Royal Dutch Shell Plc said its record takeover of BG Group Plc will still deliver value to investors even in a prolonged oil-industry downturn and reshaped its business in preparation for the acquisition. Europe’s biggest oil company will save an addition $1 billion in operating costs from the combination with BG, bringing the total estimate... Continue Reading →

Exxon Mobil Corp. posted higher-than-expected profit as soaring margins on processing oil into fuels blunted the impact of collapsing crude markets. Third-quarter net income fell to $4.24 billion, or $1.01 a share, from $8.07 billion, or $1.89, a year earlier, Irving, Texas-based Exxon said in a statement on Friday. Per-share profit was 13 cents higher... Continue Reading →

A pumpjack operates above a Chevron Corp. oil well near Taft, California. Photographer:Chip Chipman/Bloomberg Chevron Corp. said it’s cutting its workforce by about 10 percent amid the worst oil-market slump since the 1980s even as the company posted third-quarter profit that surpassed analysts’ expectations. Chevron said in a statement Friday that it will cut 6,000... Continue Reading →

BG Group Plc, which agreed to be acquired by Royal Dutch Shell Plc in April in the year’s biggest energy deal, reported third-quarter earnings that beat analysts’ estimates after it raised oil and natural gas production. Adjusted net income fell 63 percent to $280 million from $759 million a year earlier, BG said Friday in... Continue Reading →

http://www.ft.com/cms/s/3/2936e9c0-7e45-11e5-a1fe-567b37f80b64.html#ixzz3pzGAGRcj EM SQUARED October 29, 2015 6:12 pm Distressed debt sales get under way in Brazil Luke McLeod-Roberts NPL rates remain low but signs are they will rise and vulture funds are positioning accordingly ©AFP Brazil’s plunge into negativity is turning into a godsend for distressed asset hunters, arriving in search of cut-price corporate restructurings.... Continue Reading →

Royal Dutch Shell Plc’s worst loss in at least 16 years has further stoked concerns about the wisdom of buying BG Group Plc. For now at least, investors are still giving Chief Executive Officer Ben Van Beurden the benefit of the doubt. Europe’s biggest oil company said it will press ahead with it’s largest-ever acquisition... Continue Reading →

Eni SpA, Italy’s largest oil producer, reported a net loss in the third quarter after crude prices slumped. The adjusted net loss was 257 million euros ($281 million) compared with net income of 1.17 billion euros a year earlier, the Rome-based company said Thursday in a statement. “The fundamentals of the oil market remain weak due... Continue Reading →

Crude prices that have almost halved in the past year are unsustainable at current levels as cuts to investments and postponement of projects will lead to a decline in supply growth, according to Norway’s biggest oil company. “We think that the price level now is too low,” Eirik Waerness, chief economist and vice-president at Statoil ASA,... Continue Reading →

Eduardo Cunha.Photographer: Evaristo Sa/AFP via Getty Images In the 19 months since a sprawling corruption scandal broke out at Brazil’s state-run oil giant, many people have come to represent the crisis through its twists and turns. President Dilma Rousseff, of course, has played that role for much of that time, but so have lesser-known types... Continue Reading →