Italian energy group Eni lowered its forecast for production and investments on Friday as the coronavirus crisis has driven down oil and gas demand and hammered crude prices. In a statement on first-quarter results, it said it would spend about 30% less this year than planned and expected production to be 1.75 million-1.8 million barrels... Continue Reading →
Saipem Unable to Offer Guidance after Coronavirus, Oil Collapse
Italian oil services group Saipem said on Thursday it could not offer new guidance for the year because of the highly unstable environment created by the COVID-19 pandemic and falling oil prices. Last week the group pulled its 2020 outlook saying the pandemic might trigger a sharp fall in demand and a delay in projects.... Continue Reading →
Helix Energy Solutions swings to quarterly loss
Houston-based offshore services and robotics specialist Helix Energy Solutions has reported net loss of $11.9 million, or 9 cents per diluted share, for the first quarter of 2020 compared to $1.3 million profit for the same period in 2019. Sequentially, profit fell from $8.1 million of 5 cents per diluted share. Continue reading
Equinor slashes quarterly cash dividend by two thirds
Norwegian oil major Equinor has decided on a cash dividend of $0.09 per share for the first quarter of 2020, a reduction of 67 per cent compared to the fourth quarter of 2019. As stated in Equinor’s dividend policy, when deciding on upcoming dividend payments it takes into consideration expected cash flow, capital expenditure plans,... Continue Reading →
TechnipFMC Cuts Executive Pay and Dividend
Oil services company TechnipFMC said on Wednesday it would slash the salaries of executives and retainers paid to company directors by 30%, after cutting its dividend by 75% in search of savings to cushion the impact of the novel coronavirus outbreak. The Franco-American firm, whose clients include major companies in the oil and gas sector,... Continue Reading →
Brazil’s real hits new record low near 5.40 per dollar as rate cut bets intensify
Brazil’s real fell on Wednesday to a fresh all-time low close to 5.40 per dollar, as expectations intensified that the central bank will cut interest rates significantly in the coming weeks to combat the coronavirus-fueled economic crisis. The currency far underperformed its regional and emerging market peers on Wednesday, sliding more than 1% on the... Continue Reading →
Brazil’s Rio at mercy of Pimco, Dodge & Cox as oil cash dries up
Already grappling with one of Brazil’s most severe outbreaks of the novel coronavirus and a budget deep in the red, Rio de Janeiro state faces a potential threat to its solvency at the hands of investment giants PIMCO and Dodge & Cox. The U.S. asset managers have the right to a 2.5 billion real ($470... Continue Reading →
Baker Hughes Posts $10B Loss
Oilfield firm Baker Hughes Co reported a $10 billion loss and lower-than-expected revenue in the first quarter on Wednesday as an 80% plunge in oil prices crushed demand for services and equipment. Oil futures this week turned negative for the first time in history as fuel demand collapsed from the spread of the novel coronavirus... Continue Reading →
Valaris to Explore Bankruptcy With Its Creditors
Offshore oil driller Valaris PLC is preparing to start talks with creditors to see if they can agree on terms for a possible bankruptcy filing, as it grapples with a $6.5 billion debt burden and an unprecedented plunge in U.S. crude prices, people familiar with the matter said on Tuesday. Reuters reported last month that... Continue Reading →
GeoPark Announces First Quarter 2020 Operational Update
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil, Chile and Ecuador, today announced its operational update for the three-month period ended March 31, 2020 (“1Q2020”). All figures are expressed in US Dollars and... Continue Reading →
