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(Reuters) - Mexico’s government has granted new fiscal support to Petroleos Mexicanos (Pemex) worth 73.28 billion pesos ($3.54 billion), to help shore up the state oil firm’s finances and crude output. The government published the so-called fiscal stimulus figure in its official gazette on Friday afternoon. Last week, a senior Mexican official told Reuters that... Continue Reading →
(Reuters) - Brazil’s securities regulator CVM is investigating the management changes at state-run oil company Petroleo Brasileiro SA, its website showed on Monday, following President Jair Bolsonaro’s announcement last week that he will replace chief executive Roberto Castello Branco. The post on the CVM website gave no details about the investigation, but comes after Petrobras... Continue Reading →
Portugal's oil and gas company Galp Energia cut its dividend payout by half on Monday after posting a 98% plunge in fourth-quarter net profit as the coronavirus pandemic hammered refining margins and output fell. The company said it would propose a dividend of 0.35 euros ($0.4237) per share for 2020, halving the 0.70 euros per... Continue Reading →
(Reuters) - Petrobras shares traded in New York plunged nearly 17% in premarket trading on Monday as analysts cut ratings on the stock after far-right Brazilian President Jair Bolsonaro moved to replace the state-controlled oil company’s market friendly CEO with a retired army general. Credit Suisse, Scotiabank, Bank of America, Bradesco and XP analysts were... Continue Reading →
Italian energy group Eni on Friday raised its ambition to cut greenhouse gas emissions, vowing to become net carbon neutral by 2050, as it seeks to keep up pace in an industry under pressure from investors to go green. Like its peers, Eni is stepping up plans to transition to cleaner fuels as governments around... Continue Reading →
The downturn brought by the Covid-19 pandemic and the accelerating energy transition has created a new reality for the world’s oil and gas industry, whose production will peak lower and earlier than expected before the 2020 market crisis, a Rystad Energy analysis shows. The five integrated supermajors – ExxonMobil, BP, Shell, Chevron, and Total –... Continue Reading →
Italian energy group Eni beat expectations by swinging into a profit in the fourth quarter thanks to firmer oil prices, after posting a loss for the full-year 2020 when demand plunged because of the coronavirus crisis. Eni said it recorded an adjusted net profit in the fourth quarter of 0.66 billion euros ($798 million), beating... Continue Reading →
(Reuters) - Mexico’s government will inject between $1.3 billion and $1.6 billion into state oil company Petroleos Mexicanos (Pemex) this year and offer a tax break of 75 billion Mexican pesos ($3.68 billion), a senior official told Reuters on Thursday. The world’s most indebted oil company, Pemex had more than $110 billion in financial debt... Continue Reading →
Spanish energy group Repsol posted on Thursday forecast-beating fourth-quarter adjusted income, pushing its shares up even though write-downs on the value of oil and gas assets dragged it to a second consecutive annual net loss. Curbs on mobility to stop the spread of the coronavirus sapped energy demand last year and pushed companies including much... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras announces that the rating agency Fitch affirmed the ”BB-“ issuer default ratings for Petrobras, with a negative outlook, reflecting the agency’s opinion on the sovereign’s ratings. Petrobras stand-alone credit profile was also affirmed at "bbb", 4 notches above the sovereign. Fitch highlighted the company's strong capital structure, declining debt levels... Continue Reading →
Brazil Energy Insight 