Finance News

Shell Greenlights $7B Shares Buyback 'At Pace' Despite LNG Woes

Jan 07, 2022

Royal Dutch Shell said it will pursue 'at pace' a $7 billion share buyback largely funded from the sale of its U.S. shale business as it faces liquefied natural gas (LNG) outages and slower fuel sales due to the economic hit from Omicron.Shares in Shell…

Exxon Q4 Earnings Poised to Exceed Pre-pandemic Level

Jan 03, 2022

Exxon Mobil Corp's fourth quarter profit should top Wall Street's consensus and surpass its pre-pandemic levels, lifted by better-than-expected earnings from oil and gas, analysts said.Credit Suisse, Scotiabank and JPMorgan have raised their…

Exxon Signals Fourth Quarterly Profit in a Row

Dec 30, 2021

Exxon Mobil Corp on Thursday signaled a return to annual profit for 2021 as stronger oil and gas prices drove a gain of up to $1.9 billion in operating profits that exceeded one-time charges.The largest U.S. oil producer issued a snapshot of…

Borr Drilling Defers $1.4 Billion of Debt Maturities and Yard Instalments

Dec 27, 2021

Offshore drilling rig contractor Borr Drilling announced it has reached agreements in principle with its largest creditors, the Singaporean yards, to refinance and defer a combined $1.4 billion debt maturities and delivery instalments from 2023 to 2025…

Petrofac Expects Drop in Annual Revenue on COVID-19 Woes, Weak Orders

Dec 16, 2021

British oil services firm Petrofac Ltd said on Thursday it expects its revenue for the financial year to be down by about a quarter, as low order intake and the coronavirus pandemic continued to dent its operations.The company forecasts its annual revenue to come in at about $3 billion…

Chevron to Boost Spending on New Oil and Gas Projects

Dec 02, 2021

U.S. oil producer Chevron Corp on Wednesday said it plans to boost spending on new oil and gas projects in 2022 by 20% to $15 billion, while also raising shareholder returns.Major oil companies are responding to a jump in profits this year from higher oil and gas prices…

Company Valuations and Climate Strategies are Poles Apart

Nov 25, 2021

Companies in the most polluting sectors that have invested in climate action often find themselves valued below peers that have been slower to do so, highlighting the difficulty of getting shareholders to back sustainability.Investors have poured more than $30 trillion into environmental…

Gazprom Boosts Investments to $24 Billion in 2022

Nov 25, 2021

Russian gas giant Gazprom said on Thursday its management had approved investments worth 1.76 trillion roubles ($24 billion) for 2022, up from initial plans of 902 billion roubles for 2021, to fund new production and refining hubs.Gazprom is developing new gas production deposits…

ExxonMobil 'Back on Track' to Meet Target to Double Earnings -CEO

Nov 10, 2021

Exxon Mobil Corp's chief executive said on Wednesday the company is confident it will hit a target to double earnings and cash flow from operations, adding that consumers and governments must decide how quickly the world moves to cleaner fuels…

Cost Discipline Pays Off: Siemens Energy to Pay Dividend

Nov 10, 2021

Siemens Energy proposed on Wednesday to pay a dividend on the back of a strong jump in cash flow driven by stricter cost discipline, as it completed its first business year since it spun off from former parent Siemens.The supplier of turbines and services to the power industry…

Olympic Subsea Reaches Deal with Banks

Nov 10, 2021

Offshore vessel operator Olympic Subsea said Wednesday it had struck a deal with a majority of its bank lenders for a restructuring of the financial indebtedness of the group. The terms of the transaction will result in a reduction in annual debt service…

ConocoPhillips Swings to 3Q Profit

Nov 02, 2021

ConocoPhillips reported a third-quarter profit on Tuesday, compared with a year-ago loss, thanks to a rebound in crude prices to pre-pandemic levels.Oil prices have climbed nearly 63% since the beginning of the year, driven by a rise in global demand and on supply bottlenecks…

'Cash Machine' BP Sees Profit Surge

Nov 02, 2021

BP added more than a billion dollars to its share buyback program on Tuesday as it likened itself to a 'cash machine' benefiting from higher oil and gas prices and a strong trading performance in the third quarter.Natural gas and power prices…

Exxon Posts Strongest Results Since 2017

Oct 29, 2021

Exxon Mobil on Friday pledged to revive a share repurchase program next year as its earnings outlook improved on quarterly results that topped analysts' estimates.The largest U.S. oil producer posted an adjusted profit of $1.58 a share, beating the Refinitiv estimate by two cents…

Chevron Posts Highest Quarterly Profit in Eight Years

Oct 29, 2021

Chevron Corp on Friday posted its highest quarterly profit in eight years on surging oil and gas prices and as a recovery in motor fuel demand that boosted refining margins.The strong results came a day after top executives from major oil companies were grilled by U…

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