Finance News

 

Shell Smashes Forecasts With $7.7 Billion Quarterly Profit

May 02, 2024

Shell reported first-quarter profit of $7.7 billion on Thursday, exceeding expectations as disruption to Red Sea shipping and Russian refining boosted oil trading and liquefied natural gas production rose.The company said it will buy back a further $3.5 billion of its shares over the next three months, at a similar rate to the previous quarter. Its dividend remained unchanged.Shell's cashflow rose by 6% from the previous quarter to $13…

ConocoPhillips Misses Quarterly Profit Estimates

May 02, 2024

U.S. oil producer ConocoPhillips missed Wall Street bets for first-quarter profit on Thursday, as lower natural gas prices and increased costs offset gains from higher oil production.A milder-than-expected winter hurt demand for the heating fuel in the quarter and pulled down U…

Chevron CEO's Pay Rose 12% to $26.5 Million in 2023

Apr 10, 2024

U.S. oil major Chevron's CEO Michael Wirth was paid $26.5 million in 2023, a 12.2% boost from the prior year and above the median pay raise for employees, a securities filing showed on Wednesday.The numbers show an increased gap between compensation for executives and Chevron's 45…

Renewable Energy Funds See Outflows on Concerns Over Growth, Policies

Apr 10, 2024

Global investors are increasingly moving away from the renewable energy sector funds this year due to concerns over the sector's growth prospects and uncertainty over policies in a U.S. election year, fund data show.Renewable energy sector funds witnessed steady inflows in the past few years…

Petrobras Shares Plunge on Dividend Frustration, Downgrades

Mar 08, 2024

Shares of Brazil's state-run oil company Petrobras plunged more than 11% in opening trading in Sao Paulo on Friday, after the firm's dividend frustrated investors and triggered analyst downgrades.In a fourth-quarter earningsrelease late on Thursday…

Tullow Oil Swings Into Loss, But Eyes Returns After 2025

Mar 06, 2024

Tullow Oil swung into a loss in 2023 after cutting the value of reserves in one of its West African oilfields, as its chief executive said the company would consider shareholder returns after 2025.The London-listed company said on Wednesday it posted a $110 million loss after tax last year…

Pemex Swings to Profit, But Provider Debt Hits Record

Feb 27, 2024

Mexico's Pemex reversed losses in the last three months of 2023 but its overall debt burden remained the highest of any oil company in the world, with billions of dollars due to bond holders and service providers.The state-run company posted a profit of 106…

Oil Producer APA Misses Quarterly Profit Estimates on North Sea Downtime

Feb 21, 2024

U.S. shale oil producer APA Corp missed Wall Street estimates for fourth-quarter profit on Wednesday, hit by weaker North Sea production.Its North Sea production was hit by a temporary shutdown during the reported quarter at its Beryl Bravo offshore platform…

Pemex Gets Fresh Stimulus, Days After Bond Ratings Cut

Feb 13, 2024

Mexico's government approved a new 'fiscal stimulus' for its heavily indebted state energy company Pemex, according to a decree published on Tuesday, part of a strategy meant to meet its obligations and undertake investments this year.The stimulus…

TWMA Secures $62.5 Million Sustainability Linked Bond

Feb 13, 2024

Drilling waste management company TWMA on Tuesday announced it has closed on a $62.5million Sustainability Linked Bond on the Nordic ABM in Oslo.Qualifying for a Sustainability Linked Bond required third party recognition that TWMA’s sustainability…

MARAD’s Title XI Changes: Good News for Offshore Wind?

Feb 12, 2024

The U.S. Department of Transportation's Maritime Administration (MARAD) in December issued a final rule updating its financial requirements for the Federal Ship Financing Program, commonly referred to as Title XI. While the move applies to the U…

Orsted Cuts Investment, Capacity Targets After Review

Feb 07, 2024

Orsted, the world's biggest offshore wind farm developer, trimmed its investment and capacity targets on Wednesday and paused dividend payouts as part of a major review.The Danish company has battled to restore investor confidence after halting the development of two U…

BP Beats Q4 Profit Forecast, Increases Share Buybacks

Feb 06, 2024

BP reported on Tuesday fourth-quarter earnings of $3 billion, exceeding forecasts thanks to strong gas trading, as the energy company increased the pace of its share repurchases.The quarterly results lifted the energy giant's 2023 profit to $13…

Chevron Profit Sinks as Earnings from Oil Production Tumble

Feb 05, 2024

Chevron on Friday beat analysts' earnings estimates and increased dividends on higher oil and gas production, after a year of sharply lower profits on missteps and charges.Shares were up 2% in morning trading after the company beat analysts'…

Exxon's $36 Billion Profit Beats Estimates

Feb 02, 2024

Exxon Mobil on Friday posted a better-than-expected $36 billion profit for 2023, lifted by fuels trading and higher oil and gas production.Oil majors are expected to report 2023 profits down by about a third from record levels in 2022, as oil…

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