Finance News


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…

Shell's 2020 Profit Slumps 71%

Feb 04, 2021

Royal Dutch Shell's profit last year dropped to its lowest in at least two decades as the coronavirus pandemic hit energy demand worldwide though the company's retail network and trading business helped cushion the blow.The Anglo-Dutch oil major's annual profit slumped 71% to $4…

Vallourec Reaches Financial Restructuring Deal with Creditors

Feb 03, 2021

French steel pipemaker Vallourec said on Wednesday it has reached an agreement in principle on financial restructuring with its main creditors.It has filed a request with the commercial court of Nanterre, in greater Paris, for the opening of safeguard proceedings…

ExxonMobil Reports First Annual Loss as a Public Company

Feb 02, 2021

Top U.S. oil producer ExxonMobil on Tuesday posted its first annual loss as a public company as the COVID-19 pandemic hammered energy prices and it reduced the value of its shale gas properties by more than $20 billion in the fourth quarter…

Chevron Posts 4Q Loss

Jan 29, 2021

U.S. oil major Chevron Corp swung to an $11 million fourth-quarter loss as low margins on fuel, acquisition costs and foreign currency effects overwhelmed improved drilling results.Oil companies are expected to benefit from a bounce-back in oil and…

Lenders Take Control of Polarcus' Ships After Default on Debt

Jan 27, 2021

Lenders took control of Polarcus' ships on Tuesday after the seismic surveyor defaulted on its bank loans and bonds, hit by a drop in spending by energy companies struggling with the COVID-19 pandemic and volatile oil prices.The company's Oslo…

Hess Allocates 41% of Budget for Offshore Guyana Developments

Jan 25, 2021

Oil and gas producer Hess Corp on Monday forecast a small drop in output and set a $1.9 billion budget for 2021, most of which will go to Guyana, touted as one of the most important new oil and gas discoveries in the last decade.The company has been relying on its investment in offshore Guyana…

Report: Sumitomo to Stop Investing in New Oil Projects

Jan 25, 2021

Japanese trading house Sumitomo Corp will stop investing in new oil development projects as it shifts away from fossil fuels businesses amid a global push to cut greenhouse gas emissions, the Nikkei business daily reported on Sunday.The move…

US Energy Execs See Capital Spending Rising in 2021

Dec 31, 2020

About half of U.S. energy company executives polled by the Federal Reserve Bank of Dallas expect their firms to increase capital spending in 2021, and another quarter of respondents see those expenditures remaining flat next year, according to a survey released on Wednesday…

Battered Energy Sector Could get Reprieve from 'Golden cross' Chart Signal

Dec 31, 2020

Energy, Wall Street's worst-performing industry in 2020, could see its fortunes improve in the new year after its price action surfaced a technical buy signal on the charts on Wednesday.The bullish development in S&P 500 energy sector is called a 'golden cross…

Exxon: Up to $20B Writedown to Overshadow 4Q Gains

Dec 31, 2020

Exxon Mobil Corp signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth-quarter results, but the gains would be overshadowed by an up to $20 billion asset write down.The largest U.S. oil…

Cairn Energy Wins $1.2 B Tax Arbitration Case Against Indian Gov't

Dec 23, 2020

Cairn Energy said on Wednesday it had won an international arbitration case against the Indian government over a tax dispute that had spooked investors concerned about retrospective tax claims on companies.The tribunal ruled unanimously that India had breached its obligations to Cairn under the U…

Pacific Drilling Set to Emerge from Bankruptcy as Court Approves Reorganization Plan

Dec 23, 2020

Offshore drilling contractor Pacific Drilling, which last month filed for Chapter 11 Bankruptcy, on Tuesday said that the United States Bankruptcy Court for the Southern District of Texas had confirmed its debt reorganization plan.The driller…

Shell to Write Down O&G Asset Value by Up To $4.5B

Dec 21, 2020

Royal Dutch Shell on Monday said it will write down the value of oil and gas assets by $3.5 billion to $4.5 billion following a string of impairments this year as it adjusts to a weaker outlook.In an update ahead of its fourth-quarter results on February 4…

Current News

Baker Hughes CEO 'Cautiously Optimistic' About Oil Demand Recovery

Baker Hughes CEO 'Cautiously Optimistic' About Oil Demand Recovery

Halliburton Expects International Activity Growth to Accelerate

Halliburton Expects International Activity Growth to Accelerate

Ampelmann, C-Job Develop Motion-compensated Feeder Vessel for U.S. Offshore Wind Sector

Ampelmann, C-Job Develop Motion-compensated Feeder Vessel for U.S. Offshore Wind Sector

ARL gets Grant to Develop Seismic Sensor for Flying Node AUV

ARL gets Grant to Develop Seismic Sensor for Flying Node AUV

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