Oil declined as Republican Donald Trump was elected the 45th U.S. president, prevailing over Democrat Hillary Clinton in a victory that threw global markets into turmoil. Futures fell as much as 4.3 percent in New York to the lowest since September while U.S. stock index futures and Asian equities slid with the Mexican peso, as investors... Continue Reading →
Big Oil Looks Past Profit Crunch as Cash Flow Shows Recovery
Ask any oil-company accountant, “what’s the difference between income and cash flow?” and they’re likely to say income makes the headlines, cash pays the bills. It may be glib, but there’s a nub of truth there. Cash generation is the yardstick used to judge a company’s ability to invest and pay dividends, and it’s been... Continue Reading →
Exclusive: Leniency deal for Brazil’s Odebrecht may be world’s largest
U.S. and Swiss investigators are working with Brazilian counterparts to complete negotiations with Odebrecht, the construction company at the center of a massive political kickback scandal, in what is likely to be the world's largest leniency deal, people involved in the talks said. Upwards of 80 Odebrecht employees are negotiating plea bargains and a leniency... Continue Reading →
Statoil in COO shift
The leader of Statoil’s efficiency programme has taken over the role of chief operating officer at Norway’s state-controlled oil company. Steve Marshall 4 Nov 2016 12:27 GMT Updated 4 Nov 2016 12:36 GMT Jannicke Nilsson, who heads the so-called Step (Statoil technical efficiency programme) initiative, will replace present incumbent Anders Opedal who has been appointed... Continue Reading →
Petrobras -Stage of negotiations with Alpek on the sale of Petroquímica Suape and Citepe
Rio de Janeiro, November 3, 2016 – Petróleo Brasileiro S.A. – Petrobras, in continuation of the relevant facts disclosed on 07/28/2016 and 09/27/2016, informs that the negotiation with Alpek to sell its participation in Companhia Petroquímica de Pernambuco (PetroquímicaSuape) and Companhia Integrada Têxtil de Pernambuco (Citepe) has advanced in good terms. Once the steps provided... Continue Reading →
Ex-Brazilian finance minister to stand trial in Petrobras graft case
By Brad Brooks | SAO PAULO A former Brazilian finance minister and chief of staff for successive Workers Party (PT) governments was ordered on Thursday to stand trial on corruption and money laundering charges in an expanding graft probe around state-run oil company Petrobras. Anti-corruption Judge Sergio Moro ruled that prosecutors had presented sufficient evidence... Continue Reading →
Brazil’s Petrobras seeks to end Schahin contract
Brazil's state-run oil company Petrobras is seeking to stop renting a drillship from engineering conglomerate Grupo Schahin, in a potential blow to Schahin's restructuring plan, newspaper Folha de S. Paulo reported on Tuesday. Petroleo Brasileiro SA, as Petrobras is formally known, has already notified Schahin about the potential rescission, Folha said, citing unidentified sources. Vitoria... Continue Reading →
Baker Hughes Offers GE Chance to Unlock Tech in Dusty Oil Fields
It wasn’t the dusty old oilfield machinery that drew General Electric Co. to make its play for Baker Hughes Inc. It was the chance to digitize. As today’s oil patch is increasingly stocked with underwater robots, remote sensors and electronic underground pumps that help lift crude in sagging wells, the world’s biggest oil service companies... Continue Reading →
BP Profit Slides on Weaker Refining, Oil-Production Loss
BP Plc reported a 49 percent decline in third-quarter earnings after crude prices fell, refining margins shrank and its exploration and production division posted a loss. Shares fell. Profit adjusted for one-time items and inventory changes dropped to $933 million from $1.8 billion a year earlier, the London-based company said Tuesday in a statement. That... Continue Reading →
Shell Smashes Estimates as BG Acquisition Drives Up Output
Royal Dutch Shell Plc reported third-quarter profit that beat analyst estimates after its acquisition of BG Group Plc boosted oil production, helping to counter a slump in prices. The shares rose. Profit adjusted for one-time items and inventory changes advanced 17 percent from a year earlier to $2.79 billion, Shell said Tuesday. That exceeded the $1.79... Continue Reading →
