Statoil ASA will maintain dividend payments this year, betting it can ride out a slump in crude prices by deepening investment cuts and adding debt, analysts predict. Norway’s biggest oil company, which will present an update of its strategy along with fourth-quarter earnings on Feb. 4, will pay about 7.2 kroner a share in 2016,... Continue Reading →
Exxon Mobil Profit Declines as Crude Oil, Gas Markets Crash
Exxon Mobil Corp. posted its steepest annual profit decline in more than a decade after deeper-than-planned spending cuts failed to offset the impact of crumbling crude and natural gas prices. The stock dropped almost 2 percent. For 2015, net income fell by more than half to $16.2 billion, the lowest since 2002. Fourth-quarter net income... Continue Reading →
Brazil’s Congress reconvenes, mired in pessimism
Brazilian lawmakers return from their annual recess today with an overwhelming list of work to do as the country sinks into a broadening political, economic and health crisis. And yet expectations about their actual capacity to make 2016 a better year than 2015 could hardly be smaller. While there is little consensus on the measures... Continue Reading →
Anadarko Cuts Spending as It Seeks to Rebound From Record Loss
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Canada's Brookfield Asset Management Inc has withdrawn an offer to buy the 24.4 percent stake in infrastructure company Invepar held by Brazil's Grupo OAS SA, the Canadian firm said on Monday.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 →
