Two major international rig operators, Transocean and Diamond, released their results for the first half and commented on their outlook for Brazil. Executives of both companies showed optimism about the possibilities of new foreign investments in the country that are emerging on the horizon. The senior vice president of Diamond, Ronald Woll, said during an... Continue Reading →
Brazil’s Nascent Recovery Can’t Conceal Challenges Still to Come
Brazil’s economy is pulling out of its tailspin, and now traders are watching to see how quickly acting President Michel Temer can get the country flying again. Investors, who pushed the nation’s stocks, bonds and currency to world-beating gains this year on anticipation a new government would restore growth, are seeing some signs their optimism... Continue Reading →
Maersk Gains as Company Meets Tough Market With Cost Cuts
A.P. Moeller Maersk A/S shares gained as Denmark’s biggest company met punishing market conditions with cost cuts in order to create a leaner business. The company’s B-shares rose as much as 6.9 percent after the market opened on Friday, and traded 5 percent higher at 9,520 kroner as of 9:34 a.m. in Copenhagen. Maersk reported... Continue Reading →
Brazil state development bank BNDES posts loss in first half
Reuters Aug 12 Brazil's state development bank BNDES, the nation's biggest source of long-term corporate funding, posted a net loss of 2.174 billion reais ($689 million) in the first six months of the year, reversing profit of 3.515 billion reais a year earlier. In a statement, the Rio de Janeiro-based lender said the build-up of... Continue Reading →
Brazil Economy Grows in June as Confidence Supports Rebound
Brazil’s economy expanded at its fastest pace in one-and-a-half years in June, as improving business and consumer confidence drives an incipient recovery in industrial production and retail sales. The central bank’s seasonally adjusted economic-activity index, a proxy for gross domestic product, rose 0.23 percent in June from the previous month, after falling a revised 0.45... Continue Reading →
Petrobas June 2016 Financial Statements
Main financial highlights 2Q-2016 x 1Q-2016 Net income attributable to the shareholders of Petrobras of R$ 370 million, compared to net loss of R$ 1.246 million in the 1Q-2016, as a result of: - A decrease of 30% in net finance expenses; - An increase of 7% in crude oil and natural gas total production;... Continue Reading →
Petrobras – Changes in the Board of Directors
Rio de Janeiro, August 12, 2016 - Petróleo Brasileiro S.A. - Petrobras announces that the member of the Board of Directors Walter Mendes de Oliveira Filho resigned from the position of member of the Board of Directors and from the position of Chairman of the Statutory Audit Committee of the Company. The Board of Directors... Continue Reading →
Petrobras Swings to Profit on Rising Output, Fuel Margins
A recovery in oil output and refining margins helped Petrobras reverse three quarters of straight losses as the Brazilian producer emerges from two years of graft investigations and falling crude prices. More lucrative domestic gasoline sales helped compensate for falling demand amid Brazil’s ongoing recession, the company said in a filing Thursday. Petroleo Brasileiro SA,... Continue Reading →
BRIEF-Brazil QGEP says satisfied with Statoil as partner in Carcara field
Aug 11 (Reuters) - * Brazil's oil company Queiroz Galvão Exploração e Produção (QGEP) says not exercising first rights on Carcara field sale, satisfied with Statoil as new partner after sale of asset by Brazil's state-run oil company Petrobras Further company coverage: (Writing by Reese Ewing)
IEA: Crude Production to Fall Behind Demand
Paris-based International Energy Agency says, ‘Our balances show essentially no oversupply during the second half of the year’ August 11, 2016. By Summer Said/WSJ The world’s production of crude oil is falling behind demand, the International Energy Agency said Thursday. From July through September, global production of crude oil will lag behind demand by almost... Continue Reading →
