Finance News

 

Conoco Sweetens Shareholder Returns by $5 Billion as Profit Jumps

Aug 04, 2022

ConocoPhillips on Thursday raised its shareholder payout target by 50% after the largest U.S. independent oil producer beat Wall Street's earnings estimates on surging energy prices.Oil and gas prices have skyrocketed with Western sanctions…

Petrobras Leapfrogs Oil Majors in Dividend Payouts By More than 50%

Aug 02, 2022

Brazil's state-controlled oil company Petrobras will distribute at least twice as much as the biggest international oil producers in second quarter dividends, boosting the government's coffers amid a tense presidential campaign.The five biggest Western oil producers - Exxon Mobil Corp…

Mitsui, Mitsubishi Shave $1.7 Billion off Sakhalin-2 LNG Stakes

Aug 02, 2022

Japanese trading houses Mitsui & Co and Mitsubishi Corp have cut the value of their stakes in the Sakhalin-2 liquefied natural gas (LNG) project in Russia by 217.7 billion yen ($1.66 billion) following Moscow's move to seize control of the project…

Siemens Gamesa Makes Deeper Cuts to Profit View

Aug 02, 2022

Wind turbine maker Siemens Gamesa lowered its 2022 profitability expectations even further on Tuesday and said it would remain negative through 2023, citing expensive raw materials, component failures and geopolitical uncertainty.The group cut its full-year core earnings margin forecast to minus 5…

BP Boosts Dividend After Profit Hits 14-year High

Aug 02, 2022

BP's second quarter profit soared to $8.45 billion, its highest in 14 years, as strong refining margins and trading prompted it to boost its dividend and spending on new oil and gas production.The strong performance caps a blowout quarter for…

Exxon, Chevron Post Blowout Earnings, Oil Majors Bet on Buybacks

Aug 01, 2022

The two largest U.S. oil companies, Exxon Mobil Corp and Chevron Corp, posted record revenue on Friday, bolstered by surging crude oil and natural gas prices and following similar results for European majors a day earlier.The U.S. pair, along with UK-based Shell and France's TotalEnergies…

Chevron Posts Its Biggest Quarterly Earnings

Jul 29, 2022

Chevron Corp increased its share buyback guidance on Friday after posting its biggest quarterly earnings ever, built on strong fuel margins and high prices for natural gas and oil.Chevron's move on potentially boosting share repurchases follows those of other oil majors…

Mexico's Pemex Expects Rare Annual Profit - CEO

Jul 29, 2022

Mexican state oil company Pemex expects to post a rare annual profit this year, with two consecutive quarters already in the black and a boost to crude output from new fields, Chief Executive Octavio Romero told Reuters.If achieved, it will be Pemex's first annual profit in more than a decade…

Petrobras Opens Dividend Gusher

Jul 28, 2022

Petrobras has approved a record dividend payout of 87.8 billion reais ($17 billion), Brazil's state-run oil company said on Thursday, a move that will boost the government's coffers heading into a tense election.In a securities filing, Petroleo Brasileiro SA…

Cenovus Energy Profit Jumps 11-fold

Jul 28, 2022

Cenovus Energy Inc on Thursday reported a near 11-fold surge in second-quarter profit, helped by its purchase of rival Husky and rising energy prices after the Russian invasion of Ukraine.Oil prices have scaled multi-year records this year as…

Financing and Bankability of Offshore Wind Vessels

Jul 27, 2022

In our first article we highlighted some of the key contractual considerations facing shipowners looking to construct and charter offshore wind vessels. In this article we explore some of the considerations concerning the financing and bankability of offshore wind vessels…

Hess Corp Profit Rises Nine Times as Crude Prices Surge

Jul 27, 2022

U.S. oil and gas producer Hess Corp reported a nine-fold increase in second-quarter adjusted profit on Wednesday, helped by a surge in energy prices following Russia's invasion of Ukraine.Oil prices have scaled multi-year highs this year as…

Saipem Confirms Targets After Return to Core Profit

Jul 27, 2022

Italy's Saipem on Wednesday confirmed its 2022 guidance and the targets in its business plan after the energy services group reported a first-half adjusted core profit of 321 million euros ($325 million).Investors this month agreed to fund only 1…

Galp Profit Leaps 90%

Jul 25, 2022

Portuguese oil and gas company Galp Energia reported a 90% jump in adjusted second-quarter profit on Monday, citing soaring oil prices and a sharp increase in its refining margin.Rapid recovery in demand after pandemic lockdowns and a surge…

Petronas to Contribute $13.25B to Malaysian Gov't Coffers in 2022

Jul 22, 2022

Malaysia's state energy firm Petronas is forecast to contribute to government coffers as much as 59 billion ringgit ($13.25 billion) this year, a cabinet minister said in a statement to parliament published Friday.Petronas contributions are a significant source of revenue for the federal government…

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