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(Reuters) - Mexican national oil company Petroleos Mexicanos reported a third quarter net profit of 1.417 billion pesos ($64.1 million), reversing losses from the same quarter last year, the company said in a filing to the Mexican stock exchange on Wednesday. The swing to profit was attributed mostly to the performance of financial instruments as... Continue Reading →
Installed offshore wind capacity will surpass onshore wind in the UK by 2026, and the UK will meet its goal to double its renewable energy capacity by 2030 four years early. This is according to the Norwegian energy intelligence company Rystad Energy, which says the targets will be met by a wave of mostly wind... Continue Reading →
(Reuters) Chevron Corp will lay off about 25% of Noble Energy's employees who joined the oil major after its $4.1 billion purchase of the smaller rival earlier this month, the company told Reuters on Tuesday. A collapse in crude oil prices has forced most oil and gas producers to drastically cut costs by laying off thousands... Continue Reading →
Italian energy group Eni's balance sheet remains strong, it said on Wednesday after swinging to a third-quarter net loss as the coronavirus crisis took its toll. The company said it recorded an adjusted net loss of 0.15 billion euros ($177 million), in line with an analyst consensus provided by the company for a loss of... Continue Reading →
(Bloomberg) - Green power is set to draw around $11 trillion of investment in the coming decades as the cost of renewables plummets and more of the world’s energy comes from electricity. That’s the latest analysis from BloombergNEF in its annual New Energy Outlook report. It’s further evidence of how cheap renewable power sources will... Continue Reading →
(Reuters) - U.S. oil and gas producer Hess Corp HES.N reported a wider-than-expected loss on Wednesday and slightly lowered its full year production forecast, as its operations were affected by hurricanes in the Gulf of Mexico and lower production in South East Asia. The company also cut its exploration and production budget for the year to $1.8... Continue Reading →
Norwegian oilfield services provider Aker Solutions boosted its profit in the third quarter of 2020 despite lower revenues as oil and gas operators reduced their activity levels amid lower oil prices and Covid-19 pandemic. Aker Solutions on Wednesday posted a net income of NOK 119 million ($13 million) for the third quarter of 2020, an... Continue Reading →
Danish energy group Ørsted beat third-quarter profit expectations on Wednesday but said offshore wind projects in the United States faced “significant” delays. The world’s largest offshore wind farm developer kept its full-year guidance for earnings before interest, tax, depreciation, and amortization (EBITDA) of 16-17 billion Danish crowns ($2.5-$2.7 billion). “Despite the tenacious COVID-19 pandemic, our... Continue Reading →
Italian energy services group Saipem expects no major delay to projects and predicted brisker business in the last part of the year after swinging to a loss in the third quarter. "We are not out of the woods yet ... (but) the picture starts to get brighter," Chief Executive Stefano Cao said in a conference call. Saipem... Continue Reading →
Petróleo Brasileiro S.A. - Petrobras informs that its Board of Directors, in a meeting held yesterday, approved the revision of the Shareholders Compensation Policy in order to enable the Management to propose the payment of dividends compatible with the company's cash generation, even in years with accounting losses. With the changes approved, in the scenario... Continue Reading →
