Rio de Janeiro, February 3, 2017 – Petróleo Brasileiro S.A. – Petrobras, further to the material fact disclosed on December 28, 2016, informs that the sale transaction of the full interests held by its wholly-owned subsidiary Petrobras Biocombustível S.A. (“PBIO”) in Guarani S.A. (“Guarani”) was concluded today. The transaction was concluded upon the payment of... Continue Reading →
Weatherford curtails 4Q loss amid decline in revenues
zoom Oil and gas services company Weatherford reduced its quarterly loss by 55 percent while its revenues dropped by 30 percent. Weatherford on Thursday reported a smaller net loss for the fourth quarter 2016 of $549 million as opposed to the net loss of $1.2 billion in the corresponding quarter of 2015. The company’s revenues slipped... Continue Reading →
U.S. May Export More Oil in 2017 Than Four OPEC Nations Produce
U.S. crude exports are poised to surpass production in four OPEC nations in 2017 and may grow even more if President Donald Trump honors pledges to ease drilling restrictions and maximize output. The world’s largest oil-consuming country could sell as much as 800,000 barrels a day of crude overseas this year, according to four analysts... Continue Reading →
Brazil’s Temer Secures Allies to Head Both Houses of Congress
Brazil’s President Michel Temer secured crucial support for his reform agenda after lawmakers elected government allies to head both houses of Congress. Incumbent lower house speaker Rodrigo Maia, seen as Temer’s favorite, was re-elected in a first round vote on Thursday with backing from 293 lawmakers, while Senator Eunicio Oliveira, from the ruling Brazilian Democratic Movement... Continue Reading →
Newest member of Brazil’s top court to head corruption probes
The Supreme Court picked its newest member on Thursday to take over the investigations of politicians implicated in Brazil's biggest graft scandal, which is expected to shake the country's establishment and government. Court officials said Justice Edson Fachin was chosen by random electronic selection from among a group of five of the court's 10 members... Continue Reading →
Shell Signals Worst of Oil Slump Is Over as Debt Declines
Royal Dutch Shell Plc appeared to put the worst of the oil slump behind it as rising cash flow allowed Europe’s largest energy company to trim debt for the first time since the downturn began. Investors looked beyond a worse-than-expected fourth-quarter profit, sending shares higher. Following billions of dollars of cost reductions and a recovery... Continue Reading →
Anadarko cuts 4Q loss, gears for further Warrior drilling
zoomAnadarko's Marco Polo platform (Image source: Anadarko) Anadarko has reported a net loss $452 million, an improvement when compared to the $1.52 billion net loss in the same quarter of 2015. Revenues for the quarter rose to $2.4 billion, an increase from 4Q 2015 when it reported revenues of around $2 billion. Fourth-quarter 2016 sales... Continue Reading →
Lured by discounts, U.S. East Coast refiners snatch up Brazilian crude
U.S. East Coast refiners are on a Brazilian crude buying spree, market sources say, displacing West African cargoes as producers such as Royal Dutch Shell and Norway's Statoil sell rising output from fields off Brazil's coast. The uptick in Brazilian imports into the region comes as the only Latin America producer to increase output in... Continue Reading →
This Is Who Will Pay for Shutting Down North Sea Oil Rigs
Royal Dutch Shell Plc’s $3.8 billion sale of North Sea oil and gas fields creates a model for further transactions in a region where the question of who pays to remove decades-old offshore platforms has been an obstacle for other deals. Shell’s agreement with Chrysaor Holdings Ltd. included the condition that Europe’s largest oil company... Continue Reading →
It’s Still Not a Great Time to Be Big Oil
Crude prices may have stabilized, but it’s still not a great time to be Big Oil. Investors eliminated about $53 billion in market value for producers over three days as the twin titans of U.S. oil posted their worst annual financial outcomes in decades. With Royal Dutch Shell Plc, Total SA and BP Plc due to... Continue Reading →
