State-controlled oil producer Petroleo Brasileiro SA sank to the lowest level since 1999 as the Ibovespa fell for a third consecutive day, joining a global market selloff. Petrobras, as Petroleo Brasileiro is known, dropped as oil declined to the lowest in 13 years. Miner Vale SA followed iron ore lower, leading losses among raw-materials companies.... Continue Reading →
Total’s Quarterly Profit Beats Estimates on Oil Output, Refining
Total SA posted fourth-quarter earnings that beat analyst estimates as rising oil and gas production, higher gasoline and lubricant sales, and profit from refining helped it weather a slump in crude prices. The company deepened cost and investment cuts. Adjusted net income fell 26 percent from a year earlier to $2.08 billion, the company based... Continue Reading →
Brazilian Real Joins Emerging-Market Rout as Crude Oil Tumbles
Brazil’s real declined along with the currencies of other developing countries as crude tumbled amid concerns that turmoil in global markets will drag on. The real dropped 0.7 percent to 3.9565 per U.S. dollar as of 9:54 a.m. in Sao Paulo, the lowest level on a closing basis since Feb. 2. Three-month implied volatility on the... Continue Reading →
Agnelli’s Exor Buys 13% Stake in Danish Oil-Tech Firm Welltec
Tommaso Ebhardt February 10, 2016 Exor SpA , the investment company of Italy’s Agnelli family, bought a 13 percent stake in Danish oil-technology company Welltec to help founder Jorgen Hallundbaek expand the business. The Italian holding company, which controls carmakers Fiat Chrysler Automobiles and Ferrari NV, is investing 103.3 million euros ($116 million) for the... Continue Reading →
International Coalition Announces Criminal Lawsuit Against Petrobras et al in Spanish Criminal Court
International Coalition Announces Criminal Lawsuit Against Petrobras et al in Spanish Criminal Court Offers International Investors Easy Access to Participation February 10, 2016 12:01 AM Eastern Standard Time MADRID--(BUSINESS WIRE)--The Asociacion de Afectados de Petrobras, a Madrid-based shareholder association; International Securities Associations & Foundations Management Company for Damaged Petrobras Investors (Bolsa Madrid) Ltd. (“ISAF Petrobras”);... Continue Reading →
International Coalition Announces the Formation of Stichting Petrobras Compensation Foundation
International Coalition Announces the Formation of Stichting Petrobras Compensation Foundation, a Dutch Foundation Representing Investors Damaged by Petrobras et al Offers International Investors Easy Access to Participation February 10, 2016 12:01 AM Eastern Standard Time ROTTERDAM, Netherlands--(BUSINESS WIRE)--Stichting Petrobras Compensation Foundation, a Netherlands-based claim foundation (the “Foundation”); International Securities Associations and Foundations Management Company for... Continue Reading →
Anadarko Cuts Dividend 81 Percent to Weather Oil-Price Crash
Anadarko Petroleum Corp. slashed its dividend by 81 percent, joining a parade of oil and natural gas drillers cutting investor payments as they struggle to preserve cash with prices below $30 a barrel. The cut, the first in the company’s history, reduces payments payable March 23 by 22 cents to 5 cents per share, the company... Continue Reading →
For Statoil, $7 Billion Spending Cut Is Road Back Home to Norway
Statoil ASA’s investment cuts in response to the crude-price rout have sent shock waves through Norway’s oil industry, but it’s the company’s international operations that are paying the bigger price. As painful as the company’s billions of dollars of cuts are for Norway, where it operates more than 70 percent of production, they’ve actually raised... Continue Reading →
Maersk Profit Plunges as Oil, Container Units Both Suffer
A.P. Moeller-Maersk A/S reported an 84 percent plunge in 2015 profit after its oil unit was hit by lower energy prices and its container division got squeezed between sluggish trade growth and overcapacity. The shares fell the most in almost a year. Maersk said net income was $791 million last year compared with $5.02 billion... Continue Reading →
Halliburton Said to Plan Sale of Baker’s Offshore Fluids Unit
Almost 16 months after announcing its takeover of oilfield services rival Baker Hughes Inc., Halliburton Co. is adding yet more assets to the list of businesses it plans to sell to appease antitrust regulators who’ve been stalling the deal. Halliburton plans to divest Baker’s offshore drilling-and-completions fluids division and the bulk of Baker’s completion systems, according to... Continue Reading →
