Finance News


Chevron Boosts Project Spending by 11% for 2024

Dec 07, 2023

Oil major Chevron Corp said on Wednesday that it expects to spend between $18.5 billion and $19.5 billion next year on new oil and gas projects, an 11% increase on this year.Its 2024 budget and that of rival ExxonMobil reflect the industry's continuing rebound after pandemic-influenced pullbacks…

Talos Sees 'Immaterial' Impact in Q4 from Gulf of Mexico Oil Spill

Dec 07, 2023

U.S. oil and gas producer Talos Energy said on Thursday it expects the impact related to the Main Pass Oil Gathering pipeline shut-in following an oil spill to be immaterial to its fourth-quarter results.The oil spill was first observed on Nov…

ExxonMobil Forecasts Increases in Project Spending, Oil Output

Dec 06, 2023

ExxonMobil will target annual project spending of between $22 billion and $27 billion through 2027, the company said in an update that largely continues existing spending and production goals.The plan leaves out projected gains from the $60 billion acquisition of Pioneer Natural Resources PXD…

Petrofac Mulls Asset Sale; Warns on Cash Flow

Dec 04, 2023

Petrofac said on Monday it was in discussions to sell some non-core assets and warned it would no longer be able to meet its annual forecast of 'broadly neutral free cash flow', dragging the oilfield services provider's shares down nearly 8%…

RWE Raises Spending Target to $60 Billion by 2030

Nov 28, 2023

Germany's top utility RWE will raise investments in green energy technologies to 55 billion euros ($60.21 billion) over the next seven years, it said on Tuesday ahead of its capital markets day.'Thanks to our significant financial headroom,…

Iberdrola to Invest $15 Billion in Britain Through 2028

Nov 27, 2023

Spanish renewable energy giant Iberdrola said on Monday it would invest nearly 14 billion euros ($15 billion) in Britain through 2028 in grids and renewable projects.The plan is in line with the company's broader investment strategy, which has seen a growing focus on networks…

Shipbuilder Diverse Marine Launches Client Finance and Lease Program

Nov 21, 2023

U.K. shipbuilder Diverse Marine has introduced its own finance and lease program designed initially for the financed construction of offshore wind crew transfer vessels (CTV).Funding for offshore wind CTVs has been challenging, and the company…

Havfram Secures Loan for Offshore Wind Vessel Construction

Nov 21, 2023

Offshore wind installation company Havfram has signed a Senior Secured Green ECA Term Loan Facility to fund its two wind turbine installation vessels ('WTIVs'), currently under construction at CIMC Raffles in China.  The Facility was entered into with a syndicate led by DNB Bank ASA (Coordinator…

Lula Asks Petrobras to Tweak Investment Plan

Nov 17, 2023

Brazil's leftist President Luiz Inacio Lula da Silva pressed the head of state-run oil firm Petrobras, Jean Paul Prates, to modify the company's 2024-2028 investment plan to prioritize local job creation, five sources told Reuters.Lula's requests…

Ghana Plans More Flexible Oil Royalties Regime to Spur Investment

Nov 16, 2023

Ghana plans to introduce a more flexible oil royalties regime as soon as next year to spur investment and reduce risk for energy companies, the head of the state oil sector regulator said on Thursday.Egbert Faibille Jr, CEO of Ghana's Petroleum Commission…

Mocean Energy Raises Funds for Blue Star Wave Energy Technology

Nov 13, 2023

Wave energy firm Mocean Energy has raised £2.2 million in new equity alongside a £500,000 grant to drive the commercialization of its wave energy technologies.The equity funds come from existing investors, including Equity Gap, Scottish Enterprise and Old College Capital…

Tullow Signs $400M Debt Facility Deal with Glencore

Nov 13, 2023

Tullow Oil said on Monday it had entered into a $400 million five-year debt facility deal with Glencore, which would help manage its senior notes maturing through 2026.The facility, with Glencore Energy UK Ltd, will be available to draw for…

Saudi Aramco Net Profit Drops Broadly as Expected, Shares Inch Up

Nov 07, 2023

Saudi Aramco on Tuesday reported a 23% fall in third-quarter net profit on the back of lower oil prices and volumes sold, marginally beating analyst estimates and helping underpin its shares.Net profit fell to $32.6 billion for the quarter to Sept…

Cenovus Energy's Quarterly Profit Rises as Production Climbs

Nov 02, 2023

Canadian oil and gas firm Cenovus Energy's CVE.TO quarterly profit rose on Thursday, helped by strong demand for crude oil amid tight supplies and higher production.Supply cuts from OPEC+ countries led by Saudi Arabia and Russia kept the crude oil market tight…

Tenaris Net Profit Falls on Americas Slowdown, Launches New Buyback Plan

Nov 02, 2023

Italian steel pipe maker Tenaris late on Wednesday posted a 10% decline in third-quarter net profit due to a slowdown in North and South America and lower shipments to offshore projects and Argentina.The company's shares were up 7.9% by 0833 GMT…

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