Exxon Mobil Corp on Friday reported first-quarter profit fell sharply on lower oil and gas prices and weakness in its refining and chemicals businesses that offset modest production gains. The largest U.S. oil producer’s first quarter earnings fell to $2.35 billion, or 55 cents a share, from $4.65 billion, or $1.09 a share, a year... Continue Reading →

Total SA boosted cash flow in the first quarter as record hydrocarbon output and soaring sales of liquefied natural gas compensated for a drop in crude prices. The French energy giant’s earnings are the latest sign of the industry’s recovery from a deep downturn, with Total benefiting from the start of giant LNG projects from Australia... Continue Reading →

Dutch subsea and survey specialist Fugro has seen its revenue increased some 9 per cent from €350 billion in Q1 2018 to €395 million in Q1 2019. Fugro’s marine division, with revenue at €244 billion in Q1 2019, generated some 10 per cent more than in Q1 2018. Marine division backlog for the next 12... Continue Reading →

Oilfield services provider TechnipFMC recorded a decrease in quarterly profit and revenues but saw an increase in orders.  Total company revenue in 1Q 2019 was $2.9 billion compared to $3.1 billion in the corresponding quarter of 2018. Net income dropped to $20.9 million in the first quarter 2019 from $95.1 million in the same period... Continue Reading →

Rio de Janeiro, April 25, 2019 - Petróleo Brasileiro S.A. - Petrobras informs that it received the Official Letter No. 141/2019/CVM/SEP/GEA-1, which requests the following clarification: Official Letter No 141/2019/CVM/SEP/GEA-1 "Dear Executive Officer, We refer to the Relevant Fact published by the issuer on 09-27-2018, the Market Communication of 01-30-2011, and the report published on... Continue Reading →

Rio de Janeiro, April 25, 2019 – A Petróleo Brasileiro S.A. – Petrobras informs that today it executed three sale and purchase agreements to sell assets in the total amount of US$ 10.3 billion (about R$ 40 billion). In 2019, considering the signed transactions and the closed one, the total amount of asset sales is... Continue Reading →

Mexican President Andres Manuel Lopez Obrador said that oil output from private companies hasn’t risen to a level that would justify restarting auctions that his administration put on hold. Lopez Obrador said private companies are only producing 4,000 barrels of crude per day, based on the information he has from state-owned oil company Petroleos Mexicanos. As... Continue Reading →

Rio de Janeiro, April 25, 2019 –  Petróleo Brasileiro S.A. – Petrobras informs, within its ongoing process of assessment of contingencies, that it will provision R$ 1.3 billion as a result of the current stage of litigation involving the company Sete Brasil. The company, which is a victim of the facts verified by Operation Car... Continue Reading →

By World Oil staff on 4/24/2019 HOUSTON -- The third and latest offer (this time publicly) on Wednesday by Occidental Petroleum for Anadarko Petroleum has prompted a discussion among analysts as to whether the large independent’s assets are a better fit with Oxy or Chevron. Less than two weeks ago, Chevron announced that it had... Continue Reading →