Petroleos Mexicanos lost money for the 15th consecutive quarter as a cash injection from the government wasn’t enough to overcome the pinch of record-low crude output, refinery upsets and a petrochemical plant explosion. The second-quarter loss narrowed to 83.5 billion pesos ($4.42 billion), from 84.6 billion pesos during the same period a year earlier, according to... Continue Reading →
Petrobras’ platform hull builder Ecovix may delay delivery
Ecovix, a unit of the Engevix group, said it may have to delay delivery of four hulls for oil and gas production platforms intended for Brazil's state-run oil company Petroleo Brasileiro SA due to troubles securing funds from state lender Banco do Brasil . The shipbuilder, which is entangled in the massive Operation Car Wash... Continue Reading →
Goldman Sees Oil Hurt by Dollar Gain, Not Gasoline Glut
Ignore the gasoline glut, a stronger U.S. dollar presents the most risk to oil prices in the near term, according to Goldman Sachs Group Inc. Further dollar strength on economic uncertainty outside the U.S., along with a potential interest-rate increase by the Federal Reserve could push oil prices lower, Goldman analysts including Damien Courvalin said... Continue Reading →
Total Profit Beats Estimates as Cost Cuts Deepen Amid Slump
Total SA said profit fell 30 percent in the second quarter, beating analysts’ estimates as deeper cost cuts and rising production helped the French company offset the slump in crude prices and strikes at its domestic refineries. Adjusted net income was $2.17 billion in the period, compared with $3.09 billion a year earlier, the company based... Continue Reading →
Shell Earnings Tumble to 11-Year Low on Oil, Weaker Refining
Royal Dutch Shell Plc reported the lowest quarterly earnings in 11 years and missed estimates by more than $1 billion as a mix of lower energy prices, weaker refining margins and production halts weighed on Europe’s largest oil company. Profit adjusted for one-time items and inventory changes sank 72 percent from a year earlier to... Continue Reading →
Petrobras 2nd Quarter 2016 Results Release Date
Rio de Janeiro, July 27, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that it will release its 2nd quarter 2016 results on August 11th, after the market is closed. Therefore, between July 28th and August 11th, the Company will be in quiet period, during which Petrobras will not be able to provide clarifications or... Continue Reading →
Brazil court revokes decision allowing Odebrecht in Petrobras tenders
Jul 26, 2016 A sign of the Odebrecht SA construction conglomerate is pictured in Lima, Peru, June 28, 2016. REUTERS/JANINE COSTA A Rio de Janeiro court revoked an earlier decision that allowed Odebrecht Oil and Gas to participate in tender contracts of the state-run oil company Petroleo Brasileiro SA, Petrobras said on Tuesday. Odebrecht and... Continue Reading →
CORRECTED-Petrobras expects bids for BR fuel unit by November -CEO
Wed Jul 27, 2016 Reuters (Corrects to say Petrobras will have 60 to 75 percent of total fuel unit stock after sale, not 60 to 65 percent) Brazil's state-controlled oil company Petróleo Brasileiro SA expects to receive binding offers for a controlling stake in its fuel distribution unit, BR Distribuidora, by late November or early... Continue Reading →
Statoil Suffers Surprise Loss Amid Collapse in Oil Prices
Statoil ASA deepened spending cuts after Norway’s biggest oil producer reported an unexpected loss amid lower crude prices and taxes on unprofitable international operations. The adjusted loss after tax, which excludes financial and other items, was $28 million in the second quarter after a profit of $929 million a year earlier, the Stavanger-based company said Wednesday.... Continue Reading →
Anadarko Loss Narrower Than Expected as Driller Cuts Costs
Anadarko Petroleum Corp. posted a loss that was narrower than expected for the second quarter as it cuts costs and sells assets to weather the oil industry downturn. The loss was $692 million, or $1.36 per share, compared with a profit of $61 million, or 12 cents, a year earlier, the Woodlands, Texas-based company said... Continue Reading →
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