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Statoil ASA’s investment cuts in response to the crude-price rout have sent shock waves through Norway’s oil industry, but it’s the company’s international operations that are paying the bigger price. As painful as the company’s billions of dollars of cuts are for Norway, where it operates more than 70 percent of production, they’ve actually raised... Continue Reading →
A.P. Moeller-Maersk A/S reported an 84 percent plunge in 2015 profit after its oil unit was hit by lower energy prices and its container division got squeezed between sluggish trade growth and overcapacity. The shares fell the most in almost a year. Maersk said net income was $791 million last year compared with $5.02 billion... Continue Reading →
About 150 oil and gas companies tracked by energy consultant IHS Inc. may go bust as a supply glut pressures prices and punishes revenues. The number of companies at risk is more than twice the 60 producers that have already filed for bankruptcy, Bob Fryklund, chief upstream analyst at IHS, said in an interview. A further shake... Continue Reading →
Brazil is considering a flexible fiscal surplus target for this year as plummeting revenue and political turmoil hamper efforts to rebalance its public accounts, an official familiar with the matter told Reuters. President Dilma Rousseff's government was studying a bill to set a band for its primary surplus goal as well as a cap... Continue Reading →
BG Group Plc, the U.K. energy company being acquired by Royal Dutch Shell Plc, said fourth-quarter profit dropped 54 percent following oil’s decline. Adjusted net income fell to $423 million from $915 million a year earlier, Reading, England-based BG said Friday in a statement. That beat the $347.3 million average estimate of six analysts surveyed... Continue Reading →
http://www.ft.com/cms/s/0/aead2ebc-c9a3-11e5-be0b-b7ece4e953a0.html#ixzz3zDtaNi37 February 4, 2016 3:12 pm A debt default may be Venezuelans’ best hope If imports are cut again, hardship could become a humanitarian crisis ©Getty Nicolas Maduro, President of Venezuela Azerbaijan has called for help from the International Monetary Fund. Nigeria is turning to the World Bank. Russia and Saudi Arabia are slashing public... Continue Reading →
Brazil’s real strengthened and its benchmark stock index rose for a second day as a slump in the U.S. dollar boosted commodity prices, improving the country’s terms of trade and supporting a rally in the prices of some of its biggest exports. The real strengthened 1 percent to 3.8572 per dollar at 12:08 p.m. in Sao... Continue Reading →
Exxon Mobil Corp., one of three U.S. companies with Standard & Poor’s highest rating, is facing its first downgrade in 86 years as the worst crude-market collapse in a generation strangles oil producers of cash. For Exxon, that would be a historic event: the global explorer that traces its roots to the 19th century and... Continue Reading →
Statoil ASA will maintain dividend payments this year, betting it can ride out a slump in crude prices by deepening investment cuts and adding debt, analysts predict. Norway’s biggest oil company, which will present an update of its strategy along with fourth-quarter earnings on Feb. 4, will pay about 7.2 kroner a share in 2016,... Continue Reading →
Exxon Mobil Corp. posted its steepest annual profit decline in more than a decade after deeper-than-planned spending cuts failed to offset the impact of crumbling crude and natural gas prices. The stock dropped almost 2 percent. For 2015, net income fell by more than half to $16.2 billion, the lowest since 2002. Fourth-quarter net income... Continue Reading →
Brazil Energy Insight 