Finance News


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…

Orsted's Strategic Shake-up Has Investors Worried

Feb 02, 2024

Orsted is expected to trim investment plans and cut dividends on Wednesday as it presents a new strategy but investors are worried that the Danish renewable energy firm may want to raise new capital to stick to its ambitious targets.Once a green investor darling…

SLB Recovers $560 Million from Pemex

Jan 24, 2024

The world's largest oil services company, SLB, said on Wednesday that it was recovering $560 million of the $1.015 billion it is owed by Pemex via a financial institution that had loaned the Mexican state company money.SLB, formerly known as Schlumberger…

Halliburton Profit Beats on International Strength

Jan 23, 2024

Halliburton's fourth-quarter profit beat market expectations on Tuesday as strength in offshore and overseas drilling activities boosted demand for oilfield services and equipment.With a better economic environment and acerages internationally…

Great Lakes' MARAD Title XI Financing Application Completed

Dec 22, 2023

Great Lakes Dredge & Dock Corporation announced its MARAD Title XI Financing application for its offshore wind rock installation vessel, the Acadia, has been updated to the 'completed' category, indicating the loan process is moving towards the final phase…

ING to Ditch Upstream Oil and Gas by 2040

Dec 19, 2023

Dutch lender ING will stop financing oil and gas exploration and production by 2040 and triple new lending to renewable energy over the next two years as part of an updated climate strategy, the bank's chief executive told Reuters.Investors…

Edda Wind Secures Green Financing for Newbuild Program

Dec 15, 2023

Edda Wind announced it has entered into a green term loan facility agreement for the pre- and postdelivery financing of four new commissioning service operation vessels (CSOV) under construction at Vard.The agreement is a €161 million green…

Oil Investors to Usher in 2024 Amid Oversupply, Demand Concerns

Dec 14, 2023

Oil investors will usher in 2024 with gnawing concerns about oversupply, slowing economic growth and simmering Middle East tension that could spark price volatility.Benchmark Brent has averaged around $80 a barrel this year, after a volatile…

Hornbeck Offshore Discloses Revenue Growth in Its IPO Paperwork

Dec 07, 2023

Marine transportation services provider Hornbeck Offshore on Thursday made public its paperwork for a stock market listing in New York, which showed its revenue rose in the three months ended September.The listing will test the appetite for…

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%…

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