Oilfield services provider Baker Hughes reduced its loss for the 2Q 2017 while recording a small decrease in revenues. Baker Hughes, which is now a GE company, noted that these results did not include GE Oil and Gas’ operations as the merger between the two was closed in early July, creating the world’s only fullstream company. Baker... Continue Reading →
Weatherford expects medium-for-longer prices to stay for some time
Houston-based oil and gas services company Weatherford tightened its net loss for the year’s 2Q while expecting medium-for-longer oil price level to remain for some time. The company on Friday reported a net loss of $171 million, compared to $565 million loss in the second quarter of the prior year. On a non-GAAP basis, net loss was... Continue Reading →
Petrobras – Divestment Opportunity Disclosure – Teasers
Rio de Janeiro, July 28, 2017 - Petróleo Brasileiro S.A. – Petrobras reports that it has started the divestment opportunity disclosure phase (Teasers) for the full sale of its exploration, development and production rights in seven sets of shallow-water fields (total of 30 concessions) located in the States of Ceará, Rio Grande do Norte, Sergipe,... Continue Reading →
Chevron Follows Exxon With Earnings Miss on Stagnating Oil Prices
Chevron Corp. swung to a second-quarter profit as the second-largest U.S. oil explorer lifted production from oil and gas wells by the most in more than 7 years. The shares rose. The San Ramon, California-based driller earned 77 cents a share in the quarter, a dime less than the average of 21 estimates relying on... Continue Reading →
Chevron and ExxonMobil suggest changes in pre-salt round bidding
US-based Chevron and ExxonMobil are among the oil companies monitoring business opportunities in the second and third rounds of pre-salt sharing scheduled for October 27. The two companies were the only multinationals in the industry to submit individual proposals for changes to the bidding document and contract model of bidding processes during the public... Continue Reading →
Ensco posts 2Q loss as rig utilization drops
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 →
Brazil Energy Insight 