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(Reuters) - Exxon Mobil Corp XOM.N posted its third straight quarterly loss on Friday and detailed deeper spending cuts to come, as the oil major reels from the COVID-19 impact on energy demand and prices. The largest U.S. oil producer plans to cut its capital spending for 2021 to between $16 billion to $19 billion, down from... Continue Reading →
(Reuters) - Petrobras is in the advanced stages of several major divestments, executives said on Thursday, indicating that the company’s ambitious deleveraging program may quicken after a pause during the worst of the coronavirus outbreak in Brazil. Speaking to analysts following the company's third-quarter results, executives at Petroleo Brasileiro SA PETR4.SA, as the state-run oil firm... Continue Reading →
(Bloomberg) --Exxon Mobil Corp. will slash its global workforce by 15% over the next two years, an unprecedented culling by North America’s biggest oil explorer as it struggles to preserve dividends. The cuts will include 1,900 U.S. jobs, mostly in Houston, as well as an undisclosed number of positions around the world. “These actions will... Continue Reading →
Petrobrás is on a constant path to reduce its oil extraction costs even more, especially in the challenging scenario that operators are facing in the pandemic scenario. Over the past few months, the Brazilian company has managed to go further in this objective, reducing the cost of extraction in the pre-salt layer to U$ 2.27... Continue Reading →
Spanish oil and gas group Repsol reported a 7 million euro ($8.27 million) adjusted net profit for the third quarter on Thursday as crude prices recovered, edging back into positive territory after a deep loss in the second quarter. While much better than an average analyst forecast provided by the company of a 15 million... Continue Reading →
In November 2007 Brazil’s national oil company, Petrobras, shocked the E&P world by announcing a 5-to-8-Bbbl discovery in a completely unknown geological play: carbonate reservoirs below a 2-km layer of salt, offshore Brazil, in a 2,000-m water depth. This announcement marked the beginning of a complete turnaround in the history of Brazil’s oil and gas... Continue Reading →
Marine seismic player Polarcus has slipped into the red in Q3 2020 as revenue fell some 76 per cent compared to prior year due to the global slow-down on the back of the COVID-19 pandemic. The Oslo-listed company reported third quarter 2020 loss of $13.5 million, versus profit of $13.7 million in Q3 2019. Polarcus... Continue Reading →
Oil major and LNG giant Shell saw its third quarter 2020 earnings decrease when compared to the last year’s third quarter amid lower oil price environment but the oil major decided to increase its dividend. Shell on Thursday said that the income attributable to its shareholders was $0.5 billion for the third quarter of 2020,... Continue Reading →
Exxon Mobil Corp on Wednesday kept its fourth-quarter dividend flat at 87 cents a share, signaling 2020 will be the first year since 1982 that the U.S. oil producer has not raised its shareholder payout. The largest U.S. oil producer by volume was caught off guard by the sharp decline in energy prices and demand... Continue Reading →
Equinor (NYSE:EQNR): Q3 Adj. net income of $780M vs. a consensus of $1.03B. Raises dividend to $0.11/share from $0.09. Revenue of $11.34B (-27.4% Y/Y) beats by $1.2B. EQNR delivered total equity production of 1,994 mboe per day in Q3, up from 1,909 mboe per day in the same period in 2019, with an increased share of gas.... Continue Reading →
Brazil Energy Insight 