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A report by a nonprofit watchdog group critical of Exxon Mobil Corp's oil contract with Guyana has rekindled a debate over whether the deal is too generous to the company, just a month before a crucial presidential election. In a report published Monday, London-based anti-corruption group Global Witness said the U.S. oil major's 40-year deal... Continue Reading →
Exxon Mobil Corp reported a 5.2% drop in fourth-quarter profit on Friday, as assets sales propped up flat year-over-year oil and gas output and weakness in its refining and chemicals businesses. Oil companies last quarter suffered from weaker prices for their products, and in Exxon's case, it has been spending heavily to boost its oil... Continue Reading →
U.S. oil major Chevron slumped to a $6.6 billion quarterly loss compared to 4Q 2019 $3.7 billion profit, citing previously announced impairments on several projects. "Included in the [4Q 2019] were previously announced upstream impairments and write-offs totaling $10.4 billion associated with Appalachia shale, Kitimat LNG, Big Foot, and other projects,” Chevron said. Continue reading
Dutch geotechnical services provider Fugro expects to earn around $40 million from the sale of HC2 Holdings’ subsidiary Global Marine Group (GMG). Fugro said on Thursday that it would monetize the remainder of its non-core 23.6% interest in GMG, which was expected to result in proceeds for Fugro of close to $40 million. According to... Continue Reading →
Orsted, the world's largest offshore wind farm developer, exceeded its own full-year core profit expectations on Thursday on the back of strong generation from its wind farms but said it expected this year's result to be slightly lower. Its 2019 earnings before interest, taxation, depreciation, and amortization (EBITDA) excluding new partnerships increased by 17% to... Continue Reading →
MODEC, INC. announced today the revision of the consolidated forecast for the full-year ended December 31, 2019, which was announced on February 5, 2019 and revised on November 1, 2019. The revision is mainly due to the recording of extraordinary loss and the company’s recent business performance. Continue reading
Royal Dutch Shell is cutting the pace of its vast $25 billion share buyback program after lower oil and natural gas prices halved its profit in the last three months of 2019, sending its shares to their lowest since July 2017. While the Anglo-Dutch energy company warned again that a slowing global economy could affect... Continue Reading →
BW Offshore has slightly reduced the valuation of its planned oil and gas spin-off, the Oslo-listed company said as it presented details for the initial public offering on Wednesday. The valuation of BW Energy was shaved to a range of between $700 million and $750 million, from the $700 million to $800 million proposed in... Continue Reading →
U.S. oil and gas company Hess Corporation sank deeper into the red in the last quarter of 2019 despite higher production levels when compared to the prior-year quarter. Hess on Wednesday reported a net loss of $222 million in 4Q 2019 compared with the net loss of $4 million in the fourth quarter of 2018.... Continue Reading →
U.S. oil and gas producer Hess Corp said it would spend 11% more in 2020 compared with last year, betting heavily on its assets in offshore Guyana and the Bakken shale play. The company said its 2020 exploration and production capital and exploratory budget will be $3 billion, higher than the estimated $2.7 billion allocated... Continue Reading →
Brazil Energy Insight 