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Brazil’s Petrobras Reports Nearly $17 Billion Impairment on Assets, Corruption State-run oil company writes off $2.1 billion of alleged bribe payments Petrobras’s disclosures Wednesday were part of the first audited financial statements released by the oil company in more than eight months Petrobras’s disclosures Wednesday were part of the first audited financial statements released by... Continue Reading →
Wed Apr 22, 2015 3:56 pm EDT Brazil's OAS says scandal, restructuring to halve revenue SAO PAULO, APRIL 22 (Reuters) - Brazilian engineering conglomerate Grupo OAS expects revenue to shrink more than 50 percent by 2017 as it sells operations and refocuses on civil construction after filing for bankruptcy protection due to a bribery scandal... Continue Reading →
U.S. Oil Industry’s Battle Cry: Exports Now! As Crude Prices Remain Weak, Push Intensifies for Reversing Decades-Old Ban on Sales Abroad U.S. oil prices have fallen by half, to around $56 a barrel, since their peak last June. Currently, the global price is almost $7 a barrel higher. PHOTO: REUTERS By LYNN COOK And LESLIE EATON/WSJ April 22, 2015... Continue Reading →
Half of U.S. Fracking Companies Will Be Dead or Sold This Year By David Wethe / Bloomberg 1:21 PM BRT April 22, 2015 Half of the 41 fracking companies operating in the U.S. will be dead or sold by year-end because of slashed spending by oil companies, an executive with Weatherford International Plc said. There... Continue Reading →
Brazilian Currency Fluctuates Before Petrobras’s Audited Results By Filipe Pacheco/Bloomberg 10:21 AM BRT April 22, 2015 Brazil’s real swung between gains and losses as the state-controlled oil producer at the center of a widening corruption investigation was due to publish audited financial results for the first time since August. The real dropped 0.1 percent to... Continue Reading →
Brazil March Current Account Gap Wider Than Economists Forecast By Mario Sergio Lima/Bloomberg 11:06 AM BRT April 22, 2015 Brazil’s current account deficit was wider than analysts expected last month, as a trade surplus wasn’t large enough to offset a deficit in international travel and machinery rental. The deficit in the current account, the broadest... Continue Reading →
BP Readies Defenses as Oil Industry Responds to Shell’s Raid By Rakteem Katakey Matthew Campbell Matthew Monks 8:01 PM BRT April 20, 2015 BP executives are concerned the company is vulnerable to an opportunistic bid, according to people familiar with the situation. Photographer: Andrey Rudakov/Bloomberg As the oil industry takes stock of Royal Dutch Shell... Continue Reading →
Tue Apr 21, 2015 6:34am EDT Brazilian vice-president sees no impeachment case against Rousseff LISBON Brazil's President Dilma Rousseff (L) reacts next to Vice President Michel Temer during a ceremony to announce measures to modernize Brazilian soccer at the Planalto Palace in Brasilia March 19, 2015. REUTERS/UESLEI MARCELINO (Reuters) - Brazil's vice president has dismissed... Continue Reading →
Halliburton Beats Estimates, Boosts Job Cuts After Oil Crash By David Wethe/Bloomberg 8:05 AM BRT April 20, 2015 Halliburton Co. beat analysts’ estimates and accelerated the pace of job cuts ahead of a planned $34.6 billion takeover of Baker Hughes Inc. Excluding certain items, the world’s second-biggest provider of oilfield services earned 49 cents a... Continue Reading →
Investors Grow Wary of Emerging-Market Debt Fear of defaults grows as developing economies slow and dollar has climbed As the U.S. Federal Reserve prepares to increase interest rates, the dollar has surged, raising concerns about the debt of some emerging-market companies that borrowed in dollars. PHOTO: ANDREW HARRER/BLOOMBERG NEWS By CAROLYN CUI/WSJ April 19, 2015 3:58 p.m. ET... Continue Reading →
