Exxon Mobil Corp. profit fell, missing analyst estimates, as an oil glut spread to motor fuels, dragging down refinery margins. Net income declined to $1.7 billion, or 41 cents a share, from $4.19 billion, or $1, a year earlier, Irving, Texas-based Exxon said in a statement on Friday. The per-share result was 23 cents lower than... Continue Reading →
Statoil Buys Petrobras Oilfield for $2.5 Billion Amid Crash
Statoil ASA, Norway’s biggest oil company, will buy an offshore oil block in Brazil from Petroleo Brasileiro SA for $2.5 billion, seizing on lower asset valuations amid a price slump to make its biggest acquisition since 2011. Statoil will buy Petrobras’s operating interest of 66 percent in the BM-S-8 offshore license in the Santos basin,... Continue Reading →
Sale of Petrobras Argentina Completed
Rio de Janeiro, July 27, 2016 – Petróleo Brasileiro S.A. (Petrobras) announces that today it finalized the sale of its entire 67.19% stake in Petrobras Argentina (PESA), held through Petrobras Participaciones S.L. (PPSL), to Pampa Energía. The operation was completed today with the payment of US$897 million by Pampa, after all the conditions precedent in... Continue Reading →
Brazil to sell oil rights near areas Petrobras seeks to sell -ANP
Jul 28, 2016 Reuters Brazil plans to sell rights to new oil exploration and production areas at an auction in 2017 adjacent to existing blocks where state-led Petroleo Brasileiro SA seeks to sell all or part of its stake, regulator ANP said on Thursday. Magda Chambriard, director-general of the ANP, said her agency plans to... Continue Reading →
Billionaire Roekke Forces New Merger in Norway Oil Industry
Solstad Offshore ASA, a supply vessel company controlled by Kjell Inge Roekke, will merge with rival Rem Offshore ASA in the latest deal orchestrated by the Norwegian billionaire to take advantage of the collapse in crude prices. Aker ASA, Roekke’s holding company, last week blocked a Rem restructuring plan through a stake in the company’s bonds.... Continue Reading →
Pemex Posts 15th Straight Quarterly Loss as Oil Output Slumps
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 →
