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July 29, 2020 Petróleo Brasileiro S.A. – Petrobras informs that the Board of Directors approved, in a meeting held today, an agreement with Fundação Petrobras de Seguridade Social (Petros), which aims to end the arbitral dispute proposed by Petros in order to obtain compensation from Petrobras for alleged material damages related to the investment in... Continue Reading →
French energy group Total will book an exceptional impairment charge of $8 billion mainly on its Canadian oil sands and liquefied natural gas projects, it said on Wednesday. "Overall, the exceptional asset impairments that will therefore be taken into account in the second quarter of 2020 amount to $8.1 billion, including $7 billon on Canadian... Continue Reading →
U.S. oil and gas producer Hess Corp reported a bigger quarterly loss on Wednesday, hurt by lower oil prices as the COVID-19 pandemic sapped global energy demand. Crude prices sank to historic lows in April as economic activity plummeted across the world due to coronavirus lockdowns and a price war between the world's top producers... Continue Reading →
Temasek Holding's $3 billion bid to acquire a controlling stake in Keppel Corp will be under scrutiny on Thursday as a big quarterly profit drop at the conglomerate could raise the risk of the state investor dropping its proposal, analysts said. Keppel last week warned that material impairments relating to its offshore and marine segment... Continue Reading →
Subsea 7 has booked a major loss in Q2 2020 on restructuring and impairment charges as well as activity drop in the SURF and Conventional business units The engineering and construction specialist recognised quarterly net loss of $922 million, against profit of $24 million in Q2 2019. Diluted loss per share was $3.06 in Q2 2020... Continue Reading →
Italian energy services group Saipem painted a gloomy outlook for the year after reporting a net loss of 616 million euros ($723 million) in the second quarter following writedowns. The company said the industry faced uncertain demand for oil and gas. In April the group pulled its 2020 outlook, saying the pandemic might trigger a... Continue Reading →
Tullow Oil said on Wednesday it was set to book $1.4-1.7 billion in impairments before tax in its half-year results, as it follows larger rivals in lowering its oil price forecasts. Tullow, which had a market capitalization of around $508 million after markets closed on Tuesday, had $3 billion in net debt and untapped liquidity... Continue Reading →
July 28, 2020 Galp has revised its portfolio in the Potiguar Basin and plans to exit “some licenses”, declared the oil company's operations director, Thore Kristiansen, in a conference with investors on Monday (27/7). According to the executive, most of the operating impairments recognized in the quarter, of € 93 million, correspond to assets in... Continue Reading →
Giant oilfield services provider Schlumberger is cutting around 21,000 jobs as a response to one of the most challenging quarters in over a decade affected by the coronavirus pandemic and the oil price crisis. In its quarterly report released last Friday, Schlumberger said it would pay over $1 billion in severance to the 21,000 employees... Continue Reading →
July 27, 2020 Petróleo Brasileiro S.A. – Petrobras, following up on the press release on 03/20/2020, informs that, as of today, it has made the partial prepayment of its Revolving Credit Lines, in the amount of US$ 3.5 billion. These resources will be available for new withdrawals, if necessary. “The US$ 8 billion withdrawal of... Continue Reading →
Brazil Energy Insight 