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Offshore drilling contractor Transocean reduced its quarterly losses despite lower revenues and is encouraged by the current upcycle in the offshore drilling market, expecting rig utilisation and day rates to improve moving into the next year. Transocean reported a similar sentiment in its 1Q 2021 financial report back in May 2021 when the rig owner... Continue Reading →
(Reuters) - Italian energy group Eni (ENI.MI) pledged higher shareholder returns after swinging to a net profit in the second quarter to beat expectations as firmer oil prices offset lower production. Adjusted net profit was 929 million euros ($1.1 billion), compared with a loss of 714 million euros in the year-earlier period, Eni said on Friday. The... Continue Reading →
Italian energy services group Saipem on Friday forecast a sales pick-up in the second half after posting an operating loss in the first six months, hurt by the impact of the COVID-19 pandemic and problems with a wind project. The group posted an adjusted operating loss of 266 million euros ($316 million) for the first... Continue Reading →
(Reuters) - Chevron Corp (CVX.N) on Friday reported its highest profit in six quarters and joined an oil industry stampede to reward investors with share buybacks, as rebounding crude oil prices carried earnings and cash flow to pre-pandemic levels. Oil and gas are trading near multi-year highs as fuel consumption has thrown off pandemic losses and natural... Continue Reading →
(Reuters) - Exxon Mobil on Friday posted its biggest quarterly profit in more than a year that also topped analysts' estimates as demand for oil, gas and chemicals rebounded, quelling some investor concerns over its recent weak performance. The company's first results following a contested board fight over its direction highlighted how oil producers are taking... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 09/11/2020, informs that today it signed contracts for the sale of its 20% stakes in Termelétrica Potiguar S.A. (TEP) and 40% in Companhia Energética Manauara S.A. (CEM) to Global Participações Energia S.A. (GPE), through its subsidiaries GFT Participações S.A. and GFM Participações S.A.,... Continue Reading →
Singapore’s marine and offshore engineering player Sembcorp Marine saw its profit and revenues dip in the first half of the year due to project delays and increased costs caused by the Covid-19-related disruptions. Sembcorp Marine on Thursday posted a net loss of S$647 million (about $475.8 million) for the six months ended 30 June 2021 (1H2021), reflecting... Continue Reading →
(Reuters) - Europe's top energy companies signalled confidence in a lasting recovery from the pandemic impact by drawing on higher oil prices to boost shareholder returns and reassure investors as they roll out risky climate strategies. After swiftly cutting spending and jobs in response to the unprecedented collapse in energy demand last year, executives from... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras informs that the rating agency S&P Global Ratings (S&P) raised its stand-alone credit profile (intrinsic risk) by one notch, from "bb" to "bb+". The agency affirmed the global scale rating of the company's corporate debt at "BB-", two levels below the stand-alone credit profile, due to Brazil’s sovereign rating cap.... Continue Reading →
Royal Dutch Shell boosted its dividend and launched a $2 billion share buyback program on Thursday after a sharp rise in oil and gas prices drove second-quarter profits to their highest in more than two years. As profits across the industry recovered from last year's pandemic-led collapse in energy demand, peers TotalEnergies and Norway's Equinor... Continue Reading →
