Anadarko Petroleum Corp. cut spending plans by almost half as it moves to recover from its worst year since spinning off from Panhandle Eastern Pipe Line Co. in 1986. Share of the the third-largest U.S. natural gas producer rose in electronic trading on Monday following the budget reduction announcement. They gained 1 percent to $39.23... Continue Reading →
Brookfield withdraws bid for Brazil’s Invepar stake
Canada's Brookfield Asset Management Inc has withdrawn an offer to buy the 24.4 percent stake in infrastructure company Invepar held by Brazil's Grupo OAS SA, the Canadian firm said on Monday. Brookfield said in a statement that its offer depended on some conditions, particularly a revision of the shareholders agreement, which faced opposition from other... Continue Reading →
Morgan Stanley: This Is What a World Without Oil Looks Like
Much ink has been spilt over the leakage of collapsing crude prices into wider markets. A new note from Morgan Stanley analysts led by Chief Cross-Asset Strategist Andrew Sheets demonstrates the degree to which the fortunes of the energy sector are currently driving stocks and bonds, but emphasizes the correlation is overdone. Stripping out the impact of... Continue Reading →
BP Profit Falls 91%, Missing Estimates, as Oil Slump Deepens
BP Plc reported a 91 percent decline in fourth-quarter earnings after average crude oil prices dropped to the lowest in more than a decade. Profit adjusted for one-time items and inventory changes totaled $196 million, the London-based company said Tuesday in a statement. That missed the $814.7 million average estimate of 10 analysts surveyed by... Continue Reading →
Former Petrobras exec sentenced over Vantage Drilling contract
A Brazilian judge sentenced the former head of state-run oil company Petrobras' international division to 12 years and two months in jail for corruption and money laundering on Monday, part of the country's largest-ever graft investigation. Federal judge Sergio Moro said Jorge Zelada had unduly awarded U.S. company Vantage Drilling a 2009 contract with Petrobras... Continue Reading →
Brazilians back Petrobras probe, despite economic cost -poll
An overwhelming majority of Brazilians want an investigation into a sprawling kickback scheme at state-controlled oil producer Petrobras to continue despite concern it is hurting the nation's ailing economy, according to a poll released on Monday. Fully 90 percent of Brazilians say the investigation should continue, whatever the cost, according to the survey by polling... Continue Reading →
Brazil’s Swaps Tumble as Central Bank Said to Consider Selic Cut
Brazilian swap rates, a measure of traders’ expectations of future borrowing costs, declined to a five-month low on speculation the central bank is considering an interest-rate cut to spur a rebound of Latin America’s largest economy. Contracts maturing in January 2017 erased an earlier increase as a member of President Dilma Rousseff’s economic team, who... Continue Reading →
Petrobras Staffers Idly Killing Time After Expansion Plan Gutted
Inside the new Petrobras -- less ambitious, more focused on cutting costs -- life for many remaining employees has slowed. Alarmingly so in some cases. Take the engineer who was recently stripped of his title as a manager and forced to take a 40 percent pay cut. He’s spending much of his time nowadays reading... Continue Reading →
Seadrill Deepens Cost Cuts to Ride Out CEO’s Worst Rig Slump
Seadrill Ltd., once the crown jewel among billionaire John Fredriksen’s oil and shipping holdings, is deepening planned cost reductions this year as it attempts to make it through the worst market slump its chief executive has ever seen. Savings will exceed the $200 million target announced in November, adding to the more than $600 million... Continue Reading →
Brazil’s Petrobras to reduce investment plan by 5 percent
Jan 31, 2016 The Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil, January 28, 2016. REUTERS/SERGIO MORAES Petroleo Brasileiro SA (PETR4.SA) will cut its 2016-2020 investment plan by 5 percent to $93 billion as the state-run oil company contends with dwindling oil prices and a massive corruption investigation, the O... Continue Reading →
Brazil Energy Insight 