TechnipFMC's shares slid on Tuesday, a day after the oil services company said it had overstated its first-quarter net income by $209.5 million. TechnipFMC said late on Monday that the overstatement stemmed from accounting errors related to its auditing of foreign exchange movements, after examining the matter with its management and PricewaterhouseCoopers. Read more
Shell’s Cash Flow Rises to Highest Since Oil Crash Began
Royal Dutch Shell Plc’s cash flow from operations rose to the highest since the oil price slump started in 2014 as asset sales and cost cuts helped Europe’s largest energy company pay down debt and boost profit. The consensus-beating second-quarter performance showed how Shell’s response to the worst industry downturn in a generation -- the $54... Continue Reading →
Brazil cuts rates to near four-year low, may continue easing pace
Brazil's central bank cut interest rates below 10 percent for the first time since 2013 on Wednesday and signaled it could keep up its pace of easing as plunging inflation gives it leeway to aid an incipient recovery. The bank's nine-member monetary policy committee, known as Copom, cut its benchmark Selic rate BRCBMP=ECI by 100... Continue Reading →
Brazil police arrest former Petrobras CEO Bendine in graft probe
RIO DE JANEIRO (Reuters) - Brazilian federal police on Thursday arrested former Petrobras Chief Executive Officer Aldemir Bendine on suspicion he received large bribes from construction conglomerate Odebrecht. [ In a statement, the prosecutor-general's office said police served three arrest warrants and executed 11 search and seizure orders as part of the so-called Car Wash... Continue Reading →
Subsea 7 posts higher profit
UK-based subsea engineering, construction and services company Subsea 7 saw an increase in its profit and revenues during the second quarter of this year lifted by renewables and heavy lifting business unit. Subsea 7 on Wednesday posted a profit of of $146 million for the second quarter 2017, up $10 million or 7% compared to... Continue Reading →
Hess sinks deeper in the red
Independent energy company Hess Corporation recorded a bigger loss for this year’s second quarter compared to the one in the prior-year quarter. Hess on Wednesday reported a net loss of $449 million for the second quarter of 2017 compared with a net loss of $392 million in the second quarter of 2016, reflecting a lower effective tax rate... Continue Reading →
Seadrill gets a one-month breather from creditors
Seadrill, a cash-strapped offshore driller, has been given some breathing space in an effort to restructure its reported $14 billion debt. Read more
Anadarko to curb spending this year
U.S.-based oil and gas company Anadarko Petroleum Corporation narrowed its net loss for the second quarter 2017 and decided to reduce its spending for the year. For the 2Q 2017, the oil company on Monday reported a net loss attributable to common stockholders of $415 million compared to $692 million loss in the prior-year period. The... Continue Reading →
Saipem sinks to 1H loss. Cuts full-year revenue guidance
Italian oilfield services giant Saipem posted a net loss of 110 million euros for the first half of 2017, a drop compared to a net profit of 53 million euros in the same period a year ago. Revenues fell to €4,59 billion, down from €5,27 billion a year ago. Read more
Increased activity lifts McDermott’s revenues
Houston-based engineering, procurement, construction and installation company McDermott posted higher quarterly profit and revenues boosted by increased activity. The company in a report on Tuesday posted a net income of $36.4 million for the second quarter of 2017 as opposed to $20.7 million profit for the prior-year second quarter. Further according to the report, the company’s... Continue Reading →
