Rio de Janeiro, April 29, 2016 - Petróleo Brasileiro S.A. – Petrobras informs that the Ordinary General Meeting of its subsidiary Petrobras Distribuidora S.A. – BR approved the election of the following members of its Board of Directors: Augusto Marques da Cruz Filho – Chairman of the Board of Directors Aldemir Bendine Clemir Carlos Magro... Continue Reading →
Brazil’s Embattled Rousseff Courts Base With More Spending
At a rally of labor unions and Workers’ Party faithful in Sao Paulo on Sunday, Rousseff announced tax cuts, more public housing units and an average 9 percent increase in the cash transfer program known as Bolsa Familia, even as Brazil faces a recordbudget deficit. The May 1 rally, traditionally a celebration of worker rights... Continue Reading →
Baker Hughes to Buy Back Shares, Cut Costs on Merger Failure
Baker Hughes Inc. said it will buy back shares and debt and simplify its organization to save $500 million annually after the collapse of a planned merger with Halliburton Co. The third-largest oil services provider is taking steps to cut costs related to the merger agreement, Baker Hughes said in a statement Monday. On Sunday, the... Continue Reading →
Halliburton-Baker Hughes Deal Collapses Amid Global Opposition
Halliburton Co.’s “unfixable” plan to merge with Baker Hughes Inc. finally collapsed under the weight of worldwide antitrust opposition. The duo called off their $28 billion deal on Sunday after more than a year trying to get approval from regulators in the U.S., European Union, Brazil and Australia. The companies ultimately failed to overcome concerns... Continue Reading →
Halliburton Faces Deadline Saturday in $28 Billion Baker Deal
Halliburton Co. and Baker Hughes Inc. have until the end of Saturday to obtain antitrust approval from regulators or either side can walk away from a deal matching the world’s No. 2 and No. 3 oil service firms. If the $28 billion deal fails, Halliburton must pay Baker Hughes a $3.5 billion termination fee. Halliburton... Continue Reading →
Chevron Posts a Wider-Than-Expected Loss in the First Quarter
Chevron Corp. reported a loss that was double analysts’ estimates amid an oil-market collapse that’s sparked currency crises, corporate bankruptcies, credit downgrades and hundreds of thousands of layoffs across the industry. Chevron swung to a loss of $725 million, or 39 cents a share, from a profit of $2.6 billion, or $1.37 a year earlier,... Continue Reading →
Exxon Posts Smallest Profit Since 1999 Amid Global Oil Slump
Exxon Mobil Corp. beat analyst estimates as a jump in earnings from its chemicals segment cushioned the blow from tumbling prices for oil and natural gas. First-quarter net income fell to $1.81 billion, or 43 cents a share, from $4.94 billion, or $1.17, a year earlier, Exxon said in a statement on Friday. The quarterly... Continue Reading →
Seadrill Agrees With Banks in First Step Toward Refinancing
Seadrill Ltd., the offshore driller with the biggest debt load, reached a deal with its banks to extend its three nearest credit lines and amend covenants as it seeks to ease its burden amid a drop in the demand for offshore rigs. In the “first phase of a broader plan to refinance and recapitalize the... Continue Reading →
Brazil Real Posts Best Streak in a Month on Turnaround Outlook
The real advanced as investors anticipated a turnaround for the Brazilian economy and the Senate prepares to decide on the impeachment of President Dilma Rousseff. The central bank refrained from acting to weaken the currency for a fourth consecutive day. The currency strengthened 1.1 percent to 3.4885 per dollar at 3:49 p.m. in Sao Paulo,... Continue Reading →
Pemex Posts 14th Straight Loss as Spending Cuts Crimp Output
Petroleos Mexicanos posted a loss for the 14th consecutive quarter as massive spending cuts diminish the state oil producer’s ability to arrest years of declining production. The first-quarter loss narrowed to 62 billion pesos ($3.6 billion), from 100.5 billion a year earlier, Pemex, as Mexico’s biggest company is known, said in a statement Thursday. The... Continue Reading →
