that jumped back to pre-COVID levels boosted by higher gas prices. The group swung to an adjusted net profit of 1.43 billion euros ($1.67 billion) from a 153 million euro loss a year earlier and beat a 1.08 billion euro consensus forecast.... Continue Reading →
Chevron posts highest profit in eight years on surging oil, gas prices
(Reuters) - Chevron Corp (CVX.N) posted on Friday its highest quarterly profit in eight years, thanks to surging oil and gas prices and a recovery in motor fuel demand that boosted refining margins. The strong results came a day after U.s. lawmakers grilled top executives of major oil firms over the industry's past dismissals of climate warming.... Continue Reading →
Petrobras Financial Performance in 3Q21
In 3Q21, Petrobras posted excellent operating and financial results. According to CEO Joaquim Silva e Luna, “It is with great honor that I share with you the results achieved. We reached our debt target much earlier than planned and we are sharing part of the wealth generated with society and our shareholders through taxes, dividends,... Continue Reading →
Petrobras approves additional payment of remuneration to shareholders
Petróleo Brasileiro S.A – Petrobras informs that its Board of Directors, at a meeting held today, approved the payment of a new anticipation of remuneration to shareholders for fiscal year 2021, in the total gross amount of R$ 31.8 billion (about US$ 6 billion), equivalent to R$ 2.437865 per common and preferred share outstanding. This... Continue Reading →
Mexico’s Pemex swings to $3 bln net loss in third quarter
(Reuters) - Mexican state oil company Petroleos Mexicanos on Thursday reported a 2021 third-quarter net loss of 62.8 billion pesos ($3 billion), following higher tax payments and "significant foreign exchange losses". The loss marked a reversal from the same period last year, when Pemex (PEMX.UL) posted a net profit of 1.4 billion pesos, helped by... Continue Reading →
Weak Q3 and Mixed 2022 Guidance Overshadow Saipem’s New Plan
Weak quarterly results and mixed 2022 guidance overshadowed a new business plan from Saipem on Thursday, sending shares in the Italian energy services group down more than 8%. In his first strategy plan, Chief Executive Francesco Caio said Saipem expected to start growing again next year as its offshore business and drilling bounce back from... Continue Reading →
Repsol raises dividend and outlook as oil and gas boost profit
(Reuters) - Spanish energy company Repsol (REP.MC) on Thursday said it would raise its dividend and buy back shares after strong oil and gas prices helped to lift third-quarter profit above pre-pandemic levels. Global energy prices have soared as economies rebound from the coronavirus crisis, generating cash that can be returned to shareholders and spent on the... Continue Reading →
