Finance News

 

Halliburton Misses Profit Estimate Following Damaging Cyber Attack

Nov 08, 2024

Halliburton third-quarter profit missed Wall Street estimate on a previously disclosed cyber hack that forced the oilfield services provider to pause a share repurchase program, executives said on Thursday.The company's shares fell 5.3% to $28.87 in late-morning trade on the miss and a tepid outlook for next year.Halliburton in August disclosed an unauthorized third-party accessed and removed data from its systems…

Oil Slips, Weekly Loss Looms

Dec 06, 2024

Oil prices fell 1% on Friday and were headed for a weekly loss as analysts projected a supply surplus next year despite an OPEC+ decision to delay output hikes and extend deep production cuts to the end of 2026.Brent crude futures were down 85 cents…

Oil Rises on Lebanon Fears, possible OPEC cuts

Dec 03, 2024

Oil prices rose more than 2% on Tuesday as Israel threatened to attack the Lebanese state if its truce with Hezbollah collapses, and as investors positioned for OPEC+ to announce an extension of supply cuts this week.Brent crude futures posted their biggest gains in two weeks…

Oil Slips as U.S. Gasoline Stocks Surprise

Nov 27, 2024

Oil prices edged lower on Wednesday as a large, surprise build in U.S. gasoline stocks outweighed easing supply concerns from a ceasefire deal between Israel and Hezbollah.Brent crude futures fell 12 cents, or 0.2%, to $723.69 a barrel by 10:40 a…

Oil Edges to 2-Week High on Ukraine News

Nov 22, 2024

Oil prices edged up about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium.Brent futures rose 66 cents, or 0.9%, to $74.89 a barrel by 11:39 a.m. EST (1639 GMT), while U…

ADIPEC Urges Efforts to Assist Emerging Economies

Nov 06, 2024

Energy and finance leaders at ADIPEC urge joint efforts to mobilize capital for emerging economies.The new Finance & Investment Conference at ADIPEC 2024 concluded today with a renewed call for accessible and affordable capital for a fair energy transition…

Saudi Aramco’s Quarterly Profit Goes 15% Down

Nov 05, 2024

Saudi oil giant Aramco on Tuesday reported a 15.4% drop in third-quarter profit due to lower crude prices and weaker refining margins, but maintained its generous dividend at $31.1 billion for the quarter.Aramco posted net income of $27.6 billion in the three months to Sept…

Exxon, Chevron Profits Beat Estimates as US Oil Output Soars to Record Level

Nov 04, 2024

U.S. oil producers Exxon Mobil and Chevron posted better-than-expected third-quarter profits on Friday, outperforming their European rivals, as record U.S. oil production cushioned the blow from a plunge in fuel margins.The two focused on expanding…

Aker BP More Optimistic on Johan Sverdrup Peak Output as its Q3 Profit Grows

Nov 01, 2024

Aker BP expects Norway's largest oilfield Johan Sverdrup to produce at peak levels well into 2025, it said on Wednesday, taking a more bullish view than the field's operator and boosting its shares.The Norwegian company, partly owned by BP,…

TotalEnergies’ Income Hits Three-Year Low

Nov 01, 2024

French oil major TotalEnergies third-quarter profit hit a three-year low of $4.1 billion on Thursday, slightly missing expectations as refining margins and upstream outages dragged down earnings.Adjusted net income was down 37% from a year earlier and 12…

Shell’s $6B Quarterly Profit Exceeds Forecasts

Nov 01, 2024

Shell reported on Thursday third-quarter profits of $6 billion that exceeded forecasts by 12% as higher liquefied natural gas (LNG) sales offset a sharp drop in oil refining and trading results.The results, together with a drop in debt and strong cash flow…

Aker BP Reports Quarterly Profit Decline

Oct 30, 2024

Norwegian oil firm Aker BP, partly owned by BP, on Wednesday reported a bigger-than-expected decline in third-quarter operating profit, but said its full-year output would be in the upper-half of its forecast.The group's profit before interest and tax fell to $1…

BP’s Profit Drops 30% to Almost Four-Year Low

Oct 29, 2024

BP on Tuesday reported a 30% drop in third quarter profit to $2.3 billion, the lowest in almost four years, weighed down by weaker refining margins and oil trading results.The drop in profit from a year earlier was, however, smaller than expected…

Brazil's Petrobras to Reduce Investments Planned for 2025

Oct 14, 2024

Brazil's Petrobras is set to reduce planned investments for next year, despite requests by the government for the state-run oil firm to increase CAPEX, three sources close to the matter told Reuters.The firm foresaw $21 billion of investments for next year…

Blade Failures Add to GE Vernova's Q3 Loss

Sep 12, 2024

Power equipment maker GE Vernova expects its wind segment to post a core loss of $300 million in the third quarter due to additional costs related to offshore blade failures, the company said on Thursday.The projected core loss in GE Vernova's…

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