For years, energy companies have couched the possible effects of climate change-related regulations in public reports to investors as "uncertain," "difficult," or "not possible" to reasonably predict. Now a probe by New York Attorney General Eric Schneiderman is raising questions as to whether the companies knew more than they were letting on. Exxon Mobil received a subpoena... Continue Reading →
OAS Said to Agree to Invepar Sale to Brookfield for $356 Million
OAS SA, the Brazilian builder seeking to emerge from bankruptcy protection, agreed to sell its stake in toll-road operator Invepar to Brookfield Asset Management Inc., according to a person with knowledge of the matter. Brookfield will pay 1.35 billion reais ($356 million) for OAS’s 24 percent stake in Invepar, according to the person, who asked... Continue Reading →
Anadarko Has Approached Apache About Takeover Offer
Anadarko Petroleum Corp. approached Apache Corp. about a combination that would be the largest deal for an independent oil and gas producer in the U.S. this year, according to people familiar with the matter. Apache rejected an initial proposal from its rival and is working with Goldman Sachs Group Inc. to advise on its options,... Continue Reading →
Brazil’s Petrobras, union strike talks fail, risk of fuel shortage rises
Brazil's Petrobras and unions failed to reach an agreement on Monday over worker demands that the state-run oil company reverse budget cuts and cancel assets sales aimed at trimming its massive debt, union and company officials said. The week-old strike, already the biggest in 20 years, now risks an impasse that could hurt domestic fuel... Continue Reading →
Corruption Probes Hamper Lula Efforts to Save Brazil Government
Brazil’s former President Luiz Inacio Lula da Silva is losing some of his political capital, as spreading corruption investigations into the activities of his inner circle threaten his credibility. A growing number of Brazilians blame the predecessor and mentor to President Dilma Rousseff for the country’s largest-ever corruption scandal, which involves kickbacks at state-run oil... Continue Reading →
Maersk Oil Profit Sank 86% Last Quarter as Prices Plunge
A.P. Moeller-Maersk A/S, Denmark’s biggest company, said profit at its oil unit dropped 86 percent in the third-quarter as energy prices fell. Maersk Oil’s net operating income after tax for the three months through September was $32 million, down from $222 million in the same period a year earlier, the Copenhagen-based company said in a... Continue Reading →
No Credit? No Problem! Pipe Maker Offers Oil Companies Financing
Billionaire Paolo Rocca has a new way of keeping his cash-starved oil company clients drilling: putting up funding as bank credit tightens. Rocca’s Tenaris SA, the biggest manufacturer of seamless steel tubes for the oil industry, will use its own cash to support clients next year after crude prices collapsed, the Argentine-Italian entrepreneur said Thursday on... Continue Reading →
The Next CEO of Exxon Will Inherit a Diminished Giant
A decade ago, when ExxonMobil Chief Executive Officer Lee Raymond was nearing retirement and looking for a successor, Rex Tillerson seemed the perfect candidate. A 53-year-old native Texan with an engineering degree and a commanding physical presence, Tillerson was an Exxon lifer who’d spent 30 years in the “upstream” side of the business, dedicated to finding... Continue Reading →
Transocean Profit Tops Estimates as Tax Relief Offsets Slump
Transocean Ltd. posted a better profit than analysts expected as the world’s largest offshore rig owner races to slash costs to cope with falling demand for deep-water oil drilling. Lower taxes helped. Thanks largely to a tax rate that was half the one for the previous quarter, the company’s adjusted per-share profit for the third quarter... Continue Reading →
Worst Petrobras strike in 20 years endangers debt plan
A four-day strike against Petrobras gathered steam on Wednesday, cutting crude and natural gas output from the No. 2 South American oil producer and threatening to become the most disruptive walkout at the state-run oil company in 20 years. Petroleo Brasileiro SA, as Petrobras is formally known, is expected to continue to report significant output... Continue Reading →
