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Petróleo Brasileiro S.A. – Petrobras announces that it has received R$ 360 million (US$ 65 million) last week related to the leniency agreement executed by Samsung Heavy Industries. This cash arises from the first installment of the Samsung agreement of a total amount of R$ 705.9 million that will be applied to the reimbursement for... Continue Reading →
(Bloomberg) --The deal, as investors from Bogota to New York see it, has all the markings of a cash-strapped federal government forcing a state-run company to bail it out. Ecopetrol SA, Colombia’s biggest oil company, would hand over about $4 billion to the government in exchange for control of another state-sponsored outfit, the electric utility... Continue Reading →
(Reuters) - Mexico’s state oil company Petroleos Mexicanos (Pemex) reported on Friday a fourth-quarter 2020 net profit of 124.28 billion pesos ($6.23 billion), helped by currency appreciation, lower imports and tax benefits. It marked a second consecutive quarter of net profit. “It’s a great achievement,” said Octavio Romero Oropeza, chief executive officer, in a call... Continue Reading →
Oslo-listed marine contractor Siem Offshore has reduced its Q4 2020 deficit despite revenue drop of 20 per cent against prior-year quarter. Quarterly operating revenues were $57 million, compared to $71 million in Q4 2019. The decrease in revenues from 4Q 2019 is mainly due to lower revenues from the AHTS fleet, the Brazilian and the... Continue Reading →
Oslo-listed DOF Subsea has seen its fourth-quarter 2020 loss widened on higher depreciation and impairment charges and lower operating revenue compared to same time last year. The company reported NOK 115 million loss in the fourth quarter of 2020, versus NOK 30 million in Q4 2019. Operating revenue was NOK 872 million, against NOK 990 million... Continue Reading →
Subsea engineering specialist Oceaneering has narrowed its loss in the fourth quarter of 2020, despite revenue drop of close to 25 per cent. The Houston-based company has reported a net loss of $25 million on revenue of $424 million for the fourth quarter 2020. Adjusted profit was $1.8 million, reflecting the impact of $9.8 million... Continue Reading →
Malaysian state oil firm Petronas fell to a fourth-quarter loss on Friday hurt by lower oil prices and demand. Petronas announced in a virtual briefing a 1.1 billion ringgit ($272 million) loss after tax for the October-December quarter versus a profit of 4.1 billion a year earlier. It was the third straight quarterly loss at... Continue Reading →
Italian energy services group Saipem said it was unable to provide guidance for the year due to the ongoing health pandemic after it missed earnings expectations, sending its shares down around 9%. "2021 is certainly not a back to normal year," Chief Executive Stefano Cao said in a conference call on results. "We don't expect... Continue Reading →
(Reuters) - Exxon Mobil Corp’s global oil and gas reserves tumbled by a third last year as the COVID-19 pandemic slammed global oil prices and demand, the company said on Wednesday. The largest U.S. oil producer is reeling from the sharp decline in oil demand and a series of bad bets on projects when prices... Continue Reading →
The manufacturer of machinery and equipment WEG had a profit of R $ 742.2 million in the fourth quarter of 2020, which represents an increase of 48.5% compared to the same period of the previous year. The company's revenue grew 29.5%, to R $ 4.88 billion. The result was influenced by factors such as the... Continue Reading →
Brazil Energy Insight 