Finance News

 

Seadrill Says Its Reorganization Plan Accepted by Creditors, Shareholders

Oct 11, 2021

Offshore drilling company Seadrill said all voting classes of stakeholders accepted its reorganization plan, including all 12 credit facilities and general unsecured creditors and shareholders, labeling the result as an important step to Chapter 11 emergence.'Over 96% of secured lenders voted, and over 88% of secured lenders accepted the Plan,' Seadrill said. As a result of all voting classes of creditors accepting the Plan…

CNOOC Seeks to Raise $5.4B to Fund Key Oil and Gas Projects

Sep 27, 2021

China's state-run offshore oil and gas major CNOOC Ltd said it plans to raise up to 35 billion yuan ($5.41 billion) in a new share issue on the Shanghai stock exchange to fund several key oil and gas projects.The domestic fund-raising plan came as U…

Vineyard Wind Secures $2.3 Bln Loan, Allowing Construction to Start

Sep 15, 2021

Vineyard Wind, which is on track to be the first major U.S. offshore wind farm, closed on a $2.3 billion loan and will begin construction in Massachusetts later this year, its owners said on Wednesday.The senior debt financing allows the project…

Mexico Could Use IMF Funds to Pay Pemex Debt

Sep 07, 2021

Mexican President Andres Manuel Lopez Obrador said on Monday his government is tackling the debt burden of state oil company Petroleos Mexicanos (Pemex) and hinted he would try to use funds from the International Monetary Fund (IMF) to do so…

Petronas Swings to 2Q Profit. CEO Says Oil Market Recovery 'Fragile'

Aug 27, 2021

Malaysian state energy giant Petronas announced a flip to a second-quarter profit on Friday on the back of a recovery in prices and demand, but said it will be a 'long, drawn out process' before the industry returns to pre-pandemic levels.Petronas…

Wood's Sales Forecast Misses Estimates as Oil Outlook Dims

Aug 24, 2021

British consulting and engineering group Wood Plc forecast 2021 revenue that came in below market expectations on Tuesday as renewed concerns about global growth and oil demand clouded the outlook for its largest division serving energy customers…

Wood Secures First-ever UKEF-backed Energy Transition Loan

Aug 19, 2021

Engineering firm Wood, know to OEDigital audience for its services in the space of offshore oil and gas, said Thursday it had agreed a $600 million (£430m) loan with UK Export Finance, the UK government's export credit agency, which will help…

CNOOC Sees 1H Profit Soar

Aug 19, 2021

China's top offshore oil and gas driller CNOOC Ltd said on Thursday its first-half net profit more than tripled from a low base last year, supported by rebounding oil prices and recovering energy demand after the pandemic.CNOOC Ltd, a listed branch of China National Offshore Oil Corp…

Petrobras Post Strong Results as Crude Rises, Gas Strengthen

Aug 05, 2021

Brazil's Petrobras beat second quarter profit estimates on Wednesday, as higher Brent prices, strong natural gas sales and relatively controlled expenses boosted the company's bottom line.In an evening securities filing, Petroleo Brasileiro SA…

'Extremely Annoying': Siemens Energy Ups Pressure on Wind Division

Aug 04, 2021

Siemens Energy cranked up the pressure on wind turbine division Siemens Gamesa on Wednesday, saying it was 'extremely annoying' that it was forced to slash its profit outlook because of the Spanish-listed unit.The comments from CEO Christian…

ConocoPhillips Beats Estimates on Higher Prices, Output

Aug 03, 2021

ConocoPhillips on Tuesday posted a second-quarter profit that nearly doubled from the first and topped analysts estimates, helped by higher oil and gas prices and production.A recovery in fuel demand from a pandemic-forced slump has boosted globally-traded crude prices to over $70…

BP Shares Climb After Payout Boost, Energizing Transition

Aug 03, 2021

BP boosted its dividend and share buybacks on Tuesday, sending its shares up by over 5%, after beating expectations with a $2.8 billion second-quarter profit powered by higher oil prices and recovering demand.The strong results, underpinned by higher sales at petrol stations…

Chevron Posts Highest Profit in Six Quarters. Moves to Reward Investors

Jul 30, 2021

Chevron Corp on Friday reported its highest profit in six quarters and joined an oil industry stampede to reward investors with share buybacks, as rebounding crude oil prices carried earnings and cash flow to pre-pandemic levels.Oil and gas…

Offshore Wind Turbine Maker Siemens Gamesa Posts Quarterly Loss

Jul 30, 2021

Wind turbine maker Siemens Gamesa posted a loss for the three months to June on Friday and confirmed a warning it made earlier this month that its profit margin could be negative over the full year.The world's biggest maker of the huge offshore generators…

Higher Oil Prices, Lower Spending Boost Wintershall Dea's 2Q Result

Jul 27, 2021

Wintershall Dea posted strong second-quarter 2021 earnings as it benefited from firmer oil prices and reduced spending, its earnings report showed on Tuesday.The company, owned jointly by BASF and Russia's LetterOne, posted earnings before interest…

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