Finance News

 

Weak Q3 and Mixed 2022 Guidance Overshadow Saipem's New Plan

Oct 28, 2021

Weak quarterly results and mixed 2022 guidance overshadowed a new business plan from Saipem on Thursday, sending shares in the Italian energy services group down more than 8%.In his first strategy plan, Chief Executive Francesco Caio said Saipem…

Shell Sets Tougher Climate Targets, Q3 Income Below Expectations

Oct 28, 2021

Royal Dutch Shell set itself tougher emissions-cutting targets on Thursday, even as it reported a lower-than-expected third-quarter profit of $4.13 billion.The oil major said it would cut absolute emissions from its operations and the electricity it uses…

TotalEnergies Says Gas Prices Should Stay High, Q3 Earnings Soar

Oct 28, 2021

TotalEnergies' earnings rose sharply in third quarter, the French energy group said on Thursday, as it reaped the rewards of surging power prices and predicted gas prices would remain high in Europe and Asia though next spring.The company's third-quarter adjusted net profit soared to $4…

Seadrill Gets Court Approval to Cut Debt, Exit Bankruptcy

Oct 27, 2021

Offshore driller Seadrill Ltd on Tuesday obtained court approval for its reorganization plan, clearing the way for it to emerge from bankruptcy.U.S. Bankruptcy Judge David Jones in Houston signed off on the plan during a virtual hearing. Under the plan…

Equinor Posts Strongest Quarterly Result in Nine Years

Oct 27, 2021

Norway's Equinor posted its strongest quarterly result in nine years on Wednesday, driven by a global energy supply crunch that pushed Europe's natural gas prices to record highs and sent the value of derivative contracts soaring.The company…

Wintershall Dea Q3 Earnings More than Double on Higher Prices, Spending cuts

Oct 26, 2021

Oil and gas producer Wintershall Dea's most closely watched measure of earnings more than doubled in the third quarter, it said on Tuesday, benefiting from soaring oil and gas prices and spending cuts.The company, owned jointly by BASF and Russia's LetterOne…

Portugal's Galp Raises Earnings Outlook after Hefty 3Q Profit

Oct 25, 2021

Portuguese oil company Galp Energia on Monday raised its earnings outlook for 2021 after higher oil prices and positive refining margins buoyed profitability in the third quarter.Galp said its adjusted core earnings or EBITDA in this year as a whole would exceed 2…

Schlumberger 3Q Profit Rises as Oilfield Services Demand Recovers

Oct 22, 2021

Schlumberger NV reported a rise in third-quarter adjusted income on Friday, buoyed by higher demand for the company's oilfield services and related equipment from producers looking to capitalize on a rebound in crude prices.Global crude prices rose 4…

Seadrill Says Its Reorganization Plan Accepted by Creditors, Shareholders

Oct 11, 2021

Offshore drilling company Seadrill said all voting classes of stakeholders accepted its reorganization plan, including all 12 credit facilities and general unsecured creditors and shareholders, labeling the result as an important step to Chapter 11 emergence…

CNOOC Seeks to Raise $5.4B to Fund Key Oil and Gas Projects

Sep 27, 2021

China's state-run offshore oil and gas major CNOOC Ltd said it plans to raise up to 35 billion yuan ($5.41 billion) in a new share issue on the Shanghai stock exchange to fund several key oil and gas projects.The domestic fund-raising plan came as U…

Vineyard Wind Secures $2.3 Bln Loan, Allowing Construction to Start

Sep 15, 2021

Vineyard Wind, which is on track to be the first major U.S. offshore wind farm, closed on a $2.3 billion loan and will begin construction in Massachusetts later this year, its owners said on Wednesday.The senior debt financing allows the project…

Mexico Could Use IMF Funds to Pay Pemex Debt

Sep 07, 2021

Mexican President Andres Manuel Lopez Obrador said on Monday his government is tackling the debt burden of state oil company Petroleos Mexicanos (Pemex) and hinted he would try to use funds from the International Monetary Fund (IMF) to do so…

Petronas Swings to 2Q Profit. CEO Says Oil Market Recovery 'Fragile'

Aug 27, 2021

Malaysian state energy giant Petronas announced a flip to a second-quarter profit on Friday on the back of a recovery in prices and demand, but said it will be a 'long, drawn out process' before the industry returns to pre-pandemic levels.Petronas…

Wood's Sales Forecast Misses Estimates as Oil Outlook Dims

Aug 24, 2021

British consulting and engineering group Wood Plc forecast 2021 revenue that came in below market expectations on Tuesday as renewed concerns about global growth and oil demand clouded the outlook for its largest division serving energy customers…

Wood Secures First-ever UKEF-backed Energy Transition Loan

Aug 19, 2021

Engineering firm Wood, know to OEDigital audience for its services in the space of offshore oil and gas, said Thursday it had agreed a $600 million (£430m) loan with UK Export Finance, the UK government's export credit agency, which will help…

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