A group of executives at Andrade Gutierrez said in a plea bargain deal that the country’s No. 2 construction firm gave illegal contributions to President Dilma Rousseff’s election campaign in 2010, Folha de Sao Paulo newspaper reported. Andrade Gutierrez allegedly paid more than 5 million reais in expenses of her 2010 campaign through a fictitious... Continue Reading →

Anadarko Petroleum Corp. rose after announcing plans to sell $3 billion in assets this year while cutting spending on new wells and other projects by almost 50 percent as the oil and natural gas producer weathers the crude market collapse. Anadarko’s U.S. onshore activities will be reduced the most, by almost $2.5 billion, The Woodlands, Texas-based Anadarko... Continue Reading →

Mexico’s state-owned oil company is taking deepwater development off its plate for now. Driven to rip $5.5 billion out of its budget this year to cope with a lengthening market downturn, it makes sense that Petroleos Mexicanos would look first to its riskiest and most expensive operations. The company reported its 13th quarterly loss on... Continue Reading →

Brazil’s real declined for a fourth straight month amid increasing tension between President Dilma Rousseff and her party as a corruption probe gets closer to her administration, offsetting China’s efforts to boost its economy. The currency dropped 0.4 percent to 4.0159 per U.S. dollar Monday, after advancing as much as 1.2 percent earlier. While one-week... Continue Reading →

Brazilian Justice Minister Jose Eduardo Cardozo will step down and take over as the nation’s attorney general, according to the presidential press office. President Dilma Rousseff will replace Cardozo with Wellington Cesar Lima e Silva, the chief prosecutor from Bahia state, the press office said in a statement Monday. The current attorney general, Luis Inacio... Continue Reading →

Petroleos Mexicanos’s financial woes continue to mount as the country’s biggest company reported a $9.3 billion loss in the fourth quarter and laid out plans for deep spending cuts this year. Pemex lost about $32 billion in all of 2015 as oil prices plunged and the company’s crude output fell for an 11th straight year,... Continue Reading →

For leading U.S. shale oil producers, $40 is the new $70. Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for far less in deciding whether to crank up output after the worst oil price crash in a... Continue Reading →

Brazil's Justice Minister Jose Eduardo Cardoso plans to resign, fed up with rising attacks from his Workers' Party over a police probe into the activities of former Brazilian President Luiz Inacio Lula da Silva, two Brazilian newspapers reported Sunday. Cardoso will quit this week, Folha de S.Paulo said. Cardoso, who took office with Lula's PT... Continue Reading →