Ecuador last week paid Chevron Corp. $112 million in an arbitration case dating back to the 1970s. The accord, while dealing with obscure contractual matters, could have ramifications for bigger court fights between the two fierce adversaries. The government of Ecuadorian President Rafael Correa has taken an extremely hostile stance in other, pricier legal battles with the U.S. energy company. The natural... Continue Reading →
Brazil’s Economic Gloom Shows Signs of Lightening
Brazil’s Economic Gloom Shows Signs of Lightening Amid a litany of other challenges, some indicators suggest prospect of a recovery, however plodding By ROGERIO JELMAYER and JEFFREY T. LEWIS/WSJ July 24, 2016 7:34 p.m. ET SÃO PAULO—As the world starts to focus on the Olympic Games in Rio de Janeiro, economists here say they see... Continue Reading →
Morgan Stanley on Oil Prices: ‘A Refinery-Driven Correction Is Upon Us’
Gear up for a fall in oil prices. The global oil market is "severely oversupplied" with gasoline — with stocks at a five-year high — serving as a blow to crude prices from next month, reckon Morgan Stanley analysts led by Adam Longson. In a report published on Sunday, the analysts foresee "worrisome trends" for oil supply and demand,... Continue Reading →
GE Orders Drop, Led by Weakness in Oil and Transportation
General Electric Co. is selling fewer locomotives and less oil-field equipment as global economic uncertainty takes a toll on demand for big-ticket industrial products. Orders fell 2 percent in the second quarter -- and tumbled 16 percent when excluding the effects of acquisitions and currency shifts -- the company said in a statement Friday. That... Continue Reading →
Next Week Is as Good as It Gets for Big Oil
For oil companies, the second quarter might be as good as it gets. Shares gained more than in any other industry, thanks to crude rising from a 12-year low. Profits were the best in at least three quarters for majors including Royal Dutch Shell Plc, Chevron Corp. and BP Plc, helped by cost cuts, analysts say.... Continue Reading →
Keppel Sees Prolonged Dearth of Oil-Rig Orders Amid Glut
Keppel Corp., the world’s largest builder of oil rigs, sees little prospect of an improvement in global demand amid a supply surplus that’s caused quarterly profit to fall to the lowest in almost a decade. The company may consider reducing its workforce and mothballing some facilities in its rig-building operations because of excess capacity, the... Continue Reading →
Schlumberger Joins Halliburton in Calling Bottom of Oil Downturn
The world’s two largest providers of oilfield drilling and fracking services have now declared that the worst may be over in the two-year-old oil market crash. Schlumberger Ltd. said Thursday that the oil industry appears to have reached the bottom of the cycle, echoing smaller rival Halliburton Co., which on Wednesday said the North American... Continue Reading →
Two Months In, Brazil’s Temer Emerges as a Big Market Favorite
Michel Temer may not have completely won over Brazilians since taking over as acting president in May, but he appears to be a big hit with investors. Brazil’s benchmark equity index has now soared almost 60 percent in dollar terms this year, while overseas government bonds have returned 26 percent. Investors have poured into Brazil on... Continue Reading →
Odebrecht Peru deal hits snag as banks fret over $4.1 billion loan
Lenders could accelerate the disbursement of a $4.125 billion loan to Peruvian gas pipeline operator Gasoducto Sur Peruano GSP SA if Brazilian engineering group Odebrecht SA fully exits the project overseeing the construction of the pipelines, three people familiar with the matter said on Thursday. Odebrecht [ODBES.UL], which is ensnared in a corruption scandal in... Continue Reading →
Brazil’s Lula and BTG’s Esteves Accused of Obstructing Justice
Brazilian prosecutors have accused former President Luiz Inacio Lula da Silva and the co-founder of BTG Pactual SA, Andre Esteves, of trying to obstruct the sweeping corruption probe known as Car Wash. The federal prosecutor’s office said in a statement Thursday it filed the formal accusation with the Federal District’s justice system. In the filing,... Continue Reading →
