We're gonna need a bigger wrench. Closing off the spigot of capital to the oil industry is proving tougher than expected. QEP Resources on Monday became the latest U.S. exploration and production company to issue a sack of new shares to shore up its finances. Despite the miserable oil price and worries about looming... Continue Reading →

A group of executives at Andrade Gutierrez said in a plea bargain deal that the country’s No. 2 construction firm gave illegal contributions to President Dilma Rousseff’s election campaign in 2010, Folha de Sao Paulo newspaper reported. Andrade Gutierrez allegedly paid more than 5 million reais in expenses of her 2010 campaign through a fictitious... Continue Reading →

Anadarko Petroleum Corp. rose after announcing plans to sell $3 billion in assets this year while cutting spending on new wells and other projects by almost 50 percent as the oil and natural gas producer weathers the crude market collapse. Anadarko’s U.S. onshore activities will be reduced the most, by almost $2.5 billion, The Woodlands, Texas-based Anadarko... Continue Reading →

Mexico’s state-owned oil company is taking deepwater development off its plate for now. Driven to rip $5.5 billion out of its budget this year to cope with a lengthening market downturn, it makes sense that Petroleos Mexicanos would look first to its riskiest and most expensive operations. The company reported its 13th quarterly loss on... Continue Reading →