Oil giant ExxonMobil saw its fourth quarter 2018 earnings drop 28 percent compared to the fourth quarter of 2017 as last year’s result was boosted by tax reform. ExxonMobil on Friday reported earnings of $6 billion, down from $8.3 billion realized in the fourth quarter of 2017. The 4Q 2017 result included a gain of... Continue Reading →

  Chevron has reported an increase in earnings for the fourth quarter 2018, posting a net income of $3.7 billion, up from $3.1 billion billion in the fourth quarter 2017. The difference in earnings would have been even bigger in comparison, as 4Q 2017 result included $2.02 billion in tax benefits related to U.S. tax... Continue Reading →

  Brazilian oil major Petrobras has said it has paid $682.6 million as part of the non-prosecution settlements entered into last year with the U.S. and Brazilian authorities over the investigation into violations of the Foreign Corrupt Practices Act (FCPA). Petrobras has this week said that it paid “the Commitment Assumption Agreement (“Agreement “), made with the... Continue Reading →

1/31/19 The National Council for Energy Policy (CNPE) published Resolutions 17 and 18 of 12/17/2018, which authorize the National Petroleum, Natural Gas and Biofuels Agency (ANP) to carry out Bid Rounds for exploration and production of oil and natural gas on the Brazilian coast. Resolution No. 17 authorizes the holding of the 16th Bidding Round,... Continue Reading →

Royal Dutch Shell said to would stick to spending discipline this year after 2018 profits jumped by more than a third to $21.4 billion, their highest since 2014. The Anglo-Dutch oil company also reported a sharp rise in cash generation, in a further sign that cost savings since the 2014 oil market downturn are filtering... Continue Reading →

1/31/2019 IRVING, Texas -- ExxonMobil Corporation will streamline its upstream organization and centralize project delivery across the company to support previously announced plans to double operating cash flow and earnings by 2025. “We’re simplifying and integrating our upstream organization to better capitalize on the industry-leading portfolio we’ve assembled through acquisitions and exploration success in the... Continue Reading →

January 31, 2019 Eighty years after the first oil discovery, Brazil is moving to double its production and become the main area of ​​exploration outside the United States and the Organization of the Petroleum Exporting Countries. The pre-salt layer, discovered in 2006, already accounts for more than half of production and could make the country... Continue Reading →

Petro Rio, in addition to the material fact disclosed to the market on October 29, 2018, has executed a Share Purchase Agreement for the acquisition of Chevron Brasil Upstream Frade - a limited liability company holding a 51.74% working interest and operatorship in the Frade Field - and of equivalent interest in assets operating in... Continue Reading →

    Petroleum Geo-Services (PGS), reported loss for the fourth quarter ended December 31, 2018 of $23.5 million versus loss off $195 million in the prior-year quarter. Basic loss per share was 7 cents per share, improving from 58 cents per share loss same time last year. Norway-based PGS generated $270 million in quarterly revenues... Continue Reading →