Rio de Janeiro, April 30, 2018 - Petróleo Brasileiro S.A. – Petrobras, in continuity to the Material Fact disclosed on 12/28/2016 and 03/27/2017 and press release dated 02/07/2018, informs that today it completed the sale of 100% of the shares held in Companhia Petroquímica de Pernambuco (“PetroquímicaSuape”) and Companhia Integrada Têxtil de Pernambuco (“Citepe”) to... Continue Reading →
Petrobras Chips Away At Debt With Asset Sales
Brazil’s Petrobras intends to raise US$21 billion with the sale of assets by the end of this year, according to its 2018-2022 business plan, as the company works to lower debt while carrying out activities, mainly in the presalt. Petrobras raised $4.5 billion, less than half of 2018 plan, through the sale of assets in... Continue Reading →
Transocean posts 1Q loss. CEO optimistic about future rig demand
Offshore driller Transocean posted a net loss of $212 million for the first quarter of 2018, a drop compared to an income of $95 million in the first quarter 2017, however the CEO is optimistic about future demand for its rigs. Contract drilling revenues were down to $664 million, versus $738 million a year ago,... Continue Reading →
Brazil’s Lula, Workers Party leader hit by new corruption charges
Imprisoned former Brazilian President Luiz Inacio Lula da Silva, along with the current leader of the Workers Party he founded, were hit on Monday with fresh corruption charges by federal prosecutors. Authorities allege that Lula, along with Senator Gleisi Hoffmann, who is leading the beleaguered Workers Party, were given access to a $40 million slush... Continue Reading →
BP Profit Beats Estimates Even as Oil-Spill Fines Boost Debt
BP Plc capped a shaky Big Oil earnings season on a more upbeat note, as shareholders reacted positively to the highest profit in years even as the continuing burden of oil-spill payments pushed debt higher. The results show how investors in the London-based company are feeling the effects of two life-altering events. BP is still paying its... Continue Reading →
Diamond Offshore profit drops in 1Q
Houston-based driller Diamond Offshore saw a decrease in quarterly profit and revenues as the driller’s increase in rig utilization was offset by lower dayrates. The driller on Monday posted a net income of $19 million, a decrease compared to a $23.54 million net income recorded in the first quarter of 2017. Read more
PetroChina Rides Oil’s Rally as Gas Import Losses Held in Check
E&P profit jumps more than fivefold; gas losses slightly cut PetroChina Co.’s profit rose 78 percent in the first quarter as the country’s largest oil and gas producer benefited from a rally in crude prices while holding in check its losses from reselling imported gas. Net income rose to 10.15 billion yuan ($1.6 billion) in... Continue Reading →
Fugro deploys two vessels on seep hunting survey off Brazil
Dutch geoscience company Fugro has deployed two vessels offshore Brazil on a seep hunting survey. Working for multi-client geoscience data company, TGS, Fugro continues the hunt for hydrocarbon seeps with two purpose-built vessels, Fugro Brasilis and Fugro Searcher. Read more
Brazilian president Temer denies reported new corruption allegations
Brazilian President Michel Temer denied on Friday any wrongdoing following a newspaper report that police are investigating whether he laundered bribes through real estate transactions. Read more
Exxon Posts Worst First-Quarter Output Since 1999; Chevron beats analysts estimates
For the biggest U.S. oil explorers, the first quarter was a study in contrasts: Chevron Corp. beat every analyst estimate, while larger rival Exxon Mobil Corp.fell short on both production and profit. The performances underscore the challenges facing the two descendants of John D. Rockefeller’s sprawling 19th century empire. For Chevron, it’s about rewarding long-suffering investors who had... Continue Reading →
