Three Petrobras Board Members Criticize 2014 Earnings Calculations Last week’s earnings report included write-downs related to a massive graft scandal at the oil company By PAUL KIERNAN/WSJ April 28, 2015 5:09 p.m. ET RIO DE JANEIRO—Three independent members of the board of directors of Brazil’s state-run Petróleo Brasileiro SA strongly criticized the company’s calculations of its 2014 financial results... Continue Reading →
Petrobras CEO: Asset Sales Won’t Reduce Debt Enough
Petrobras CEO: Asset Sales Won’t Reduce Debt Enough Company says it will have to strengthen governance to mitigate corruption risks Petrobras CEO Aldemir Bendine speaks during the presentation of the company’s audited 2014 financial results last week. Mr. Bendine on Tuesday said Petrobras’ asset-sale plan isn’t enough to reduce its debt to a desirable level. PHOTO: ANTONIO... Continue Reading →
Rig Bond Distress Seen Subsiding as Oil Bounce Produces Windfall
Rig Bond Distress Seen Subsiding as Oil Bounce Produces Windfall By Isabella Cota/Bloomberg 10:00 PM BRT April 28, 2015 The rise of Mexico’s rig operators from the depths of distress is turning into a boon for bond investors. Offshore Drilling Holding’s $950 million of notes due 2020 have returned 11 percent this month alone, almost... Continue Reading →
Petrobras Bets on Iron-Ore Boss to Lead Board as Debt Mounts
Petrobras Bets on Iron-Ore Boss to Lead Board as Debt Mounts By Juan Pablo Spinetto/Bloomberg 6:55 AM BRT April 29, 2015 If guiding the biggest iron-ore miner through the worst price rout in a decade wasn’t enough, Murilo Ferreira is about to take on a new job. And it’s not just any job. On Wednesday,... Continue Reading →
Offshore Drillers’ Problem: Few Oil Firms Need Their Rigs
Offshore Drillers’ Problem: Few Oil Firms Need Their Rigs BP, others try to get out of rig-leasing deals to cut costs amid low oil prices Analysts are likely to be pressing offshore specialists on the state of their contracts as they report first-quarter earnings, beginning with Hercules Offshore on Wednesday. PHOTO: BLOOMBERG NEWS By DAN MOLINSKI/WSJ April... Continue Reading →
Petrobras writedown may give new ammunition to class-action suit
Tue Apr 28, 2015 7:14 am EDT Petrobras writedown may give new ammunition to class-action suit WILMINGTON, DELAWARE | BY TOM HALS AND NOELEEN WALDER (Reuters) - Brazilian oil company Petrobras' $17 billion write-down, announced last week, may have been meant to close the accounting on a sprawling corruption scandal, but could instead provide fresh ammunition for... Continue Reading →
Total’s refining and chemicals unit limits decline in earnings
http://www.ft.com/cms/s/0/3a6ddd04-ed70-11e4-a894-00144feab7de.html#ixzz3YbWnVqUy Last updated: April 28, 2015 8:09 am Total’s refining and chemicals unit limits decline in earnings Michael Stothard in Paris ©AFP A tripling of net income at Total’s refining and chemicals unit helped the oil and gas major beat analysts’ expectations and offset the crippling effect of the 50 per cent fall in oil prices in its first-quarter... Continue Reading →
Singapore rig builders feel impact of oil price slide
http://www.ft.com/cms/s/0/2e9914fe-e35b-11e4-9a82-00144feab7de.html#ixzz3YbUcpUZ7 April 28, 2015 5:37 am Singapore rig builders feel impact of oil price slide Henny Sender/FT ©Bloomberg Problems in the Brazilian and Mexican oil industries unleashed by the plunge in crude prices have ensnared two pillars of Singapore Inc — rig builders Keppel Corporation and Sembcorp Industries — and through them Temasek, the state investment fund that is... Continue Reading →
BP Profit Beats Estimates as Refining Offsets Oil’s Plunge
BP Profit Beats Estimates as Refining Offsets Oil’s Plunge By Rakteem Katakey / Bloomberg 3:10 AM BRT April 28, 2015 BP Plc reported first-quarter profit that was more than double analysts’ estimates as earnings from refining and trading offset lower crude prices. The first results this year from the world’s largest oil companies demonstrate the... Continue Reading →
Biggest Brazil Builder Freezes New Investments on Funding Fears, Odebrecht SA
Biggest Brazil Builder Freezes New Investments on Funding Fears By Blake Schmidt Michael Smith / Bloomberg 9:00 PM BRT April 27, 2015 Odebrecht SA Chief Executive Officer Marcelo Odebrecht said, “The big risk to Brazil’s growth in the next two years is the question of the credit outlook.” Photographer: Kiyoshi Ota/Bloomberg Odebrecht SA, Latin America’s... Continue Reading →
Brazil Energy Insight 