U.S. oil and gas company Marathon Oil tightened its net loss for the second quarter and reduced capex for the year. On Wednesday, the oil company reported a second quarter 2017 net loss of $139 million, compared to $170 million net loss in the prior-year quarter. The result for this year’s quarter includes the impact of certain... Continue Reading →
Jack-up rigs lift Vantage Drilling revenues
zoom U.S. offshore driller Vantage Drilling saw an increase in revenues in the second quarter of the year lifted by jack-up rig contributions. Earlier this week, Vantage reported a net loss of approximately $36.6 million for the three months ended June 30, 2017 as compared to a net loss of $35.7 million for the... Continue Reading →
Noble’s net loss deepens
U.S. independent Noble Energy’s net loss the second quarter of 2017 deepened to $1,5 billion, versus a loss of $315 million a year ago. The company explained the loss was driven by the impact of the Marcellus upstream asset exit in the U.S. Total Company sales volumes for the second quarter of 2017 were 408... Continue Reading →
Fugro in further cost-cutting push after ‘tough first half’
After experiencing a tough first half of the year, the Dutch geotechnical, survey, subsea and geoscience services provider, Fugro, has made plans to further cut costs to counter the continued challenging market conditions. In its Thursday report for the first half of the year, Fugro said it reduced its net result for the period to... Continue Reading →
Oil at $50 Boosts Sea Drillers’ Hopes of Vying With Shale
The “magic” of $50 oil is now in the sights of deep-sea drillers as they try to lure customer spending from shale wells on land. And after more than three years of pain, that prospect has some investors excited. Transocean Ltd. rose the most in more than eight months after the world’s biggest provider of offshore rigs... Continue Reading →
Brazil’s Temer Escapes Corruption Trial to Focus on Economy
Brazil President Michel Temer has survived a massive corruption scandal with a victory in the lower house that allows him to cling to power and focus back on the economy. Temer allies on Wednesday defeated the motion that would have put him on trial and forced him to step aside, with 263 against 227 votes.... Continue Reading →
Justice decrees end of OGX’s judicial recovery and shares surge more than 9%
The company filed the recovery process on October 30, 2013, with debts in excess of R $ 13.8 billion OGPAR ( OGXP3 ), formerly OGX Petróleo, reported on Wednesday that the 4th Business Court of the District of Rio de Janeiro has ordered the closure of the company's judicial recovery process. The company filed the recovery process on... Continue Reading →
Brazil Investors Watching Temer Vote for Clues on Economic Plan
Brazilian President Michel Temer is widely expected to avoid a corruption trial by winning a congressional vote Wednesday. But the final tally could signalwhether he still has enough support to push through economic measures that have been championed by investors. Read more
Galp prepares for upcoming oil auctions in Brazil
Galp is studying the upcoming auctions for the attribution of oil exploration areas in Brazil. By 2019, there will be nine auctions in Brazil with the next bids in September and October this year. "We are preparing for the next bids in Brazil," Galp's chief executive said Monday in a meeting with analysts. "We now have... Continue Reading →
Who Needs $100 Oil? Majors Making More Cash at $50, Goldman Says
Oil majors are raking in more cash now than they did in the heyday of $100 oil, according to Goldman Sachs Group Inc. Integrated giants like BP Plc and Royal Dutch Shell Plc have adapted to lower prices by cutting costs and improving operations, analysts at the bank including Michele Della Vigna said in a research note Wednesday.... Continue Reading →
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