Total SA posted fourth-quarter earnings that beat analyst estimates as rising oil and gas production, higher gasoline and lubricant sales, and profit from refining helped it weather a slump in crude prices. The company deepened cost and investment cuts. Adjusted net income fell 26 percent from a year earlier to $2.08 billion, the company based... Continue Reading →
Brazilian Real Joins Emerging-Market Rout as Crude Oil Tumbles
Brazil’s real declined along with the currencies of other developing countries as crude tumbled amid concerns that turmoil in global markets will drag on. The real dropped 0.7 percent to 3.9565 per U.S. dollar as of 9:54 a.m. in Sao Paulo, the lowest level on a closing basis since Feb. 2. Three-month implied volatility on the... Continue Reading →
Agnelli’s Exor Buys 13% Stake in Danish Oil-Tech Firm Welltec
Tommaso Ebhardt February 10, 2016 Exor SpA , the investment company of Italy’s Agnelli family, bought a 13 percent stake in Danish oil-technology company Welltec to help founder Jorgen Hallundbaek expand the business. The Italian holding company, which controls carmakers Fiat Chrysler Automobiles and Ferrari NV, is investing 103.3 million euros ($116 million) for the... Continue Reading →
Anadarko Cuts Dividend 81 Percent to Weather Oil-Price Crash
Anadarko Petroleum Corp. slashed its dividend by 81 percent, joining a parade of oil and natural gas drillers cutting investor payments as they struggle to preserve cash with prices below $30 a barrel. The cut, the first in the company’s history, reduces payments payable March 23 by 22 cents to 5 cents per share, the company... Continue Reading →
For Statoil, $7 Billion Spending Cut Is Road Back Home to Norway
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 →
Maersk Profit Plunges as Oil, Container Units Both Suffer
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 →
Oil Bankruptcies Seen Spurring M&A on Signal Prices Near Low
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 mulls flexible 2016 fiscal goal as revenues drop: source
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 Fourth-Quarter Profit Declines 54%, Beating Analyst Estimates
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 →
A debt default may be Venezuelans’ best hope
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 →
