Finance News


CNOOC Q1 Net Profit Doubles, Domestic Oil and Gas Output Jumps

Apr 28, 2022

China's top offshore oil and gas producer CNOOC Ltd saw its net income more than double during the first quarter of 2022 from a year ago, on the back of a surge of global oil prices and an increase in domestic oil and gas production.The listed…

Hess' Profit Jumps 65% on Surging Crude Prices

Apr 27, 2022

U.S. oil and gas producer Hess Corp reported a 65% rise in first-quarter profit on Wednesday, helped by a jump in energy prices due to Russia's invasion of Ukraine.Oil prices hit multi-year records during the quarter as the conflict in Ukraine led to sanctions against Russia…

Oslo Stock Exchange to Delist Seadrill Limited Shares

Apr 25, 2022

The Oslo Stock Exchange on Monday passed a resolution to delist the offshore drilling contractor Seadrill Limited.'The Oslo Stock Exchange considers that the shares of Seadrill Limited are no longer suitable for listing on the Oslo Stock Exchange…

CNOOC Soars in Shanghai Debut, Defies Weak Market

Apr 21, 2022

China's CNOOC Ltd saw its stock surge as much as 44% in its Shanghai debut on Thursday in defiance of overall market weakness, as investors sought safety in the oil giant amid lofty energy prices and quickening inflation.The stock started trade 20% higher than its offering price…

Baker Hughes Posts Higher Q1 Profit, but Misses Wall Street Estimates

Apr 20, 2022

U.S. oilfield services and equipment firm Baker Hughes Co BKR.O on Wednesday reported a higher quarterly profit from a year earlier, but missed Wall Street estimates after facing a 'volatile market' in early 2022 that prompted mixed results across its reporting units…

Offshore Seismic Firm ION Geophysical Gets OK to Tap Bankruptcy Loan

Apr 15, 2022

Offshore energy technology services company ION Geophysical Corporation on Wednesday secured temporary court approval to access a loan to fund operations during its bankruptcy. U.S. Bankruptcy Judge Marvin Isgur in Houston approved on an interim basis ION's request to tap a $2…

CNOOC to Raise $4.41B in Shanghai Listing

Apr 11, 2022

Chinese oil giant CNOOC Ltd said on Monday it will raise 28.08 billion yuan ($4.41 billion) in a share listing in Shanghai, after setting the price for what will be mainland China's 11th-biggest public stock offering.Fundraising will be expanded to 32…

Austria's OMV Takes $2.17B Hit from Russia Business

Apr 08, 2022

Austrian energy group OMV said on Friday it would take a 2-billion-euro ($2.17 billion) hit in the first quarter of this year from its business in Russia as it seeks to distance itself from the country after the invasion of Ukraine.Last month…

Norway Wealth Fund to Push Firms to Set Net-zero Targets, Gov't Says

Apr 01, 2022

Norway's $1.3 trillion wealth fund, the world's largest, should push the 9,300 companies it invests in worldwide to adopt net-zero targets, the finance ministry proposed on Friday.The move comes after a government-appointed commission said in…

China Oil Giant CNOOC Plans $5.5B Shanghai Listing

Mar 31, 2022

CNOOC, China's top offshore oil and gas producer, plans to raise 35 billion yuan ($5.5 billion) via a public share sale in Shanghai next month to fund oil and gas excavation as Beijing prioritises energy security amid rising geopolitical risks…

China's CNOOC Reports Record Profit, Output for 2021

Mar 30, 2022

China's CNOOC Ltd posted record annual net profit for 2021, with earnings nearly tripled from 2020, supported by rapidly rebounding oil and gas prices as global energy demand recovered from the pandemic.The state-controlled offshore oil and gas specialist posted a net profit of 70…

Saipem to Launch 2B Euro Cash Call and Sell Assets in Rescue plan

Mar 25, 2022

Saipem will launch a 2 billion euro ($2.2 billion) capital increase this year and sell assets to help fund a turnaround plan to bring the troubled Italian energy services group back into the black.The company stunned investors in January when…

EnQuest Posts Record $397M Cashflow for 2021

Mar 24, 2022

British North Sea-focused oil producer EnQuest on Thursday reported its highest free cashflow in 2021 of $397 million, almost double the previous year, thanks to higher oil prices.EnQuest, with a market capitalization of $730 million, reduced its net debt by the end of last month to $1…

Indigenous Australians Ask S. Korea Court to Block Loans to $3.6B Offshore Gas Project

Mar 24, 2022

A group of Indigenous Australians has gone to court in South Korea seeking to block the country's export credit agencies from funding a deep-sea gas pipeline for the $3.6 billion Barossa gas project off northern Australia.People from the Tiwi…

Dutch Bank ING Ends Financing for New Oil and Gas Projects

Mar 23, 2022

ING Groep NV will no longer finance new oil and gas projects, its energy chief said, one of the first major global banks to commit to such a step in the fight against climate change.The move by the Dutch financial services firm raises pressure…

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