Ensco, one of the world’s largest drilling contractors, posted a $45.6 million net loss for the second quarter 2017, a steep drop compared to the $590.6 million profit in the same quarter a year ago. Revenues in the second quarter of 2017 were $458 million, compared to $910 million a year ago. Excluding $205 million of... Continue Reading →
Canada’s Brookfield buys majority stake in Teekay Offshore
Brookfield Business Partners, together with its institutional partners, has entered into an agreement to acquire 60 percent of Teekay Offshore Partners, a provider of marine services and solutions to the offshore oil industry. Brookfield Business Partners describes itself as a business services and industrial company focused on owning and operating high-quality businesses within Brookfield’s private... Continue Reading →
Higher oil prices, cost cuts lift Statoil to 2Q profit
Norwegian oil company Statoil has managed to return to profit in the second quarter of 2017, helped by higher oil prices and cost cuts. The company’s net income for the second quarter 2017 was $1,43 billion, compared to a loss of $302 million a year ago. Read more
Oil Companies Trim Drilling Budgets in Sign of Rising Caution
Caution lights are flashing for the oil industry. Facing lower-than-expected commodity prices, drillers from ConocoPhillips to Hess Corp. to Statoil ASA have slashed their capital spending plans in recent days, as companies lay out their plans to cope with oil prices stuck below $50 a barrel. The budget cuts won’t necessarily mean less oil or natural gas on the... Continue Reading →
Total Ready to Make Acquisitions as Financial Strength Grows
Total SA said it’s ready and able to make acquisitions and pursue growth, shrugging off uncertainties about oil prices as its financial position strengthens. Europe’s second-largest oil and gas company has the firepower to buy up fields on the cheap and press ahead with new developments, taking advantage of lower levels of debt, rising profit and... Continue Reading →
Cemig, Odebrecht split on Chinese offer for stake in power project
Brazilian power firm Cemig and engineering group Odebrecht [ODBES.UL] are in disagreement on an offer from China's SPIC [CPWRI.UL] to acquire a controlling stake in the Santo Antonio hydropower project where the Brazilian companies are partners, three sources close to the talks said. Odebrecht is in favor of the sale while Cemig, or Companhia Energética... Continue Reading →
UPDATE 2-TechnipFMC shares slide after company says it has overstated earnings
TechnipFMC's shares slid on Tuesday, a day after the oil services company said it had overstated its first-quarter net income by $209.5 million. TechnipFMC said late on Monday that the overstatement stemmed from accounting errors related to its auditing of foreign exchange movements, after examining the matter with its management and PricewaterhouseCoopers. Read more
Barra Energia weighs investment capacity to decide if they will participate in a pre-salt auction
07/26/2017 Independent Barra Energia is studying to participate in the auction of the area adjacent to Carcará's promising discovery in the Santos Basin pre-salt this year, but still assesses if it will have the resources to make the investment, said the company's CEO, Renato Bertani. The portion of the Carcará deposit that is outside... Continue Reading →
Shell’s Cash Flow Rises to Highest Since Oil Crash Began
Royal Dutch Shell Plc’s cash flow from operations rose to the highest since the oil price slump started in 2014 as asset sales and cost cuts helped Europe’s largest energy company pay down debt and boost profit. The consensus-beating second-quarter performance showed how Shell’s response to the worst industry downturn in a generation -- the $54... Continue Reading →
Brazil cuts rates to near four-year low, may continue easing pace
Brazil's central bank cut interest rates below 10 percent for the first time since 2013 on Wednesday and signaled it could keep up its pace of easing as plunging inflation gives it leeway to aid an incipient recovery. The bank's nine-member monetary policy committee, known as Copom, cut its benchmark Selic rate BRCBMP=ECI by 100... Continue Reading →
Brazil Energy Insight 