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In the depths of Brazil’s world-worst market selloff last year, hedge-fund manager Luiz Fernando Figueiredo made a bold call. All the fretting about a dangerous financial crisis was way overblown, he said, and markets were ready to rebound. Now, after outsize rallies this year across Brazilian financial markets, Figueiredo doesn’t talk like a man who’s... Continue Reading →
Chevron Corp. extended its longest losing streak in more than a quarter century, missing profit and production expectations as a glut-driven price collapse forced a writedown of the value of oil and natural wells. The company posted a surprise loss of $1.47 billion, or 78 cents a share, compared with profit of $571 million, or... Continue Reading →
Brazil's former president Luiz Inacio Lula da Silva attends a protest against Brazil's interim President Michel Temer and in support of suspended President Dilma Rousseff at Paulista Avenue in Sao Paulo, Brazil, June 10, 2016. REUTERS/PAULO WHITAKER Lawyers for Brazil's former President Luiz Inacio Lula da Silva petitioned the United Nations on Thursday with allegations... Continue Reading →
Eni SpA posted a surprise loss as a heavier tax burden added to the problems of low oil prices and a production shutdown in Italy. Shares fell. The company’s adjusted net loss was 290 million euros ($321 million) compared with a profit of 505 million euros a year earlier, it said in a statement Friday.... Continue Reading →
Exxon Mobil Corp. profit fell, missing analyst estimates, as an oil glut spread to motor fuels, dragging down refinery margins. Net income declined to $1.7 billion, or 41 cents a share, from $4.19 billion, or $1, a year earlier, Irving, Texas-based Exxon said in a statement on Friday. The per-share result was 23 cents lower than... Continue Reading →
Statoil ASA, Norway’s biggest oil company, will buy an offshore oil block in Brazil from Petroleo Brasileiro SA for $2.5 billion, seizing on lower asset valuations amid a price slump to make its biggest acquisition since 2011. Statoil will buy Petrobras’s operating interest of 66 percent in the BM-S-8 offshore license in the Santos basin,... Continue Reading →
Solstad Offshore ASA, a supply vessel company controlled by Kjell Inge Roekke, will merge with rival Rem Offshore ASA in the latest deal orchestrated by the Norwegian billionaire to take advantage of the collapse in crude prices. Aker ASA, Roekke’s holding company, last week blocked a Rem restructuring plan through a stake in the company’s bonds.... Continue Reading →
Petroleos Mexicanos lost money for the 15th consecutive quarter as a cash injection from the government wasn’t enough to overcome the pinch of record-low crude output, refinery upsets and a petrochemical plant explosion. The second-quarter loss narrowed to 83.5 billion pesos ($4.42 billion), from 84.6 billion pesos during the same period a year earlier, according to... Continue Reading →
Ignore the gasoline glut, a stronger U.S. dollar presents the most risk to oil prices in the near term, according to Goldman Sachs Group Inc. Further dollar strength on economic uncertainty outside the U.S., along with a potential interest-rate increase by the Federal Reserve could push oil prices lower, Goldman analysts including Damien Courvalin said... Continue Reading →
Total SA said profit fell 30 percent in the second quarter, beating analysts’ estimates as deeper cost cuts and rising production helped the French company offset the slump in crude prices and strikes at its domestic refineries. Adjusted net income was $2.17 billion in the period, compared with $3.09 billion a year earlier, the company based... Continue Reading →
Brazil Energy Insight 