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(Reuters) - Shell reported second-quarter profit of $6.3 billion, a drop of 19% from the previous three months as refining margins and oil and gas trading weakened, though still beating analysts' forecasts. The results were lifted by strong performances in the oil and gas production and retail marketing businesses and the profit was nearly 25% higher... Continue Reading →
(Reuters) - Petrobras as well as Chinese oil firms CNOOC and Petrochina were the winners of a Wednesday oil auction that is expected to bring record revenue for Brazil's Pre-Sal Petroleo (PPSA). State-run oil firm Petrobras won two bids, acquiring 12 million barrels from the Mero field and another 2.5 million from Buzios field, while... Continue Reading →
(Reuters) - Hess Corp beat estimates for second-quarter profit on Wednesday, helped by sharply higher oil production in Guyana and stronger prices. The South American country and its lucrative oil assets are at the center of a dispute between Hess, Chevron and Exxon . Last October, Hess agreed to sell itself to Chevron for $53 billion in stock,... Continue Reading →
(Reuters) Oilfield services firm Baker Hughes beat analysts' estimates for second-quarter profit on Thursday, powered by higher demand for its drilling services and equipment in international markets. The results echo those from SLB and Halliburton, as strong global demand helps the world's largest oilfield firms counter weakness in North America due to mega mergers among... Continue Reading →
(Reuters) BP increased its dividend and extended its share repurchasing programme on Tuesday as it reported a forecast beating second-quarter profit of $2.76 billion, with weak refining offset by stronger oil prices and retail. The result will ease pressure on CEO Murray Auchincloss after BP fell short of profit expectations in the previous two quarters.... Continue Reading →
(Reuters) - Mexico's state-owned oil company Pemex swung to a 256 billion peso ($14 billion) second-quarter net loss on Friday, red ink the energy giant chalked up to lower sales, a higher cost of sales and large currency exchange losses. The quarterly loss compared to a net profit of more than $25.4 billion in the... Continue Reading →
(OE) Offshore drilling contractor Borr Drilling has secured contracts for three of its premium jack-up drilling rigs, which will be put to work in Brazil, Malaysia and Gabon. These contract and extensions for Borr Drilling’s Arabia I, Gunnlod and Norve jack-ups cover a total of 1,779 days and $332 million in contract revenue, including mobilization... Continue Reading →
The U.S. Department of Energy’s (DOE's) Wind Energy Technologies Office (WETO) has issued the Offshore Wind National and Regional Research and Development Funding Opportunity, which will award $48.6 million for projects that address several major areas of need for offshore wind. The areas include accelerating research and development of floating offshore wind platforms, exploring innovations... Continue Reading →
(Reuters) - After reporting a smaller than expected drop in second-quarter net profit, Italian energy group Eni promised to accelerate its share buyback and hinted at the possibility of nudging it up in the coming months. A stronger than anticipated performance at the group's upstream and Gas & LNG divisions supported results, while actions to streamline... Continue Reading →
(Reuters) - Brazil's state-run oil company Petrobras (PETR4.SA), opens new tab is wrapping up due diligence for a bid on the Mataripe refinery it sold to Abu Dhabi sovereign fund Mubadala for $1.65 billion in 2021, three people familiar with the matter told Reuters. President Luiz Inacio Lula da Silva campaigned against the sale of Petrobras refineries and has pushed for... Continue Reading →
Brazil Energy Insight 