Finance News

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…

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…

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