Finance News


Petronas Posts 4Q Loss. Outlook Challenging, CEO Says

Feb 26, 2021

Malaysian state oil firm Petronas fell to a fourth-quarter loss on Friday hurt by lower oil prices and demand.Petronas announced in a virtual briefing a 1.1 billion ringgit ($272 million) loss after tax for the October-December quarter versus a profit of 4…

Tullow Agrees $1.7B Reserve-based Loan with Banks

Feb 26, 2021

Tullow Oil Plc said on Friday it has agreed to a new reserve-based loan of about $1.7 billion with its banks, taking its liquidity to roughly $900 million, including free cash and available debt.The oil and gas company, which has been in talks with creditors…

Bumi Armada Amends Loan Maturity Date. Cites Coronavirus Impact

Feb 23, 2021

Malaysian FPSO specialist Bumi Armada has amended the maturity of a portion of the $660 loan from 2019, citing the impact of the coronavirus pandemic on its business.Bumi Armada said the loan agreement has been amended on to extend the final…

Galp Sees Q4 Profit Drop 98%, Slashes Dividend

Feb 22, 2021

Portugal's oil and gas company Galp Energia cut its dividend payout by half on Monday after posting a 98% plunge in fourth-quarter net profit as the coronavirus pandemic hammered refining margins and output fell.The company said it would propose a dividend of 0…

Eni Posts Annual Loss, 4Q Result Beats Expectations

Feb 19, 2021

Italian energy group Eni beat expectations by swinging into a profit in the fourth quarter thanks to firmer oil prices, after posting a loss for the full-year 2020 when demand plunged because of the coronavirus crisis.Eni said it recorded an adjusted net profit in the fourth quarter of 0…

Repsol Posts to Second Straight Annual Loss but Q4 Income Cheers

Feb 18, 2021

Spanish energy group Repsol posted on Thursday forecast-beating fourth-quarter adjusted income, pushing its shares up even though write-downs on the value of oil and gas assets dragged it to a second consecutive annual net loss. Curbs on mobility…

Norway: Oil Firms Increase 2021 Spending Plans. Decline Expected in 2022

Feb 17, 2021

Oil and gas firms in Norway have increased their 2021 investment plans in recent months, but still plan to spend less than last year and to reduce spending in 2022, a national statistics office (SSB) survey showed on Wednesday.The biggest sector in Norway now expects to invest 173…

Seismic Player Axxis Geo Solutions Seeks Court-Protected Restructuring

Feb 16, 2021

Norwegian offshore seismic services company Axxis Geo Solutions will file for court-protected restructuring, it said Tuesday.Axxis said it had not been able to reach an agreement with all creditors in order to implement a voluntary solution to refinance the company…

Offshore Services Firm OceanPact Completes $227 Million IPO

Feb 10, 2021

Brazil maritime services provider OceanPact Servicos Maritimos has concluded a 1.22 billion reais ($226.51 million) initial public offering, according to a securities filing on Wednesday.OceanPact priced the offer at 11.15 reais per share, at the bottom limit of the indicative range of up to 13…

Seadrill Seeks Bankruptcy Protection—Again

Feb 10, 2021

Offshore drilling rig contractor Seadrill has filed for bankruptcy protection at a court in the U.S. state of Texas, it said on Wednesday, the second time in four years the company has entered into so-called Chapter 11 restructuring.The Oslo…

Europe's Offshore Wind Investments to Keep Growing After Record Year

Feb 10, 2021

Offshore wind investments in the European Union and Britain in 2020 were more than double the level projected at the start of the year and should continue to grow in 2021, an industry group said on Wednesday.The record 26.3 billion euros ($31…

Inpex Slumps to First Annual Loss in 12 years

Feb 10, 2021

Japan's biggest oil and gas explorer Inpex Corp posted a net loss of 111.7 billion yen ($1.1 billion) in 2020 as the COVID-19 pandemic hammered oil prices, cutting its sales and forcing it to book hefty impairment losses.The result marks Inpex's…

Tullow Oil CEO: "We will be able to repay the debt"

Feb 10, 2021

Tullow Oil CEO Rahul Dhir said on Wednesday he expected talks with creditors, including bondholders, to end in the second quarter with a focus on matching maturities with expected cashflows.Tullow had a market capitalization of around $596 million on Wednesday and net debt of $2…

Risky Bet: NOCs Risk Wasting $400B as Energy Transition Accelerates

Feb 09, 2021

State-owned oil companies could squander about $400 billion on investments in the next decade on new oil projects that will struggle to turn a profit as the world shifts away from fossil fuels, a non-governmental organization said on Tuesday…

Kosmos Energy Raises CFO's Salary

Feb 04, 2021

Oil and gas company Kosmos Energy said Thursday it had raised its CFO's salary to align it with similarly situated executives in peer firms.Effective February 1, 2021, Neal D. Shah’s base salary was increased to $550,000 and the annual target…

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