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Petrobras had a good financial performance in 2Q19, although we benefited from external factors beyond our control, such as oil prices, the BRL/USD exchange rate and crack spreads, and non-recurring events, such as assets divestments. Accounting net income excluding non-recurring factors was R$ 5.2 billion and operating cash flow reached R$ 20.5 billion. Advances in... Continue Reading →
Siemens (SIEGn.DE) said on Thursday deteriorating demand from automotive and machine building firms hit its third-quarter profit, becoming the latest industrial company to warn about a weaker environment hitting its business. The company’s flagship factory automation unit saw orders and revenue fall as customers in Europe and the Americas held back on investments as economies... Continue Reading →
Royal Dutch Shell’s second-quarter profit slumped to a 30-month low due to weaker gas prices and refining margins, falling far short of expectations and denting a steady recovery in recent years. Shares of the Anglo-Dutch company fell 4.2% as trading opened in London, compared with a 0.3% decline in London’s FTSE 100 index. Shell, the... Continue Reading →
Brazil’s central bank cut its benchmark interest rate to a new low of 6.00% on Wednesday, an aggressive first move in a widely anticipated easing cycle to inject life into a moribund economy and prevent inflation from slipping too far below target. The reduction from 6.50% was the central bank’s first rate cut since March... Continue Reading →
Occidental Petroleum Corp, which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% fall in core profit on Wednesday, as higher crude prices and volumes were offset by adjustments to derivatives contracts and lower natural gas prices. Core income fell to $729 million, or 97 cents per... Continue Reading →
The Federal Reserve cut interest rates on Wednesday to shore up the economy against risks including global weakness, but the head of the U.S. central bank said he did not view the move as the start of a lengthy series of rate cuts. Continue reading
U.S. oil and gas company Hess reported a net loss of $6 million in the second quarter of 2019, compared to a net loss of $130 million for the same period last year on the back of increased oil production and reduced expenses. Hess also decided to trim its full year capex guidance. Hess Corporation... Continue Reading →
Singapore’s vessel and rig builder Sembcorp Marine reported a net loss of $9.3 million in the second quarter of 2019, citing continued low overall business volume, and posting a disappointing order intake in the first half of the year. While posting a quarterly loss, this is an improvement compared to a loss of $56,5 million... Continue Reading →
Baker Hughes, General Electric Co's oilfield services arm, reported a better-than-expected quarterly profit on Wednesday, helped by higher activity in LNG markets and rise in international demand for oilfield services. Revenue from the company's oilfield services segment, which constitutes a majority of its operations, rose 14% to $3.26 billion in the second quarter. Continue reading
Fugro is looking to sell its stake in Seabed Geosolutions, a joint venture company with French seismic player CGG. The Dutch subsea and survey specialist said it has stepped up its efforts, in consultation with its co-shareholder, to divest its 60 per cent interest in ocean bottom seismic specialist formed in 2013. Continue reading
Brazil Energy Insight 