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Occidental Petroleum Corp will write down the value of its oil and gas properties by up to $9 billion this quarter and restructure some debts to avoid a possible default, the company said on Thursday. The U.S. oil producer is trying to shed nearly $40 billion in debt from its purchase of rival Anadarko Petroleum... Continue Reading →
Argentinian energy company YPF has sent a force majeure notice to Belgium shipowner Exmar, saying it is unable to pay for the charter of the Tango FLNG unit due to the effect of the coronavirus pandemic. According to Exmar, YPF claims that effects of the coronavirus pandemic both worldwide and in Argentina have hindered YPF's... Continue Reading →
Jun 24, 2020 Dommo Energia posted a negative result of R $ 397.5 million during the first quarter of this year. The loss was 874% greater compared to the same period in 2019. According to the company, the losses were increased by factors such as the incidence of PIS / Cofins on financial results (R... Continue Reading →
The US District Court of Texas has rejected a $250 million damage claim filed by Petrobras America against South Korean shipbuilder Samsung Heavy Industries (SHI). Samsung Heavy said on Monday in a stock exchange filing that the damage claim was submitted back in March 2019. Continue reading
The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms. A collapse of the offshore industry will have broad impact. Drillers and their suppliers have... Continue Reading →
Offshore seismic services provider Polarcus is reducing its headcount further by 20 percent, the company said Monday, citing the market uncertainty and bleak near-term outlook caused by low oil prices and COVID-19. Oslo-listed Polarcus had on March 31 announced cost-cutting measures which were planned to save it $15 million in 2020. These included reductions in headcount and employees' salaries and... Continue Reading →
(Reuters) - Brazil’s central bank will likely be forced to put aside its misgivings and cut interest rates much further, testing the “lower bound” of rates as it battles against potentially the biggest economic crash on record and historically low inflation. A debate over the lower bound, which has consumed various global central banks in... Continue Reading →
June 16, 2020 Petro Rio S.A. (“Company” or “PetroRio”) (B3: PRIO3), in addition to the Material Fact of March 25, 2019, informs its shareholders that it has signed amendments to agreements with certain subsidiaries of Chevron Corporation (“Chevron”) to establish a new amortization schedule for the vendor finance associated with the acquisition of the 51.74%... Continue Reading →
Offshore drilling contractor Valaris said Monday it had elected not to make the $13.3 million interest payment due on June 15, 2020, related to its 7.375% Senior Notes due 2025. The offshore drilling company, which had more than $6.5 billion of debt at the end of the first quarter, said that under the arrangement governing... Continue Reading →
BP will take a writedown of up to $17.5 billion in its second-quarter earnings after sharply lowering its long-term oil and gas price outlook as it now expects a faster transition away from fossil fuels. The earnings are due on Aug 4 and CEO Bernard Looney in September is set to announce his strategy to... Continue Reading →
Brazil Energy Insight 