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, the world's largest trader of LNG, were down 0.32% on Friday after a trading update ahead of its quarterly results on Feb. 3. This compared with a 0…

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…

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…

Current News

Royal Dutch No More: Shell Officially Changes Name

Royal Dutch No More: Shell Officially Changes Name

Danish Wind Turbine Maker Vestas Tops List of 100 Most Sustainable Companies

Danish Wind Turbine Maker Vestas Tops List of 100 Most Sustainable Companies

Fugro's Augmented Reality Camera to Assist with Sepetiba FPSO Mooring

Fugro's Augmented Reality Camera to Assist with Sepetiba FPSO Mooring

Schlumberger Profit Rises as Higher Oil Prices Drive Drilling Services Demand

Schlumberger Profit Rises as Higher Oil Prices Drive Drilling Services Demand

Subscribe for OE Digital E‑News

Offshore Engineer Magazine