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South Korean shipbuilder Samsung Heavy Industries agreed to pay 812 million reais ($148.56 million) in a leniency deal with Brazilian authorities to settle corruption investigations, federal prosecutors said late on Monday. On its website, the prosecutor's office said the deal was part of a global negotiation between the company and U.S. and Brazilian authorities to... Continue Reading →
(Reuters) - Occidental Petroleum Corp on Monday posted a larger-than-expected fourth-quarter loss despite higher oil and gas prices as an asset sale weighed on results. The U.S. producer has slashed jobs and output after the coronavirus pandemic hammered global energy demand, pressuring an energy company that had loaded up on debt in 2019 to acquire... Continue Reading →
(Reuters) - Morgan Stanley removed its ‘like’ recommendation on Brazil sovereign bonds on Monday, citing fiscal concerns and potential spillovers after the head of state-run oil firm Petrobras was sacked by the country’s President Jair Bolsonaro. The right-wing populist’s intervention in one of Brazil’s most valuable companies, along with a vow to reduce prices in... Continue Reading →
(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 →
