Finance News

 

Biden Chides Exxon, Oil Companies for Profits

Jun 13, 2022

U.S. President Joe Biden on Friday accused the U.S. oil industry, and Exxon Mobil Corp in particular, of capitalizing on a supply shortage to fatten profits after a report showed inflation surging to a new 40-year record.U.S. consumer inflation accelerated in May as gasoline prices hit a record high and the cost of food soared, leading to the largest annual increase in four decades. A gallon of regular gasoline cost an average $4…

Gazprom Cancels Dividend for First Time Since 1998. Shares Drop

Jun 30, 2022

Russian gas giant Gazprom has decided not to pay dividends on last year's results, the first time it will not pay out since 1998, sending its shares plunging by nearly 30%.'The shareholders decided that in the current situation it is not advisable to pay dividends based on the 2021 results…

Italy's Saipem Sets Terms for Cash Call, Shares Drop

Jun 22, 2022

Italian energy services group Saipem said on Wednesday it would launch a planned 2 billion-euro ($2.10 billion) rights issue from June 27 as it strives to bolster its finances and re-focus its business after a surprise profit warning in January…

Brent Bulls Get a Boost from EU Sanctions on Russia

Jun 13, 2022

EU sanctions on Russia’s petroleum exports and easing lockdowns in China have encouraged portfolio investors to become more bullish on oil prices despite the steadily darkening outlook for the major economies.Hedge funds and other money managers…

Norway Oil and Gas Firms Raise 2022 Investment Forecasts

May 27, 2022

Norway's oil and gas companies have raised their investment forecasts for 2022 as they take advantage of high petroleum prices and tax incentives to boost activity, a national statistics office (SSB) survey showed on Friday.The biggest business sector in Norway now expects to invest 167…

UK Imposes 25% Windfall Tax on Oil and Gas Producers' Profits

May 26, 2022

Britain announced a 25% windfall tax on oil and gas producers' profits on Thursday, alongside a package of support for households struggling to meet rising energy bills.The announcement marks a change of heart for Prime Minister Boris Johnson's…

Bolsonaro Hints at Change in Petrobras' Profit Distribution

May 16, 2022

Brazilian President Jair Bolsonaro suggested on Monday he may tinker with state-run company Petrobras' profit policy, cutting the percentage distributed to shareholders, as he looks to curb fuel price hikes ahead of the country's October elections…

Saudi Aramco Sees 1Q Net Profit Soar 82%

May 16, 2022

Saudi state-owned oil producer Saudi Aramco on Sunday reported an almost 82% rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices.Aramco, which is at par with Apple Inc as the world's most valuable company…

Japan's Inpex Boosts Annual Profit Outlook on Soaring Oil Prices. Shares Abadi Plans

May 11, 2022

Japan's biggest oil and gas explorer Inpex Corp raised its net profit forecast for 2022 by 20% to a record 300 billion yen ($2.3 billion) thanks to higher-than-expected oil prices and a lower yen against the U.S. dollar.Its annual net profit…

Saipem Eyes 2B Euro Capital Hike in Summer - CEO to Paper

May 10, 2022

Italian energy services group Saipem is working to bring forward a planned 2 billion euro ($2.12 billion) capital increase and carry it out in the summer, CEO Francesco Caio told Il Sole 24 Ore in an interview published on Tuesday.The capital…

Brazil's Petrobras Reports $9B Profit as Bolsonaro Rails Against Company

May 06, 2022

Brazil's Petrobras posted a first-quarter net income that beat forecasts on Thursday, just minutes after Brazilian President Jair Bolsonaro railed against the state-run oil company's profitability, saying its executives had no sympathy for ordinary people…

Shell Posts Record Profit on High Energy Prices and Trading Boost

May 05, 2022

Shell reported on Thursday a record first-quarter profit of $9.13 billion, boosted by higher oil and gas prices, stellar refining profits and the strong performance of its trading division.Shell joins sector rivals, including BP and TotalEnergies…

Equinor Posts Record 1Q Pretax Profit. Sale of Gas Now Its Most Profitable Business

May 04, 2022

Equinor reported record earnings on Wednesday, as the war in Ukraine triggered an energy supply crunch that sent gas prices soaring to all-time highs.The state-controlled Norwegian company has emerged as a big winner in Europe's energy crisis…

BP's Profit Soars to Highest in Over Decade

May 03, 2022

BP boosted its share buyback program after net profit soared to its highest in more than a decade on strong oil and gas trading results, as the energy company took a $24 billion charge after exiting its operations in Russia.Soaring oil and gas…

Exxon Takes a Hit from Russia, Triples Buybacks over Higher Oil Prices

Apr 29, 2022

Exxon Mobil Corp doubled its first-quarter per-share profit, it said on Friday, but the results fell short of Wall Street estimates, even excluding a $3.4 billion writedown from its withdrawal from Russia.The top U.S. oil producer tripled its buyback program…

Current News

Deirdre Michie to Step Down as Offshore Energies UK CEO

Deirdre Michie to Step Down as Offshore Energies UK CEO

Strohm to Deliver TCP Subsea Water Alternating Gas (WAG) Jumper for Exxon's Guyana Project

Strohm to Deliver TCP Subsea Water Alternating Gas (WAG) Jumper for Exxon's Guyana  Project

Manor Renewable Energy Orders Two Crew Transfer Vessels from Strategic Marine

Manor Renewable Energy Orders Two Crew Transfer Vessels from Strategic Marine

RWE Brings Online Its First Floating Solar Plant

RWE Brings Online Its First Floating Solar Plant

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