Brazil’s Raizen mulls asset sales and partnerships to boost growth

(Reuters) - Brazilian energy company Raizen Energia SA (RAIZ4.SA) is mulling divestment opportunities and strategic partnerships to drive growth across its business units, company executives said on Wednesday. Raizen, a joint-venture between Shell PLC (SHEL.L) and Cosan (CSAN3.SA), has many assets that could be monetized through sales or partnerships, its CEO Ricardo Mussa said during a meeting with investors and... Continue Reading →

May 24, 2023 0

Shell to Use New AI Technology in Deepwater Oil Exploration

(Reuters) Shell Plc will use AI-based technology from big-data analytics firm SparkCognition in its deep sea exploration and production to boost offshore oil output, the companies said on Wednesday. SparkCognition's AI algorithms will process and analyze large amounts of seismic data in the hunt for new oil reservoirs by Shell, the largest oil producer in the... Continue Reading →

May 17, 2023 0

Shell and Petrobras book Noble’s drillships

Noble Corporation has won contracts with UK-headquartered energy giant Shell and Brazilian state-owned oil and gas giant Petrobras, respectively, for two of its 7th-generation drillships. Shell has contracted Noble Voyager to drill a deepwater exploration well offshore Mauritania. The drillship is currently operating for the energy giant offshore Mexico. The new contract has an estimated... Continue Reading →

May 12, 2023 0

Shell posts $10 billion profit as trading offset lower energy prices

(Reuters) - Shell (SHEL.L) on Thursday posted first-quarter net profit of $9.65 billion, topping analysts' forecasts, as strong earnings from fuel trading and higher liquefied natural gas (LNG) sales offset cooling energy prices. The stronger-than-expected profits followed a string of forecast-beating results from rivals including BP (BP.L) and Exxon Mobil (XOM.N) as the sector continues to benefit from strong demand and price volatility.... Continue Reading →

May 4, 2023 0

Brazilian Oil-Export Tax Concerning, says Shell Chief

(Reuters) The head of oil major Shell Plc's Brazilian operations on Monday said a temporary oil-export tax established in March was a concerning development that could hurt the country's investment attractiveness. Brazil's government in March said the temporary, four-month tax would compensate for its decision to partially maintain a tax exemption on fuels for consumers,... Continue Reading →

May 2, 2023 0

BP’s profit rises to $5 billion as share buyback slows

(Reuters) - BP (BP.L) made a profit of $5 billion in the first quarter of 2023, up from the previous three months on the back of strong oil and gas trading, but the company's shares fell as it slowed a share buyback programme. BP's results, which beat forecasts, follow a strong showing by rivals including Exxon Mobil (XOM.N) and Chevron last week... Continue Reading →

May 2, 2023 0

Chevron tops estimates with Q1 profit gain despite slide in oil prices

(Reuters) - Oil major Chevron Corp (CVX.N) beat market expectations on Friday as profit nudged higher in the first quarter, with earnings from refining compensating for slides in energy prices as well as oil and gas production. Net profit climbed 5% to $6.57 billion or $3.46 per share. Results beat consensus by 4%, according to Refinitiv data.... Continue Reading →

April 28, 2023 0

Exxon eyes potential purchase of shale driller Pioneer -WSJ

(Reuters) - Exxon Mobil Corp (XOM.N) has held preliminary talks with Pioneer Natural Resources Co (PXD.N) about a possible acquisition of the U.S. shale oil producer, the Wall Street Journal reported on Friday, citing people familiar with the matter. Discussions between the two companies about a potential deal have been informal, the newspaper said, adding that Exxon executives have discussed a... Continue Reading →

April 10, 2023 0

Exxon Mobil Ends Brazil Offshore Oil Hunt after Third Failed Attempt – WSJ

Exxon Mobil Corp has ended a major campaign to find oil in Brazil, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The oil and gas giant has stopped current drilling at the offshore acreage it started snapping up with partners for $4 billion in 2017, after failing for the third time to... Continue Reading →

April 5, 2023 0

Exxon signals 1Q operating profit fell 25% on softer energy prices

(Reuters) - Exxon Mobil Corp (XOM.N) on Tuesday signaled in a securities filing that first-quarter operating profits dropped about 25% from last year's record levels as oil and gas prices eased. Operating results could drop to about $9.6 billion, compared to $12.8 billion net profit from the fourth quarter, according to a snapshot of factors affecting first... Continue Reading →

April 5, 2023 0