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Total SA posted a third-quarter profit that beat analysts’ forecasts as rising oil and gas production and growing profits from its refining operations helped the French company weather a slump in crude prices. Total’s adjusted net income fell to $2.76 billion in the third quarter, a decline of 23 percent from $3.56 billion a year ago,... Continue Reading →
Bloomberg PetroChina Co., the country’s biggest oil and gas producer, posted its worst quarterly profit as a plunge in crude prices punished revenue. Net income dropped to 5.2 billion yuan ($818 million), or 0.03 yuan a share, from 27.9 billion yuan, or 0.15 yuan, a year earlier, the Beijing-based company said in a statement to... Continue Reading →
Shell reported its biggest net loss in more than a decade after halting some operations and lowering oil-price expectations. Royal Dutch Shell Plc reported its biggest net loss in more than a decade after halting some operations and lowering its oil-price expectations, resulting in a $7.89 billion charge. The company, which is buying BG Group Plc... Continue Reading →
Opposition activists handcuffed themselves to a pillar in Brazil's Congress on Wednesday seeking the impeachment of President Dilma Rousseff for mismanaging a once-booming economy and undermining confidence in the country. The small protest inside the foyer of the lower chamber highlighted the growing pressure on Brazilian politicians to begin impeachment proceedings against a president struggling... Continue Reading →
Brazil’s real is no longer the world’s most-volatile currency. As the exchange rate slumped Wednesday, its three-month implied volatility, a measure of expectations for future price shifts, trailed that of Russia’s ruble for the first time in a month. While the gauge has surged 65 percent from this year’s low in January, it has tumbled 22... Continue Reading →
The decline in international oil prices handed Petroleos Mexicanos its biggest quarterly loss in company history. Pemex, as the Mexican state-owned oil producer is known, reported a loss of 167.6 billion pesos ($10.2 billion) in the third quarter. The world’s ninth largest crude producer has now reported losses in 12 consecutive quarters dating back to... Continue Reading →
By Walter Brandimarte Oct 28 (Reuters) - Fitch Ratings on Wednesday expressed concern about Brazil's deteriorating fiscal accounts after the government said it will post a record budget deficit this year. The agency, which cut Brazil's rating to the brink of junk less than two weeks ago, said the government's decision to give up on... Continue Reading →
Statoil ASA, Norway’s biggest oil company, stepped up cuts in its investments and delayed projects after third-quarter earnings missed forecasts amid a collapse in crude prices. The Stavanger-based company cut planned investments in 2015 by $1 billion to $16.5 billion and pushed production start of its Aasta Hansteen and Mariner fields to the second half of... Continue Reading →
Brazil's National Treasury and state development bank BNDES are in talks to abate multimullion dollar debts that are eroding government fiscal accounts, two sources with knowledge of the matter said on Tuesday. In the last couple of years, President Dilma Rousseff has delayed payments worth around 26.5 billion reais ($6.8 billion) to the BNDES related... Continue Reading →
Dilma Rousseff’s popularity remained near record lows as the majority of Brazilians forecast Latin America’s biggest economy won’t recover from the current crisis for at least another three years. Rousseff’s personal approval rating was 15.9 percent compared with 15.3 percent in the previous poll in July, according to an Oct. 20-24 MDA poll published by the... Continue Reading →
