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Offshore drilling contractor Diamond Offshore Drilling and its debtor-affiliates have emerged from their Chapter 11 process after completing a financial reorganization under their joint plan of reorganization. Diamond said that it emerged from Chapter 11 on 23 April 2021. The restructuring provides substantial liquidity for the company, resulting in the equitization of approximately $2.1 billion... Continue Reading →
Oil major BP has tripled its quarterly profit due to exceptional gas marketing, significantly higher oil prices, and higher refining margins. BP on Tuesday posted an underlying replacement cost profit for the first quarter of $2,63 billion, a significant rise when compared with $0.8 billion for the same period in 2020. According to the company, this... Continue Reading →
Subsea engineering company Oceaneering International has through its Manufactured Products segment secured multiple contracts during the first four months of 2021, with anticipated aggregate revenue in excess of $135 million. The anticipated revenue from these contracts with international oil and gas operators and marine construction companies ranges in value from less than $10 million to... Continue Reading →
(MegaWhat) One of the main participants in the divestment program of Petrobras, in number of closed deals, the Brazilian 3R Petroleum sees no risk of discontinuity of the plan for the sale of assets of the state company of onshore fields, with the new management. For the company, which won six bids and still participates... Continue Reading →
China Petroleum & Chemical Corp swung to a first-quarter profit from a loss a year earlier, with net income reaching 18.54 billion yuan ($2.86 billion), amid a recovery in global oil prices and robust demand for refined oil products. Asia's top oil refiner, also known as Sinopec, posted a 19.15 billion yuan loss during the... Continue Reading →
Italian energy service group Saipem said it was unable to update its outlook for the year due to uncertainty over a project in Mozambique as it missed first-quarter expectations. Earlier this week French energy group Total declared force majeure on its $20 billion liquefied natural gas (LNG) project in Mozambique following insurgent attacks. "Evaluations in... Continue Reading →
(Reuters) Royal Dutch Shell’s climate change strategy does not go far enough and investors should advise against it at an upcoming meeting, a UK pension funds group said on Wednesday. Shell has asked investors to vote on its energy transition strategy, although the vote is advisory only. read more Its plans call for reaching net zero... Continue Reading →
U.S. oil producer Hess Corp (HES.N) on Wednesday swung to a profit in the first quarter despite lower production, as a winter storm boosted demand for natural gas, while steady COVID-19 vaccine rollouts aided a recovery in oil prices. Global crude prices have averaged around $61 in the first three months of the year, building on a... Continue Reading →
(Reuters) The transition from a fossil-fuel dominated energy system to one with zero emissions would require trillions of dollars of investment in new production, distribution and consumption equipment worldwide. New investments could support millions of new jobs in construction and manufacturing, but policymakers are struggling to decide whether to recover the costs from consumers or... Continue Reading →
Wintershall Dea posted a jump in first-quarter financial results thanks to record production and recovering oil and gas prices, the German-Russian producer said on Tuesday. Its earnings before interest, tax, depreciation, amortization, and exploration expenses (EBITDAX), a standard oil industry measure, rose to 704 million euros ($850.22 million) in the three-month period, up 47% year-on-year.... Continue Reading →
Brazil Energy Insight 