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(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 →
Following the publication of the upstream industry’s first quarter results, a Rystad Energy analysis reveals a gloomier investment-budget picture than previously thought. Global spending is now forecasted to reach $383 billion this year, the lowest level in 15 years and a staggering 29 per cent decrease of $156 billion compared to 2019, according to Rystad’s... Continue Reading →
Bahamas Petroleum Company, an oil firm with assets in the Bahamas, and as of recently offshore Uruguay, is set to merge with Trinidad-focused Columbus Energy Resources. The boards of directors of the two companies on Thursday said they had reached agreement on the terms of a recommended all-share merger by way of a share for... Continue Reading →
Mexico’s state oil giant is suspending contracts with service providers and suppliers, triggering thousands of job losses, people with direct knowledge of the situation said. Over the past several weeks, Pemex has suspended contracts with at least eight local and international oil-service providers and suppliers to cut spending, said the people, who asked not to... Continue Reading →
BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney’s plan to shift the oil and gas major to renewable energy, it said on Monday. Looney told employees in a global online call that the London-based company will cut 10,000 jobs from the... Continue Reading →
Norwegian seismic player PGS said Monday it would reduce office-based personnel count by approximately 40%, including reductions already implemented, to address the lower market activity and to cut costs. The company said its plan is to bring annual gross cash cost run-rate to approximately $400 million through staff reductions, reorganization, consolidation of offices, re-negotiation of... Continue Reading →
Ithaca Acquisition Holdings reported Tuesday that it has completed its acquisition of the former pipe fabrication assets of The Shaw Group from McDermott International, Inc. “We saw this as a great opportunity to partner with an experienced investor group to acquire the former Shaw Group pipe fabrication portfolio and bring these assets back to the... Continue Reading →
