Finance News

Maire Tecnimont Says Not Part of Any Tie-up with Struggling Saipem

Feb 03, 2022

Italian engineering group Maire Tecnimont said on Thursday 'it is not part of any project of integration with Saipem,' after fears of a potential tie up had pushed its shares down 6%.The idea of merging the two companies first emerged several…

Shell Boosts Dividend, Buybacks as Profits Soar

Feb 03, 2022

Shell boosted its dividend and share repurchases on Thursday after its fourth-quarter profits soared to $6.4 billion on the back of higher oil and gas prices.Shell, which moved its headquarters from The Hague to London last month, said it expected…

Lundin Energy Q4 Beats Forecast as Oil and Gas Prices Soar

Feb 02, 2022

Sweden's Lundin Energy reported on Tuesday a bigger-than-expected rise in operating profit for the final quarter of 2021 amid a surge in the price of crude oil and natural gas.Lundin's earnings before interest and tax (EBIT) for October-December rose to $1…

Saipem Loses Its Footing on Path to Green Energy

Feb 02, 2022

Italy's Saipem risks becoming a casualty of the transition to cleaner energy after a shock profit warning left leading shareholders scrambling to shore up the finances of the energy services company.The Saipem board met on Tuesday to discuss the situation…

Exxon Reports Best Results in Seven Years on High Oil Prices

Feb 01, 2022

Exxon Mobil Corp on Tuesday reported a fourth-quarter profit of $8.87 billion, its largest in seven years, as the top U.S. oil producer benefited from strong energy prices.The company slashed spending after fuel demand cratered two years ago and…

After Warning, Saipem Shares Slide to Lowest Since 1992

Feb 01, 2022

Shares in Italian energy services group Saipem slid to their lowest level in three decades after a shock profit warning left leading shareholders scrambling to find a way to bolster the company's finances.At 1045 GMT the shares were down 4%…

Saipem Issues Profit Warning as Costs and Pandemic Hit Margins

Jan 31, 2022

Italian energy services group Saipem is talking to investors about a possible funding package, the group said on Monday after warning it will take a heavy loss for 2021, triggering a halt in its shares to prevent a stinging sell-off.Saipem has…

Chevron Kicks Off Oil Industry's Q4 Results With a Miss

Jan 28, 2022

Chevron Corp on Friday reported a fourth-quarter profit, which missed estimates by analysts on weaker than expected oil and gas production that outweighed gains from recovering prices. Its shares slid in pre-market trade.The first major oil…

Chevron Shares Hit Record High Ahead of Q4 Results

Jan 26, 2022

Shares of U.S. oil major Chevron Corp on Wednesday hit an all-time high amid a strong stock market rally and ahead of the release of Chevron's fourth-quarter financial results Friday.Shares of most major producers rose after oil touched $90 a barrel for the first time in seven years on Wednesday…

Tullow Oil Sees 2021 Free Cashflow at $250M

Jan 26, 2022

West Africa-focused Tullow Oil expects its 2021 free cash flow to come in higher than previously forecast at $250 million and expects this year's cash flow to come in at $100 million at an oil price of $75 a barrel, it said on Wednesday.Tullow…

Norway to Raise Oil Fund Spending

Jan 14, 2022

The Norwegian government said on Friday it has raised its projected fiscal spending for 2022 as it seeks to compensate businesses affected by coronavirus lockdown measures and subsidize households hit by a surge in electricity prices.The center-left minority coalition now plans to spend 355…

Tower Resources Raises $2M to Cover Working Capital Needs

Jan 14, 2022

Africa-focused oil and gas firm Tower Resources has said it has raised £1.5 million (~$2 million) via a placing and subscription of 576,923,077 new ordinary shares of 0.001p each at a price of 0.26 pence per placing share, a discount of 29% to the closing share price on January 13…

Seadrill Unit Files for Bankruptcy Seeking 24-hour Turnaround

Jan 12, 2022

A unit of offshore driller Seadrill Ltd on Tuesday filed a fast-tracked reorganization plan in Houston bankruptcy court, where it expects to seek approval of the proposal on Wednesday. The case comes just a few months after its parent entity emerged from its own bankruptcy proceeding…

Abu Dhabi's Offshore Service Firm ZMI Secures up to $500M Financing Facility

Jan 11, 2022

Abu Dhabi's offshore marine services company ZMI Holdings said on Tuesday it had signed and closed a new senior secured financing facility of up to $500 million.It will help ZMI invest further in its growth markets, and provide committed and…

Hess Will Switch to 'Return of Capital Mode'

Jan 07, 2022

Hess Corp will announce a 'meaningful' dividend growth this year as it starts to prioritize returning capital to shareholders over business investments, Chief Executive John Hess said on Thursday.Oil companies have been raising cash distribution…

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